The HKSTP booth at Techsauce Global Summit 2024
Techsauce Global Summit 2024 in Bangkok is one of the largest tech hubs in Southeast Asia (SEA) with over 18,000 visitors from 60 countries worldwide. The event served as an important gathering for the tech community under the mission to establish Thailand as the Digital Gateway of SEA.
Hong Kong Science and Technology Parks Corporation (HKSTP) is the largest innovation and technology ecosystem in Hong Kong. It debuted by showcasing 14 of its most promising startups in the Hong Kong Pavilion in Techsauce, attracting an impressive 4,000 visitors. Featured startups include market-ready innovations such as Large Language Models (LLM), Blockchain, and AI integrations for digital marketing, e-commerce, and personal care.
Notably, renowned corporations from various sectors—including the world’s second-largest card payment organisation, an eminent life and health insurance and asset management company, and a renowned real estate developer, among the few—visited the startups to explore valuable connections and potential collaborations. Some startups have successfully established partnerships with local organisations to expand their market coverage, while others are closing deals with corporate customers for further collaboration.
Martech startup unlocks potential deals at Techsauce
After catching up with two of the showcased startups, the summit has proven itself as the perfect platform for HKSTP startups to gain visibility and engage with key industry players.
On-us, one of the exhibiting startups, received the prestigious “Techsauce Innovation Award 2024” at the Summit.
Also Read: PriyoShop launches Bangladesh’s first MSME credit card with LankaBangla and Mastercard
On-us
On-us is a fintech and martech incentive platform (PaaS) that empowers businesses to elevate customer loyalty engagement through data analytics and AI. Offering unparalleled flexibility, the platform allows marketers to customise voucher face values, design brand-aligned vouchers, and adopt a pay-upon-redemption model that ensures every dollar counts. For consumers, the platform provides a variety of redemption options, allowing them to choose from a wide range of merchant partners with personalisation.
“On-Us is designed to empower marketers by simplifying the process of finding and utilising incentives,” Honnus Cheung, Co-Founder and CSO of On-us shared. “We provide a seamless, AI-driven solution that not only enhances customer engagement but also delivers valuable data insights that marketers can use to refine their strategies.”
On-us captured the attention of multinational companies at the Summit, showcasing its innovative solutions that resonate with industry needs. Excitingly, they are on the verge of signing a deal with one of the largest insurance firms and a prominent multinational insurance company in Thailand, marking a significant milestone in their growth and influence within the sector.
Powered by advanced data analytics and AI, On-us delivers deep consumer behaviour insights, enabling businesses to make informed decisions and enhance customer loyalty. Their platform enables marketers to tailor their offers more cost-effectively, which is essential given that On-us earns based on a performance model.
3D scanning startup leverages SEA’s huge potential
Another startup, Scan the World Limited, focuses on 3D scanning technology that allows users to convert videos taken with a smartphone into 3D models. This technology is primarily deployed in retail, consumer lifestyle, and e-commerce, enabling clients to scan physical environments and products and create immersive, 3D websites that mimic physical spaces. The company’s platform allows users to interact with 3D models within a virtual city, where multiple stores can be visited seamlessly.
Also Read: KINTO boosts brand engagement and ROI with Omnichat
Scan the world
Founder Eugene Mak explained, “We let our clients 3D scan the physical environment and their products and build the 3D website the way they build the physical space.”
Their unique approach enhances the shopping experience and integrates social interactions in a virtual environment. Emphasising the platform’s potential, Mak stated, “It’s a multiplayer virtual city website traffic sharing platform, and it’s user-generated.” The idea stems from Mak’s desire to capture the essence of exploring local cultural flavours in foreign cities.
Developing a mobile browser-based solution posed significant challenges, especially optimising low-end devices’ graphics. Mak noted that “a lot of work went into optimising the backend,” which included improving how the platform uses the GPU and other resources to ensure smooth performance. These efforts were crucial in overcoming mobile devices’ hardware limitations, making the technology friendlier to the retail and lifestyle spaces, wherein customer experience has to be more intuitive.
