South Korea’s semiconductor startup industry is experiencing significant growth, bolstered by substantial government investments and a robust industrial foundation.

The country holds a dominant position in the global semiconductor market, accounting for 60.5 per cent of the memory semiconductor segment, with a 70.5 per cent share in DRAM and 52.6 per cent in NAND as of 2022. 

In May 2024, President Yoon Suk-yeol announced a comprehensive support programme worth 26 trillion Korean won (approximately US$19.1 billion), encompassing financial aid, infrastructure development, research and development, and support for small and medium-sized enterprises (SMEs) within the semiconductor sector. 

This initiative includes the creation of a “semiconductor ecosystem fund” valued at 1 trillion Korean won (US$734 million) to support semiconductor companies and SMEs linked to the industry.

Additionally, the government is establishing a “mega chip cluster” near Seoul, which aims to be the world’s largest semiconductor manufacturing complex and is projected to generate millions of jobs. 

To further enhance its semiconductor capabilities, the South Korean government plans to invest US$1.66 billion over the next five years to strengthen the competitiveness of advanced industries, including semiconductors, rechargeable batteries, and biotechnology. 

These strategic investments and initiatives underscore South Korea’s commitment to fostering innovation and maintaining its leadership in the global semiconductor industry.

Also Read: Singapore’s semiconductor stars: A look at key players and startups

Here is the list of trailblazers in South Korea’s semiconductor sector.

SemiFive

SemiFive designs and develops SoC with a RISC-V. The product offerings include RISC-V Core IP and custom SoC.

Founding year: 2019
Total investments raised since inception: US$147 million
Institutional investors: Korea Investment Holdings, BonAngels Venture Partners, LB Investment, Mirae Asset, Pavilion Capital Partners, Gamechanger, UTC Investment, Intops Investment, and SBVA.

Auto-L

Auto-L manufactures lidar systems for self-driving cars and robots. Its product portfolio includes self-driving car lidar sensors and autonomous mobile robot lidar sensors.

Founding year: 2021
Total investments raised since inception: US$81.5 million
Institutional investors: ZER01NE, Hyundai Wia, HANA Micron, Autonomous.ai, Schmidt Futures, L&S Venture Capital, IK Partners, Seoul Investment Partners, POSCO Capital, and Schmidt.

Panmnesia

Panmnesia develops cache coherent interconnect (CCI) technologies using Compute Express Link (CXL). It has developed a rack-scale resource disaggregation solution called PanCluster for high-performance data centres and HPC.

Founding year: 2022
Total investments raised since inception: US$72.5 million
Institutional investors: InterVest, Korea Investment Holdings, KB Investment, WOORI Venture Partners, BSK Investment, Murex Partners, Daesung Startup Investment, Daekyo Investment, GNTech Venture Capital, SL Investment, Timeworks Investment, Quantum Ventures Korea, Yuanta Investment, T S Investment, Nvester, Smile Gate Investment, and Mirae Science and Technology Holdings.

MangoBoost

MangoBoost provides an AI-based DPU to accelerate data centre workloads. Its DPU enables data centres, supporting application performance and processing time.

Founding year: 2022
Total investments raised since inception: US$65.5 million
Institutional investors: IMM Investment, Shinhan Venture Investment, Premier Partners,
KB Investment, IM Capital Partners, Korea Development Bank Europe, Stonebridge Capital, DSC Investment, Must Asset Management, and IM Capital.

SAPEON

SAPEON provides AI processors for data processing. Its product portfolio includes AI chips, AI servers, AI cards, and an integrated hardware and software solution for cloud AI as a service in the data centre. The firm offers solutions for object detection, 5G edge cloud operating, indoor navigation, and image quality enhancement.

Founding year: 2022
Total investments raised since inception: US$45 million
Institutional investors: Ascent Equity Partners, DBCS, Hana Financial Group, Mirae Asset Venture, We Ventures, and E1.

bitsensing

bitsensing provides radar solutions for various industries. The platform offers features like vehicle monitoring, speed detection, traffic flow information, and sleep monitoring systems. It caters to automotive, smart cities traffic management, and healthcare applications.

Founding year: 2018
Total investments raised since inception: US$42 million
Institutional investors: HL Mando, Korean Development Bank, Industrial Bank of Korea,
Woori Financial Group, LIFE Asset Management, Samchully Group, ARGES, Mando Corporation, LB Investment, SJ Investment Partners, FuturePlay, Hansae, SB Partners, SparkLabs, Korea Science and Technology Holdings, Orange Fab, RISE, and Plug and Play APAC.

FADU

FADU designs and develops memory and storage architectures. Its offerings include FADU Annapurna (SSD controller and FPGA-based AIC), FADU Bravo (low-power enterprise SSD), and FADU Alpha (high-performance consumer SSD). The company also aims to develop FADU Charlie (high-performance enterprise SSD) and FADU Delta (hyper-performance enterprise SSD) with PCIe 0.0×4 and 8 interfacing. The products have applications in the semiconductors and electronics industry.

Also Read: From keypads to chips: How Polymatech advances semiconductors with sustainability at the core

Founding year: 2015
Total investments raised since inception: US$32 million
Institutional investors: Forest Partners, IBK Capital, Capstone Partners, Company K Partners, Ncore Ventures, and Positive Investment.

IVWorks

Intellectual Value Works (IVWorks) develops wide bandgap epitaxial wafer products for semiconductor fabrication. Its products include GaN FET Epiwafer and AlN Epiwafer which can be used to produce high-performance wireless and photonic integrated circuits. It has applications in power conversion ICs, 5G wireless networks, server power supply, and wireless power transfer.

Founding year: 2011
Total investments raised since inception: US$24.5 million
Institutional investors: Wonik, Wooshin Venture Investment, Hyundai Venture Investment,
DT&Investment, Korea Development Bank Europe, KB Investment, Samsung Venture Investment, Songhyun Investment, Magellan Technology Investment, Hi Investment, Enlight Ventures, and SOORIM venture capital.

Smart Radar System

Smart Radar System offers AI-enabled radar solutions for automotive. It develops various products like Retina for 4D image radar for automotive & industrial applications, IRISv offers real-time monitoring & detection solutions for traffic analysis, etc.

