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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As Singapore grapples with a rapidly ageing population, the need for innovative mobility solutions has never been more critical. Strutt, a homegrown tech startup, is setting its sights on transforming the landscape for wheelchair users with its revolutionary mobility device, the Strutt ev¹.

This wheelchair incorporates intelligent co-pilot technology and a custom sensor suite for mobility users.

The ev¹ aims to represent a significant leap forward in assistive technology, enhancing the autonomy and quality of life for the 100,000 wheelchair users in Singapore—a figure expected to rise substantially by 2030. Aligned with Singapore’s Smart Nation initiative, the ev¹ intends to become a testament to the nation’s push towards inclusivity through advanced technological solutions.

Unlike traditional wheelchairs, the Strutt ev¹ focuses on solving real-world challenges, such as navigating crowded spaces, manoeuvring through narrow corridors, and handling complex terrains. These obstacles often limit the independence and confidence that mobility devices are meant to provide.

Tony Hong, CEO of Strutt, emphasises the company’s problem-solving ethos: “Our goal is to change how people experience mobility devices by addressing these everyday challenges. We have assembled a team of experts in advanced sensing, robotics, and autonomous driving—expertise rarely seen in this sector—to develop innovative solutions that make a tangible difference.”

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One of the ev¹’s standout features is its intelligent co-pilot system, which assists users in navigating challenging environments while keeping them in control. The wheelchair employs LiDAR sensors and smart algorithms, commonly used in autonomous vehicles but adapts them to prioritise user control over automation.

“Our approach is user-centred,” Hong explains. “Unlike autonomous cars, where the system makes decisions independently, our technology ensures that the user remains in control. The co-pilot system reduces the cognitive load on the user while responding intuitively to their intentions.”

Enhancing safety and user experience

Strutt’s innovations extend to the finer details. The Smart Wheels system enhances stability on various surfaces, including inclines and wet terrains, while a robust lithium iron phosphate (LFP) battery ensures superior safety, longevity, and reliability.

Additional features, such as a 3D environment display and real-time rear-view camera, give users greater predictability and trust in the device.

The experience of testing the ev¹ underscores its impact. During a visit to Strutt headquarters, e27 gets to try a wheelchair prototype.

Navigating through obstacles with the wheelchair felt markedly different from traditional alternatives. The co-pilot system allowed seamless movement, minimising the effort required to navigate complex paths.

“We have rethought everything from the ground up,” says Chief Designer Barney Mason. Unlike many mobility devices that rely on off-the-shelf components, the ev¹ was designed with custom-built systems to address users’ specific needs.”

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A global stage for innovation

In January 2025, Strutt will showcase the ev¹ at the Consumer Electronics Show (CES) in Las Vegas. This marks a pivotal milestone for the company as it introduces its innovative solution to a global audience.

“CES is the perfect platform to raise awareness about our product and technology,” Hong shares. “It is not just about reaching potential users but also their families and caregivers, who often influence purchase decisions.”

Strutt’s participation at CES will kick off a soft launch of the ev¹, followed by rigorous testing with alpha and beta users. The company plans to refine its product based on user feedback before launching pre-orders in 2025.

Beyond the technology itself, Strutt is committed to redefining the business model for mobility devices. Currently, the company prioritises research and iteration to ensure its solutions meet user needs.

“We have spent much time listening to feedback from diverse users and incorporating their insights into our design process,” says Mason. “We aim to address the real-life challenges that current products fail to solve.”

Hong adds that the ev¹ represents just the beginning of the company’s vision to create a more inclusive society. By combining cutting-edge technology with user-centred design, Strutt is not merely building a mobility device but reshaping how people think about assistive technology.

The company’s efforts reflect Singapore’s broader ambitions under the Smart Nation initiative. As the ev¹ prepares to debut, it underscores how local innovation can address global challenges.

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Image Credit: Strutt

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