Taiwanese tech companies are making significant strides in Southeast Asia. By leveraging innovative solutions, they address market demands across various sectors. Notably, on 28-30 October 2024, Startup Island TAIWAN and Startup Terrace Kaohsiung led the Taiwan ecosystem to SWITCH 2024, partnering with Taiwan Stock Exchange and United Innovation, the only accelerator established by a media group in Taiwan.

From secure identity technology to advanced healthcare devices, lifestyle booking platforms, and digital signature solutions, these companies are not only forming strategic partnerships but also raising capital and expanding their presence in the region. With recent achievements and a growing network of collaborations, Taiwan’s tech ecosystem is increasingly playing a crucial role in driving technological advancement and fostering economic integration within ASEAN markets.

Also read: Taipei City Launches “Global Pass” to support Taipei startups in expanding abroad

Taiwanese tech innovators expanding across Southeast Asia

First, SWITCH 2024 highlighted FUNNOW Group, a lifestyle booking platform in Greater Southeast Asia. Following the merger with Eatigo in 2023, FUNNOW Group has seen its membership base triple. The Food & Beverage (F&B) sector accounts for over half of the company’s business and has become a central focus for FUNNOW Group’s sustained operations in Greater Southeast Asia. Since its family brand, Eatigo, began operations in Singapore, it has partnered with renowned establishments. This includes the Singapore Marriott Tang Plaza Hotel and the Fullerton Hotel.

Another featured innovator is DottedSign by KDAN, an eSignature solution designed to enhance operational effectiveness for organizations. It has achieved 20% growth in user base and revenue compared to last year. This growth was driven by significant client acquisitions in financial institutions, education, and real estate. Its impact is expanding through its new Singapore office, opened in May this year to support its ASEAN expansion. As a result of its progress, the Financial Times recognized KDAN among the Top 500 High-Growth Companies in the Asia-Pacific.

In addition, AIRA has debuted in Singapore, signing a distribution contract with Evvolabs. Specifically, it deployed its cross-camera tracking solution at Singapore Airport. With half of its eight distributor contracts in Southeast Asia, AIRA is swiftly becoming a trusted name in secure identity solutions. Its distributor contracts are located, for instance, in the Philippines (Netdoc), Thailand (CCTV Thailand), Indonesia (Hotware Indonesia), and Vietnam (DNG Vietnam)

Finally, tech company FREE Bionics specializes in advanced exoskeletons. It partnered with Thailand’s Thonburi Hospital to deploy its FREE Walk and NimBO rehabilitation devices. As a result, it is supporting hundreds of local patients with precise therapies. FREE Bionics recently completed a US$15M Series B funding round, led by WISTRON, USCI Japan, and the National Development Fund (NDF). It aims to extend its rehabilitation tech across the ASEAN healthcare market.

Also read: Taiwanese startups join forces with Southeast Asia to venture into Tokyo, Japan

SWITCH to Taiwan’s tech innovation scene

Startup Island TAIWAN focuses on helping startups connect with key resources in Southeast Asia. As a result, it helps ease their efforts in landing the market. This year, the national startup brand hosted the event “IPO in TAIWAN: Why It Matters to Southeast Asia.” The event was done in collaboration with the Taiwan Stock Exchange and AppWorks,

Taiwan’s capital market has reached a total value of 70 trillion NTD (around 2.2 trillion USD). In addition to AI, the Taiwan Stock Exchange is focused on developing six key industries. This includes biotechnology, healthcare, digital technologies, cloud computing, environmental solutions, and green energy. Through this event, investors and startups gain comprehensive insights into how Taiwan’s capital market can serve as a new fundraising channel for the ASEAN ecosystem.

Startup Island TAIWAN is Taiwan’s national startup brand backed by the National Development Council. It is dedicated to showcasing Taiwan’s innovative capabilities to the world. For more information about Taiwan’s startup scene on the global stage, please follow Startup Island TAIWAN’s official website and social media accounts.

• Startup Island TAIWAN Official Website
• Startup Island TAIWAN Facebook
• Startup Island TAIWAN Instagram
• Startup Island TAIWAN LinkedIn
• Startup Island TAIWAN YouTube
• Startup Island TAIWAN X (formerly Twitter)

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This article is sponsored by Startup Island TAIWAN

We can share your story at e27, too. Engage the Southeast Asian tech ecosystem by bringing your story to the world. Reach out to us here!

