AI search engines have evolved beyond knowledge retrieval, now providing real-time financial guidance in response to growing demands for personalisation. The financial industry’s AI spending is projected to grow substantially, with estimates reaching US$97 billion by 2027, reflecting a compound annual growth rate (CAGR) of 29 per cent.

The early role of AI search engines

Whether users are seeking basic scientific facts or complex legal definitions, AI has provided an accessible, efficient resource for information in the context of search queries. However, early tools had clear limitations, delivering static information without the depth or adaptability needed for critical decision-making.

The rapid and sometimes unpredictable nature of financial markets revealed the limitations of AI’s initial approach, which struggled to keep pace with market demands. This led to a push for more adaptable AI capabilities, marking its progression into a specialised tool that responds to unique needs for timely, actionable information.

Wharton professor Chris Geczy emphasised this dual-edged potential of AI, saying, “The current state of artificial intelligence puts us at the edge of something wonderful, something terrible, or both. Developers, regulators, and other stakeholders are responsible for guiding the further development of AI in socially and economically beneficial ways.”

Transition to personalised AI for financial decision-making

AI search engines have evolved to cater to nuanced use cases such as tailored financial guidance. From delivering market forecasts to investment strategies, AI has transitioned into a role once filled by human advisors. In 2023, around 40 per cent of financial institutions used generative AI to enhance efficiency, customer service, and decision-making processes. As of November 2024, approximately 43 per cent of financial institutions have integrated generative AI into their operations, reflecting a growing trend in the sector.

AI’s capacity to assess dynamic financial data and offer personalised recommendations has significant appeal, including data-driven advice on high-potential assets, optimal portfolio distribution, or hypothetical investment outcomes.

Also Read: How to use AI to reduce startup employee turnover

By incorporating real-time event monitoring, natural language processing (NLP), and multi-source data integration, AI enhances its ability to deliver timely, comprehensive, and user-friendly insights, making it an invaluable tool for financial planning and decision-making.

Real-world examples of AI-driven financial assistance

ChatGPT

Known for its advanced conversational abilities, ChatGPT can be an insightful tool for finance. Users can ask complex financial questions, such as finding the high-potential tech stocks for 2025 or understanding how inflation trends affect their investment portfolio. While ChatGPT has not yet integrated real-time data, it excels in scenario-based analysis based on provided numbers and uploaded images of market price action movements.

According to a report from Demand Sage, ChatGPT boasts over 200 million weekly active users as of November 2024, reflecting its widespread adoption. The report also says that more than 92 per cent of Fortune 500 companies utilise ChatGPT.

Perplexity

An AI search engine designed to answer queries with a high degree of contextual relevance, Perplexity offers immediate and relevant responses that aid in financial decision-making. Its large language model (LLM) provides targeted answers that combine context-based insights with a wide data scope. Users can ask for insights on economic trends and shifts or sector-specific market dynamics.

Perplexity can then provide a response that combines current and historical data. Furthermore, it allows users to probe deeper into financial topics, offering follow-up answers and clarifying explanations.

It is finalising a US$500 million funding round led by Institutional Venture Partners, valuing the AI-powered search company at US$9 billion.

Node Search

Node Search is a decentralised search engine designed by Nodepay to deliver highly accurate, real-time results tailored to the Web3 domain. Powered by a Retrieval-Augmented Generation (RAG) infrastructure, it combines data from web crawling, real-time updates, and indexed Web3 knowledge bases to ensure users receive the most relevant and up-to-date information. By integrating LLMs, Node Search handles complex queries, providing precise insights on token prices, sentiment analysis, project updates, and blockchain advancements.

Node Search processes queries through a multi-step system: web crawling via bandwidth nodes and APIs, integration of real-time data, and enhancement with vectorised knowledge bases. Advanced AI models analyse the information to deliver precise, data-backed insights.

With Nodepay having over 885,000 active participants, 750,000 nodes across 180 countries, and partnerships with firms like Mirana Capital, NGC Ventures, and Animoca Brands, Node Search supports blockchain investors by providing secure, transparent information tailored for digital asset management. This setup appeals to users who want to prioritise reliability and innovation when navigating the Web3 landscape.

Also Read: Failing the Olympic hurdle: Is it the beginning of the end for the Airbnb boom?

Users actively contribute to powering Node Search by operating bandwidth nodes, which facilitate web crawling and process real-time data. These participants are rewarded with digital assets, creating a decentralised ecosystem that emphasises user ownership and community-driven innovation.

Conclusion

AI search engines have rapidly evolved from basic repositories of general information into sophisticated financial advisors. Today’s tools offer real-time insights, personalised financial advice, and enhanced user engagement.

This progression aligns with the growing demand for individualised decision-making support. AI search engines are becoming invaluable in personal financial planning, offering tools that align with the needs of both novice and advanced users’ financial objectives.

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In October this year, the Department of Youth Affairs of the Taoyuan City Government hosted Taoyuan Start Gate at Messe Taoyuan in collaboration with Plug and Play and Asia Bridge. The event brought together resources from seven regions in Taiwan and attracted participation from Visa, Citi, and Realtek, alongside startup teams from Singapore, Japan, South Korea, and other countries.

