The eFishery Scandal and its impact to Southeast Asia with Kristie Neo
Analyse Podcast9 Helmi 2025

The eFishery Scandal and its impact to Southeast Asia with Kristie Neo

"So that was back in 2021. And then after Revolution Precrafted, there was Zilingo in 2022, and then Tanihub and Investree - which were P2P lenders in 2023(24) - and then eFishery. So actually every single year we've been getting pretty big blow ups. But as I was looking at the cases for each of them, one thing I've noticed is the sophistication of the fraud is actually becoming more advanced." - Kristie Neo

Fresh out of the studio, Kristie Neo, an independent journalist covering tech and venture capital, joins us to dissect the rise of startup fraud in Southeast Asia and why it’s becoming more sophisticated. She shares her journey from broadcast journalism to investigative reporting, reflecting on the shift from high-growth hype to market corrections and corporate scandals. Kristie unpacks the eFishery scandal, explaining how founders manipulated financials and how investors got misled. She discusses why due diligence often fails, the role of unchecked valuations, and the impact of drying venture capital on the region’s startup ecosystem. Addressing investor confidence, Kristie explores what it will take to restore trust and accountability in Southeast Asia’s tech scene. Closing the conversation, she shares her vision for a more transparent startup ecosystem and what great looks like for the region’s next wave of entrepreneurs.

Episode Highlights:
[00:46] Quote of the Day by Kristie Neo
[01:07] The Rise and Fall of Southeast Asian Unicorns
[03:53] From Fundraising Frenzy to Market Correction
[09:22] Breaking Down the eFishery Scandal
[15:25] How Did eFishery Manipulate Its Financials?
[19:39] Why Investors Fell for the eFishery Story and Other Similar Ones
[22:51] The Evolution of Fraud: From Vanity Metrics to Revenue Manipulation
[27:59] Due Diligence & the Role of VCs in Startup Fraud
[31:45] How Will This Impact Future VC Investments in Southeast Asia?
[32:49] The Need for Legal Consequences for Founders Committing Fraud
[38:45] The Secondaries Market and the Liquidity Problem
[42:13] Southeast Asia’s Future: Can the Region Build Bold & Ambitious Businesses?
[46:23] Closing

Profile: Kristie Neo, Independent Journalist (former DealStreetAsia, CNBC, We Are Social & Channel News Asia) https://www.linkedin.com/in/kristieneo/ and her article: "Thank you eFishery, Southeast Asia is officially off the kool-aid" https://www.linkedin.com/pulse/thank-you-efishery-southeast-asia-officially-off-kool-aid-kristie-neo-h0z0c/

Podcast Information: Bernard Leong hosts and produces the show. The proper credits for the intro and end music are "Energetic Sports Drive." G. Thomas Craig mixed and edited the episode in both video and audio format. Here are the links to watch or listen to our podcast.

Analyse Asia Main Site: https://analyse.asia

Analyse Asia Spotify: https://open.spotify.com/show/1kkRwzRZa4JCICr2vm0vGl

Analyse Asia Apple Podcasts: https://podcasts.apple.com/us/podcast/analyse-asia-with-bernard-leong/id914868245

Analyse Asia YouTube: https://www.youtube.com/@AnalyseAsia

Analyse Asia LinkedIn: https://www.linkedin.com/company/analyse-asia/

Analyse Asia X (formerly known as Twitter): https://twitter.com/analyseasia

Analyse Asia Threads: https://www.threads.net/@analyseasia

Sign Up for Our This Week in Asia Newsletter: https://www.analyse.asia/#/portal/signup

Subscribe Newsletter on LinkedIn https://www.linkedin.com/build-relation/newsletter-follow?entityUrn=7149559878934540288

Jaksot(515)

ADDX & Private Markets in the Asia Pacific with Choo Oi-Yee

ADDX & Private Markets in the Asia Pacific with Choo Oi-Yee

"And so we see the private market as a very interesting space because as I said, if everybody had 20% of their portfolio in private markets, we're moving from almost zero in a mass affluent hand to 20...

7 Marras 202242min

Chip War with Chris Miller

Chip War with Chris Miller

"It's impossible today for any country to do it all on their own. And even if you looked at the United States, which is still the biggest player in the supply chain by far, it's still the case that th...

3 Marras 202253min

The e-Conomy SEA Report 2022 with Stephanie Davis and Florian Hoppe

The e-Conomy SEA Report 2022 with Stephanie Davis and Florian Hoppe

"First forecasted back in 2016, we had anticipated the 200 billion by 2025. It also stands out to us that the digital economy grew 20% year on year. And the reason that stands out is that we expected ...

31 Loka 202239min

The Future of Work with Charles Anderson

The Future of Work with Charles Anderson

"So people don't mind going back to the office. But in Asia, the people who wanna go to the office the least are the people who are working in Northeast Asia. So in China, Taiwan, Hong Kong, Japan, Ko...

24 Loka 202239min

AppWorks Ventures & Deep Dive into Web3 with Jessica Liu

AppWorks Ventures & Deep Dive into Web3 with Jessica Liu

"I'm actually not a believer of the web 2.0 turning into web 3. So these days a lot of companies are basically turning non-profitable web 2.0 companies and adding token elements into that and turning ...

20 Loka 202245min

TSMC & Global Chip Shortage with Jon Y

TSMC & Global Chip Shortage with Jon Y

"I think one of the things that TSMC does is that they tend to hit their targets. When they say they're gonna build something, they're gonna do something, they do it. I think that when you contrast th...

12 Loka 202246min

Surveillance State with Liza Lin

Surveillance State with Liza Lin

"China's vision is basically to use the big data that it's harvested to enable its government to be just more nimble and more reactive to the demands of its citizens. So China's idea is, you know, if ...

7 Loka 202238min

Flashpoints & Supply Chain Challenges in Asia Pacific with James Crabtree

Flashpoints & Supply Chain Challenges in Asia Pacific with James Crabtree

"More generally, this air of crisis is just going to force companies to look again at the wisdom of supply chains, which crisscross Asia in a way that didn't take account of geopolitical boundaries. Y...

4 Loka 202232min

Suosittua kategoriassa Liike-elämä ja talous

sijotuskasti
mimmit-sijoittaa
psykopodiaa-podcast
rss-rahapodi
rss-rahamania
pomojen-suusta
ostan-asuntoja-podcast
juristipodi
rss-myyntikoulu
rss-draivi
herrasmieshakkerit
rahapuhetta
sijoitusovi-podcast
rss-lahtijat
rss-seuraava-potilas
bakkari-tarinoita-tapahtumien-takahuoneista
rss-h-asselmoilanen
rss-startup-ministerio
rss-bisnesta-bebeja
rss-turha-edes-yrittaa