Founding year: 2017
Total investments raised since inception: US$24 million
Institutional investors: Korea Investment Holdings, Hemi Ventures, SPARX Group,
NEXTY Electronics, GU Equity Partners, BSK Investment, Kakao Ventures, Hyundai-invest.com, Murex Partners, and Hyundai Investment Partners.

CK EM Solution

CK EM Solution’s platform offers electrical and electronic materials based on TIM and EMI/EMC

Founding year: 2021
Total investments raised since inception: US$10 million
Institutional investors: Pebbles Investment and IBK Capital.

Power Cube Semi

Power Cube Semi designs and manufactures EV charging systems, MOSFET, and other semiconductor products.

Founding year: 2013
Total investments raised since inception: US$5.8 million
Institutional investors: Hana Ventures, Albatross Investment, Nautic Investment, Bilanx, and ANDA Asia Ventures.

SOFTPV

SOFTPV provides solutions for solar and electrode cells. Its product generates power from sunlight and general light. The firm’s other products include a soft form to boost the performance of the solar cell, soft goods, multi-functional modules, and others.

Founding year: 2017
Total investments raised since inception: US$3 million
Institutional investor: SBVA

BOS Semiconductors

BOS provides semiconductor testing, fabrication, and packaging services.

Also Read: Driving semiconductor innovation: AMD’s vision for AI and sustainability in Singapore

Founding year: 2022
Total investments raised since inception: US$1.5 million
Institutional investors: ZER01NE and Hyundai Motor Company.

DeeDiim Sensors

DeeDiim is a developer of a machine vision-based sensor for surface inspection. The product offered is Surf.Finder, an illumination system that provides a solution to detect surface defects. It can be used to improve product quality and lower manufacturing costs.

Founding year: 2017
Total investments raised since inception: US$1.2 million
Institutional investors: Laguna Investment and Lighthouse Combined Investment.

HICS Company

HICS Company offers real-time nano accuracy measurement and inspection for Hologram integration. It has developed a technology that uses light nanoscale NDM (Depth Measurement Nano), where light can be used as a ruler to measure the surface shape of the object and the internal light physical characteristics accurately to the nanometer. This technology has applications in process checks that require accurate nanometer measurements, such as semiconductors, OLED boards, smartphone microlens, etc., in the precision electronic components market.

Founding year: 2014
Total investments raised since inception: US$892,500
Institutional investors: TwoTowers Capital, Daekyo Investment, Seoul Investment Partners, MassChallenge, ActnerLab, SJ Investment Partners, and Enlight Ventures.

Blue Dot

It provides AI-based semiconductor IPs. It features 4K/8K resolution and high-definition video encoder solutions that support 5G networks for live social video, cloud gaming, immersive video VR/AR, and OTT/VOD.

Founding year: 2019
Total investments raised since inception: Undisclosed
Institutional investors: NAVER D2 Startup Factory, KB Investment, Smile Gate Investment, and BluePoint Partners.

Lake Led

Lake Led provides LED material-based technology for the petrochemical and electronics industries. It offers LED materials like metal-organic sources, precursors (trimethyl gallium, indium, and aluminium), triethyl gallium and bis-cyclopentadienyl magnesium for manufacturing epi-wafers of the LED chip manufacturing process, and MOCVD precursors.

Founding year: 2010
Total investments raised since inception: Undisclosed
Institutional investors: DSC Investment, Stonebridge Capital, NHN Investment, Hyundai Venture Investment, Premier Partners, Korea Investment Holdings, and We Ventures.

AiM Future

AiM Future provides edge AI and vision solutions. It accelerates the transition from centralized cloud-native AI to distributed intelligent edge solutions. The platform offers software, AI system integration services, and provides solutions for AI.

Founding year: 2020
Total investments raised since inception: Undisclosed
Institutional investors: L&S Venture Capital, Hi Investment, Daedeok Venture Partners, KB Investment, and WE Ventures.

HiDeep

HiDeep is a developer of 3D touch technology, which helps the touch screen to detect the amount of force exerted by the user on the screen and react accordingly. The company is also the 3D technology provider for Huawei’s Mate S phone.

Founding year: 2010
Total investments raised since inception: Undisclosed
Institutional investors: SkyLake Investment, Walden International, Big Basin Capital, BNK Venture Capital, and Celesta Capital.

RNSLab

RNSLab has developed low-power, chip-based carbon dioxide sensors. Its chips have built-in wireless connectivity, making retrofitting existing appliances easy. The sensors use MEMS technology to enable on-chip carbon dioxide detection and add multiple gas detection on the same platform.

Also Read: SEA’s role in the global semiconductor supply chain is poised to strengthen: GlobalFoundries’s Siah Soh Yun

Founding year: 2014
Total investments raised since inception: Undisclosed
Institutional investors: Digital Entertainment Ventures and Daedeok Venture Partners

Ateco

It provides a memory test handler, automation equipment, dispenser, and manipulators

Founding year: 2012
Total investments raised since inception: Undisclosed
Institutional investor: AEM.

EXSEN

EXSEN is a manufacturer of carbon dioxide gas sensors.

Founding year: 2012
Total investments raised since inception: Undisclosed
Institutional investors: ActnerLab and Tech Incubator Program for Startup.

PiQuant

PiQuant develops customised sensor modules or devices that can measure the components that users want to detect based on spectroscopy. Its offerings include customised sensor modules for smart home, smart farm, and smart factory applications; sensor solutions to improve SNR i.e. distinguish and remove the noise waves from the continuous wave and amplify it; PiScanner/LiquiScan- a mobile IoT liquid scanner which detects and measures the dose of lead, mercury, and artificial dyes from all kinds of liquid products, especially melamine from milk for babies; and MonAir- a mobile air quality measuring device.

Founding year: 2015
Total investments raised since inception: Undisclosed
Institutional investors: SparkLabs, Orange Fab Asia, and KIC Europe.

