Recent startup boom across Southeast Asia
According to Tech in Asia , startups in Southeast Asia were awarded with as much as $10.9 billion in investment in 2018. This figure is over 30% higher than the total startup investment of $7.9 billion in 2017. This is far startling because investment in Southeast Asian startups failed to reach even $1 billion in 2013.
Consequently, 10 unicorns have been emerged in the region. VNG, an online game platform in Vietnam and Go-Jek, an Indonesian application-based ride-hailing service provider are renowned digital players.
Recent startup boom across Southeast Asia
Startup boom deserves to be named as one of the hot issues in Southeast Asia these days. Startup markets across Southeast Asia have been rapidly gaining momentums.
As a matter of fact, locally born leaders of the digital economy such as Grab in Singapore which acquired the Southeast Asian business unit of Uber in early 2018 have been credited for redrawing the conventional industrial map in the region.
Expansion of mobility services and Indonesian cashless society
It goes without saying that spread of mobility services accelerated by transplantation of e-payment on mobile gadgets has raised the expectation of a cashless society in Indonesia.
As a result, financial environments without cash have been actualizing inch by inch. Though a cashless society is still at its infant stage, hopes are higher than ever that a cashless society will advance the national dream of digital Indonesia into reality.
Expansion of mobility services and Indonesian cashless society
Huge success of two mobility startups in Indonesia can be partly attributed to the introduction of e-payment methods to their applications. Go-Jek and Grab added electronic payment function to their applications back in 2016.
In a country where less than 10% of the population holds credit cards, implementation of e-payment system on mobile devices served as a game changer for the leapfrog of the mobility market.
Expansion of mobility services and Indonesian cashless society
Mobility service is often acclaimed as the leading trailblazer of the Indonesian digital economy.
It is due to the rapid development of the mobility industry mainly triggered by ever-intensifying competition between Go-Jek and Grab, two and only decacons, privately held startup companies valued at more than $10 billion, in Southeast Asia. Both Go-Jek and Grab have risen to their fame as supper applications inevitable for daily lives.
Expansion of mobility services and Indonesian cashless society
As the world’s biggest archipelago with 17,000 or so islands, Indonesia has little choices but to rely upon online or mobile platforms to have more people advantaged from the convenience and efficiency of the digital economy.
Beginning from the e-commerce field followed by sectors like the mobility and the fintech services, young startups have been playing crucial roles in taking initiatives to bring digital technology nationwide.
Expansion of mobility services and Indonesian cashless society
Singapore and Indonesia has been viewed as spearheading the advent of the digital economy across the region. Singapore is the financial and technological hub of Southeast Asia whereas Indonesia takes around 40% of the total GDP of the Southeast Asian economy.
The fact that 8 out of 10 unicorns in Southeast Asia are headquartered either in Singapore or in Indonesia proves the significance of the two countries.
Expansion of mobility services and Indonesian cashless society
The number of internet users in key countries of Southeast Asia like Vietnam has been mounting the fastest on the planet. A whopping 480 million people is predicted to get access to internet in Southeast Asia by 2020.
This could explain why global investment experts have been paying closer attention to this area where youngsters covering half of the entire population are climbing on the brand new era of the digital economy.
Expansion of mobility services and Indonesian cashless society
Startup boom has been one of the hot issues in Southeast Asia these days. Startups in Southeast Asia were awarded with $10.9 billion in investment in 2018. This figure is over 30% higher than the total startup investment of $7.9 billion in 2017.
10 unicorns, privately held startup companies valued at more than $1 billion, have been emerged so far including Go-Jek, an Indonesian application-based ride-hailing service provider.
