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3 startups shaping AI in Southeast Asia

As the global marketplace continues to evolve, there is growing evidence that companies in this part of the world will maintain considerable influence in the space

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Alongside workplace automation and trends in video marketing, Asia’s economic growth continues to cause a stir in new and emerging industries.

Let’s use the diverse subregion of Southeast Asia as an example. Its 11 countries account for over 600 million people and 13 official languages.

Despite being much smaller than neighboring markets in India and China, Southeast Asia has seen a significant rise in venture capital deals over the past few years.

One of the more fascinating areas, Southeast Asia startups are breaking ground is the field of Artificial Intelligence. A recent survey conducted by the IDC reports that AI adoption in the region is on the rise– with 37% of companies planning to adopt over the next five years.

While the race for AI excellence is still led by the U.S. and China, Southeast Asian countries are giving rise to key startups bringing the tech to finance, logistics firms, and even agriculture.

During this technological shift there are plenty of key players to watch but we’re going to highlight 3 Southeast Asian companies emphasizing the current trend.

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China

China’s new tech board is a rising STAR

On 9 August 2019, the 27 STAR-listed companies achieved a total market cap of 660 billion RMB (approximately US$93 billion) and together raised over 37 billion RMB (US$5.2 billion) in net funding from the initial public offering (IPO) after fees and expenses.

East Asia Forum

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China’s new tech board is a rising STAR 6 September 2019 On 13 June 2019, as part of its capital market reform, China officially launched the Science and Technology Innovation Board (STAR).

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Startups

Regulating Asia’s Fintech future

In Southeast Asia, 60 per cent of the population does not have a bank account and the credit card penetration rates in Indonesia, the Philippines, Vietnam and other countries are less than 2 per cent

East Asia Forum

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Asia has seen a rise in demand for digital connectivity in recent years. Leapfrogging development in China with mobile payments is significantly contributing to increasing financial inclusion.

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Startups

Thailand’s Fintech growth among the fastest in ASEAN

Thailand is regarded as an ASEAN country with rapid Fintech development, with 140 Fintech companies registered, while about half of them are new companies.

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BANGKOK, (NNT) – The growth of Financial Technology in Thailand is said to be among the fastest in ASEAN. The World Bank meanwhile, has suggested the government reduce inequalities in access to capital to enable variations in Fintech development to emerge.

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