Global Bridge

Global Bridge provides wireless IoT chips and devices offering transmitting and communication solutions. Its products include Guardian RF SoC, having PAN, LAN & and based connectivity solutions; Sky Bridge (wireless CDMA transmitter & receiver solution for video & data transmission); Sky Link (wireless CDMA transmitter & receiver solution using ISM band frequency range); and System Configurations with binary CDMA technology. Has use cases in security, defense, healthcare, entertainment, fitness and other sectors.

Founding year: 2016
Total investments raised since inception: Undisclosed
Institutional investor: SparkLabs.

Sensor Topia

Sensortopia provides a sensor for sensing rain on the windshield of vehicles. The startup leverages the optical interference blocking structure of the light source for detecting and maximizing the rain-sensing efficiency. Its sensor is installed on the upper part of the windshield and controls the automatic wiper operation. It also offers a PCB pattern coil.

Founding year: 2017
Total investments raised since inception: Undisclosed
Institutional investor: ActnerLab.

SDOptics

SDOptics provides a 3D microscope, medical camera and display vision sensor.

Founding year: 2010
Total investments raised since inception: Undisclosed
Institutional investor: BNK Venture Capital.

BlueTech Korea

BlueTech offers component development, repair and maintenance services for the semiconductor industry.

Founding year: 2016
Total investments raised since inception: Undisclosed
Institutional investor: The Gain.

RC Tech

HobbyPlus RC Tech Co., Ltd specialises in remote control surface vehicles. It offers a complete product line from 1:24 to 1:8 scale.

Founding year: 2019
Total investments raised since inception: Undisclosed
Institutional investor: ReVentures.

Neo Nanotech

Neo Nanotech is a manufacturer of microelectromechanical system-based biochips. It uses microfluidics, micro-injection moulding, and MEM technologies to develop biochips based on microstructured plastic. Neo Nanotech’s product portfolio includes chips for disease diagnosis, preprocessing biosamples, and synthesis of liposomes.

Founding year: 2016
Total investments raised since inception: Undisclosed
Institutional investor: Daedeok Venture Partners.

Medicentec

Medicentec provides microelectronic device manufacturing and sensor technology services.

Founding year: 2019
Total investments raised since inception: Undisclosed
Institutional investor: Mirae Science and Technology Holdings.

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Data credit: Tracxn.

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Asia isn’t just a continent; it’s a world of contrasts. With more than 4.6 billion people spread across diverse economies, cultures, and regulatory environments, it’s a region bursting with opportunity—and complexity. For startup founders, Asia’s ecosystem is both a blessing and a challenge: the potential to tap into huge markets comes with the responsibility of understanding them.

In this guide, we’ll explore the unique strengths and challenges of Asia’s top startup hubs, offer advice on choosing the right location for your venture, and provide strategies for scaling across the region.

Understanding Asia’s startup landscape

Asia’s startup ecosystem can’t be painted with a single brushstroke. Each country offers distinct advantages that cater to specific industries and growth stages.

Singapore: A Launchpad for the region

Singapore has earned its reputation as Asia’s startup hub for good reason:

• Pro-business policies: With its low corporate taxes, ease of company registration, and robust intellectual property laws, Singapore makes it easy to start and scale.
• Access to funding: The government actively supports startups through grants and co-investment programs, while regional VCs flock to Singapore as a gateway to Southeast Asia.
• International connectivity: Singapore’s geographical position and global mindset make it an ideal base for startups aiming to scale across Asia.

However, the high cost of living and doing business can be prohibitive for early-stage startups without substantial funding.

India: The talent powerhouse

India’s strength lies in its vast pool of tech talent and growing digital economy:

• Affordable talent: India produces millions of engineers annually, providing startups with access to skilled professionals at competitive rates.
• Massive market: With over 1.4 billion people, India offers immense opportunities for B2C startups, particularly in sectors like fintech, e-commerce, and edutech.
• Startup ecosystem growth: Cities like Bangalore, Hyderabad, and Gurgaon are buzzing with innovation, incubators, and accelerator programs.

But founders should be prepared for challenges such as regulatory red tape and infrastructure gaps in some regions.

China: Scale and speed

China’s startup ecosystem is unparalleled in its speed of growth and access to funding:

• Unicorn factory: China produces more unicorns annually than any other country except the U.S.
• Tech ecosystem: With giants like Alibaba, Tencent, and Baidu leading the charge, China’s ecosystem thrives on innovation and rapid execution.
• Massive consumer market: Chinese consumers are tech-savvy and eager adopters of new products, making it a fertile ground for startups.

However, breaking into China’s market as a foreign founder can be daunting due to regulatory barriers and cultural differences.

Vietnam: The emerging contender

Vietnam is quickly becoming Southeast Asia’s rising star:

• Young, dynamic workforce: With 70 per cent of its population under 35, Vietnam offers a vibrant, tech-savvy talent pool.
• Affordable Costs: The low cost of living makes it an attractive base for startups looking to bootstrap.
• Government Support: Vietnam is investing heavily in its digital economy, with policies to encourage foreign startups.

While promising, Vietnam’s ecosystem is still maturing, and founders may face challenges in scaling beyond its borders.

Also Read: Why Southeast Asia’s locally owned adtech and martech industry will survive the recession

Choosing the right location for your startup

The decision of where to base your startup depends on three key factors: your industry, growth stage, and long-term goals.

Industry match

Each country in Asia has strengths in specific sectors. For example:

• Fintech: India, Singapore, and Hong Kong lead the way with strong regulatory frameworks and funding opportunities.
• E-commerce: Indonesia and China are prime markets due to their massive online consumer bases.
• Medtech: Japan and Singapore are strong hubs for medical technology due to their advanced healthcare infrastructure.

Growth stage

• Early-stage startups might benefit from lower-cost ecosystems like Vietnam or the Philippines, where they can stretch their budgets while testing ideas.
• Growth-stage startups looking to scale internationally might prefer Singapore or Hong Kong for their connectivity and investor networks.

Long-term goals

If you aim to build a globally recognised company, choose a hub with strong international ties. Singapore and China excel in this regard, while markets like Thailand might be better suited for regional dominance.

Strategies for scaling across Asia

Scaling across Asia is a complex but rewarding endeavour. Here’s how to do it effectively:

Start local, think regional

Even if your ultimate goal is to scale across Asia, begin by dominating one market. Establishing a strong foothold in a single country gives you the resources and credibility to expand.

