Esports, or competitive electronic sports, has evolved from being a niche hobby to what is now a growing billion-dollar industry. What was once dismissed as a gimmick by traditional sports analysts and media outlets has now emerged as a global powerhouse in terms of fanbase and business opportunities, rivalling the viewership and revenue of some of the most established sports.

Today, esports commands the attention of millions of fans worldwide. With lucrative sponsorship opportunities for players and teams, esports is also becoming a key player in the future of sports and entertainment.

The meteoric rise from pixels to prestige

In the early days of competitive gaming, no one would have thought that video games could eventually rival traditional sports in popularity and earnings potential. However, the numbers tell a different story. In 2022, the global esports market was valued at over US$1.38 billion, with projections estimating it will surpass US$1.8 billion by 2025. The global esports audience was estimated at 532 million in 2022 and is expected to rise to 641 million by 2025.

Events like the League of Legends World Championship, The International (DotA 2), and Fortnite World Cup attract millions of viewers around the world, with prize pools reaching millions of dollars. As of 2024, for instance, DotA 2 has a record US$30.82 million cumulative prize pool, with titles like PUBG (US$21.22M), Fortnite (US$19.72M) and Arena of Valor (US$19.19M) following close behind. What’s interesting is that these events are no longer just enjoyed through online viewership but also in sold-out arenas, with popularity comparable to that of the Super Bowl or the FIFA World Cup.

Esports teams leading the charge

Behind this expansion are the esports teams that have found professional careers in gaming. One such team is Natus Vincere (Na’Vi), which was founded in Ukraine in 2009. Na’Vi quickly rose to prominence by winning The International DotA 2 Championship in 2011, taking home the inaugural prize of US$1 million. Since then, the team has continued to be a dominant force in the esports scene, particularly in games like Counter-Strike 2 and DotA 2.

Also Read: Blockchain gaming trends in Asia: here’s what you need to know

Another key player in the esports landscape is Team SoloMid (TSM). Founded by Andy “Reginald” Dinh in 2009, TSM made its name in League of Legends, where it has been a dominant force in the North American region. The team’s expansion into other games like Valorant and Apex Legends further solidifies its position as one of the most successful and recognisable brands in esports. The team is reported to be valued at $540 million as of 2022.

In Southeast Asia, teams like T1 and Blacklist International have also highlighted the growth of esports in the region. T1, a South Korean team originally founded by SK Telecom and known for its dominance in League of Legends, has found continued success in more games such as DotA 2.

Meanwhile, Philippines-based Blacklist International has gained notoriety in Mobile Legends: Bang Bang, a game particularly popular in the region.

Going a step beyond, Gaimin Gladiators is innovating esports by bridging the gap between traditional esports and emerging technologies like blockchain and Web3. Competing in games such as Counter-Strike 2, DotA 2, and Tekken 8, the Gaimin Gladiators team is not only focused on winning but also on bringing new opportunities for fan engagement through Web3 technologies.

Gaimin Gladiators’ efforts to bridge emerging and established technologies in esports mark a significant evolution in how teams engage with their fanbase and monetise their brands. Through blockchain technology, teams can offer fans unique experiences, such as tokenised memberships, digital collectibles, and decentralised fan engagement platforms.

Also Read: Can free-to-play models ignite new player interest for Web3 gaming?

Gaimin Gladiators is run by venture-backed Gaimin, which has raised at least $10 million in two venture rounds, most recently its Series A in March this year. The convergence of esports and Web3 will likely attract even more investment as companies seek to capitalise on the growing intersection between gaming and blockchain technology.

A billion-dollar ecosystem in the future of esports

Esports teams today operate much like traditional sports franchises, complete with player contracts, sponsorship deals, and media rights agreements. The top teams are valued in the hundreds of millions, for instance with FaZe Clan going public in 2022 with a US$725 million valuation, highlighting the commercial potential of esports.

As the industry continues to grow, more traditional sports entities are likely to invest in esports, blurring the lines between conventional sports and competitive gaming.

From its humble beginnings as a niche pastime, esports has grown in relevance and business potential, revolutionising how we think about competition, entertainment, and even sportsmanship. New technologies like integration with virtual reality, Web3, and blockchain will further enhance the gaming and audience experience.

Just like video games, esports is not just a passing trend but a legitimate and sustainable industry that will continue to attract investments, innovation, and talent. The journey from zero to hero in esports is far from over.

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TeamSolve, a Singapore-based startup developing AI solutions for the industrial and utilities sectors, has completed a US$2.5 million seed financing round anchored by SGInnovate and the US-based early-stage fund for water entrepreneurs Burnt Island Ventures.

