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The number of fintech companies employing artificial intelligence (AI) in Asia is on the rise and expected to reach 7,271 in 2025, accounting for 7 per cent of the local fintech industry, says a UnaFinancial study.

In comparison, the number of fintech firms employing AI was 1289 in 2015 (3.6 per cent of all fintech companies) and 6038 in 2023 (6.3 per cent).

“Compared to the COVID-19 pandemic peak, there has been some slowdown in the growth of new AI fintech companies in Asia. However, the market continues to expand, both with the introduction of new companies and the active adoption of AI by already existing players,” according to the analysts at UnaFinancial.

Also Read: South Asia, SEA rank high in potential for fintech lending in Asia: Study shows

In terms of funding, after hitting a low in 2023, Asian AI fintech companies are entering a stage of new interest from fintech investors. The share of funding received by these companies is projected to grow from US$60.4 billion in 2023 to US$62 billion in 2024 and US$65.5 billion in 2025.

Thus, the investment volumes in the sector are expected to increase 2.2x next year. If the global socio-economic situation stabilises, this could spark investor attention to the industry.

Among the Asian countries, India, China, Singapore, and Israel are emerging as the powerhouses of AI fintech in the region. India dominates the list of active Asian AI fintech companies (41.7 per cent), followed by China (12.2 per cent), Singapore (9.8 per cent), and Israel (9.6 per cent).

“India’s leadership is unsurprising given the country’s size, rapid fintech growth, and deep AI integration into financial practices, supported by the government. In China, the growth is driven by the large economy, while Singapore boasts the proactivity of local fintech businesses, which position the country as a regional fintech hub and trendsetter in Southeast Asia,” UnaFinancial’s analysts explained. “Meanwhile, Israel stands out for its high standard of living, which supports the balanced growth of the entire fintech ecosystem and a favourable environment for startups.”

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The digital health industry has rapidly emerged as a vital component of the global healthcare landscape, driven by the global ageing demographic and demand for more efficient, accessible, and cost-effective healthtech solutions. 

There is ample opportunity for innovation, from operational functions to utilising artificial intelligence (AI) to aid in medical research.

In Southeast Asia, the digital health industry has remained a key focus for the government and private sectors as the pandemic exposed many vulnerabilities. Practitioners are keen to adopt solutions and services that will automate most administrative functions, freeing resources to focus on actual patient care. However, they continue to ensure they are well-prepared to address the next outbreak or disaster. 

Taking Care of our Elderly, the Ageing Population Crisis

Over the past two decades, ASEAN’s demographic structure has shifted towards an ageing population. In particular, elderly individuals increased from 5.3 per cent in 2000 to 7.5 per cent in 2022. This is of great concern for most governments as they would need to consider their healthcare infrastructure and manpower to address the increasing demand. 

The growing emphasis on digital health responds to the ageing population across ASEAN. Experts project that Malaysia will become a “super-aged society” by 2056. By that time, over 20 per cent of the population will be 65-plus. Rising chronic diseases also add to the issue. For example, a study by the World Health Organization noted an increase in cancer incidence among young Malaysians aged between 35 and 64 years. 

Chronic diseases strain the healthcare system and highlight the need for better digital health solutions to track, study, and research these trends.

Malaysia is advancing its healthtech sector as part of a broader strategy to solidify its position as the digital hub of ASEAN. The Malaysia Digital Economy Corporation (MDEC) plays a pivotal role in this mission by promoting digital adoption across sectors, including healthcare.

Through the Malaysia Digital (MD) national strategic initiative, the MDEC is transforming the country’s digital landscape. It does this by leveraging technology and innovation to drive sustainable economic growth. By creating a supportive environment for healthtech innovation, the agency is integrating digital health into Malaysia’s healthcare system and digital economy.

Also read: MDEC seeks to encourage SMEs’ digitalisation with US$1.5M grant

A Thriving Ecosystem for Digital Health Innovation

The Malaysian government recognises the transformative potential of the healthcare sector. Through agencies like the MDEC, the country has created a favourable environment for digital health innovation. 