Featured Image Credit: Startup Island TAIWAN

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In recent years, the Asia-Pacific region has experienced an alarming increase in natural disasters. The powerful Typhoon Doksuri that caused widespread flooding in China and the Philippines, the devastating earthquakes in Papua New Guinea, and ongoing volcanic activity in Indonesia are just some examples that remind us of our shared vulnerability. Now more than ever, technology offers powerful tools to help communities prepare, endure, and recover.

On 27 November, from 3:00 PM to 6:00 PM (GMT+8), join us for D-Tech Spotlight: Disaster Resilience via Technology. This exciting virtual event is hosted by e27 in partnership with Prudence Foundation, the community investment arm of Prudential. This webinar brings together innovative minds and groundbreaking startups dedicated to building resilience through disaster technology (D-Tech). It offers investors, industry leaders, and passionate individuals the chance to engage directly with real solutions. With each presentation, you’ll see how technology is reshaping how communities manage risk, respond to, and recover from natural disasters.

Also read: D-Tech Community Hub: Safeguarding communities through collaboration

The D-Tech Spotlight experience

D-Tech Spotlight is designed to provide a comprehensive look into the evolving world of disaster resilience technologies. It also aims to build a community with the people driving this essential field forward. Attendees will have the opportunity to discover impactful solutions through access to groundbreaking technologies. These technologies focus on disaster risk reduction, rapid response, and sustainable recovery. From early warning systems to innovative rebuilding tools, these solutions create a safer, more prepared future for communities everywhere.

In addition to the technologies, participants will gain insights from thought leaders in the field. Industry experts, NGO representatives, and corporate partners will share valuable knowledge from their hands-on experiences and strategic approaches. Their insights will provide attendees with both inspiration and practical strategies for fostering stronger, safer communities. The participating startups are ​Alerto PH, ​Bike Scouts, CoolESG, ​Kacific Broadband Satellites Ltd., ​Kinetic Analysis Corporation, ​Lambdai Space, ​USHER Technologies Inc., ​Wateroam, ​WealthRyse, and ​Zeal Industries Limited.

Also read: Collaboration and a sense of urgency: What it takes to support climate tech startups in Southeast Asia

The SAFE STEPS D-Tech Community Hub

Beyond this webinar, the event also offers the chance to join a thriving global community. Attendees will connect with a network of investors, innovators, and partners within the SAFE STEPS D-Tech Community Hub. Prudence Foundation launched this initiative in partnership with e27, the International Federation of Red Cross (IFRC), and Amazon Web Services (AWS). This hub serves as a space where individuals, startups, experts, and organizations dedicated to Disaster Risk Reduction (DRR) come together.

As a collaborative platform, it is designed to encourage idea-sharing, foster partnerships, and drive innovation in D-Tech solutions. By uniting these diverse stakeholders, the SAFE STEPS D-Tech Community Hub plays a pivotal role in advancing resilience and building a safer, more prepared world. Thus, for anyone passionate about disaster resilience, this is the perfect opportunity to engage with the technologies and people shaping a more disaster-ready world.

​Register now to secure your spot and join us in this journey toward stronger, safer communities.

Also read: D-Tech Community Hub: Fostering global expansion via local alliances

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This article is produced by the e27 team

We can share your story at e27, too. Engage the Southeast Asian tech ecosystem by bringing your story to the world. Reach out to us here to get started.

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In the wake of the COVID-19 pandemic, Southeast Asia’s startup ecosystem has faced a surge in failures, driven by multiple interwoven factors. Many startups found it increasingly difficult to secure follow-on funding as investor sentiment shifted towards established ventures or more resilient sectors. This financing drought left younger or less proven companies unable to sustain operations.

Secondly, weakened demand for certain products compounded these financial challenges, especially in industries like travel, hospitality, and retail, which were directly impacted by lockdowns and shifting consumer behaviour. Many startups saw their user bases decline as regional economies slowed, further eroding their financial stability.

In addition to these external challenges, some startups were plagued by internal issues, including allegations of financial irregularities and corporate misgovernance. Investigations into financial mismanagement and unethical practices at several companies revealed cracks in governance structures, damaging investor confidence and forcing closures.