Also Read: Singapore surpasses US in AI investment: Study

Founded in 2022 by Mudasser Iqbal (CEO), Michael Allen, Ami Preis, and Robin Wong, TeamSolve has developed a generative AI-powered copilot designed for industrial operators. The copilot is a knowledge twin that provides an “accurate”, real-time view of asset health. It can also support managers by improving planning for asset renewals and crew dispatch.

The copilot can be applied to commercial buildings, industrial facilities, or public and private utility facilities across various sectors.

To enable easy adoption among new users, the co-pilot can be integrated into familiar messaging platforms such as WhatsApp and can learn on the go from field staff via input in the forms of text, images, and audio.

The solution integrates field observations with other diverse sources of knowledge—such as insights from retiring experts, troubleshooting guides, and work order reports—to ensure the safety and accuracy of its data while identifying new opportunities for operational improvements through machine learning.

Co-founders Iqbal, Allen, and Preis are serial entrepreneurs in the water industry. They previously co-founded Visenti, a Singapore-based smart water analytics startup spun out of the SMART research programme at the Massachusetts Institute of Technology (MIT). Visenti was later acquired by American water technology provider Xylem in 2016.

Also Read: AI meets influence: Gram Circle’s solution for local brands and nano-influencers

Meanwhile, Wong previously led major commercial teams and business development projects with Xylem across the region, overseeing business growth, rollout of new products and applications and entry into new market segments.

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Singapore-based Canterly, which provides an all-in-one management platform for the equestrian industry, has secured undisclosed seed funding from Antler.

The capital will allow Canterly to accelerate product development and expand into key markets.

The US$300-billion global equestrian sector has long relied on outdated, manual processes and fragmented systems that result in operational inefficiencies, errors, and slow business growth. Equestrian facilities—including riding schools, stables, equestrian centres, and polo clubs—face significant challenges in managing daily operations, losing valuable time, revenue, and expansion opportunities.

Also Read: Cavago wants to be the Airbnb for horse-riding enthusiasts around the world

Canterly addresses this problem by offering a B2B2C platform. It integrates the management of horses, clients, staff, spaces, bookings, scheduling, and financial transactions into one cohesive system.

By streamlining these processes, Canterly reduces administrative burden, minimises errors, optimises resource allocation, and empowers equestrian businesses to focus on delivering “exceptional” experiences and achieving sustainable growth.

The adaptive platform covers all aspects of equestrian facility management, from horse care to financial transactions. Furthermore, Canterly provides advanced analytics and data-driven insights, enabling facility managers to make informed decisions and enhance operational efficiency.

Looking ahead, Canterly will onboard over 60 equestrian facilities over the next year, focusing on markets in Singapore, Malaysia, and regions with high equestrian activity, including ANZ and the Middle East.

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Various initiatives over the past year indicated greater acceptance of crypto by traditional industries such as banking. For example, earlier this month, Standard Chartered started custody services for digital assets in the UAE with Brevan Howard Digital as its inaugural client.

Much closer to home in Singapore, the bank introduced crypto storage provider Zodia Custody last year.

According to Hassan Ahmed, Country Director, Singapore at Coinbase, in a recent interview with e27, all of these moves are “hugely beneficial” for the crypto industry.

He spoke about banks’ hesitancy to work with crypto companies and how their attitude changed once they realised clients’ demand for this.

“As banks go on that journey of studying digital assets and understanding their implications and potential for their business model, their clients also keep demanding for them to support digital assets so that they can have their investment portfolios in one place,” he explained at the sidelines of TOKEN2049 event in Singapore on September.

Also Read: Global Web3 companies on why Asia Pacific is the future of the industry

He pointed out how this space—where crypto and traditional banking merge–is still relatively small, leaving plenty of room for newcomers to enter and grow.

Outside of the banks’ involvement, Ahmed also commented on the prospect of crypto in Southeast Asia (SEA), which he dubbed a “very exciting” region for the industry. Many adoption surveys revealed that many SEA markets ranked on the top end of crypto adoption indices; each of these markets also has its own uniqueness.

This stresses the insight that SEA’s massive potential lies in its complexity. For example, Ahmed highlighted Indonesia’s regulatory transformation in recent years, which has cleared the pathway for crypto. He pointed out that today, for its 283 million population, there are roughly over 50 million e-wallet users in Indonesia, and the growth of crypto adoption is expected to follow the same trajectory.

“There is probably another five to six times of growth that can occur over the next few years in Indonesia,” he said.

Also Read: Navigating the future of Web3: Top trends shaping blockchain careers in 2024/25

Another exciting market in the region is the Philippines, which currently has three different use cases: crypto trading, blockchain-based remediation, and Web3 gaming.