Digital health is not just an emerging field. In fact, it is becoming integral to the country’s healthcare system and digital economy. Key players in Malaysia’s digital health landscape include DoctorOnCall, HealthMetrics, QMed Asia and ORA. They each play a significant role in the industry’s growth.

DoctorOnCall offers services ranging from online doctor consultations to a comprehensive digital pharmacy. The platform was vital during the COVID-19 pandemic, providing essential healthcare services to those unable to access traditional facilities. CEO Maran Virumandi states that DoctorOnCall aims to make healthcare as accessible as ordering food online and ensuring quality healthcare is made available to all Malaysians. 

DoctorOnCall’s integration of telehealth and digital pharmacy services has set a new industry standard. Consequently, this expands the possibilities of digital healthcare delivery.

More Examples of Inroads in Digital Health

HealthMetrics has significantly impacted the management of employee healthcare benefits through its cloud-based platform. This platform streamlines processes from employee enrolment to claims management. In particular, it offers real-time data to help companies make informed decisions.

CEO Alvin Yuan said that HealthMetrics facilitates seamless access to healthcare services by connecting corporate and insurance members to a vast network of healthcare providers across Southeast Asia. This approach enhances employee health and productivity while reducing healthcare costs for companies. This positions HealthMetrics as a crucial player in the industry.

QMed Asia is revolutionising healthcare delivery with advanced digital solutions tailored for healthcare providers. Its offerings include the Qmed Kiosk, which has significantly reduced patient registration times. Further, AI-driven tools like Qmed Copilot assist doctors in making more informed decisions. 

Dr Kev Lim, CEO of QMed Asia, states, “We are well-positioned to lead the way, expanding our AI capabilities to create smarter, more intuitive systems that connect seamlessly with existing healthcare infrastructures and drive better outcomes for both patients and providers.”

ORA is a tele-medicine provider and wellness platform that is re-shaping the digital healthcare landscape in Southeast Asia. It does so by integrating AI-driven solutions into telemedicine and wellness services. One of its most significant advancements is the use of artificial intelligence to empower doctors with personalised care insights.

Digital Health: Turning challenges into opportunities

Despite this progress, digital health adoption is not easy. The industry is fraught with regulations, compliance requirements, and infrastructure barriers. The digital divide remains a crucial problem since not all populations have equal access to the technology needed for digital health solutions. 

Additionally, cybersecurity concerns are becoming increasingly relevant as more sensitive health data is stored and managed digitally.

However, these challenges also present opportunities. With Malaysia’s stated push into AI, more political willpower must be mustered to realise a national Electronic Medical Records (EMR) system. This iss the pre-requisite for better healthcare outcomes in collaboration with Digital Health companies. According to this article, Indonesia may already be ahead in this respect. 

Malaysia does not need to reinvent the wheel, as it can glean best practices from initiatives such as Taiwan’s NHIA. Regional collaboration within ASEAN could help standardise regulations and create a more unified digital health ecosystem. Public-private partnerships will drive innovation and address the digital divide. This will ensure that digital health solutions reach those who need them most. The growing interest in AI-driven diagnostics, remote patient monitoring, and other emerging sectors offers vast potential for continued growth and development.

Also read: Malaysian government-backed MDEC launches digital hub and entrepreneur initiatives; aims to help startups scale globally

AI and Personalization in Digital Health

HealthMetrics, for example, has utilised AI and real-time data analytics to enhance fraud management and cost containment. As a result, it has established itself as a leader in the digital health space. Similarly, QMed Asia’s focus on integrating AI into healthcare practices via Qmed NORA is paving the way for more personalised and efficient patient care and offering significant opportunities for growth.

Meanwhile, DoctorOnCall won the United Nations AI for Good award. It has integrated AI into various solutions, including medical chatbots and mobile clinics. Further, ORA has gathered millions of anonymized data points. These are analysed to create predictive models tailored to the local demographic. Then, these models are tested against consultation data, treatment types, and clinical outcomes. This enables ORA to recommend therapies that are best suited to individual patient needs.

By focusing on personalisation, ORA aims to optimise patient outcomes and provide a standard of care that surpasses traditional primary healthcare models. As the platform expands, its AI applications will cover a broader range of conditions, continually enriching its data ecosystem. This approach not only enhances preventive care but also facilitates participation in clinical studies. Thus, ORA is positioned at the forefront of healthcare innovation in the region.

