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Malaysian fintech startup Finology has been adjudged the global winner of Seedstars World Competition 2021.

Finology enables seamless access to financial products via the use of proprietary technology and digital distribution channels.

The company will receive US$500,000 in equity funding from Seedstars, Switzerland-based VC firm.

Other companies that reached the finals were Fulfillment Bridge (Tunisia), Pegasi (Venezuela), IMAN (Uzbekistan), and Ladda (Nigeria).

The jury comprised Salman T. Jaffrey, CIO of Wa’ed Ventures; Shannon Kalayanamitr, CEO of 5G Catalyst Technologies; and Charlie Graham-Brown. 

“Finology showed us a lot of promise in their mission to bridge together financial institutions and individuals by making financial products accessible for everyone. The Seedstars team believes that they will effectively help lead the way forward in the ever-increasing digitisation of the financial sector,” said Seedstars co-founder Alisée de Tonnac. 

Launched in 2012, Finology is a platform that enables users access to financial products and services like banking, property and insurance. Its technology has been deployed in four countries and its APIs are used by multiple large companies that include GHL, iProperty, and Tropicana.

“We’re all about using technology to deliver financial services to people in ways that are more meaningful to their lives. We look forward to rolling out more product offerings in Emerging Asia that have been designed around a seamless delivery experience,” said Finology CEO Jared Lim.

Also Read: Meet the 15 Asian startups that will advance to Seedstars World Competition 2020

Since 2013, Seedstars has organised world startup competition in emerging markets. This year, pandemic forced the event to be hosted online.

Seedstars received around 5,000 applications from 94 countries across Latin America, Africa, the Middle East, Eastern and Central Europe and Asia.

The full event can be accessed here.

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Image Credit: Seedstars

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In today’s edition of “Active Investors of the week”, we have Cathay Innovation, Endeavour, and Accion Venture Lab as our top three most active investors in our e27 Connect Program. The following are some details on who these investors are and what are their investment criterias:

Cathay Innovation
Based in: Singapore

Straight from Cathay Innovation: Cathay Innovation is a global venture capital partnership, created in affiliation with Cathay Capital, investing in startups at the center of digital revolution across N.America, SEA, China and Europe. They recently expanded their activities to Africa with their partner AfricInvest.
Investment range: Series A, Series B, Series C & above

Latest Investments:
Coherent (Hong Kong), Series A, $14M, Nov 2020
Axinan (Singapore), Series A, Undisclosed, Apr 2020
Kredivo (Indonesia), Series C, $90M, Dec 2019

Verticals: Agritech, Artificial Intelligence, Big Data, E-commerce, Education and more

e27 Admin/Investment Partner: Nicolas du Cray, an investment professional with 12-years experience in venture capital and overall 20-year experience in business development and innovation in the TMT sector.

Endeavour
Based in: Singapore

Straight from Endeavour: Endeavour Ventures is an emerging sector agnostic venture capital firm that invests in seed to series-A rounds in Southeast Asia, focusing on early-stage businesses in the FinTech, Big Data/AI and Digitalisation industries.

Investment range: USD 50K – USD 500K; Seed, Series A

Latest Investments:
Fabelio (Indonesia), Series C, $9M, Jun 2020

Verticals: Agritech, Artificial Intelligence, Big Data, E-commerce, Education and more

e27 Admin/Investment Partner: Sam Gibb is a managing partner at Endeavour Ventures. He has a deep understanding of the challenges that all businesses face throughout their private-to-public lifecycle, he helps early-stage businesses get off zero. Taking the role of a cheerleader or coach depending on what the situation requires, he is willing to sit shotgun with founders and help with recruitment, scale-up strategy, exit negotiations, and fundraising where required.

Accion Venture Lab
Based in: United States of America

Straight from Accion Venture Lab: Accion’s seed-stage investment initiative Accion Venture Lab provides capital and extensive support to innovative fintech startups that improve the reach, quality, and affordability of financial services for the underserved and have the potential to scale

Investment range: Not Specified; Seed, Pre-Series A / Bridge

Latest Investments:
Pintek (Indonesia), Venture Round, Undisclosed, May 2020
First Circle (Philippines), Venture Round, $1.3M, Apr 2017
Aye Finance (India), Series B, $10.3M, Nov 2016

Verticals: Agritech, Finance, Insurtech, Logistics/Supply Chain
e27 Admin/Investment Partner: Paolo Limcaoco is the Southeast Asia Investment Officer for Accion Venture Lab, Accion’s seed-stage impact investment initiative in fintech for the underserved.