The event centred on four core themes: AI, smart cities, smart manufacturing, and sustainable development.

e27 spoke with Director-General Hou Chia-Ling of the Department of Youth Affairs, Taoyuan City Government, to learn about Taoyuan Start Gate and its long-term goals.

Edited excerpts:

What inspired the collaboration between the Taoyuan City Government, Plug and Play, and Asia Bridge for the Taoyuan Start Gate event?

The collaboration stems from Taoyuan’s vision of becoming a global innovation hub and addressing the increasing need for smart solutions among its thriving industrial and manufacturing sectors. With over 12,000 factories and industrial output exceeding NTD 4 trillion (US$122 billion), Taoyuan recognises the urgency for digital transformation, especially in sectors like manufacturing, logistics, and smart cities.

Also Read: Why Taiwan’s tech ecosystem is ASEAN’s next big growth driver

Plug and Play is a globally renowned accelerator with a proven track record of nurturing over 2,000 startups, while Asia Bridge is a regional network of innovation enablers. By partnering with them, Taoyuan has created an international platform to facilitate collaboration between startups and corporations. This initiative not only supports local SMEs’ digitalisation but also connects global innovation resources, international talent, and investment to foster a forward-thinking startup ecosystem.

How does Taoyuan’s strategic location enhance its appeal as a hub for international startups?

As Taiwan’s transportation and industrial hub, Taoyuan boasts unparalleled connectivity:

• Proximity to Taiwan’s largest international airport makes Taoyuan a natural gateway to the Asia-Pacific region.
• The development of the Taoyuan Aerotropolis, a major infrastructure project, enhances access to logistics, supply chains, and international markets.
• Its strong industrial foundation provides startups with unique opportunities to integrate into supply chains and collaborate with established manufacturers and logistics companies.
• These factors position Taoyuan as a prime launchpad for startups seeking regional and global expansion.

What specific measures is the Department of Youth Affairs taking to support startups entering global markets?

The Department of Youth Affairs is actively supporting startups through:

• Strategic partnerships: Collaborating with global accelerators like Plug and Play to provide mentorship, funding, and international market connections.
• Events like Taoyuan Start Gate: Creating platforms for startups to showcase their solutions to international investors and corporate partners.
• Innovation bases: Developing nine innovation and startup hubs that provide startups with workspaces, resources, and tailored programs.
• Targeted programmes and subsidies: Offering funding support, business matching, and incentives to help startups expand into global markets.

Can you elaborate on how Taoyuan plans to sustain momentum as a key entrepreneurial hub in the Asia-Pacific region?

Taoyuan’s plans for sustaining its entrepreneurial momentum include:

• Strengthening partnerships: Deepening collaborations with global accelerators like Plug and Play and international enterprises to drive innovation.
• Focus on key sectors: Promoting AI, smart manufacturing, smart cities, and sustainable development to attract innovative talent and solutions.
• Leveraging infrastructure: Utilising projects like the Taoyuan Aerotropolis to create innovation clusters that serve as collaborative hubs for startups and industry.
• Hosting global events: Continuously organising events like Taoyuan Start Gate to foster knowledge exchange, business networking, and international partnerships.

Also Read: Minister Kuo: Taiwan must boost software innovation to stay competitive globally

What unique opportunities do you see for startups in Taoyuan compared to other startup hubs in Asia?

Taoyuan stands out as a startup hub due to:

• Integration with supply chains: As Taiwan’s largest industrial city, Taoyuan provides direct access to global supply networks, enabling startups to scale efficiently.
• Collaborative ecosystem: The government’s initiatives and global partnerships offer strong support, resources, and mentorship for startups.
• Focus on innovation: Dedicated zones for AI, smart cities, IoT, and sustainable development provide a tailored environment for sector-specific innovations.

What role do AI, smart cities, smart manufacturing, and sustainable development play in shaping the future of Taoyuan’s entrepreneurial landscape?

These sectors are central to Taoyuan’s growth strategy:

• AI: Drives automation and enhances smart solutions for industries and urban life.
• Smart cities: Supports Taoyuan’s vision of improving urban governance, efficiency, and quality of life through technology.
• Smart manufacturing: Builds on Taoyuan’s industrial strengths to promote high-tech, precision production, and digital transformation.
• Sustainable development: Aligns with global ESG trends, promoting green innovation and fostering environmentally conscious startups.

How has participating in Taoyuan Start Gate helped startups in terms of visibility and networking?

Taoyuan Start Gate has significantly boosted startup visibility by:

• Providing opportunities to present their innovations to global corporations such as Visa, Citi, and Realtek.
• Facilitating networking with investors, policymakers, and industry leaders from across the globe.
• Enhancing brand exposure through media coverage and direct engagement during the event will open doors to further partnerships and market expansion.

How does the involvement of global companies like Visa, Citi, and Realtek impact the startup ecosystem in Taoyuan?