Malaysia as a Crucial Player in Digital Health Transformation

Digital health is set to transform healthcare systems across ASEAN, with Malaysia as its crucial player. The country’s proactive approach is driving the sector’s growth and integration into the broader digital economy. It achieves this by providing intervention in critical areas such as policy, business expansion, investments, amplification, talent mentoring. This is supported by government initiatives such as MDEC’s Founders Centre of Excellence (FOX) and Digital Health programme together with leading Digital Health companies. As digital health evolves, its impact on Malaysia and the broader ASEAN region will likely deepen. Ideally, his will lead to improved healthcare outcomes and a more robust digital economy. 

The future of digital health in Malaysia appears promising. It has the potential to enhance healthcare access and quality while positioning the country as a leader in the global digital health landscape.

MDEC offers various programmes for Malaysia Digital status companies. Apply for Malaysia Digital status here.

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This article is sponsored by Malaysia Digital Economy Corporation (MDEC)

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Latvian health tech startup Longenesis was named the winner of The Supernova Challenge 2.0, an early-stage startup pitch competition at the Expand North Star event in Dubai on October 16.

Taking home the top prize of US$100,000, Longenesis aims to transform healthcare by accelerating the development of innovative treatments and enhancing patient engagement through advanced data utilisation.

With collaborations spanning leading healthcare institutions, global life sciences companies, and national governments, Longenesis said it has positively impacted over 850,000 patients across the European and Middle East regions.

Emil Syundyukov, Co-Founder and CEO of Longenesis, said, “It is all about unlocking the hidden value of data. By engaging broader populations and bringing them into the data conversation, we can help therapies reach those in need faster. This win is just the start for us. We are here to raise geographical borders for healthcare research and scale up, especially in the Gulf region, which we see as a focal point for healthcare innovations.”

Also Read: What are some networking benefits that are essential for startups?

Singapore-based ProfilePrint secured second place and a prize of US$60,000. The company showcased its AI-driven platform, which uses patented digital food identity-as-a-service (IDaaS) technology.

By synthesising molecular data into digital fingerprints, ProfilePrint empowers agribusinesses to make data-driven decisions, improving product quality and efficiency.

Third place went to NEXTPAYMENTS INC. from South Korea, earning US$35,000. Led by CEO Jee Kwangchol, the startup is revolutionising retail through its advanced AI kiosks and smart store technologies, providing personalised experiences for consumers.

The north star of innovation

Organised by the Dubai World Trade Centre and hosted by the Dubai Chamber of Digital Economy, Expand North Star celebrated its biggest edition this year, according to a press statement by the organisers. It was held in conjunction with the GITEX GLOBAL 2024 event.

The organisers said that this year’s edition saw a “record-breaking” participation, with a total prize pool of US$200,000. A 40 per cent increase in global participation for 2024 saw GITEX Global and Expand North Star welcome over 1,800 startups and 1,200 investors.

Also Read: Critical considerations: Address these 5 questions before scaling your tech startups

The Supernova Challenge 2.0 witnessed over 650 startups competing for the prestigious Overall Supernova Champion title, following six months of semifinals from Europe, Asia, Africa, the Middle East, and the Americas.

Startups from 69 countries participated, with the UAE, India, and South Korea emerging as top contributors.

In terms of development stages, the event saw startups from various stages with 39 per cent being in seed or early stages, 24 per cent at Series A, 18 per cent in Pre-Seed, and 11 per cent bootstrapped.

Popular sectors such as AI, SaaS, and healthcare were the most represented in the event, which the organisers saw as a reflection of the latest industry trends and the ongoing shift towards an AI-driven economy.

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Image Credit: Expand North Star

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One of the most immediate and noticeable impacts of your technology on supply chain processes is the dramatic improvement in organisational efficiency. Traditional supply chains often involved a great deal of manual work, from data entry to inventory
management, which was not only time-consuming but also prone to human error. Today, automation, robotics, and artificial intelligence (AI) are streamlining these operations.