We wish you all the best in your fundraising journey and hope our e27 Connect Program will assist you to secure quality conversations with the top investors in Southeast Asia in the quest to attain your fundraising goals. Find out more about how it works here. If you are a startup looking to fundraise, sign up here now for a free trial to get connected with the abovementioned investors. If you are an investor looking to get listed on our platform, here is how you can join our Connect Program!

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NextBillion.ai, an Artificial Intelligence-powered hyperlocal solutions startup in Singapore, has extended its Series A financing round by adding US$6.25 million more to its war chest from Microsoft’s venture fund arm M12.

This follows a US$7 million round led by Lightspeed Venture Partners and Falcon Edge Capital last year.

The fresh funds will be used by the company for hiring, building vertical-specific AI-first capabilities, and expanding into new domains like neuro-linguistic programming and facial recognition.

NextBillion.ai was co-founded last year by Gaurav Bubna, Ajay Bulusu, and Shaolin Zheng — all former tech-leadership members of Grab who developed Grab Maps.

The AI startup is focused on building hyperlocal solutions, particularly in emerging markets where language and geospatial infrastructure challenges are significantly complex and unique.

Among its product is nextbillionmaps, which provides customisable features, such as routing and navigation, matrix calculation, and map data curation.

The second product currently under-the-making is nextbilliontasks, where AI is used for decoding of data to simplify multilingual texts, image classification, sentiment analysis and video annotations.

The idea hit the trio when they realised that there was no one map-fits-all solution and the future of location is decentralisation, Bulusu told Singapore Business Review in a recent interview.

Also Read: NextBillion.ai, a 6-month-old startup founded by the brains behind Grab Maps, raises US$7M Series A

They noticed that especially in a region like Southeast Asia where infrastructure and language barriers exist, challenges like losing a parcel or not being able to deliver things on time are common.

This motivated them to create nextbillionmaps, a service that provides customisable features such as routing and navigation, matrix calculation and map data curation, especially targeted at emerging markets.

The company said that it has scaled to support 15 customers across 20 countries and helped enterprises map over 2.5 million miles of roads and handled over 20 billion API calls.

As of today, the startup has 60-plus employees working from its offices in San Francisco, Bengaluru, Hyderabad, and Beijing.

NextBillion.ai is currently making deep-tech investments across AI, Machine Learning and computer vision as they expect to drive a lot of new technology innovation in the mapping industry.

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TaniHub Group, which operates e-commerce and P2P lending platforms for farmers in Indonesia, has closed its US$65.5 million Series B round of financing, led by MDI Ventures.

New and existing investors, including Add Ventures, BRI Ventures, Flourish Ventures, Intudo Ventures, Openspace Ventures, Tenaya Capital, UOB Venture Management, and Vertex Ventures, also joined the round.

In January this year, the group announced in a virtual press conference that it was currently finalising a massive funding round.

Also Read: A comprehensive guide to Indonesia’s agritech ecosystem

The company will use the financing to expand the business by ramping up harvest collection and processing facilities while boosting exports for Indonesian agricultural goods.

In a press statement, the firm said these initiatives will enhance local farmers’ access to domestic and international markets.

The group is working closely with the government, including the Ministry of Trade, Ministry of Agriculture and the Ministry of Cooperatives and SMEs, to boost exports of local farmers’ produce and improve the competitiveness of Indonesian agricultural goods on the global market.

“TaniHub Group aspires to narrow the gap between the prices that Indonesia’s 40 million small farmers receive for their produce and the price that consumers pay for the same food,” said Pamitra Wineka, CEO of TaniHub Group.

“With the support of our investors and partners, we plan to strengthen our presence in every region of the country to ensure close proximity with farmers and communities. We will strive to help increase the competitiveness of Indonesia’s agricultural sector and make a difference in the lives of our farmer partners throughout the country,” he added.