The participation of these global corporations has a profound impact:

• Driving innovation: Startups gain insights into market needs, emerging trends, and technology requirements.
• Fostering partnerships: Collaboration opportunities enable startups to develop real-world solutions and scale effectively.
• Boosting credibility: Recognition and validation from major players enhance startup reputations and attract further investment.

What strategies are in place to encourage ongoing collaboration between Taiwanese startups and international enterprises?

Also Read: Southeast Asia: The next stop for top tech startups from Taiwan

Taoyuan is implementing several strategies to ensure ongoing collaboration:

• Global accelerator programmes: Connecting startups to international mentorship, funding, and partnerships.
• B2B matchmaking: Organising targeted networking events to facilitate meaningful collaborations.
• Incentives for collaboration: Offering financial subsidies and policy support for joint ventures between local startups and international enterprises.

How will Taoyuan Start Gate evolve to address the changing needs of startups and the global market?

Moving forward, Taoyuan Start Gate will:

• Expand focus: Include emerging technologies like Web3, blockchain, and biotech.
  Strengthen cross-border collaboration: Attract diverse talent and global resources.
• Develop sector-specific programmes: Address the unique needs of industries such as AI, smart manufacturing, and sustainability.
• Create new innovation hubs: Establish platforms to ensure startups receive continuous support for growth and scalability.

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At AWS re:Invent 2024 in Las Vegas this December, climate tech startups Unravel Carbon and Coastal Carbon showcased how they harness Generative AI to tackle pressing environmental challenges. Speaking to e27 on the sidelines of the event, representatives from both companies shared insights into their innovative approaches and the critical role technology plays in addressing climate change.

Despite the ongoing debate about AI’s environmental footprint, both Unravel Carbon and Coastal Carbon are proving their potential for good. Coastal Carbon, known for pioneering work mapping underwater ecosystems, leverages AI to make large-scale environmental monitoring cost-effective and efficient.

Meanwhile, Unravel Carbon, a Singapore-based company, stood out as the sole representative of its country in the prestigious Unicorn Pitch Tank. The startup has gained recognition for its cutting-edge use of Generative AI to provide data-driven solutions for decarbonisation, empowering businesses to meet sustainability goals.

These companies highlight the duality of AI’s impact: while it has its challenges, its capabilities in accelerating climate action are undeniable.

Unravel Carbon: Bridging global gaps in sustainability with AI

Unravel Carbon is pioneering the integration of artificial intelligence in addressing complex challenges tied to sustainability and decarbonisation. Recently, the company achieved a significant milestone with the launch of its International Sustainability Standards Board (ISSB)-certified reporting module at the Singapore Stock Exchange (SGX).

Also Read: Amasia introduces impact assessment framework for climate tech companies

“We are the world’s first AI-assisted reporting module for this framework,” said Grace Sai, CEO of Unravel Carbon. The module, designed in alignment with the ISSB, aims to streamline corporate climate disclosures. “It helps enterprises break down the framework, understand it, and respond effectively,” Sai explained.

The new product leverages AI for peer benchmarking and automation, offering businesses insights into their climate performance. “Our tool turns company data into emissions data, providing a clear picture of hot spots and potential future states,” Sai added.

Unravel Carbon’s innovations have propelled its global footprint, with its solutions now used in over 50 countries and available in more than 70 languages. This year, the company marked its entry into the US, United Arab Emirates, and Thailand, proving its adaptability across markets. “We are growing two times year on year,” Sai noted, underscoring the commercial success of their technology.

Despite these achievements, challenges remain. Sai highlighted the need for greater urgency among business leaders to prioritise sustainability.

“A courageous, forward-thinking approach is essential, especially as the world transitions to a lower-carbon economy,” she stated.

Unravel Carbon’s future plans include expanding into Japan and the US in early 2025, with support from partners such as AWS. The company remains committed to helping businesses decarbonise and automate sustainability processes, setting a new standard in climate technology.

Coastal Carbon: Transforming ecosystem monitoring with AI

Coastal Carbon, a geospatial tech company co-founded by Thomas Storwick and Kelly Zheng, aims to push the boundaries of ecosystem monitoring through innovative applications of Generative AI. Established two years ago, the company has carved out a niche in mapping and monitoring underwater and coastal ecosystems, tackling complex challenges that conventional methods struggle to address.

Also Read: How VFlowTech plans to power Pulau Ubin towards a sustainable future with its batteries

“We started in underwater and coastal ecosystems because this was a particularly hard problem,” said Storwick, the company’s COO. “We could prove our models were not only technically challenging but also novel, valuable, and far more cost-effective than existing techniques.”

Storwick recounted a project where divers manually mapped seagrass over 10 square kilometres, a process that took months and cost hundreds of thousands of dollars. “The capability to monitor these ecosystems at scale did not exist, which is why we chose coastal and underwater ecosystems as our first focus,” he said.

While the company began with seagrass, kelps, and mangroves, it has since broadened its scope. Leveraging its Generative AI foundation models, Coastal Carbon now monitors diverse ecosystems and physical assets such as forests, buildings, and roads.