Understand cultural nuances

Asia’s diversity means what works in one market might fail spectacularly in another. For example:

• In China, user experience often prioritises speed over aesthetics.
• In Japan, consumers value trust and reliability over price.

Tailor your approach to each market.

Leverage regional networks

Organisations like ASEAN and APAC-focused accelerators can provide introductions, funding, and mentorship. Partnering with local companies can also ease entry into new markets.

Also Read: Is Asia ready for programmatic job advertising?

Common challenges and how to overcome them

Regulatory complexities

Each country in Asia has its own set of regulations and navigating them can be overwhelming. Work with local advisors or consultants to ensure compliance.

Hiring talent

While Asia has a large talent pool, competition for top-tier professionals can be fierce. Offering remote work options or attractive perks can help you secure the best talent.

Funding gaps

While some countries have thriving VC ecosystems, others may require bootstrapping or exploring alternative funding options like government grants.

Success stories: Inspiration from Asian startups

Grab (Singapore)

What started as a taxi-booking app in Malaysia is now a Southeast Asian super app. Grab’s success lies in its ability to localise services for each market while maintaining a regional vision.

Byju’s (India)

India’s leading edutech platform leveraged the country’s digital transformation and hunger for affordable education. Its innovative content delivery methods now serve millions globally.

Tiki (Vietnam)

This e-commerce platform grew by focusing on local needs, such as cash-on-delivery payments, before scaling to compete with giants like Shopee and Lazada.

Building a startup that fits the ecosystem

Asia’s startup ecosystem is vast, vibrant, and full of opportunity, but success requires strategy. Founders must consider where their business fits best, how to leverage regional strengths, and how to scale in a culturally diverse market.

The journey is challenging but rewarding. For those who navigate it with insight and intention, Asia offers a launchpad not just for regional success, but for global impact.

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This article is the tenth in a series from the ASEAN GenAI Startup Report 2024. GenAI Fund invests in early-stage GenAI startups across Southeast Asia, focusing on growth strategies and exit opportunities.

The Southeast Asian (SEA) region is rapidly establishing itself as a fertile ground for Generative AI (GenAI) innovation, driven by a vibrant startup ecosystem and strong governmental support. The ASEAN GenAI Startup Report 2024 provides a comprehensive analysis of the current state and future prospects of GenAI in the region, offering insights into emerging trends, challenges, and strategies that can propel SEA to a position of global leadership in AI innovation.

Emerging trends in SEA’s GenAI landscape

The GenAI landscape in SEA is characterised by dynamic growth and diversification across various sectors. Key trends highlighted in the report include:

• Increased focus on niche markets and specialised applications: SEA startups increasingly target niche markets with specialised GenAI applications, tailoring solutions to meet specific industry needs. This trend is driven by the realisation that customisation and specialisation can lead to deeper market penetration and higher barriers to entry against competition.
• Collaboration between startups and big tech: There is a growing trend of partnerships between local startups and global tech giants. These collaborations are often symbiotic, with startups leveraging Big Tech’s advanced technologies and broad market access while contributing local insights and agility.
• Rise of mergers and acquisitions (M&A): The GenAI space in SEA is seeing increased M&A activity as startups seek to accelerate growth and expand capabilities through strategic acquisitions. This consolidation is expected to strengthen the ecosystem, making it more competitive globally.

Challenges ahead

While the future is bright, SEA GenAI startups face several challenges that could impede their growth and scalability:

• Talent shortage: Despite a large pool of IT professionals, there is a significant gap in highly specialised AI talent. This shortage could limit the region’s ability to innovate and keep pace with global advancements in AI.
• Regulatory hurdles: Diverse regulatory environments across SEA countries can complicate data governance and cross-border data flows, posing challenges for startups that aim to scale across the region.
• Infrastructure inadequacies: While countries such as Singapore and Malaysia are well-equipped, other parts of the region still lack the necessary infrastructure to support high-intensive AI operations, potentially hindering the development and deployment of AI solutions.

Also Read: The SEA advantage: Harnessing regional strengths in the GenAI era

Strategic roadmap for GenAI ecosystem

To navigate these challenges and capitalise on emerging opportunities, the report suggests a strategic roadmap that includes:

• Enhancing AI education and talent development: Governments and educational institutions must invest in specialised AI training and education programs to build a robust talent pipeline. Initiatives could include scholarships, research grants, and partnerships with industry leaders to provide practical, hands-on training.
• Harmonising regulatory frameworks: SEA could benefit from a more harmonised approach to AI regulation to facilitate easier cross-border operations and data exchanges. Establishing common standards and practices across the region would simplify compliance and foster a more integrated market.
• Strengthening infrastructure: Investment in digital infrastructure is critical to support the growth of AI startups. This includes not only physical infrastructure like data centres but also the digital frameworks that support secure, fast, and reliable data transmission and processing.
• Fostering innovation through government support: Continued government support through funding, incentives, and international collaboration can help nurture the ecosystem. Policies that promote innovation, protect intellectual property, and encourage startup growth are essential.
• Encouraging international collaboration: SEA startups should be encouraged to form partnerships and collaborations beyond regional borders. This will not only provide access to new markets but also expose these startups to global best practices and advanced technologies.

The trajectory of GenAI in SEA is poised for remarkable growth, with the potential to influence global AI developments significantly. By focusing on building a robust talent pool, harmonising regulatory frameworks, enhancing infrastructure, and fostering a culture of innovation and collaboration, SEA can solidify its place as a leader in the GenAI space. 

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The renovation industry, a key contributor to Singapore’s urban lifestyle and development, is increasingly grappling with a serious challenge. In recent years, cases of renovation nightmare stories and scams taking place in renovation projects have surged, threatening both homeowners and interior designers themselves. These cases not only cause financial distress to the parties involved but also damage trust in an industry that plays a vital role in shaping Singapore’s living spaces.

The growing problem of renovation scams

Renovation scams in Singapore often involve unreliable IDs, shoddy workmanship, lack of transparency, and can take place in a few forms. 