Indonesia’s agricultural markets have traditionally been highly fragmented, with farmers restricted to selling in their local area and a long, inefficient supply chain of middlemen and traders. This reduces profits for farmers, increases prices for buyers, and leads to massive food waste.

TaniHub Group meets this challenge with an integrated business-to-business e-commerce, logistics and financing platform for the agricultural sector.

The startup offers a range of agriculture value chain services through TaniHub, TaniFund and TaniSupply.

TaniHub is an e-commerce platform, which aims to narrow the supply chain by giving farmers direct access to a broader range of buyers, mainly small businesses, restaurants, caterers, street food vendors, warungs, fruit and vegetable vendors, and households.

Also Read: Raising new funding round, TaniHub Group claims 600+ per cent gross revenue growth in 2020

TaniSupply is a logistics platform, which operates six warehousing and processing facilities around the country. Through a shorter supply chain and better handling of the produce, TaniSupply improves the durability of produce and reduces food wastage and carbon footprint.

TaniFund is its embedded fintech platform. This uses data-driven credit scoring to allow farmers in the TaniHub network to borrow money to fund cultivation—and pay off their loans once their produce is sold via the platform.

The group claims its gross revenue grew by more than 600 per cent year-on-year in 2020, as it strategically adjusted to shifting market dynamics to meet increased consumer demand for fresh, high-quality produce during the COVID-19 crisis.

In tandem, TaniHub Group has provided strong support for farmers to weather the pandemic by creating new markets for their produce and positively impacting rural communities as a trusted partner for farmers.

“Tanihub Group has an important role in transforming the agriculture sector and has proven that its presence can deliver positive impact to the quality of life of farmers. We hope our investment can help them continue their work and expand their coverage to more and more farming communities in Indonesia,” said Sandhy Widyasthana, Director of Portfolio Management at MDI Ventures.

Also Read: Indonesian agritech startup TaniGroup raises US$10M in Series A funding round

“TaniHub Group’s business model is a unique combination of sourcing network, demand aggregation, and embedded finance that is a win-win proposition for all stakeholders, including small farmers, street vendors, small business owners, and household consumers,” said Smita Aggarwal, Global Investments Advisor at Flourish Ventures.

In the past, the group has raised multiple rounds of investments in the past. In April last year, it closed a US$17 million Series A+ round of investment, co-led by Openspace Ventures and Intudo Ventures.

A year earlier, it secured US$10 million in Series A round led by Openspace.

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Image Credit: TaniHub

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Singapore-headquartered B2B cross-border payments company Thunes announced today it has received US$60 million Series B growth round, led by global private equity and VC firm Insight Partners.

Existing existing shareholders, including GGV Capital, Helios Investment Partners and Checkout.com, also participated.

“[This] will help us speed up investment in our operations, product and technology,” said Peter De Caluwe, CEO of Thunes.

Also Read: Payment network Thunes closes US$10M Series A led by GGV Capital

The latest round of investment comes exactly two years after Thunes bagged US$10 million in Series A in 2019.

Thunes is building a payment network that interconnects financial institutions and businesses in developed and developing markets and allows any payment player to transfer money across borders instantly without the need for countless integrations to multiple systems.

Its platform is used by global banks, money transfer operators, platforms and other businesses to make payments to bank accounts, mobile wallets and cash pick-up providers around the world.

Currently, it claims to connect more than 260 customers and network partners from across 110 countries to send and receive money globally.

Besides Singapore, Thunes has regional offices in London, Shanghai, New York, Dubai, and Nairobi.

Grab, PayPal, M-Pesa, Commercial Bank of Dubai, Western Union, Remitly, and NTUC Income are among its customers.

Thunes is regulated by the Monetary Authority of Singapore and the Financial Conduct Authority in the UK.

“Taking an innovative approach to solving the problems of an extremely fragmented and complex global payments ecosystem, Thunes has created a unique platform that provides accessible, fast, and reliable payment solutions. We see the company as poised for massive growth as it expands its infrastructure,” said Deven Parekh, Managing Director at Insight Partners.