For clients with extensive geospatial expertise, Coastal Carbon offers tools to manage vast data pipelines and customise models for specific needs. However, it also caters to less specialised organisations, creating tailored solutions to provide critical insights. “For example, we have worked with solar panel investors to ensure their projects are on schedule and in compliance with agreements,” Storwick explained.

The company’s work has also extended to blue carbon credit organisations and conservation groups. It helps assess ecosystem threats, estimate carbon sequestration, and measure the impact of conservation efforts. Its Generative AI models allow it to map mangrove forests across hundreds of kilometres to the individual tree level. This technology is particularly valuable in regions such as Southeast Asia (SEA), where ecosystems often span borders and are difficult to monitor comprehensively.

“There is a huge kelp, seagrass, seaweed, and mangrove ecosystem in SEA that is very hard to manage,” Storwick noted. “We have not done mangrove mapping there yet, but we would love to, given the challenges of obtaining holistic data in the region.”

Also Read: Amasia introduces impact assessment framework for climate tech companies

When asked about the company’s upcoming plans, Storwick emphasised the company’s focus on meaningful collaboration. “It’s very important to us to work with clients we can truly help,” he said. “Many of our clients are trying to understand the world using language models, but those weren’t built for this data. Instead, we use large world models to give them the breadth and scope of data they need.”

Coastal Carbon’s credibility has been bolstered by milestones such as participating in the HF Zero accelerator and winning Amazon’s Compute for Climate Fellowship. These achievements provided significant resources, enabling the team of 15 across Canada and the US to scale its ambitions.

With its foundation model set to launch on AWS JumpStart, Coastal Carbon is inviting the geospatial community to explore its tools. “We are excited to see what can be built,” said Storwick. “Come try our models, and let us see what is possible.”

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Southeast Asia is a fintech powerhouse. ASEAN’s fintech startups raised over US$1.4 billion in 2024 amidst the global economic challenges, marking only a marginal per cent YoY decline. In comparison, global fintech funding fell by 28 per cent YoY to US$39 billion in the first nine months of the year.

Home to a diverse and rapidly growing population of over 680 million people, Southeast Asia presents fertile ground for fintech solutions addressing financial inclusion, digital payments, lending, and wealth management.

The burgeoning middle class, coupled with high smartphone penetration and increasing internet connectivity, has driven significant adoption of digital financial services. Countries such as Indonesia, Vietnam, and the Philippines are emerging as hotspots for fintech investment, fuelled by a growing appetite for financial democratisation and tech-enabled solutions.

This feature highlights the most notable funding rounds of 2024, spotlighting the startups that not only secured record-breaking investments but are also shaping the future of financial services in the region.

Mynt

Mynt provides a digital wallet and lending platform for consumers and businesses. The platform, Fuse Lending, partners with banks to provide consumer and business loans. It also owns GCash, a mobile wallet that can be used for remittance service, bill payment, online shopping, and more.

Country: The Philippines
Founding year: 2015
Funding raised in 2024: Undisclosed
Total funding raised since inception: US$475 million
Investors: Mitsubishi Corporation, Warburg Pincus, Insight Partners, Bow Wave Capital Management, Amplo, Ayala,
Ant Group, and Globe Telecom.

Also Read: Fintech investments in SEA see record drop in Q3: Tracxn

Akulaku

Akulaku is an online marketplace for point-of-sale financing. It provides financing for multiple online and offline products, including mobiles, laptops, electrical household appliances, and more. The company enables users to make instalment payments via credit/debit cards.

Country: Indonesia
Founding year: 2014
Funding raised in 2024: US$100 million
Total funding raised since inception: US$430 million
Investors: HSBC, MUFG, Lend East, Siam Commercial Bank, Silverhorn, Ant Group, FinUp, Blue Sky Alternative Investments, Qiming Venture Partners, Peak XV Partners, Square Peg Ventures, MDI Ventures, Atami Capital, Jungle Ventures, Alpha JWC Ventures, GMO Venture Partners, 500 Global, Eight Roads Ventures, DCM Ventures, China Growth Capital, IDG Global Solutions, IDG Capital, Shunwei Capital, Arbor Ventures, Innoven Capital, Capria, Weiguang Ventures, and January Capital.

Ascend Money

Ascend Money is a financial services platform for individuals. Its product includes True Money, an app-based wallet for money transfers and online payments, Ascend Wealth for mutual funds, Ascend Nano for consumer and business loans, and more.

Country: Thailand
Founding year: 2013
Funding raised in 2024: US$195 million
Total funding raised since inception: US$345 million
Investors: MUFG, Krungsri Finnovate, Bow Wave Capital Management, Charoen Pokphand Group, and Ant Group.

NIUM

NIUM provides cross-border money transfer solutions for businesses. It offers remittance-as-a-service technology to businesses in the fintech, travel, e-commerce, and banking sectors. NIUM also offers APIs to support reporting, tracking, bookkeeping, reconciliation, invoicing, and compliance solutions.