The most straightforward case involves misappropriation of funds, where homeowners’ funds paid to the IDs do not go towards the deliverables and works but towards their own pockets. In some cases, this takes place without the firm or bosses being aware of their actions.

In the worst case, a company can even shut down operations without prior warning. When either of these happens, homeowners are left stranded before their renovation even takes place or is completed. 

The second and perhaps more sinister form comes about when the homeowner makes upfront payments to their ID firms based on progressive payment milestones, and are promised certain deliverables but the workmanship and end result is not up to expectation.

Oftentimes, homeowners also have little to no say by the time it comes to this, since they had already paid the ID, sometimes in full.

Resistance to change in the traditional industry

The renovation sector is traditionally slow to adopt new technologies. Many firms rely on manual processes and outdated payment systems, clinging to long-standing practices. For small and medium-sized enterprises (SMEs), the perceived high cost and complexity of digital solutions deter innovation. This reluctance not only fosters inefficiency but also leaves businesses and homeowners vulnerable to scams and financial mismanagement.

Also Read: Singapore’s green future – Are homes and condominiums ready for EVs?

Contractors, subcontractors, and designers all play a role and contribute to this problem — making it easier for accountability to slip through the cracks. Without proper digital tracking systems, it becomes difficult for firms and bosses to monitor transactions and hold their interior designer hires accountable throughout the whole renovation & project management process.

On top of that, traditional payment methods like cash or bank transfers, although simple and straightforward, make it easy for dishonest IDs to misuse funds without being detected until it’s too late. 

Fintech solutions: Prevention over cure 

To address these issues, fintech payment solutions are emerging as a critical defence. These innovations provide secure, transparent methods for managing transactions, enabling all parties to track payments in real-time and ensure funds are used appropriately.

One such platform is HomePay, designed for the renovation sector to combat chance for fraud and irresponsible delivery. HomePay’s escrow payment system ties payments to project milestones, ensuring funds are released to IDs or contractors only when pre-defined deliverables are checked and approved by homeowners. This milestone-based payment approach minimises the risk of scams, guarantees deliverables, and builds mutual trust between homeowners and IDs.

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In the fast-paced world of fintech, startups at different funding stages offer distinct working environments and unique challenges. This article explores the experience of working in an FX (foreign exchange) payment provider at two pivotal stages: Series A and Series D. We’ll take a closer look at the operational, cultural, and growth differences, highlighting case studies to illuminate how these factors shape employees’ day-to-day work and career paths.

Overview of FX payment providers in fintech

Foreign exchange payment providers in the fintech space have transformed how businesses and individuals handle cross-border transactions. These companies leverage technology to streamline currency exchanges, reduce fees, and speed up transactions, often focusing on transparency and accessibility. As these providers progress through funding stages, their focus shifts from establishing product-market fit to scaling operations and optimising the customer experience.

Series A FX payment providers: Building foundations

Series A funding is often when a company moves from an idea to a market-ready product. For an FX payment provider, this is a period of high energy, risk, and rapid development as the company attempts to carve out a niche within a highly competitive fintech landscape.

Customer-centric product development: The foundation of Series A

• Case study example: Airwallex
  When Airwallex, an FX and cross-border payment startup, secured its Series A funding, it focused on small and medium-sized enterprises (SMEs) needing reliable, low-cost solutions for international payments. Early employees were deeply involved in researching customer pain points, iterating on user feedback, and shaping a product that could serve this underserved market segment.
• The challenge
  At Series A, resources are limited, and the focus is on identifying a viable market. Employees need to be hands-on with customer interactions to understand specific pain points, testing features with real users, and frequently refining the product. Every role, from software engineering to customer support, plays a critical part in understanding and serving the customer base.
• The experience
  Working in a Series A FX provider involves tight collaboration across teams. Product development is fluid, and employees often juggle multiple roles. Engineers may double as customer support for technical issues, while marketers test and tweak campaigns on limited budgets to see what resonates with early adopters.

Also Read: The evolution of investing: How fintechs and neo-brokers are empowering retail investors

Navigating regulatory hurdles and compliance

• Case study example: Currencycloud
  For FX payment providers, regulatory compliance is a cornerstone. Currencycloud, during its early funding stages, had to build a compliance framework that aligned with various international regulatory standards while offering a user-friendly experience.
• The challenge
  At Series A, the company likely has minimal staff dedicated to compliance, even though regulatory hurdles are significant. Employees may work directly with legal advisors or external consultants to ensure the product complies with Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations, which are essential for gaining customer trust.
• The Experience
  Team members gain deep insights into regulatory requirements and have unique opportunities to directly influence how these regulations are integrated into the product. This can be highly valuable for those interested in fintech compliance and the legal aspects of product development.

Flexible, high-stakes work environment

• The challenge
  At Series A, uncertainty is high. Product-market fit is not guaranteed, and the focus is on finding the right balance between innovation and financial stability. The stakes are high, and employees may have to pivot quickly to adjust to new insights or shifts in market demand.
• The experience
  The flexibility of a Series A company can be thrilling for those who thrive on fast-paced, hands-on environments. Equity packages are often part of the compensation, which could be highly valuable if the company succeeds, though there is always a risk of volatility.

Direct access to leadership and high-level strategy

• The challenge
  In Series A startups, executive teams are accessible to most employees, offering the chance to engage directly with high-level decisions. This can be a double-edged sword; while it’s a great learning opportunity, the lack of structure can lead to confusion if the strategy changes rapidly.
• The experience
  Employees often get firsthand exposure to investor meetings, fundraising efforts, and executive decision-making processes. Those in product and operations roles can observe (and sometimes even help shape) strategic shifts, which is a rare and invaluable opportunity.

Also Read: Building bridges to close gaps in cross-border payment

Series D FX payment providers: Scaling with precision

By Series D, an FX payment provider has a more stable foundation and is in a high-growth phase. The company has achieved product-market fit and now focuses on market expansion, compliance, and scaling operations efficiently. This stage is more about execution and optimisation than experimentation.