This combination of capital scarcity, reduced product demand, and governance issues has reshaped the Southeast Asian startup landscape, underscoring the need for rigorous financial practices and adaptable business models.

We have compiled below a list of high-profile shutdowns in Southeast Asia in the past five years:

TaniHub

TaniHub was an e-commerce platform that connected farmers to businesses.

Founders: Miftahul Choiri, Michael J. Sugianto, and William Setiawan
Country: Indonesia
Founding year: 2015
Funding raised: Over US$90 million
Investors: Temasek, Openspace Ventures, Intudo Ventures, MDI Ventures, BRI Ventures, MDI Ventures, Add Ventures, BRI Ventures, Flourish Ventures, Tenaya Capital, UOB Venture Management, Telkomsel Mitra Inovasi, and Vertex Ventures.
What led to the failure: TaniHub lost its market share after the COVID-19 outbreak, leading to high operational costs and complexity.

Octopus

Octopus connected users to local waste collectors.

Founders: Hamish Daud, Moehammad Ichsan, Dimas Ario, and Niko Adi Nugroho
Country: Indonesia
Founding year: 2020
Funding raised: US$5 million
Investors: Openspace Ventures and SOSV
What led to the downfall: Financial crisis, allegations of fraud, harassment, and misconduct.

Sorabel

An online retailer offering multi-category products.

Founders: Lingga Madu, Ariza Novianti, and Jeffrey Yuwono.
Country: Indonesia
Founding year: 2014
Funding raised: US$27 million
Investors: Ncore Ventures, Shift., Kejora Capital, Gobi Partners, Convergence Ventures,
Alpha JWC Ventures, Media Nusantara Citra, SMDV, 17Live, Golden Equator Capital, Korea Investment Holdings, Mavcap, InterVest, Captii Ventures, and Openspace Ventures.
What led to the failure: COVID-19 hit the business significantly and it didn’t have the cash reserves to survive the crisis.

Zilingo

It provided supply chain management solutions for fashion businesses.

Founders: Ankiti Bose and Dhruv Kapoor
Country: Singapore
Founding year: 2015
Funding raised: US$343 million
Investors: Sequoia Capital, Temasek, Burda Principal Investments, EDBI, Sofina, SIG, Dahlia Invest, Amadeus Capital, Beenos, Beenext, Angel Capital Management, Beeble Brox, Venturra Capital, Draper Associates, Wavemaker Partners, DG Ventures, Digital Garage, R R Ventures, DG Incubation, Rocnation, Koru Partners, and Dahlia Investments & Consulting.
What led to the failure: Financial irregularities, corporate misgovernance, and workplace harassment.

Propzy

An online listing platform for residential properties.

Country: Vietnam
Founding year: 2014
Funding raised: US$35.2 million
Investors: GAW Capital Partners, Next Billion Ventures, RHL Ventures, FEBE Ventures, Insignia Ventures Partners, RSQUARE, Breeze Investment, SBVA, Stonebridge Capital, GS Shop, Frontier Digital Ventures, TNB Aura, Colopl Next, and Pine Venture Partners.
What led to the failure: The impact of COVID-19 and the unstable global financial situation.

GoBear

GoBear was a comparison platform for financial products.

Also Read: GoBear shuts down amidst decreased demand for its financial products, services

Founders: Andre Hesselink, Frank Stevenaar, Ivonne Bojoh, and Marnix Zwart.
Country: Singapore
Founding year: 2014
Total funding raised: US$97 million
Investors: Walvis Participaties and Aegon.
What led to the failure: The company failed to raise funds to continue operations.

HappyFresh

HappyFresh was an online grocery platform in Southeast Asia.

Founders: Markus Bihler and Fajar Budiprasetyo
Country: Malaysia
Founding year: 2014
Total funding raised: US$97 million
Investors: Innoven Capital, Mars Growth Capital, Naver Financial, Mirae Asset, Singha Ventures, Grab, and others
What led to the failure: The platform underwent a restructuring exercise following the mounting debt crisis.

Kaodim

An online marketplace for multiple local services, including plumbing, decoration, yoga instructions, pest control, and more.

