Technology today is widely associated with the digital realm - computers, the internet, mobile device, and smartphones, - just to name a few, which has seen the mushrooming of a myriad of tech startups. However, technological innovation may not translate to definite technological progress. For example, Uber-fication has seen similar applications based on the ride-sharing giant’s model in various other industries like hospitality, healthcare and personal services.
Who would have thought a startup which first began as a taxi-booking app in Kuala Lumpur would end up beating ride-sharing giants Uber at its own game? When Grab first expanded into the e-hailing service industry, many saw it as a carbon-copy of Uber and did not think much of it. Today, Grab’s grip on the regional e-hailing service industry is stronger than ever.Humble beginningsBefore Grab became the e-hailing behemoth it is today, the startup founded by Anthony Tan was first named MyTeksi.
The hunt for bargains in Southeast Asian’s red-hot technology arena is finally driving investors to the Philippines.Galvanized by Alibaba-founder Jack Ma’s investment in payments outfit Mynt, early-stage investors have begun to explore opportunities in one of the region’s fastest-growing economies, which since 2012 has drawn but an iota of Southeast Asian venture capital investment.
Thailand’s start-up growth comes hot on the heels of strong start-up progress in Singapore and Indonesia. For the Thai government, driving Thailand towards digitisation under the Thailand 4.0 initiative is key. Foreign investors too are looking in on the potential in the region.
The Stock Exchange of Thailand (SET) recently announced its three-year strategic plan under the theme, “Towards Sustainable Growth and Innovation.” Under this plan, the SET aims to make innovation a key driver to ensure functionality and sustainable growth of the Thai capital market.The strategy is in line with the Capital Market Development plan - approved by the Thai cabinet in September 2017 - which takes into account Thailand’s ageing society and the need for informal workers to gain acce
In 2017, Vietnam deputy prime minister Vuong Dinh Hue announced aims of increasing the number of businesses operating in Vietnam from 500,000 to one million by 2020. Given the relative low costs of operating in Vietnam, a youthful pool of talent from which to recruit, and a tech savvy generation to market to, this target appears achievable. Vietnam’s startups grew 14% in the first quarter of 2017, with 39,580 startups entering the market.
It’s no secret that Southeast Asia has become a hotbed for tech startups. Since 2012, there have been a number of tech companies that have become household names and changed the lives of people in Southeast Asia.
Sea Ltd. shares fell for the third day in a row and dropped below their initial public offering price, a rocky start as a public company for the Singapore games startup.Sea’s stock slipped 9.9 percent in New York trading Wednesday to close at 13.73 dollars.
Hong Kong and Singapore, which have vied for supremacy as financial technology hubs over the past couple of years, have now decided to join forces.The cities’ central banks have signed a fintech cooperation agreement that will foster collaboration on business referrals, joint innovation projects, information sharing and the exchange of expertise, Norman Chan, chief executive of the Hong Kong Monetary Authority said Wednesday.
Singapore is experiencing a surge in venture capital fundraising, reflecting growing interest in Southeast Asia’s startups.This month, Vertex Ventures and two other venture-capital firms completed fundraising efforts in the city, each with their largest fund yet.
Due to their unregulated nature, cryptocurrencies and the businesses that they have created occupy a grey area in Southeast Asia. However, they have undoubtedly become a major focus area for ASEAN businesses.This isn’t surprising, considering the advantages that cryptocurrencies bring to the table. Their adoption can reduce costs and increase security and convenience for both consumers and businesses.The cryptocurrency market is expected to see massive growth over the next six years.
Singapore’s Sea plans to price shares at 15 dollars in its initial public offering and raise more than 850 million dollars, according to people familiar with the matter.The total amount may be more than one billion dollars if an option to sell additional shares is exercised, said one of the people, asking not to be identified because the matter is private.