Ondo Finance, Clearstream, and 360X have launched a comprehensive partnership. The initiative aims to embed tokenized securities fully into regulated financial systems by leveraging public, permissionless blockchains. By covering every aspect of the asset lifecycle—from execution and storage to final settlement and collateral use—the collaboration creates a unified, institution-ready framework that maintains full compliance while harnessing blockchain efficiencies.
The first phase is already operational: Ondo’s tokenized U.S. stocks and exchange-traded funds are now actively traded on 360X, the ESMA-regulated digital-asset venue backed by Deutsche Börse Group. European broker-dealers and institutional investors can access these products in a marketplace that meets the EU’s strictest standards.
The tokens, issued on Ethereum, Solana, and BNB Chain, deliver genuine on-chain exposure to well-known U.S. equities and indices without requiring investors to leave familiar regulated channels.
The next stage will integrate Ondo’s assets directly into Clearstream’s post-trade infrastructure.
Custody, settlement, and collateral-management services will become available, allowing institutions to treat tokenized securities much like traditional holdings while enjoying faster processing and greater transparency.
Ondo also intends to tokenize selected EU-listed instruments on its Global Markets platform, with Clearstream acting as custodian for the underlying securities.
In return, Clearstream will tokenize certain assets from its own vaults and route them through Ondo’s global client network outside the United States, expanding distribution reach.
The initial 360X listing features ten prominent tokenized securities—including AAPLon, AMZNon, CRCLon, GOOGLon, METAon, MSFTon, NVDAon, TSLAon, SPYon, and QQQon—marking the largest single batch of tokenized equities and ETFs ever introduced on the platform.
This rollout follows Ondo Global Markets’ recent regulatory approval to serve investors across 30 EU and EEA countries, potentially opening regulated on-chain access to more than 500 million people.
Matthieu de Vergnes, Managing Director and Global Head of Institutional at Ondo Finance, described the partnership as a turning point that places tokenized assets within the core infrastructure European institutions already trust.
Carlo Kölzer, CEO of 360X and Global Head of FX & Digital Assets at Deutsche Börse Group, noted that the listing significantly broadens the range of compliant digital instruments available to clients.
Jens Hachmeister, Head of Issuer Services & New Digital Markets at Clearstream, highlighted how the alliance is building a more efficient, future-ready market by seamlessly connecting traditional and digital worlds.
Headquartered in Frankfurt, 360X operates across OTC, MTF, and DLT-MTF segments and is jointly supported by Deutsche Börse Group and Commerzbank.
Clearstream, a key post-trade provider within Deutsche Börse Group, manages more than €20 trillion in assets and runs central securities depositories in Germany, Luxembourg, and the international Eurobond market.
Ondo Finance specializes in tokenizing real-world assets to improve accessibility, transparency, and efficiency in capital markets.
Together, the organizations are laying the groundwork for broader global adoption of tokenized securities, enabling institutions to access enhanced liquidity, reduced friction, and a frictionless transition into the on-chain economy.
Up more than 30% during the past 30 days alone, Zcash(ZEC +2.59%) has a few things in its favor right now, including a trend toward privacy projects in the crypto sector and a developer team reshuffle that has sharpened its direction. In contrast, Bitcoin(BTC +1.63%) hasn’t exactly done much of anything during the same stretch.
Is Zcash the smarter buy right now, or is it just a smaller coin being volatile while the heavyweight catches its breath?
Image source: Getty Images.
Zcash’s recent run might be picking up again
Zcash and Bitcoin share similar DNA because they have a supply policy that defines a hard cap of 21 million coins, proof-of-work (PoW) mining, and scheduled halvings which make the mining reward smaller. That scarcity design is precisely why the privacy coin’s bulls argue that Zcash could follow a Bitcoin-like trajectory over time, as being a scarce store of value is central to what gives a cryptocurrency long-term value.
What sets Zcash apart is its implementation of zero-knowledge (zk) proof technology, which is the basis for its privacy capabilities. Its shielded (private) pool uses zk-SNARKs, a cryptographic method that lets a user prove something is true without revealing any underlying data, such that the network’s transactions can settle without broadcasting the sender, receiver, or amount. Understanding the details of how this technology works is less important than recognizing that financial privacy is something that Zcash offers and which nearly all other cryptocurrencies do not. Bitcoin, for example, posts all of its transactions to a public ledger where anyone can snoop on anyone else’s business.