Founder: Fui-Yu Choong
Country: Malaysia
Founding year: 2014
Total funding raised: US$11.6 million
Investors: Square Peg Ventures, East Ventures, KK Fund, Venturra Capital, 500 Global,
Beenext, RISE, Koru Partners, Kadima Group, SIG Venture Capital
What led to the failure: The prolonged COVID-19 lockdowns and fear of virus transmission killed the home services industry overnight.

CoHive

CoHive provided managed co-working spaces. The company offered private offices, co-working spaces, meeting rooms, creative studios, and more.

Founders: Jason Lee, Carlson Lau, and Ethan Choi
Country: Indonesia
Founding year: 2015
Total funding raised: US$37 million
Investors: Stonebridge Capital, H&CK Partners, Stassets Investment, Kolon Investments, Tigris Capital, STIC Investments, Naver, East Ventures, SMDV, Sinar Mas Land, Insignia Ventures Partners, Intudo Ventures, Z Venture Capital, SBVA, AC Ventures, and Agaeti Venture Capital
What led to the downfall: The long-term effect of the COVID-19 pandemic, the high availability of office space, and the lack of financing opportunities.

Fabelio

It was an online furniture retailer.

Founder: Marshall Tegar Utoyo
Country: Indonesia
Founding year:2015
Total funding raised: US$20 million
Investors: AppWorks, Endeavor, MDI Ventures, Aavishkaar Capital, Venturra Capital, Spiral Ventures, 500 Durians, KK Fund, Grupara Ventures, Silk Bridge Partners, and Kolibra Capital.
What led to the downfall: The impact of COVID-19 and the failure to raise additional funding.

BlinQ

BlinQ was an online marketplace of fashion products.

Founder: Bob Chua
Country: Singapore
Founding year: 2017
Total funding raised: US$2 million
Investors: Blackbird Ventures and Square Peg Capital.
What led to the failure: No details available.

IsItUp.com

Isitup.com offered a cloud-based fixed asset management solution.

Founder: Andrew Diamond
Country: Malaysia
Founding year: 2015
Total funding raised: Undisclosed
Investors: Gobi Partners, 8capita, 500 Durians, and Mavcap.
What led to the failure: No details available.

Mio

A group-buying platform for groceries and fresh produce.

Founders: Trung Huynh
Country: Vietnam
Founding year: 2020
Total funding raised: US$9 million
Investor: Jungle Ventures and Golden Gate Ventures.
What led to the downfall: Weak unit economics.

Also Read: ‘Mio shutdown was a strategic decision, not a forced one due to lack of funds’

Thinkphi

It provided cloud-based solar-based solutions for smart cities.

Founders: Priya Choksi and Samit Choksi
Country: Singapore
Founding year: 2015
Total funding raised: US$1.42 million
Investor: Khattar Group Companies.
What led to the downfall: No details available.

Oxfordcaps

OxfordCaps was an online marketplace for student accommodation.

Founders: Annu Talreja and Priyanka Gera
Country: Singapore
Founding year: 2017
Total funding raised: US$15.3 million
Investors: Brand Capital, Kalaari Capital, Bennett, Coleman, Trifecta Capital, 500 Global, Times Internet, 500 Durians, Readymix Holding, ReadyVentures, Velocity Ventures
What led to the downfall: Oxfordcaps began downscaling its operations a few months after the pandemic began due to severe financial stress.

Toastme

Toastme was a cross-border money transfer platform to send money to the Philippines.

Founder: Aaron Siwoku
Country: Singapore
Founding year: 2014
Total funding raised: US$2.4 million
Investors: Aetius Capital, Pepper, 1776 Ventures, ACE & Company, Wise, One Zero Capital, Startupbootcamp, and OMNIBRIDGE INVESTMENTS
What led to the failure: COVID-19 hit the business.

Toko Talk

Toko Talk was an app-based solution provider to create online stores.

Founder: Jen Liu
Country: Indonesia
Founding year: 2018
Total funding raised: US$3.2 million
Investors: Altos Ventures and ManagementAccess Ventures.
What led to the downfall: No details available.

Omnilytics

Omnilytics provided data analytics and reporting solutions for retail industries.

Founders: Kendrick Wong, Sylvia Yin, and Nikolai Prettner.
Country: Malaysia
Founding year: 2014
Total funding raised: US$2.98 million
Investors: East Ventures, 500 Global, and InvestIdea.
What led to the downfall: No details available.