Country: Singapore
Founding year: 2014
Funding raised in 2024: US$50 million
Total funding raised since inception: US$312.5 million
Investors: NewView Capital, Tribe Capital, Operator Stack, Vertex Growth, Riverwood Capital, RocketCapital Investment, Beacon VC, Visa, Temasek, GIC, Atinum Investment, BRI Ventures, Vertex Ventures, GSR Ventures, MDI Ventures, GSR Ventures, Rocket Internet, SBI Ven Capital, Vertex Holdings, Fullerton Financial Holdings, Global Founders Capital, European Union, Ripple, CreedCap Asia Advisors, Innoven Capital, Flexcap Ventures Management, Ncore Ventures, API-First Index, and CapitalSG.

Funding Societies

Funding Societies or Modalku is a P2P marketplace for business loans. It offers multiple loan products including invoice financing, micro-financing, term financing, and more. Modalku features an app-based platform for SMEs to apply for loans and investors to invest in business loans. Investors are offered ROI for the invested funds based on investment tenure and interest rates.

Country: Singapore
Founding year: 2015
Funding raised in 2024: Undisclosed
Total funding raised since inception: US$216.5 million
Investors: Maybank Philippines, Khazanah Nasional Berhad, Cgcdigital, Norfund, Alteriqcapital, Aument Capital, Orange Bloom, HSBC, SoftBank Vision Fund, VNG, Rapyd, EDBI, Indies Capital Partners, K3 Ventures, BRI Ventures, Peak XV Partners, Ascend Vietnam Ventures, 500 Global, Helicap, Social impact bond, Lendahand, Samsung Venture Investment, AMTD, SGInnovate, Qualgro, Endeavor, SBVA, Golden Gate Ventures, Alpha JWC Ventures, Line Ventures, National University of Singapore, Flybridge Capital Partners, SixThirty, Sumieo Mitsui Banking Corporation, Triputra Group, 1337 Accelerator Fund, Innoven Capital, FinTech SuperCharger, RB Investments, The Graduate Syndicate, PacificBridge Capital, Sea Dragons, SPH Ventures, Sinergi Satu Media, Blue7, Iris Capital Partners, Vulpes Ventures, United Family, Mahanusa Capital, Ajex Investment Limited, and Funding Investment Holdings.

Atome

An online marketplace offering multi-category products on purchase finance. The platform offers solutions for buy now, pay later, and consumer financing. The product catalogue includes beauty, fashion, home decor, baby care, and electronics.

Also Read: Atome Financial secures access to US$200M credit facility to drive SEA expansion

Country: Singapore
Founding year: 2016
Funding raised in 2024: Undisclosed
Total funding raised since inception: US$170 million
Investors: EvolutionX, Temasek, DBS, HSBC, Advance Intelligence Group, and JDAC Capital.

Sygnum

Sygnum offers banking solutions for digital assets. It offers multiple solutions, such as custody, brokerage, tokenization, asset management, lending, B2B Banking, and more. The firm also offers venture capital funds for digital asset companies.

Also Read: a

Country: Singapore/Switzerland
Founding year: 2017
Funding raised in 2024: US$40 million
Total funding raised since inception: US$160 million
Investors: Azimut, Sun Hung Kai & Co, META Group, Animoca Brands, WeMade Entertainment, SBI Group, SCB 10X,
SBI Digital Asset Holdings, Singtel Innov8, Swiss Founders Fund, BitRock Capital, Ternary Fund Management, Wille Finance, and Mutschler Ventures.

Validus

Validus provides a P2P lending platform for business loans. The marketplace connects borrowers with lenders for multiple business loan products including invoice financing, purchase order financing, working capital loans, and enterprise financing schemes. It also provides financial news and a loan calculator.

Country: Singapore
Founding year: 2015
Funding raised in 2024:US$50 million
Total funding raised since inception: US$108 million
Investors: HSBC, Lendable, 01Fintech, NongHyup Financial Group, The Norinchukin Bank, Aizawa Asset Management, Vertex Ventures, Vertex Growth, VinaCapital, FMO, Lotte F&L Singapore, Fasanara, Openspace Ventures, AddVentures, The Orion Fund, Banyan, Rising Straits, East Advisory, Adiara Pte Ltd, Cargo, Cathay Holdings, Cathay Financial Holdings, A1 Capital, Nuvo Capital, EDBI, Global Brain, K3 Ventures, Ephesus Capital, Do Ventures, Sea Frontier Fund, Capital V, and CapitalSG.

LinkAja

LinkAja is an app-based mobile payment platform for consumers. The fintech startup supports QR code and NFC-based payments. Services offered include money transfers, data top-ups, bill payments, purchase of game vouchers, and donations. Users can make payments using a token code at LinkAja merchants.

Country: Indonesia
Founding year: 2019
Funding raised in 2024: Undisclosed
Total funding raised since inception: US$100 million
Investors: Mitsui, Gojek, Grab, Telkomsel, BRI Ventures, and Mandiri Capital.

Partior

Partior is a blockchain-based clearing and settlement network. The network allows banks and payment service providers to access real-time, cross-border, multi-currency clearing and settlement

Country: Singapore
Founding year: 2021
Funding raised in 2024: US$60 million
Total funding raised since inception: US$91 million
Investors: Peak XV Partners, Valor Capital Group, Jump Trading, Temasek, J P Morgan, Standard Chartered, Deutsche Bank, and DBS Bank.