Today’s Change
(2.59%) $8.02
Current Price
$318.22
Key Data Points
Market Cap
$5.3B
Day’s Range
$306.68 – $322.25
52wk Range
$30.79 – $734.96
Volume
278M
Zcash’s developer team also just went through a major realignment which will likely be for the better in the long term. In January, the entire team exited from their previous organization, the Electric Coin Company (ECC), to form the Zcash Open Development Lab (ZODL), rebranding the network’s flagship wallet and promising a for-profit structure instead of a nonprofit one like before. Still, launching a sleeker wallet app and consolidating the developer team under a new banner doesn’t really justify a 30% gain in one month, and it doesn’t necessarily imply that any new long-term tailwinds are in play.
The regulatory ceiling will be problematic
Now, let’s turn to Bitcoin.
Bitcoin is vastly larger than Zcash by market cap and enjoys widespread institutional adoption that Zcash cannot currently access. Spot Bitcoin ETFs (exchange-traded funds), corporate treasury buyers, and mainstream brokerages all funnel capital into Bitcoin directly and without fanfare.
Today’s Change
(1.63%) $1223.52
Current Price
$76260.00
Key Data Points
Market Cap
$1.5T
Day’s Range
$74828.00 – $76712.00
52wk Range
$60255.56 – $126079.89
Volume
44B
The parallel infrastructure on the Zcash side simply does not yet exist even in a rudimentary form. If anything, it hasn’t even started to dig itself out from regulators around the world banning it or heavily restricting its listing on crypto exchanges, which took years for Bitcoin to accomplish. In fact, Zcash is probably not yet at its nadir as far as its struggles with regulators go, which implies that it faces a very long road to any real adoption by institutional capital, assuming that ever happens.
At least 10 countries now restrict privacy coin access on their licensed exchanges, and the E.U.’s new Anti-Money Laundering Regulation (AMLR) explicitly bans anonymity-enhancing coins like Zcash (as well as its direct competitors) being offered by regulated venues starting in July 2027. Major crypto exchanges, including Binance, Kraken, OKX, and others have delisted privacy coins under regulatory pressure since 2024, though some have ultimately relisted them without serious incident.
Zcash’s design allows for its privacy features to be optional from the get-go, and it also allows for limited disclosure of private transactions to third parties, both of which might appease some regulators. But right now, the trend is against the coin traversing the same institutional adoption path that Bitcoin is now far along.
Thus, whether Zcash fits in a well-balanced crypto portfolio depends on your tolerance for regulatory risk, as well as your view on the long-term merits of the privacy thesis. For most long-term holders, Bitcoin is the better purchase because it’s much less risky.
In my view, financial privacy is something that people are always going to want, which is why I buy Zcash. But even so, for every $1 I invest in it, you can bet that I’ve invested $5 into Bitcoin first.
You might be wondering why mortgage rates remain fairly low despite tensions in the Middle East remaining quite high.
While there was a glimmer of hope a few days ago when Israel and Lebanon announced a ceasefire and an Iranian official declared the Strait of Hormuz open, it appeared to be short-lived.
It turned out the Strait wasn’t open and then U.S. forces fired upon an Iranian vessel and took custody of it.
Meanwhile, a second round of negotiations involving Vice President J.D. Vance are apparently not being attended by the Iranians.
And Trump is back to making big threats again on social media. So you wonder why bond yields and mortgage rates aren’t rising once more.
Mortgage Rates Are Holding Up Remarkably Well Despite Near-$100 Oil
Historically, oil prices and mortgage rates are positively correlated, in that if one goes up, so does the other.
In short, when energy costs rise, inflation expectations rise and bond traders (and MBS investors) demand a higher yield aka interest rate.
Yes, mortgage rates are up since oil went up in price, but not by a whole lot.
And over the past three weeks and change, 10-year bond yields have drifted lower, falling from around 4.50% to 4.25% today.