For example, robotic process automation (RPA) can handle routine tasks like order processing and invoicing, cutting down the time from hours to mere minutes. Company, businesses that have adopted automation in their supply chains have seen a 20 per cent reduction in operational costs and a 30 per cent increase in overall productivity.

AI and machine learning (ML) are also crucial for demand forecasting and inventory management. By analysing historical sales data and current market trends, AI-driven systems can predict future demand accurately, helping maintain optimal inventory levels
and avoid stock outs or overstocking. A study by PwC in 2022 found that AI-driven demand forecasting that AI-driven demand forecasting can reduce forecasting errors by up to 50 per cent, leading to a 20-30 per cent decrease in inventory costs.

The Internet of Things (IoT) is also enhancing your efficiency by providing real-time data on the location and condition of goods as they move through the supply chain. IoT devices, like sensors and RFID tags, allow you to monitor the temperature, humidity, and
even the vibration of sensitive products, ensuring they reach their destination in perfect condition. Gartner reported in 2023 that 60 per cent of supply chain leaders have implemented IoT solutions, leading to a 15 per cent reduction in waste and spoilage.

Improved visibility: Enhancing transparency and accountability

Visibility has always been a challenge in supply chain management. It’s tough to track products and shipments across multiple stages and geographic locations. But technology is now offering unprecedented transparency, making it easier for you to
monitor your supply chain in real time and address issues before they escalate. Blockchain technology is making a significant impact here.

Also Read: How companies are using AI to prevent supply chain disruptions?

By creating a decentralised and immutable ledger, blockchain allows everyone in your supply chain, from suppliers to customers, to access the same information. This level of transparency reduces the risk of fraud and enhances accountability.

For example, in the food industry, blockchain is being used to track the journey of products from farm to table, ensuring they meet safety and quality standards. IBM’s 2022 study on blockchain in supply chains found that companies using this technology saw a 70 per cent improvement in traceability and a 50 per cent reduction in counterfeiting.

AI-powered analytics platforms are also giving you deeper insights into your supply chain. By analysing data from various sources, these platforms can identify bottlenecks, predict potential disruptions, and recommend solutions to optimise performance. A Deloitte survey in 2023 revealed that 55 per cent of companies using AI in their supply chains reported a 20 per cent improvement in decision making speed and accuracy.

Increased resilience: Adapting to disruptions

The COVID-19 pandemic highlighted vulnerabilities in global supply chains, with many companies struggling to adapt to sudden disruptions. In response, there’s been a growing focus on building more resilient supply chains, and technology is crucial in this
effort.

One way technology enhances resilience is through digital twins. A digital twin is a virtual replica of your physical supply chain, allowing you to simulate different scenarios and assess the impact of potential disruptions. By testing various “what-if” scenarios, you can identify weaknesses in your supply chain and develop contingency plans. A 2023 Capgemini report found that companies using digital twins experienced a 30 per cent reduction in downtime and a 20 per cent improvement in their ability to respond to disruptions.

Also Read: Leveraging AI and ML in supply chain management for smarter decision making

Predictive analytics can also help you anticipate and mitigate risks in your supply chain. By analysing historical data and external factors like weather patterns, political instability, and market trends, predictive analytics can forecast potential disruptions and suggest proactive measures.

For instance, you might use predictive analytics to reroute shipments in anticipation of a hurricane or switch suppliers in response to geopolitical tensions. Gartner’s 2023 study showed that companies using predictive analytics reduced the impact of disruptions by 25 per cent and improved their supply chain resilience by 40 per cent.

Moreover, cloud-based collaboration tools enable you to work more closely with your suppliers and logistics partners to manage risks. These tools allow for real-time communication and data sharing, making it easier to coordinate responses to
disruptions. According to a 2023 Accenture report, 70 per cent of companies using cloud-based collaboration tools reported a 15 per cent improvement in their ability to manage supply chain risks.

Technology is profoundly impacting your supply chain processes, transforming how you operate and compete in today’s global marketplace. By enhancing efficiency, improving visibility, and increasing resilience, technology is helping you build smarter, more agile, and more sustainable supply chains.

As digital tools continue to evolve, their role in supply chain management will only grow, offering new opportunities for innovation and growth. By embracing these technologies, you’ll be better positioned to navigate future challenges and capitalise on new opportunities.

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