Syfe

Syfe is an app based on trading in ETFs and stocks. It allows users to buy, sell, and trade ETFs and stocks through app-based platforms. Syfe features a digitised wealth manager for risk assessment, tracking investment performance, customizing investment portfolios, and accessing recommendations & insights for users.

Country: Singapore
Founding year: 2017
Funding raised in 2024: US$27 million
Total funding raised since inception: US$85.6 million
Investors: Valar Ventures, Unbound, Presight Capital, Apeiron Investment Group, Unbound, AmpVentures, Shubham Global Ventures, Tona Investment, SBM Ventures, CVP, J B Ventures, Rawlinson & Hunter, Moon Land Holding, Pitanga Invest, GE32, ICOA Ug, and Altruistas.

Osome

Osome is a software-based accounting service for small and medium-sized businesses. fintech firm offers services for accounting, taxation, bookkeeping, business reporting, and payroll management.

Country: Singapore
Founding year: 2017
Funding raised in 2024: Undisclosed
Total funding raised since inception: US$75 million
Investors: Constructor Capital, Altair, Illuminate Financial, AFG, Rockstone Ventures, Target Global, Altair Capital, Phystech Ventures, s16vc, ACE & Company, HS Investments, Terra VC, LVL1 Group, Masik Enterprises, AltaClub, Bon Vivant Holdings, Berryfield Ventures, Pagil, Adru Tech, Elliott Trade and Investment, Cognitum, Banean, Digital Direction Singapore Services, XA Network, 10 Square Capital, Altair Capital, AdFirst, Ad.ru, INVESTORO, and GLOBAL ACCELERATION ACADEMY.

Honest

Honest is a provider of an online lending platform offering personal credit cards. It offers a digital credit card called Honest Card. The cards can be used to buy in conventional retail and e-commerce transactions and bill payments.

Country: Indonesia
Founding year: 2019
Funding raised in 2024: US$21.5 million
Total funding raised since inception: US$61.2 million
Investors: Rakuten, Jetha Global, Orient, Insignia Ventures Partners, Better Capital, XYZ Venture Capital, Alumni Ventures, Digital Horizon, GMO Venture Partners, Odyssey Venture Partners, Enovate Capital, South Quad, Klever Internet, Village Global, AdFirst, Broadhaven Ventures, and Launchbay Capital.

AwanTunai

AwanTunai provides supply chain digitisation by ERP systems with embedded financing. Its ERP infrastructure captures proprietary transaction data that fuels the inventory purchase embedded financing. The firm serves traditional suppliers with an ERP system and traditional micro-merchants with an Android app. Both suppliers and merchants are able to access embedded financing to purchase inventory.

Country: Indonesia
Founding year: 2017
Funding raised in 2024: U$S27.5 million
Total funding raised since inception: US$55.8 million
Investors: Norfund, MUFG Innovation Partners, Finnfund, IFC, Global Brain, Insignia Ventures Partners, OCBC NISP Ventura, Battery Road Digital, Atlas Pacific Capital, BRI Ventures, Accial Capital, AMTD Group, Pegasus Tech Ventures, PayPal Innovation Lab, Tembusu Partners, and Inclusive Fintech 50.

Salmon

Salmon offers a platform that enables customers to access financial products from partners registered with the Securities and Exchange Commission (SEC) in the Philippines.

Country: The Philippines
Founding year: 2022
Funding raised in 2024: U$S30 million
Total funding raised since inception: US$55 million
Investors: IFC, Lunate, Northstar Group, Argentem Creek Partners, TNB Aura, and DisruptAD.

Capital C

Capital C provides financial solutions for lending management. The fintech venture provides users with loans for individuals, including emerging financial products like earned wage access and business loans and lending products for SMEs.

Also Read: Capital C bags investment to build financial inclusion super app for SEA

Country: Singapore
Founding year: 2011
Funding raised in 2024: Undisclosed
Total funding raised since inception: US$53.7 million
Investors: Phillip Private Equity, Azure Capital, Phillip Capital, Luminor Capital, Paradise Group, and Citystate Group.

Amartha

Amartha is a P2P lending platform that connects micro-entrepreneurs and SMEs with investors. It allows individual and institutional investors to invest on its platform. The borrowers post a listing on the platform specifying the amount and tenure of the loan. The lenders can browse and choose the desired listings.

Country: Indonesia
Founding year: 2010
Funding raised in 2024: US$17.5 million
Total funding raised since inception: US$53 million
Investors: Accion, Maj Invest, Women’s World Banking, Community Investment Management, Norfund, MDI Ventures, Mandiri Capital Indonesia, UOB, Lendable, Line Ventures, Bamboo Capital Partners, Beenext, MidPlaza, Lynx Asia Partners, The Graduate Syndicate, SBI Investment, and Z Venture Capital.

Finture

Finture provides POS financing with instalments, tracking expenses, bill payment reminders, and shopping payments.