Also Read: Indonesia’s Transfez raises seed funding to venture into B2B money remittance sector

Insight Partners will provide financial and operational resources to promote Thunes’s rapid and sustained growth.

Insight has invested in more than 400 companies worldwide and more than US$30 billion in capital commitments.

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Image Credit: Thunes

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Big Idea Ventures (BIV), along with Grand Hyatt Singapore, organised its first in-person and virtual tasting for plant-based foods called Tasting Big Ideas 2021.

The culinary tasting experience took place last week and was Big Idea Ventures’s third tasting event showcasing alternative protein innovations.

BIV is a global VC firm-cum-accelerator in the plant-based food space. Its first fund, the New Protein Fund, recently raised over US$50 million.

“Working with these plant-based products is a great opportunity to share with like-minded guests who care deeply for food — things like where the ingredients come from and how it is being produced,” said chef Lucas of Grand Hyatt.

“It was like a black box competition, you receive the products, it all comes in boxes, you open and see — wow these are the products, then we think what we can create with that,” he added.

Here are the top trends that came out of the event:

Fermentation drives more options to alternative protein

Fermentation can develop everything from seafood to sustainable oils, and innovations in these areas will rise in 2021. The development of new alternative solutions entering the market will go some way to replacing their traditional products.

Also Read: Conscious consumption is driving the trend in foodtech: Study

Examples of companies developing such products are Aquacultured Foods, a whole muscle seafood alternative created through microbial fermentation, and Farmsow, a B2B ingredients company developing alternatives to tropical oils and animal fats.

Alternative protein dine-in and take-out options growing

Plant-based options have thrived despite the pandemic, and many products have launched throughout the world.

Angie’s tempeh is a Singaporean plant-based protein tempeh company launched during the pandemic and is now available in multiple grocery stores. Haofood’s from China also developed the first peanut protein-based chicken and is now served in over six restaurants in Shanghai.

In light of the pandemic, Tasting Big Ideas 2021 and 2020 also offered a virtual tasting option where guests can opt to have a tasting kit delivered to enjoy in the comfort of their homes or offices.

Improving taste and texture for alternative protein

As more consumers adopt the new diet, plant-based foods are required to have not just the right taste, smell and price but also the right texture.

Increasingly, technologies and companies like “Meat. The End” is needed that will allow plant-based foods to be indistinguishable from traditional meats.

Cell-based products futuristic concept overseas but a growing trend in Singapore

Singapore was the first country in the world to give approval to the commercialisation of cell-based meat. In late 2020, the Singapore Food Agency gave the approval to Eat Just to sell cultured chicken to customers.

Companies from BIV’s portfolio company, such as Animal Alternative Technologies and Innocent Meat, foresee this trend and provide end-to-end solutions to scale the production of cell-based meat in a cost-efficient manner.

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Image Credit: Big Idea Ventures

 

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Malaysia’s online shopping aggregator iPrice Group announced today it has raised US$1.5 million financing from South Korean foodtech company Woowa Brothers.

This news comes off the company’s Series B funding led by ACA Investments in March 2020, which was later joined by JG Digital Equity Ventures in September.

The fresh capital will go into enhancing iPrice product and accelerating the rollout of partnerships.

Founded in 2014, iPrice helps customers find a wide selection of products and brands from hundreds of its partners in Southeast Asia. Users can use the platform to save money by comparing products, prices, sellers’s reputation, and check delivery conditions.

Currently, iPrice has partnerships with Home Credit (Indonesia), Thairath (Thailand), GoRewards (Philippines), Boost (Malaysia), ViSenze (Singapore), and SmartPay (Vietnam).

Also Read: iPrice adds more funding into Series B to accelerate growth in Philippines

“As the Southeast Asian e-commerce market develops, the competition among e-commerce platforms is intensifying and the number of sellers is increasing. We believe that iPrice’s role of helping users find the right platform and save money will continue to be vital to the region,” Joshua Dhong, Senior Investment Associate of Woowa said.