CarPal

CarPal was an app-based platform providing on-demand, B2C hyperlocal delivery services.
Founder: Maarten Hemmes
Country: Singapore
Founding year: 2014
Total funding raised: US$3.5 million
Investors: RB Investments and SM Global Financial.
What led to the downfall: No details available.

PicMix

PicMix was an Indonesian mobile application that offered users photo and video editing and social sharing.

Founders: Calvin Kizana and Sandy Colondam
Country: Indonesia
Founding year: 2012
Total funding raised: US$3 million
Investors: Gobi Partners, Erajaya, Mavcap, and Launchpad Accelerator.
What led to the downfall: No details available.

Apvera

A data-driven insider threat intelligence provider

Founder: Eric Meyer
Country: Singapore
Founding year: 2013
Total funding raised: US$1.5 million
Investors: ACP, SPRING Singapore, Nest Ventures, muru-D, Central X, MAX Burgers, DBS Accelerator, CyLon, Seeds Capital, Innovation Nest, August One, and Plug and Play APAC.
What led to the downfall: No details available.

TruStory

TruStory was an online retailer of apparel for women.

Also Read: ‘Sell things with repeat purchases and uses’: Warren Leow speaks about Amazing Fables shutdown

Founder: Preethi Kasireddy
Country: Malaysia
Founding year:
Total funding raised: US$3.3 million
Investors: True Ventures, Pantera Capital, Kindred Ventures, Homebrew, Wonder Ventures,
Abstract Ventures, Ausum Ventures, and Dream Machine.
What led to the downfall: No details available.

Shox Rumahan

A social commerce startup that provided home appliances at a competitive price.

Founders: Sonat Yalcinkaya and Maria Octavyani Manao
Country: Indonesia
Founding year: 2018
Total funding raised: US$8 million
Investors: Ephesus United, AC Ventures, Teja Ventures, SGInnovate, and Partech
What led to the failure: Financial losses.

Flexible Pass

It offered an online platform for fitness passes.

Founder: Sully Bholat
Country: Myanmar
Founding year: 2017
Total funding raised: US$1 million
Investors: Seed Myanmar, Trust Venture Partners, Nest Tech, e-navik, and Founder Institute.
What led to the downfall: No details available.

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Hong Kong is making a significant move to establish itself as a leading tech hub in Asia. With plans to issue more cryptocurrency exchange licenses by the end of 2024 and the introduction of its first set of AI policies specifically designed for the financial sector, the city is gearing up for a transformative shift.

The government’s push for tax-free gains on virtual assets, alongside regulations to manage the burgeoning AI landscape, highlights its ambition. However, a critical question arises: Is this bold strategy sustainable, and will it genuinely benefit Hong Kong’s financial ecosystem?

The potential of AI and cryptocurrency in Hong Kong

Hong Kong’s financial sector is well-known for its strong infrastructure, large markets, and dynamic opportunities, making it a prime candidate for the adoption of AI technologies. The government, under the leadership of Secretary for Financial Services and the Treasury Christopher Hui Ching-yu, has acknowledged the dual nature of AI—its potential to revolutionise finance while also presenting certain risks. By taking a balanced approach, Hong Kong aims to encourage AI development while addressing the challenges that come with it.

The introduction of a unified framework for AI policy across various regulatory bodies is a significant advancement. This framework will facilitate a coordinated strategy for governing AI use in finance, ensuring that the technology is utilised effectively and safely. This initiative comes at a crucial time, as AI applications are rapidly expanding across industries, particularly in finance, where AI-driven algorithms are reshaping trading, risk management, and customer service.

On the cryptocurrency front, Hong Kong’s proposal to extend tax breaks on digital assets signals its intent to become a welcoming environment for crypto investments. By including virtual assets in existing tax incentives for family offices and private funds, the city aims to attract more investment in this growing sector. This move aligns with a broader global trend, as institutional interest in cryptocurrencies continues to rise, evidenced by the increasing number of crypto-focused investment funds and the growing market capitalisation of digital assets.

Navigating challenges and opportunities

Despite the promising outlook, Hong Kong faces significant hurdles in its quest to become Asia’s premier tech hub. One of the main concerns is the sustainability of the current cryptocurrency exchange license holders. Many of these exchanges are struggling to achieve profitability, raising questions about the wisdom of issuing more licenses. The cryptocurrency market is notoriously volatile, and the regulatory landscape is still evolving, which adds to the uncertainty.