“It’s a young population that has embraced different assets in a very meaningful way. Last cycle’s trend of Web3 games such as Axie Infinity persists today with new titles coming up; the youths want to embrace the new technology. It is encouraging to see.”

Meanwhile, markets such as Thailand and Vietnam are outstanding in the availability of talent and regulatory clarity.

What is next for crypto in SEA

Seeing these prospects, one might wonder how a crypto company can seize this opportunity. According to Hassan, one thing that companies need to remember is that while protocols might be global, the ecosystems that support them are local.

“If you’re trying to enter these markets, it’s really important to have the local and cultural context of what might be important,” he stressed, suggesting companies look at matters such as language translation and the hiring of local community managers.

When considering a new market, Hassan also suggested looking at regulatory clarity, such as the existing licensing regime.

When asked about up-and-coming innovations that Coinbase is excited about, Hassan focused on concepts related to asset custody and safeguarding.

Also Read: The rise of Web3 and crypto startups: Pioneering the decentralised future

“Especially post-FTX, that was a big breakup call, both for the industry and the regulators. Safeguarding assets and preventing any coal mining of funds is basic hygiene that exists in other financial services industries, but needs to be observed in the digital asset industry as well,” he closed.

“The Monetary Authority of Singapore (MAS) took note of that, and they did for some rulemaking that is coming into implementation very, very soon.”

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Image Credit: Coinbase

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Asia’s startup ecosystem is undergoing a profound transformation driven by rapid technological advancements. Once considered a region that trailed behind in innovation, Asia has now emerged as a global powerhouse for startups, with technology acting as the driving force behind this evolution. From financial inclusion to artificial intelligence (AI) and the rise of e-commerce, the adoption of technology is not just shaping the future but fundamentally altering the way businesses operate today.

This article delves into how technology is revolutionising Asia’s startup ecosystem and the impact it is having on key industries and markets.

Fintech: The foundation of financial inclusion

In recent years, fintech has become one of the most significant drivers of growth within Asia’s startup landscape. According to a report by Bain & Company, the fintech market in Asia-Pacific is projected to reach US$1.5 trillion by 2030, reflecting the region’s appetite for innovative financial solutions. This growth is particularly apparent in regions with historically low levels of financial inclusion.

Mobile payment platforms, such as Alipay and WeChat Pay in China and Gojek and GrabPay in Southeast Asia, have revolutionised how people and businesses handle transactions. In India, Unified Payments Interface (UPI) UPI processed 117.6 billion transactions in 2023, showcasing the increasing adoption of digital payments. These platforms have made it easier for people to access banking and payment services, especially in rural areas where traditional banking infrastructure is scarce.

Emerging blockchain technologies are also shaping the future of fintech in Asia. Decentralised finance (DeFi) and digital assets are gaining traction as blockchain-based startups build new ecosystems to provide services outside of traditional banking. This shift is creating new avenues for both startups and investors in markets like Singapore and South Korea, where governments are fostering blockchain innovation through regulatory sandboxes and favourable policies.

E-commerce: Driving Asia’s digital economy

The e-commerce sector in Asia is one of the fastest-growing in the world. The region is home to several e-commerce giants, such as Alibaba, Shopee, and Flipkart, which continue to dominate and innovate in the market. E-commerce sales in Asia-Pacific reached US$2.992 trillion in 2022 and are projected to grow at a compound annual growth rate (CAGR) of 8.9 per cent through 2027, according to Statista.

Countries like China, India, and Indonesia are leading the charge, thanks to a tech-savvy population and high internet penetration rates. For instance, Indonesia’s e-commerce sector is forecast to reach US$90 billion by 2025, fuelled by rising internet connectivity and a growing middle class.

One of the biggest drivers of this growth is the adoption of social commerce—the integration of social media with e-commerce platforms. Platforms such as WeChat, TikTok, and Instagram allow businesses to engage with consumers directly through targeted marketing and seamless purchasing processes. Startups are leveraging these platforms to build direct-to-consumer (DTC) brands, bypassing traditional retail models and reaching consumers more efficiently.

Also Read: All you need to know about the fintech boom in Vietnam

Artificial intelligence (AI) and machine learning are also enhancing the e-commerce experience by providing personalised product recommendations, optimising logistics, and improving customer service. Companies like Lazada and JD.com use AI to predict consumer behaviour, streamline supply chains, and create a frictionless shopping experience.

E-commerce continues to thrive in Asia, with technology enabling startups to innovate and scale quickly, particularly through social commerce and AI-driven solutions.