They had been just below 4% before the war in Iran broke out, but are now well off their recent highs.
The rationale is that the war is baked into bond yields now, and that tensions have eased from their absolute heights.
But when you see all the flip-flopping, you start to wonder if yields are high enough to compensate.
While there was some promise of a peace deal last week, we are back to things being very tenuous again.
Trump took to his Truth Social account yesterday, saying if Iran doesn’t make a deal, “the United States is going to knock out every single Power Plant, and every single Bridge, in Iran. NO MORE MR. NICE GUY!”
It’s more of the same threats made before the peace talks and feels like we are ratcheting back up to the tensest levels.
At the same time, Iran has said it’s not even going to attend the next round of talks in Islamabad.
And the existing ceasefire between the two countries ends on Wednesday night…
None of this exactly exudes confidence that the worst is behind us, or that a deal is imminent.
Instead, it sounds like things could get worse before they get better.
But it appears mortgage rates are staying lower based on optimism and hope. That things will get better and a deal will be reached. It sure doesn’t sound promising though.
Labor Market Matters More Than War-Related Inflation
If it’s not that, then it’s because labor is worse than we think, and jobs and unemployment are going to continue to deteriorate.
The Fed seems to be more concerned about the labor market and the lack of job creation, and that can trump any uptick in inflation related to oil prices.
Back in mid-March, Fed chair Jerome Powell said, “Effectively, there’s zero net job creation in the private sector.”
Obviously that’s a problem, and when you throw in the threat of AI taking existing jobs on top of that, it’s very bleak.
That could lead to more accommodative action from the Fed like rate cuts and keep bond yields down in the process.
And perhaps that, coupled with historical precedent that geopolitical issues don’t drag out as long as expected, may explain why mortgage rates aren’t even higher today.
At last glance, they’re only about .25% to .375% above the pre-war levels, which is remarkably decent given oil prices remain near $100 a barrel.
You can see how much that affects your payment and total interest via my mortgage rate calculator.
My quick take is be grateful and don’t be at all surprised if they rise again in the months of May and June.
Read on: Mortgage rates are lowest in the month of February historically.
Before creating this site, I worked as an account executive for a wholesale mortgage lender in Los Angeles. My hands-on experience in the early 2000s inspired me to begin writing about mortgages 19 years ago to help prospective (and existing) home buyers better navigate the home loan process. Follow me on X for hot takes.
If you’re between 35 and 45, earning more than ever but still feeling financially stuck, this video is for you. We break down the hidden money traps that look like success—bigger homes, nicer cars, more responsibility—and explain why they quietly destroy flexibility and peace of mind. Learn how to lower your financial break-even point, reclaim options, and build real stability without sacrificing your family or your lifestyle.
Disclaimer: The purpose is to inform viewers about finance in a responsible, educational way, not to provide financial advice. This video is for educational and entertainment purposes only. I am not a financial advisor. Please consult with a professional before making major financial decisions.
Passive income is the engine of financial independence, whether you’re 30 or 65. With enough passive income from investments, working becomes optional.
But some investments outshine others in paying high yields. And the higher the yield, the less money you need to invest to generate the same income.
I’ve personally invested in every one of the investments outlined below, with small amounts through my co-investing club. The numbers aren’t hypothetical—I’m earning them right now as I write this.
1. Private Notes
A few years ago, I invested with a house flipper who does 60-90 flips a year. I signed a private note with him at 10% interest, and he’s paid me on time every month since.
Last year in my co-investing club, we lent money to a land flipper at 15% interest. If that sounds risky, consider that he put up his home as collateral—with a first-position lien at 65% LTV.
I’ve also lent at 16% to a rental investor who sells to his renters on installment contracts. All continue paying like clockwork.
2. Real Estate Funds
Another land flipping company that my co-investing club has invested with offers a fund that pays a 10% distribution each quarter, plus another 6% if they hit their profit target.
Since the fund launched five years ago or so, it’s hit its profit target every single quarter. So every quarter, a 16% annualized distribution gets deposited in my bank account.