Recognising Techsauce’s influence in their plans, Mak cited SEA and its “huge potential” for company growth. Looking ahead, Scan the World Limited aims to secure funding to develop its platform further, make it robust enough for large-scale marketing, and capture a significant market share.
Mak envisions achieving 500,000 active users within a year and “[capturing] a big chunk of the market.” The company aims to lead in this “blue ocean strategy” by being the first to market in a new and unexplored domain.
Hong Kong as a launchpad for scaling up and expanding market reach
Speaking to e27 at Techsauce 2024, Derek Chim, Head of Incubation and Acceleration Programmes at HKSTP, detailed the organisation’s ambitious strategy to extend its influence and foster innovation across SEA. With a focus on startups, HKSTP is not just an incubator but a “growth partner” renowned for its comprehensive support system worldwide.
Also Read: Revolutionising sourcing and procurement with AI: Sourcefy’s vision
HKSTP
“We believe that exposure to global markets is crucial for the success of our startups,” Chim emphasised. “By participating in events like Techsauce, our startups can ‘go global’ and showcase their technologies to overseas audiences, attract potential investors, and forge partnerships [to] help them expand internationally.”
He further emphasised that their value-add to startups lies in servicing key challenges during global expansion, including rapid tech build, effective go-to-market strategies, successful fundraising, and efficient team scaling.
Their success is evident in the traction gained by many of its alums. For instance, Cheung explained that On-Us is actively looking to scale its business across SEA, particularly in markets with a growing young population, such as Thailand, Indonesia, and Vietnam. The company has already seen success in Hong Kong, Taiwan, and Malaysia and is now focusing on partnerships with banks and insurance companies in these new markets. This regional expansion is a testament to the effectiveness of HKSTP’s global strategy.
Beyond the event, HKSTP has launched vital global initiatives to aid startups. Chim noted that HKSTP supports 800 to 1,000 startups in Hong Kong each year. Given Hong Kong’s small market, “It’s very important for them to actually go global,” said Chim, highlighting the need to enter markets such as Thailand, with its “really robust startup ecosystem” and strong government support.
The future of HKSTP’s global vision
HKSTP is actively reaching out to the international innovation and technology (I&T) ecosystem to attract startups and introduce Hong Kong as a springboard for expansion. As they grow, HKSTP companies gain opportunities to collaborate with organisations in 28 countries, including major markets such as Mainland China, the UK, and the US.
Also Read: OceanBase INFINITY: Empowering Indonesia’s digital economy
Currently, HKSTP’s HK Sandbox Programme is accepting applications for its next cohort of startups looking for support as they launch in Hong Kong. Their successful Cohort 1, launched in 2023 with eight Thai startups, enabled them to understand the landscape and expand market coverage, now being part of the HKSTP’s Ideation programme for further expansion in Hong Kong, Mainland China, and beyond.
Looking ahead, HKSTP plans to expand its reach even further, supporting startups in markets such as Japan, where major events such as Techsauce will provide additional opportunities for global exposure. As HKSTP continues to drive the growth of Hong Kong’s tech startups, its unique approach to incubation—centred around global expansion—will undoubtedly remain a critical factor in its success. By continuing to provide startups with the tools and opportunities they need to succeed internationally, HKSTP is shaping the future of innovation in Hong Kong and beyond, and strengthens Hong Kong’s position as a global innovation hub. For more information on their programmes, visit their website.
—
This article is produced by the e27 team, sponsored by Hong Kong Science and Technology Parks Corporation (HKSTP).
We can share your story at e27, too. Engage the Southeast Asian tech ecosystem by bringing your story to the world. Visit us to get started.
The post Hong Kong I&T startups gear up in Thailand for global growth appeared first on e27.