Country: Indonesia
Founding year: 2021
Funding raised in 2024: US$30 million
Total funding raised since inception: US$50 million
Investors: Mindworks Capital, XVC, Antao Capital, SWC, Richen Pioneer, Tortola Capital, and BitRock Capital.

UNO Digital Bank

UNO offers a personal digital banking platform. It provides users with a digital bank that offers a range of banking services and products to customers. The platform also offers a comprehensive and convenient banking solution for its customers, emphasising accessibility, security, and financial growth opportunities.

Country: The Philippines
Founding year: 2020
Funding raised in 2024: US$32.1 million
Total funding raised since inception: US$47.5 million
Investors: Gateway Partners, Creador, and NextInfinityTech.

Ayoconnect

Ayoconnect offers a platform that provides open banking API solutions. Customised APIs offer solutions to direct debit by collecting recurring and one-off payments directly from customer bank accounts, recurring payment management for revenue operation with subscription billing solutions, virtual card numbers, and more.

Country: Indonesia
Founding year: 2016
Funding raised in 2024: US$2.5 million
Total funding raised since inception: US$40.5 million
Investors: Mandiri Capital Indonesia, SIG Venture Capital, CE Innovation Capital, PayU, Prosus, Tiger Global Management, AltoPartners, Patamar Capital, Taurus Ventures, Colopl Next, Grayscale Ventures, and per cheque.

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Data Credit: Tracxn
Image Credit: 123RF.

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Want to tackle climate change from home? Take a look in your cupboard. Where are you buying your products from and how are they produced?

It is hard to reimagine our supply chains today as the average consumer is spoilt for choice when it comes to their shopping habits. Taking a closer look at our consumption habits means being conscious about buying behaviour and understanding the socio-economic and environmental impact of the products we consume.

Let’s take tea as our example which is almost a staple in every household. In late Autumn many plants around us are beginning their descent for Winter but tea leaves are still shining bright. Tea leaves aka Cameillia Sinensis are renowned for their glossy beauty and resilience. The cultivation and distribution of the second most loved drink in the world offers an interesting use case for blockchain technology.

The journey of tea

Tea cultivation began in China around 350 CE. In 780 CE, Lu Yu published one of the first books about tea, detailing tea leaf shapes and ceremonies. By the early twelfth century, merchants had introduced tea to the Muslim world, where it was consumed in place of wine and other forbidden stimulants. It would take almost another 500 years for tea to become a global powerhouse. There is a message here about never giving up but this is not the focus of our article today.

The colonial impact and tea’s global spread

Although a lot of our colonised past is tainted with invasion, injustice and systemic racism, the awareness of many global plants and products must be attributed to this time also. In the nineteenth century, the British, addicted to tea, began cultivating native varieties in India, relying on indentured Central Indian labourers. By the late 1880s, British imports of tea from India and Ceylon surpassed those from China, embedding tea deeply into British culture and identity.

Using blockchain to track sustainable consumption

Eco-conscious consumers today are fed up with brands that over-promise in regard to their green objectives. Greenwashing, where companies falsely claim to be environmentally friendly, is still commonplace but as consumers have more places to vent online, brands need to act ethically to avoid new levels of backlash.

The demand for transparency when it comes to production and distribution is surging. Blockchain technology offers a new means to verify and validate the sustainability of tea production and consumption, providing transparency from farm to cup.

Also Read: Understanding the role of fintech, blockchain in transitioning to net zero

By integrating Internet of Things (IoT) sensors in the supply chain, data on energy consumption, water usage, and carbon emissions can be recorded on the blockchain. This data is transparent and tamper-proof, allowing consumers to trust the sustainability claims of their favourite tea brands.

Ensuring ethical sourcing

Blockchain can track tea leaves from their origin in fields to the final product. This traceability ensures that tea is sourced ethically, fair wages are paid, and sustainable farming practices are adhered to. Consumers can scan a QR code on their tea packaging to see the entire journey of their tea, guaranteeing its authenticity and ethical production.

Supply chain transparency

Enhancing supply chain efficiency blockchain technology improves the efficiency of tea supply chains by reducing paperwork, lowering costs, and speeding up transactions. Smart contracts automate payments and agreements, ensuring that farmers receive timely payments and reducing the risk of fraud.

This increased efficiency can lower the cost of tea production, benefiting both producers and consumers. Morpheus Network leverages technology to optimise and automate supply chains. By providing end-to-end visibility and ensuring compliance with regulatory requirements, they can help businesses track their products transparently from origin to destination.

Supporting small farmers

Blockchain can also facilitate financial inclusion for small tea farmers. ReFi DAO focuses on regenerative finance, aiming to build financial systems that prioritise environmental sustainability and social equity. By integrating blockchain technology, ReFi DAO creates transparent and accountable financial ecosystems that support sustainable agricultural practices and fair trade, benefiting small tea farmers and the environment.

Furthermore, Decentralised finance (DeFi) platforms can offer microloans to farmers, using their blockchain transaction history as a form of credit scoring. This access to capital allows farmers to invest in better farming practices, increasing their yield and income.