3. Private Partnerships (JV)
The co-investing club I invest with also loves to negotiate custom partnerships with active investors. They do the work, we put up the bulk of the money, and we get our share of the profits.
Even an example that didn’t work out as planned still underscored how great the model is. We partnered with a house flipper and funded a series of flips and negotiated a minimal annualized return of 8%. One of the flips flopped, and it dragged down the average annualized return below 8%. But when the partnership closed out after the prescribed timeline, the operator made up the difference and paid our agreed-upon 8% floor return.
We actually just finished investing money with a builder who specializes in barndominium homes in Central Tennessee.We’re partnering on four builds, each of which will likely take around nine months from start to finish. Assuming these produce similar returns to the last dozen barndos he’s built, we should earn a 16%-20% return for each one.
4. Industrial Syndications
Last year, we invested in an industrial seller-leaseback deal with a single triple-net lease tenant. In the first few months, it paid a distribution yield of 7.5%, and a year later, it’s paying 9.5%.
In fact, the club just finished vetting and investing in a similar deal, projected to pay out virtually identical distributions.
It’s not the first time we’ve invested with that operator, either. This is the third deal we’ve invested in with them, and a previous industrial deal just closed out a few months ago after a two-and-a-half-year hold. It paid out annualized returns of 27.6%.
Some industrial syndications also make recession-resilient investments. That first one I mentioned had a backlog of orders over three years long when we invested, and their clients are largely name-brand companies and the U.S. Navy. They’re not going anywhere.
5. Multifamily Syndications
Not every multifamily syndication pays distributions at all, and some pay low yields in the 2%-4% range. Others pay mid-range yields in the 4%-7% range, and still others pay high yields in the 7%-10%+ range.
We’ve invested three times now with an operator who specializes in workforce housing in Ohio. They’ve paid the projected 8% distribution on time every quarter for each one.
Another operator we invested with last year also specializes in Midwestern multifamily properties. They bought a huge portfolio of relatively small multifamily properties, scattered across several states, which has already yielded enormouscash flow.It currently pays over a 9% distribution yield.
6. Mobile Home Parks
You can also invest passively in other types of syndications, such as mobile home parks.
Our co-investing club invested in a Nebraska park a few years ago that pays a 10% distribution each quarter. Beyond being a cash cow, it’s also quite recession-resilient, as they’ve systematically unloaded the park-owned homes to tenants. Residents with tenant-owned homes almost never default on their lot rents, because it costs many thousands more to move a mobile home than to pay the few hundred dollars in lot rent.
If you don’t like the structure of a syndication, you could negotiate a joint venture partnership with a mobile home park investor and simply come in as a silent partner.
7. Hotel Syndications
We also invested in a boutique hotel operator with a small cabin resort in Southern California. They pay distributions currently at 11%, after starting distributions early and refinancing to return some of our capital earlier than expected.
How the Freedom Math Changes with 8%-16% Yields
If you follow the 4% Rule and want $40,000 in investment income, you need to invest $1 million. Even with an enormous savings rateas I had, it takes at least six to 10 years to become a millionaire if you earn a middle-class income.
With investments paying an 8% yield, it takes $500,000 to generate $40,000 in income. At 10%, it takes $400,000 invested. At 12%, it takes $333,333. And at 14%, it takes $285,714.
And at a 16% yield, it takes $250,000.
Yes, I get it: No one’s putting their entire portfolio in assets paying a 16% yield. These high-yield investments make up just one portion of your portfolio, alongside low-yield investments like index funds mirroring the S&P 500.
The point remains, however: Passive real estate investments paying 8%-16% yields can help you escape your day job sooner. They can prop up your income, letting you quit and pursue your ideal work instead of grinding away at a high-octane job.
Imagine putting even $100,000 in a passive real estate investment paying 16%. That’s an extra $16,000 a year in income.
I don’t know about you, but that’s no trivial raise. This is precisely why I keep investing month in and month out in new passive investments, many of which pay high yields like the examples above.
New Amex Offer dropped today for Delta Gift Cards, giving cardholders an easy way to earn extra SkyMiles on their next purchase. As with most Amex Offers, this is targeted, so you’ll want to check all of your cards to see where the deal landed. The offer is popping up on Delta credit cards, but it may be on other cards as well. Here are the specifics and how to maximize the savings by stacking deals.