Operational efficiency and process optimisation

• Case study example: TransferWise (now Wise)
  When TransferWise reached later funding rounds, it faced the challenge of expanding to new regions while maintaining efficiency. The company focused on automating backend processes to support a growing customer base and integrating AI for risk and fraud detection.
• The challenge
  In a Series D environment, employees focus on refining processes and enhancing efficiency rather than constant product pivots. Many Series D companies prioritise automating manual processes to improve operational scalability.
• The experience
  For employees, this translates into more specialised roles and the chance to contribute to process improvements. There is a focus on metrics, KPIs, and data-driven decisions, as companies like Wise use these tools to maintain and improve efficiency at scale.

Sophisticated compliance and regulatory focus

• Case study example: Revolut
  As Revolut expanded into new markets, the compliance team grew to meet the demands of diverse regulatory requirements across countries. Employees focused on building robust KYC and AML systems that could adapt to each region’s regulations.
• The challenge
  By Series D, an FX provider faces increased scrutiny and complex regulatory landscapes, especially as it moves into new geographies. Teams must handle ongoing audits, regulatory reporting, and build scalable compliance frameworks.
• The experience
  Compliance specialists in Series D companies have structured processes, and they focus on ongoing training to stay ahead of regulatory changes. This stage appeals to professionals looking for stability and in-depth expertise in regulatory compliance.

Emphasis on customer retention and market expansion

• Case study example: Payoneer
  After achieving product-market fit, Payoneer focused on expanding its presence in Asia and Latin America, requiring a dedicated customer experience team to tailor the product to new regions.
• The challenge
  Unlike Series A companies focused on attracting customers, Series D companies invest in retention and expansion strategies. Customer success and support roles become highly specialised, focusing on minimising churn and maximising satisfaction.
• The experience
  Employees in customer-facing roles leverage detailed analytics to understand user behaviour, address pain points, and increase loyalty. For those in data analytics or customer success, this stage offers opportunities to implement data-backed strategies that significantly impact growth.

Also Read: The future of startup fundraising in Singapore

Structured career paths and job stability

• The challenge
  A Series D FX company generally has a more hierarchical structure, meaning less direct access to founders but a clearer progression path within specific departments.
• The experience
  Employees benefit from job stability, clear roles, and well-defined responsibilities, making this stage ideal for professionals focused on advancing within a more structured environment. Compensation often includes competitive salaries with performance bonuses rather than early-stage equity.

• Compensation often includes competitive salaries with performance bonuses rather than early-stage equity.

Comparing Series A and Series D experiences: Key takeaways

Conclusion: Choosing your stage in an FX payment provider startup

Choosing between Series A and Series D in a fintech startup like an FX payment provider depends on your career goals, risk tolerance, and preferred work environment. Series A companies offer dynamic, fast-paced environments where your contributions directly impact product evolution, while Series D companies provide stability, structure, and defined growth paths within an optimised, data-driven framework.

Whether you’re drawn to the innovation and high-stakes world of a Series A or the stability and scalability of a Series D, fintech companies at both stages offer unique learning experiences in the rapidly evolving landscape of cross-border payments.

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Dynamic pricing has been a controversial practice as it raises ethical questions about fairness and transparency.

Instead of prices fluctuating due to supply and demand, e-commerce and hotel booking websites have been subjected to scrutiny; prices may vary based on a user’s browsing behaviour, location, and potentially their perceived willingness to pay, and different users are charged differently.

This practice involves analysing data such as:

• Browsing history: Websites may track which products or services you’ve looked at, allowing them to adjust prices based on perceived interest.
• Location data: Users from wealthier regions may see higher prices compared to those from less affluent areas.
• Device used: Some reports suggest that users on mobile devices may be charged different prices compared to those on desktop computers.
• Cookies and tracking: Sites may use cookies to identify returning visitors and adjust prices based on their previous interactions.

As regulators focus on ensuring that AI credit scoring does not result in racial profiling etc where individuals from historically disadvantaged groups are not unfairly penalised or charged more due to their race, which may not accurately reflect their creditworthiness, such efforts are mainly to develop guidelines, and most lenders are not explicitly forbidden from deciding on the vendor of their choice.

Such efforts, even when observed, can be negated as lenders, especially those in developing countries, increasingly rely on alternative credit data to gain an edge over their competition and be more competitive in their pricing to borrowers or where the maturity of the lending ecosystem or credit bureaus is unable to give them a comprehensive view of the borrower’s creditworthiness or repayment behaviour. When inaccurate data are used, the reverse can happen and borrowers can be charged more than if alternative data had not been used.

Also Read: Are the glory days of direct to consumer brands over?

In Singapore, members of the credit bureau are still predominantly the banks, while there are many more non-bank players that smaller or “weaker” SMEs also rely heavily on. This may prompt local lenders, because of the incomplete picture, to increase their weightage of assessment by using alternative credit data too.

Some fintech lenders have even raised millions, touting their proprietary credit scoring and alternative data collection while some lenders have asked if we can provide alternative credit data which is not our business model.

While Google has now explicitly forbidden Chrome extension developers from selling users’ data to data brokers or other information resellers for credit creditworthiness or lending qualification purposes, there are no checks to see if the developers are doing so.

Many websites can also do it since Southeast Asia’s equivalent of GDPR or PDPA is generally reactive (if there is even a robust one), meaning years of data can be collected and circulated already.

To make matters worse, alternative credit data providers have nowhere near the collection means of credit bureaus (which, to begin with, can be highly inaccurate, with 44 per cent of Americans finding errors in their credit reports). They often have to trade data with one another when one has a stronger subset of data than the others, in order to provide lenders with a more complete data set. It becomes a circular loop where any biases and inaccuracies can be amplified.

As a digital loan marketplace, where we are the first in Singapore that is digitalised end-to-end without a human, to eliminate the biases of loan brokers and their conflicts of interest, the use of alternative data by lenders is still something we or any intermediaries are unable to influence.

As we advocate for transparent borrowing and ethical practices, we invite regulators and industry stakeholders to not just look at AI scoring but also how to leverage alternative data responsibly to ensure a more equitable financial ecosystem for all.

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Thailand-based Freshket announced that it has raised an additional US$8 million funding round led by led by Thai President Foods or TFMAMA and Kliff Capital with continued support from existing investors, including Openspace and ECG Venture Capital.