AI and automation: Disrupting traditional business models

Artificial intelligence (AI) and automation are reshaping industries across Asia, providing startups with the tools to innovate and streamline operations. According to IDC, AI spending in Asia-Pacific is expected to reach US$46.6 billion by 2026, underscoring its growing importance in the region.

AI is particularly influential in sectors such as healthcare, manufacturing, and customer service. In healthcare, AI-powered telemedicine platforms like India’s Practo and Indonesia’s Halodoc are transforming how patients access healthcare. By leveraging AI for diagnostics and virtual consultations, these startups are providing critical medical services in regions with limited access to healthcare facilities.

The manufacturing sector, a critical driver of Asia’s economy, is undergoing a transformation thanks to automation and robotics. In China and Southeast Asia, AI and the Internet of Things (IoT) are being used to create smart factories that optimise production lines, reduce waste, and improve overall efficiency. AI-powered supply chain solutions help manufacturers predict demand, manage inventories, and minimise disruptions—critical in a post-pandemic world where supply chain reliability is paramount.

In the service sector, startups are using AI to enhance customer support through chatbots and natural language processing tools. These technologies not only improve customer satisfaction but also reduce operational costs for businesses by automating repetitive tasks and delivering real-time insights.

AI and automation are giving startups in Asia a competitive edge by enabling them to improve operational efficiency, deliver personalised services, and scale faster.

Cloud computing: Enabling scalability and flexibility

Cloud computing has become the backbone of modern startups in Asia. With the rise of Amazon Web Services (AWS), Microsoft Azure, and Alibaba Cloud, startups now have access to scalable and affordable computing infrastructure that allows them to operate with unprecedented flexibility. The cloud market in Asia-Pacific is projected to reach US$288 billion by 2030, according to GlobalData, underscoring its critical role in supporting business growth across the region.

For startups, cloud computing eliminates the need for costly IT infrastructure, allowing them to focus on core product development and customer acquisition. SaaS (Software-as-a-Service) models are particularly popular among tech startups, offering ready-made tools for everything from customer relationship management (CRM) to project management and data analytics.

In regions like Southeast Asia, where startup ecosystems are still developing, cloud computing has enabled rapid innovation. Startups in sectors like edutech and healthtech are leveraging cloud infrastructure to deliver services at scale, often to millions of users across multiple countries.

Venture capital: Fueling Asia’s startup growth

The influx of venture capital (VC) funding has been another major catalyst for the growth of tech startups in Asia. According to Preqin, venture capital investments in Asia-Pacific surpassed US$100 billion in 2022, with significant funding going into sectors like fintech, e-commerce, healthtech, and deeptech.

Also Read: How is fintech different in Asia

China and India continue to lead in terms of VC investments, but Southeast Asia is quickly emerging as a key destination for investors. Countries like Indonesia, Vietnam, and the Philippines have seen a surge in funding, driven by a growing middle class and increased digital adoption.

Corporate venture capital (CVC) also plays a key role, with companies like Alibaba, Tencent, and SoftBank investing heavily in regional startups. These investments provide startups not only with funding but also access to valuable networks, market insights, and strategic partnerships.

Venture capital is fuelling the rapid growth of tech startups in Asia, creating a vibrant ecosystem where innovation can flourish.

The future: Web3, metaverse, and digital economies

Looking ahead, the next frontier for Asia’s startup ecosystem is the convergence of Web3, the Metaverse, and digital economies. Startups across the region are already exploring the potential of decentralised technologies, NFTs, and virtual worlds. In countries like South Korea and Singapore, governments are actively supporting Web3 innovation through regulatory frameworks and pilot projects.

The gaming industry is at the forefront of this transformation, with blockchain-based games like Axie Infinity (developed in Vietnam) leading the way in terms of innovation. The concept of play-to-earn (P2E), and chat-to-earn (Influencio AI) are gaining traction, offering players economic incentives through digital assets and NFTs.

As digital economies continue to grow, startups will have unprecedented opportunities to create new business models and redefine the way people interact, transact, and engage online.

Conclusion

Technology is undeniably shaping Asia’s startup ecosystem, creating a dynamic environment where innovation thrives across sectors. From the rise of fintech and e-commerce to the adoption of AI and blockchain, Asia’s startup landscape is more vibrant than ever.

With strong government support, a booming venture capital ecosystem, and a forward-thinking approach to emerging technologies, Asia is set to remain at the forefront of global innovation for years to come.

For startups, the message is clear: Asia offers a fertile ground for innovation, and the time to seize the opportunity is now.

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Editor’s note: e27 aims to foster thought leadership by publishing views from the community. Share your opinion by submitting an article, video, podcast, or infographic

Join our e27 Telegram group, FB community, or like the e27 Facebook page

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