Offer Details
There are at least four different Amex Offers available for purchasing Delta Gift Cards:
5x extra miles, up to a maximum of 10,000 bonus miles.
3x extra miles, up to a maximum of 10,000 bonus miles.
Spend $750 or more to earn 3,000 bonus miles.
Spend $500 or more to earn 2,500 bonus miles.
Offer details and availability may vary by cardholder. Just login to your American Express account(s) to see if you are eligible to add this offer to your card(s).
Important Terms
Offer expires July 14, 2026.
Offer valid online only at US website delta.com/giftcards/amex for e-gift and physical gift card purchases.
Not valid on purchases shipped outside of the US.
Offer valid only on purchases made in US dollars.
About Amex Offers
Amex Offers are an extra perk on all American Express credit cards, charge cards, and even prepaid cards. You can see these offers in your accounts either as a statement credit or extra Membership Rewards points for spending a certain amount at eligible merchants. You will need to add the offer to a specific card first, and then use that card to get the credit. Here are a few things you should know:
Guru’s Wrap-up
This is a good offer that seems to be widely available for most cardholders. Check your accounts and add it now if you think you might use it. Check your accounts and add these offers now if you think you might use them. Remember that you can use the search bar within the “Amex Offers” section in the app to find this offer quickly, instead of scrolling through 100+ deals.
With these Amex Offers for Delta Gift Cards you can lock in savings for future flights. The offers are showing up on Delta credit cards only I believe, so I would check those first.
Most likely you will have only one of these offers on a specific card so you will not be able to stack them. The bonus miles are in addition to any miles that you regularly earn with your card.
Currently there is also a promotion running on the Delta Gift Cards website. You will receive a bonus $20 Starbucks gift card when you purchase at least $300 in Delta Gift Cards. That promotion runs until supplies last or until 5/11/26.
The other day I saw a thread on Reddit about frugal swaps, and it got me curious.
I clicked in to see how much people were actually saving with these little changes. Some of the ideas were pretty niche like doing all your errands on the drive home instead of going out later.
Others were the obvious ones, like thrifting or picking up free furniture.
The more I read, the more I realized most of those tips sound good in theory, but they don’t really fit real life for a lot of us. If you’re juggling work, kids, and everything else, you’re not going to drive across town to save a few dollars or spend hours hunting for free stuff online.
So I decided to put together a list of frugal swaps that actually make sense. Simple changes you can fit into your routine that save money without making your life harder.
Grocery Swaps That Add Up Fast
Food is one of the easiest places to cut costs. Small changes here can save more than you’d expect.
Switching from brand-name products to store brands can shave off $30–$80 per month, especially if you shop regularly for a family. Swapping fresh produce for frozen (for things like veggies and fruit used in cooking) can save another $20–$50, mainly by reducing waste.
One of the biggest wins is cutting back on convenience. Pre-cut fruits, packaged meals, and takeout cost a premium. Cooking simple meals at home instead of ordering out even a few times per week can easily save $100–$300 per month.
Potential monthly savings: $150–$400
Household Swaps That Reduce Waste
A lot of everyday household spending comes from habits rather than necessity.
Replacing paper towels with reusable cloths can save around $10–$25 per month. Making your own cleaning products using basic ingredients like vinegar and baking soda cuts costs by another $10–$20.
If you use a dryer often, switching to air drying even part of your laundry can lower electricity costs by $15–$40 monthly, depending on usage. Even small swaps like using bar soap instead of liquid versions can add another $5–$10 in savings.
Potential monthly savings: $40–$90
Subscription and Lifestyle Swaps
Subscriptions quietly drain money because they feel small individually but stack up quickly.
If you’re paying for multiple streaming services, rotating just one at a time can save $20–$60 per month. Swapping book purchases for library use or free digital options can save another $10–$30.
Gym memberships are another big one. If you’re not using it consistently, switching to home workouts or walking can save $20–$80 monthly. Adding a simple rule like waiting 24 hours before buying non-essential items can realistically prevent $50–$150 in impulse spending.