In a press statement, a TFMAMA spokesperson said that the company hopes to support Freshket through the provision of fresh and quality ingredients for the startup’s operations following this funding round.

“We are currently expanding into new markets and customer segments while maintaining our existing customer base. Moreover, the strategic partnerships with leading Thai companies such as TFMAMA will further enhance our ability to provide a wider range of products to our customers,” said Freshket CEO Ponglada Paniangwet.

The company also intended to use the funding to support product development and strategic collaboration.

Also Read: Kamereo secures US$7.8M Series B to scale Vietnam’s food supply ecosystem

Founded by Paniangwet, Freshket aims to transform the restaurant food supply chain by improving the process using technology, from ingredients sourcing to delivery to restaurants’ doorsteps.

The company said that it has a customer base of 26,000 restaurants, who rate the business as offering a 99 per cent service quality rate.

“This has underpinned a 40 per cent increase in Freshket’s revenue from the food service sector alone, including independent operators as well as large outlet chains,” it said.

In the previous funding round in 2021, Freshket secured a US$23.5 million (THB800 million) investment led by PTT Oil and Retail Business Public Company Limited (OR) with other companies and investment funds.

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Image Credit: Freshket

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As 2024 draws to a close, we can take a more objective look at the year so far.

Good news comes from Thailand. Freshket’s US$8 million funding round, led by Thai President Foods and Kliff Capital, highlights growing investor confidence in the region’s tech-enabled supply chain solutions.

Meanwhile, Indonesia’s startup landscape has shown fewer shutdowns in 2024, but rising layoffs point to a prioritisation of survival over growth. Reports of governance lapses and operational shutdowns suggest startups grapple with tough decisions amid economic headwinds as they recalibrate to sustain operations.

On the global stage, India-based Oyo’s US$525 million acquisition of Motel 6 and Studio 6 marks a bold move to expand its footprint in the budget hospitality sector. With projections of US$235 million EBITDA by 2026, this acquisition underscores the potential of strategic M&A activities to bolster long-term growth, even in turbulent markets.

This dynamic interplay of funding, consolidation, and operational restructuring reflects the multifaceted strategies driving Southeast Asia’s tech ecosystem in an increasingly competitive global market.

Anisa,
Editor

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NEWS & VIEWS

Freshket raises US$8M in a funding round led by Thai President Foods, Kliff Capital
Freshket said that it has a customer base of 26,000 restaurants, who rate the business as offering a 99 per cent service quality rate

Fewer Indonesian startup shutdowns in 2024, but layoffs rise as survival takes priority
Whispers of governance lapses, survival strategies, layoffs, and operational shutdowns were fairly frequent amongst Indonesian startups this year, DealStreetAsia writes

Oyo acquires Motel 6, Studio 6 brands for US$525M
Oyo projects its EBITDA could exceed US$235 million by the fiscal year 2026, with Motel 6 contributing US$74 million in its first full year after integration, according to Tech In Asia

FEATURES & INTERVIEWS

Scaling beyond borders: ASEAN GenAI startups and their global expansion strategies
As ASEAN startups expand their horizons, the journey involves adapting to diverse market conditions, continually innovating, and maintaining the agility to respond to global trends

Redefining mobility: Strutt has an innovative take on wheelchair design
In January 2025, Strutt will showcase the ev¹ wheelchair at the Consumer Electronics Show (CES) in Las Vegas

FROM THE ARCHIVES

Is ‘shadow charging’ the answer to the many challenges faced by existing EV charging stations?
DITL’s solution PSN-EVC is based on the principle that EV charging should not require an upgrade of an existing power system

Blockchain technology for climate action? Here’s why it works
The underlying blockchain technology can play an essential role in sustainable development and addressing climate change

Small steps, big impact: How SMEs can champion ESG initiatives
Continuously improve by staying informed on ESG trends, investing in training, and remembering small steps lead to positive change

Turning intimidation into innovation: Embracing sustainability’s new opportunities
As technology becomes more integrated into operations, it will be increasingly utilised to enhance sustainability and boost profit performance

The future of mobility is in public-private collaboration
Foxconn-initiated MIH Consortium and Techstars are paving the way as they engage startups in Southeast Asia and globally

Embracing clean beauty: A path to conscious consumerism and sustainability
Clean beauty, as a subset of sustainability, focuses on using safe products for both the body and the environment

How startups and VCs can propel Indonesia’s energy transition
As Indonesia continues on its rapid path to modernisation, demand for the internet will steadily increase, and so too will its energy needs

How Maeko aims to reduce communal food waste through composting
Maeko is raising close to US$1M equity crowdfunding, mainly for the production of MunchBot, a communal-sized composter that fits in homes

Electrifying Southeast Asia: Unleashing the radical potential of electric vehicles
When investors express interest in the electric vehicle sector, it’s essential to understand precisely where they are directing their investments

THOUGHT LEADERSHIP

Unlocking Asia’s potential: The growth of fintech hubs
Asia’s fintech hubs are not just shaping the future of financial services—they are redefining economic paradigms

Procrastination and the Zeigarnik Effect: A founder’s guide to getting things done
Procrastination goes beyond laziness, often arising from fear of failure, perfectionism, low self-control, or feeling overwhelmed by a task’s size

What’s next in messaging?
AI integration is transforming messaging apps with natural, context-aware, predictive, and intelligent responses

The ethical dilemma of dynamic pricing in online retail
Dynamic pricing has been a controversial practice as it raises ethical questions about fairness and transparency

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Image Credit: 123RF

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Corporate buyers, much like individual consumers, now expect quicker decision-making and tailored solutions that address their immediate needs. With more stakeholders and complex requirements involved, the B2B sales process has become longer and more intricate, making it essential for businesses to adapt to these shifting expectations.

In the security technology industry, AI-powered surveillance systems are gaining significant traction. In 2023, the demand for these systems saw a spike, with businesses increasingly adopting them to enhance both their operational and security needs.

Companies like i-PRO, a provider of advanced AI-powered surveillance solutions, have witnessed this shift firsthand. To meet this growing demand for more efficient, data-driven security, they are leveraging edge AI processing in CCTV cameras to enable real-time data analysis. 