In addition, access to popular AI services in Hong Kong is limited. Major US tech companies like OpenAI and Google do not offer their AI services locally, and accessing Chinese AI services from companies like Baidu and ByteDance can be complicated. This lack of access could hinder the adoption of AI technologies in Hong Kong, potentially stalling the city’s ambitions.

To tackle these challenges, the Hong Kong government is working on developing its own AI solutions. This initiative could provide a much-needed boost to the local AI ecosystem, fostering innovation and creating new opportunities.

Also Read: How to succeed as an expat entrepreneur in Hong Kong

Economic implications

The economic ramifications of Hong Kong’s initiatives are profound. By embracing AI and cryptocurrency, the city is positioning itself at the forefront of the digital economy. The potential benefits are significant, including increased investment, job creation, and enhanced competitiveness in the global market.

According to a report by PwC, AI could contribute up to US$15.7 trillion to the global economy by 2030, with the financial sector being one of the biggest beneficiaries. In Hong Kong, the adoption of AI in finance could lead to more efficient operations, improved customer experiences, and new revenue streams. Similarly, the cryptocurrency market is expected to continue its growth trajectory, with the global market capitalisation of digital assets surpassing US$3 trillion in 2021.

The path to realising these benefits is fraught with challenges. The regulatory environment must be carefully managed to ensure that AI and cryptocurrency are used responsibly and ethically. This includes addressing issues such as data privacy, cybersecurity, and the potential for market manipulation.

A personal reflection

From my perspective, Hong Kong’s ambitious move to embrace AI and cryptocurrency is both exciting and concerning. As someone who closely follows technology and finance, I see the potential for these innovations to transform the industry. However, I am also aware of the risks involved.

Also Read: What makes Hong Kong the fastest growing startup ecosystem in Asia?

The success of Hong Kong’s initiatives will hinge on the government’s ability to strike a delicate balance between fostering innovation and implementing necessary regulations. It is crucial that the city creates an environment that encourages experimentation and growth while protecting the interests of consumers and investors.

The sustainability of the cryptocurrency exchange market is a pressing concern. While issuing more licenses could stimulate competition and innovation, it could also lead to market saturation and increased financial instability. The government must carefully assess market dynamics and ensure that new entrants are well-capitalised and capable of operating sustainably.

Hong Kong’s initiatives are a testament to the transformative power of technology and the importance of forward-thinking policies in shaping the future of finance. Whether these efforts will ultimately pay off remains to be seen, but one thing is certain: Hong Kong is a city to watch in the coming years.

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Navigating the Funding Maze: Exploring Startup Funding Options for Filipino Founders

The Echelon Philippines 2024 panel titled ‘Navigating the Funding Maze: Exploring Startup Funding Options for Filipino Founders’ offered insights into the diverse funding options and strategies available to emerging businesses.

Moderated by Joan Yao, Vice President of Investments at Kickstart Ventures, Inc., the discussion featured perspectives from Camille Ang, CEO and Co-Founder of Hive Health; Ankit Upadhyay, Founder and General Partner of A2D Ventures; John Aguilar, Founder and Host of The Final Pitch; and Paulo Campos III, Founding Managing General Partner at Kaya Founders.

The discussion highlighted various sources of capital available to Filipino startups, including venture capital, angel investors, government grants, and alternative financing options. The panelists stressed the importance of aligning with investors’ long-term goals, building relationships, and timing proposals to match market conditions.

Also Read: Echelon Philippines 2024: Beryl Li on YGG’s integration of AI and blockchain for the future of work

Key insights included the need for founders to establish strong conviction in their vision while staying open to feedback. They also emphasised understanding investor-founder fit and the value of being coachable—qualities that investors often seek when considering startups for funding. Another critical point was recognising when to pivot or close a venture, with the panel agreeing on the importance of transparency and responsibility in those decisions.

Finally, the panel discussed expansion opportunities for Filipino startups beyond local markets, identifying regions like Dubai as promising areas for growth. Together, these insights provided a strategic roadmap for founders to navigate the funding landscape, prepare effective proposals, and build lasting, scalable ventures.

Watch the session video above to learn more about these insights and the strategies shaping the future of entrepreneurship.

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