“Consumers increasingly expect shopping experiences embedded in their phones – be it in various apps or even in the native camera apps for visual shopping. We, therefore, built a product to bring e-commerce to those places, becoming the prime partner for leading platforms and super apps in the region,” iPrice Group CEO Paul Brown-Kenyon added.

While COVID-19 has affected almost all the industries globally, e-commerce has largely been spared and it has shown immense resilience and continues to grow strong.

According to a Google-backed report, Southeast Asia’s e-commerce industry is expected to reach US$180 billion by 2025. With e-commerce’s recent accelerated adoption, the industry is expected to experience an even stronger boost.

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GOOD Meat, a division of US-based sustainable food company Eat Just, has secured US$170 million in new funding.

Investors include UBS O’Connor, a hedge fund manager within UBS Asset Management, Graphene Ventures and K3 Ventures.

The company will use the fresh capital to increase capacity and accelerate R&D for high-quality, real meat without slaughter.

Also Read: SGProtein to launch large-scale production facility to accelerate Singapore’s alternative protein market

With this transaction, GOOD Meat has become a subsidiary of Eat Just, which
secured US$200 million in funding in March this year.

GOOD Meat is a meat made from animal cells instead of slaughtered livestock.

In recent months, GOOD Meat has been focused on expanding the team, technology and manufacturing infrastructure to meet the surging demand in Singapore and to prepare for market entry in the US.

The company will quickly scale production in North America and Asia through multi-million-dollar investments in facilities in the US and Singapore, while evaluating collaboration and acquisition opportunities in the fast-growing sector.

The finding news comes during a week of a historic milestone for the food industry in Singapore. Madame Fan, the renowned Cantonese restaurant run by The JW Marriott Singapore South Beach, is the first restaurant in the world to replace conventional meat with cultured meat during set times.

The new chef-inspired dishes include Asian-inspired chicken salad, steamed chicken dumplings and chicken vegetable stir-fry.

GOOD Meat will replace conventional chicken for delivery on Thursdays beginning May 20, and for once-a-week dine-in starting soon.

As per a recent survey conducted by a leading management consulting firm, two-thirds of consumers polled said they were open to substituting conventional meat with cultured meat. More than 80 per cent of restaurant operators said they envisioned cultured meat replacing all conventional meat in the next 10 years.

“This investment, along with the historic decision by JW Marriott Singapore South Beach, points to what’s ahead: meat without killing animals will replace conventional meat at some point in our lifetimes. The faster we make that happen, the healthier our planet will be,” said Josh Tetrick, co-founder and CEO of Eat Just.

Also Read: How to become a millionaire investor while scaling sustainability impact in the world

“The US$2-trillion global market for meat and poultry is likely to experience significant change and disruption over the next 10 years as consumers increasingly recognise the environmental impact of their diet choices and search for healthier and more sustainable products like GOOD Meat to replace conventional animal proteins in their diets,” said Kevin Russell, Chief Investment Officer, UBS O’Connor.

“As part of a global organisation aimed to cut food wastage, partnering with a purposeful company such as GOOD Meat was the perfect collaboration to support our ‘Source Responsibly’ efforts whilst we continue to deliver exceptional culinary experiences,” Marco Pedrelli, Director of Food & Beverage and Culinary, JW Marriott Singapore South Beach.

Eat Just aims to build a healthier, safer and more sustainable food system in our lifetimes. Its expertise lies in functionalising plant proteins to culturing animal cells.

It is the company behind one of America’s fast-growing egg brand, which is made entirely of plants.

Of lat, the alternative protein items, such as plant-based meat, egg and milk, has caught the imagination of Southeast Asian consumers, particularly in Singapore. The city-state recently witnessed the emergence of companies such as Shiok Meats, Turtle Tree Labs and Next Gen, attracting VCs and partnerships.

In a recent interview with e27, Next Gen’s COO Andre Menezes said that global demand for plant-based meat products will be driven mostly by flexitarians.

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Image Credit: GOOD Meat

 

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Singapore-based clinical-stage biotech company Hummingbird Bioscience has announced the close of its US$125 million Series C financing round, led by Novo Holdings.