EthicHub connects small farmers with global investors through a blockchain-based crowdlending platform. By providing micro-loans and ensuring fair interest rates, EthicHub empowers farmers to improve their agricultural practices and achieve financial stability. Their successful model in the coffee industry demonstrates the potential for similar applications in the tea sector.

Blockchain technology has the potential to revolutionise the tea industry by ensuring ethical sourcing, combating greenwashing, enhancing supply chain efficiency, and supporting small farmers. Embracing this technology can build trust with consumers, enhance environmental credibility, and contribute to a more sustainable future for the world’s second-most loved beverage.

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This article was first published on June 25, 2024

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Innovation in the financial sector has always pushed boundaries, with major leaps of advancements in the integration of technology and services. Some of such notable innovations that have vastly improved financial efficiencies include internet banking displaced paper statements and servicing at bank branches, and in most recent years, tokenised payments through mobile phones that displaced the need for physical cards.

One of the most significant shifts in the past decade has been the rise of ‘Open Banking’, where banks and financial firms share consumer data with third parties through APIs. This proliferation of Open Banking across major financial cities began with the European Union (EU) introducing the world’s first Open Banking regulations in 2015, followed closely by a ruling for the nine biggest UK banks to allow licensed start-ups direct access to their data in 2016.

Since then, other major financial hubs including Hong Kong, Japan, Australia and Singapore successively introduced similar regulations, resulting in a global boom of fintech activities that dramatically disrupted traditional financial systems, benefiting consumers and businesses alike.

Today, fintechs are set to continue displacing traditional banks. In 2021, 41 per cent of retail consumers surveyed by McKinsey said they planned to increase their fintech product exposure. In 2022, 35 per cent of the small and medium-sized enterprises (SMEs) in the United States considered using fintechs for lending, better pricing, and integration with their existing platforms while in Asia, 20 per cent of SMEs leveraged fintechs for payments and lending.

According to McKinsey’s analysis, fintechs accounted for five per cent (or US$150 billion to US$205 billion) of the global banking sector’s net revenue in 2022.  They estimate this share could increase to more than US$400 billion by 2028, representing a 15 per cent annual growth rate of fintech revenue between 2022 and 2028, three times the overall banking industry’s growth rate of roughly six per cent.

To capitalise on this demand, fintechs will need to rapidly launch relevant products and services to stay ahead of competition. However, ensuring that such products remain compliant and efficient operationally requires acute expertise and significant resources.

The details: The future of fintech with ‘as-a-service’ models

This marks the start of an accelerated adoption of ‘as-a-service’ models – an approach that allows businesses to integrate solutions without the complexity of building from the ground up. By tapping into established financial infrastructures, fintechs can create and launch customer-first products and services faster and at a fraction of the time and cost, democratising access to regulatory controls, technology and applications.

Also Read: The future of payments in SEA: Regional cooperation remains critical in pushing for progress

The initiation of ‘as-a-service’ models in the financial industry started with BaaS (or Banking-as-a-Service). Following the growth of Open Banking, fintechs were able to tap into APIs to access foundational banking products such as virtual bank accounts and local networks for collections and payments. Soon, other new constructs started getting into the market including Cards-as-a-Service, Payments-as-a-Service etc to facilitate quicker access to myriad payment platforms.

DCS Innov is set to revolutionise this space with InstaWally, one of the world’s first ‘Wallet-as-a-Service’ (WaaS) solutions that offers access to an instant mobile wallet app with embedded financial services.  As a start-up spun out from a 50-year-old financial institution that issued the first charge cards in Singapore, it leverages a set of strong core advantages that optimises fintech enablement.

InstaWally provides a mobile-first customer engagement platform, intersecting brand loyalty with payments. Besides saving on development time and resources, it further removes the burden on regulatory licences, end user onboarding and operations and maintenance of payment systems. It delivers a mobile app designed with a user interface that is constantly optimised against industry benchmarks in terms of payments experience and services.

As such, fintechs and businesses can channel limited resources towards scaling their core services and improving customer engagement while generating new revenue streams from payment solutions and increased loyalty.

Without the prerequisite of payments expertise and yet be able to incorporate related products and services into their customer platforms, businesses across industries, from retail and travel to tech and web3, will be able to easily adopt such ‘as-a-service’ models making the future of payments more inclusive, flexible, and accessible across the globe.

Also Read: How local payments are unlocking digital commerce’s potential in Latin America, Africa, and India

A future-ready, global payment ecosystem

As digital payments become the norm, businesses must be equipped to meet changing consumer preferences and expectations. More importantly, payments must also be connected globally as businesses scale and expand beyond their own shores.

Payments-as-a-service is the key to empowering fintechs and non-financial companies to access such services to complement or complete their overall customer journeys. By leveraging this model, companies can innovate faster, offer more customised payment services, and unlock the full potential of the digital economy.

The future of payments is not just about providing access—it’s about empowerment. With the right infrastructure, businesses can meet the demands of the digital-first consumer while fuelling their own growth. The message is clear: any brand is now empowered to build the next super app with financial services. Be ready to ‘bank’ with your favourite brand, very soon.

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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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