Potential monthly savings: $100–$300
Clothing and Shopping Habits
Clothing is often an underestimated expense because purchases feel occasional—but they add up over time.
Shopping secondhand instead of buying new can cut clothing costs by $30–$100 per month (averaged out over the year). Focusing on a simple wardrobe instead of chasing trends reduces unnecessary purchases even more.
Repairing clothes instead of replacing them, and shopping clearance or off-season, can realistically save another $20–$60 monthly.
Potential monthly savings: $50–$160
Everyday Money Leaks You Can Fix
Some of the biggest savings come from fixing small, repeated habits.
Walking instead of driving short distances can save $20–$60 per month on fuel. Driving more smoothly (less aggressive acceleration and braking) can reduce fuel costs by another $10–$30.
Planning meals ahead and packing lunch instead of buying it can easily save $100–$250 per month, depending on how often you eat out.
Potential monthly savings: $130–$300
Lower Energy Use Without Changing Your Lifestyle
Energy bills are one of those expenses that creep up without you noticing. The good news is you don’t need to sit in the dark to save money.
Lowering your thermostat slightly in winter (even by 1–2°F) or using fans instead of blasting AC in warmer months can cut your bill right away. Another easy win is unplugging devices you’re not using TVs, chargers, and kitchen appliances still draw power even when turned off.
Switching to LED bulbs and being mindful about turning off lights when leaving a room also adds up over time.
Potential monthly savings: $20–$80
Bottled Drinks
Grabbing drinks on the go feels cheap in the moment, but it builds into a serious monthly expense.
If you’re buying bottled water, soda, or juices regularly, switching to tap water (or using a simple filter) can save a surprising amount. Making your own iced tea, coffee, or flavored water at home costs just a fraction of store-bought options.
Even replacing one or two daily purchases can make a difference by the end of the month.
Potential monthly savings: $30–$100
Brand-Name Medications
This is one of the easiest swaps because it doesn’t require changing your habits at all.
Most over-the-counter medications like pain relievers, allergy tablets, or cold medicine have generic versions with the same active ingredients. The packaging is different, but what’s inside is often identical.
If you regularly buy these, switching to generics can cut your cost significantly without sacrificing quality.
Potential monthly savings: $10–$40
Paid Apps and Tools
Subscriptions aren’t just streaming services. Many people pay for apps they barely use.
Budgeting tools, photo editors, cloud storage, and productivity apps often have free versions that work just fine. In many cases, you’re paying for features you don’t even need.
Going through your subscriptions and canceling or downgrading even a couple of them can instantly lower your monthly expenses.
Potential monthly savings: $10–$50
Rethink Gift Spending (Without Looking Cheap)
Gifts can quietly blow up your budget, especially if you’re buying for multiple people throughout the year.
Instead of last-minute, full-price gifts, planning ahead makes a big difference. Buying during sales, setting a fixed budget per person, or giving something simple but thoughtful (like homemade treats or a small experience) keeps costs under control.
When you spread those savings across the year, the impact is bigger than it seems.
Potential monthly savings (averaged): $20–$100
How Much Can You Save in Total?
When you put all these swaps together, the numbers start to look pretty decent. The key is that you’re not relying on one big change you’re stacking small savings across different areas of your life.
If You Only Do the Basics
If you stick to the easiest changes like cooking at home a few more times a week, switching to store brands, cutting one or two subscriptions, and packing lunch occasionally you’ll already notice a difference. These are low-effort swaps that don’t really change your lifestyle, but they quietly reduce everyday spending.
With just these basics, you’re realistically looking at saving around $250–$500 per month, which adds up to $3,000–$6,000 per year. That’s a decent cushion without feeling like you’re sacrificing much.
If You’re Somewhat Consistent
Once you start layering in a few more habits like meal planning, cutting impulse purchases, being more mindful with energy use, and shopping smarter you move into a more intentional way of spending. You’re not restricting yourself, just being more aware of where your money goes.
At this level, monthly savings can reach $500–$900, or about $6,000–$10,800 per year. This is where most people land when they start taking saving seriously but still want flexibility in their lifestyle.