The round also saw participation from new investors including Frazier Healthcare Partners, Octagon Capital, EDBI, AMGEN Ventures, DROIA Ventures, Morningside Ventures, Pureos Bioventures, Polaris Partners, Affinity Asset Advisors, Ally Bridge Group and Altrium Capital Management.

Existing investors including SK Inc, Heritas Capital, and Mirae Asset Venture Capital also joined the round.

The company will use the funds to advance the clinical development of its assets including HMBD-001, a HER3 antibody for NRG1-fusion and HER3-driven tumours, and HMBD-002, an anti-VISTA neutralising antibody for advanced solid tumours.

Also Read: Singapore biotech firm Austrianova secures US$100M investment

The funds will also be used to expand the capabilities of Hummingbird’s proprietary Rational Antibody Discovery platform (RAD) and progress the development of its next-generation pipeline of precision therapeutics, including HMBD-009, a BCMA-TACI dual-specific T cell engager.

“These new funds give us further resources to invest in our early-stage pipeline, as well as supporting the clinical development of our two lead programmes that we believe can deliver very meaningful benefit for patients,” said co-founder and CEO Piers Ingram.

“We believe that Hummingbird’s novel data-driven, systems biology approach brings new precision to the field of antibody drug discovery and development,” said Kenneth Harrison, Partner at Novo Ventures.

“There is significant potential for novel antibody-based therapeutics and through Hummingbird’s RAD platform, we can now discover high value antibodies for challenging targets. We look forward to continuing our partnership with Hummingbird to solve complex challenges in antibody development, and deliver highly differentiated therapies to patients in need,” Kiel Kim said

Hummingbird Bioscience is focused on developing precision therapies against hard-to-drug targets to improve treatment outcomes. It harnesses the latest advances in systems biology and data science to better understand and solve the underlying causes of disease and guide development of our therapeutics.

Enabled by its RAD platform, it discovers and engineers precision therapies against optimal yet elusive epitopes that have not been successfully drugged, unlocking novel mechanisms of action.

In May 2020, Hummingbird closed its extended Series B round at US$25 million.

Harrison, along with Dan Estes (General Partner at Frazier Healthcare Partners) and Kiel Kim (VP, SK Inc.) will join Hummingbird’s board of directors.

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Image Credit: Hummingbird Bioscience

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Esports Players League (ESPL), a Singapore headquartered e-sports tournament organiser, today announced that it has closed a “seven-digit” pre-Series A funding

RightBridge Ventures AB led the round with participation from Genting Ventures, Warner Music Asia, Datuk Wira SM Faisal, Puncak Geliga Capital Sdn Bhd, iCandy Interactive Ltd, Sedania Innovator Berhad, and angel investors Michael Broda and Kin Wai Lau.

The company will use the freshly raised capital for product enhancement and to further grow its platform.

Launched in late-2019, ESPL offers an integrated tournament model of both hybrid online and on-ground tournaments for the grassroots gamer community. With this model, it intends to create a bedroom-to-champion pathway for aspiring e-sports enthusiasts to be able to participate and be given a chance to be a world champion.

The company claims to have organised more than 312 tournaments across 16 countries in Asia, Europe, and America, viewed by close to 11.6 million e-sports enthusiasts.

Also Read: Gobi, Warner Music Group back Philippine e-sports entertainment startup Tier One 

The e-sports platform is managed by its headquarters in Singapore and regional offices in Cologne and Los Angeles.

“ESPL is one of the fastest-growing amateur esports tournaments and media platforms that we have seen. The combination of geographical focus, competitive mobile gaming and non – endemic brand penetration were decisive to our investment decision,” Carlos Barrios, CEO of RightBridge Ventures AB, said.

The global e-sports industry is one of the few that has been thriving despite the widespread economic catastrophe caused by COVID-19.

In 2019, the e-sports gaming scene saw more than 50,000 competing teams. An Esports Charts report highlighted Arena of Valor (ROV) and PUBG Mobile as the top two leading games in the Asian market

Interestingly, more initiatives are now being taken to further accelerate e-sports gaming in Southeast Asia.

For example, e-sports was recognised as a medal sport in the SEA Games in the Philippines, and it will also be recognised in the 2022 Asian Games and potentially in the Olympics.

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Image Credit:  ESPL

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