This approach reduces reliance on cloud-based systems and addresses businesses’ needs for quicker, more accurate security measures. It also highlights the growing pressure on suppliers to adapt to evolving demands, such as clients seeking more tailored solutions.

However, this shift has also led to a growing involvement of multiple decision-makers in the procurement process, resulting in longer closing cycles. Aligning the interests and balancing the requirements of various stakeholders often delays decision-making.

Companies are now challenged with securing deals in an environment where each stakeholder has differing views on a technology’s capabilities and requirements. As a result, companies are finding it increasingly difficult to navigate these complexities while staying competitive.

The need for new strategies 

Technological advancements have changed the way sales strategies work: you can now reach a wider audience at a faster rate. The adoption of AI technology in retail, such as sales automation, has streamlined processes, benefitting both customers and companies alike.

Companies must therefore continuously innovate to remain competitive, learning to balance advancing technology with the practical, often immediate, needs of buyers.

Given the challenges in the B2B sales environment, staying adaptable is crucial in response to shifting buyer behaviour, technological advancements, and longer decision cycles. Therefore, it is important to align business strategies with these evolving market demands and technological trends.

Also Read: Are the glory days of direct to consumer brands over?

This is where education and upskilling comes in.

For students at PSB Academy, access to information on emerging trends like AI, digital marketing, and data analytics is vast. Courses such as Global Business (Top-up) are designed for professionals aiming to start a career in management, covering areas like strategy, marketing, project management, and entrepreneurship.

More importantly, for established professionals in the industry looking to enhance their skills, the course prepares them to address the complexities of modern B2B sales. By learning from real-life case studies and industry experts around the world, PSB Academy helps  adapt their approach to meet the needs of diverse stakeholders and ever-changing demands.

Staying adaptable in a rapidly evolving market means providing learners with growth and security in their careers.

As the demands for personalised, efficient, and data-driven solutions continue to grow, companies that fail to innovate risk falling behind. The key to success lies in continuous adaptation and a commitment to understanding and addressing the complexities of today’s B2B buying environment. 

Businesses must embrace adaptability, invest in digital sales and marketing tools, and prioritise ongoing employee training to keep up with these changes. This means staying ahead of technological advancements, aligning with diverse stakeholder interests, and maintaining a customer-first approach to sales.

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This article is the ninth in a series from the ASEAN GenAI Startup Report 2024. GenAI Fund invests in early-stage GenAI startups across Southeast Asia, focusing on growth strategies and exit opportunities.

As the GenAI landscape evolves rapidly across the globe, ASEAN startups find themselves at a crucial juncture, poised to expand beyond regional confines into international markets. 

The ASEAN GenAI Startup Report 2024 outlines how these startups, enriched by a diverse and dynamic regional ecosystem, are now looking to leverage their technological innovations on a global scale. The drive towards international expansion is not just a growth strategy but a necessity in the increasingly interconnected world of technology.

The imperative for global expansion

ASEAN’s GenAI startups are increasingly looking to global markets to capitalize on their innovations, driven by the need to access larger markets, attract international investments, and compete with global tech giants. This push is supported by the unique characteristics of the ASEAN market—a diverse linguistic and cultural landscape that offers startups a testing ground for technologies that can be adapted for global use.

However, global expansion presents a set of challenges and opportunities that require careful strategising and execution. ASEAN startups must navigate complex international regulatory environments, cultural nuances, and competitive landscapes where they often face well-entrenched incumbents.

Strategies for successful internationalisation

• Leveraging regional strengths for global advantage

ASEAN startups often develop solutions that address complex, region-specific challenges, which can also be relevant to global problems. For instance, solutions developed for managing ASEAN’s linguistic diversity in GenAI applications have implications for other multilingual markets globally. 

Startups like Vietnam’s Mesolitica and Singapore’s KeyReply showcase how regional innovations can appeal to a global audience, particularly in fields such as natural language processing and customer service automation.

• Building strategic partnerships and alliances

Forming partnerships with international tech firms, academic institutions, and industry leaders can provide ASEAN startups with the necessary leverage to enter new markets. These partnerships can facilitate knowledge exchange, reduce market entry risks, and provide credibility to emerging startups. Collaborative ventures can also open up channels for startups to integrate their offerings with global platforms, enhancing their visibility and scalability.

For example, collaboration between Singapore’s AI startups and global cloud providers has enabled these companies to utilise state-of-the-art infrastructure to scale their solutions rapidly while also gaining exposure to a global customer base through their partners’ extensive networks.

• Participating in global accelerator programmes

Global accelerator programs offer invaluable resources, including mentorship, investor connections, and market entry support. ASEAN startups are increasingly participating in such programs to gain insights into global market dynamics and refine their go-to-market strategies. These accelerators act as bridges, helping startups navigate the complexities of global expansion while providing them with the tools to succeed.

Also Read: The Gen AI evolution and Indonesia’s path to economic transformation

Programs like Google’s AI Accelerator and AWS’s Startup Loft provide platforms for ASEAN startups to showcase their innovations, connect with global investors, and learn from some of the leading minds in the industry.

• Navigating regulatory landscapes

Understanding and complying with international regulations, especially in sectors like healthcare and finance, where GenAI applications are prevalent, is crucial for ASEAN startups. The complexity of data protection laws, AI ethics, and cross-border data flows requires startups to be well-prepared and adaptable.

Adopting a proactive approach to regulatory compliance can not only mitigate risks but also serve as a competitive advantage, demonstrating a startup’s commitment to global standards and best practices.

The road ahead for ASEAN GenAI startups

As ASEAN startups expand their horizons, the journey involves adapting to diverse market conditions, continually innovating, and maintaining the agility to respond to global trends. The success of their global expansion efforts will significantly depend on their ability to leverage regional strengths, foster strategic partnerships, and effectively navigate the international regulatory environment.

By embracing these strategies, ASEAN GenAI startups are not just exporting technology; they are becoming integral players in shaping the global GenAI landscape. The journey is fraught with challenges, but for those that navigate it successfully, the rewards are substantial—not only in terms of growth but also in their impact on global technological advancement.

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