If You Go All-In
If you apply most of the swaps consistently rarely eating out, keeping subscriptions minimal, avoiding waste, and thinking through purchases you eliminate most of the common money leaks. You’re still living comfortably, just without unnecessary spending.
In this case, savings can climb to around $900–$1,500 per month, which is $10,800–$18,000 per year. That’s a significant shift, and it can completely change how your finances feel month to month.
What This Looks Like in Real Life
For most people, the sweet spot sits somewhere in the middle. You don’t need to do everything to see results. Even a mix of simple and moderate changes can realistically save $400–$800 per month without making life feel restrictive.
That kind of money can cover a vacation, build an emergency fund quickly, or just take pressure off your budget. The biggest difference comes from consistency, not perfection – once you plug the small leaks, the savings start to build on their own.
Ascentium, an Asia-based business services platform backed by Hillhouse Investment, is acquiring Dezan Shira & Associates, a 33-year-old advisory firm best known for its Asia Briefing intelligence platform. The deal is Ascentium’s most recent in more than a dozen acquisitions, plugging a gap in the company’s mainland China coverage while deepening its footprint in hot Southeast Asian growth markets.
“We did not have a meaningful capability to service multinational corporations that wanted to go into mainland China,” Lennard Yong, Ascentium’s co-founder and CEO, tells Fortune. The acquisition adds new offices in mainland Chinese cities like Guangzhou and Tianjin, and pairs Ascentium’s outbound expertise with Dezan Shira’s inbound knowledge.
Chinese outward investment reached $174 billion last year, a 7% increase. A 2025 report from McKinsey notes that China is now a net investor overseas, partly due to decreased inward flows from the U.S. and Europe, but also because Chinese firms are racing to diversify supply chains and chase consumers in emerging markets. “Ascentium has the capability to bring Chinese companies out globally,” Yong explains.
China’s exports to ASEAN jumped 13.4% last year; exports to Vietnam alone surged more than 22%. Exports to the U.S., by contrast, plunged 20%, due to U.S. President Donald Trump’s tariff regime.
Alberto Vettoretti, a managing partner at Dezan Shira who joined the firm in the late 1990s, has noticed the shift in where his customers are coming from. Five years ago, most of his customers were American or European. “Now, one-third of our customers in Vietnam are Chinese,” he says. “The switch in nationalities has been quite large.”
Vietnam in particular is benefiting from greater inward investment from China and other economies. The Southeast Asian country grew by 8.0% last year, with manufacturing expanding by almost 10%; the country’s stock market is set for a FTSE upgrade to emerging market status later this year. The Dezan Shira deal will double Ascentium’s capacity in the country.
“When you talk to people in Vietnam, they’re all very hungry,” Vettoretti says. “You see a lot of young entrepreneurs coming up through the ranks.”
The roll-up logic
Yong, a chartered accountant who previously spent five years as group CEO of Tricor, founded Ascentium in 2024 with his cofounder Wendy Wang. The platform now provides finance and accounting, payroll, HR, and cross-border services (among others) across 46 cities in 27 markets, in a footprint stitched together from several acquisitions across the region, including InCorp Global and Links International. (Ascentium is a clear example of a roll-up strategy, popular among private equity, where a company will acquire other firms to rapidly build capability and scale.)
Dezan Shira & Associates, founded in Hong Kong in 1992, spans 27 offices across the region. “We coveted the business they built with sweat and tears over three decades, and they’ve mastered the art of knowing how to set up businesses onshore in China.”
Yong notes that, eventually, the Dezan Shira brand will be folded into Ascentium, though he says the migration will be “controlled.”
“We are not in the fast-moving consumer goods space,” Yong says. “It makes more sense for our clients to have a singular brand.”
Broadly, Yong hopes that Ascentium, as an Asia-focused company, will be well placed to capture Asian growth. “The world has evolved from a unipolar world to a multipolar world,” he says. “There are companies in Saudi Arabia, in the UAE, in Singapore, in Hong Kong, in Shanghai that are no longer reliant on North American and European trade flows.”
“We choose to be anchored in Asia because we want our CEOs to be very close to the Fortune 500 firms of tomorrow,” Yong adds.
