High Time for Digital Cooperation between Korea and Indonesia(3)

High Time for Digital Cooperation between Korea and Indonesia

Consequently, as many as 11 unicorns, privately held startup companies valued at over $1 billion, have emerged from various industries such as the mobility, the e-payment and the online game. It is Singapore and Indonesia which has been spotlighted the most for the startup frenzy in Southeast Asia. 

The two countries have been in the forefront of the development of the digital economy in the region. Singapore has been recognized to incubate the advent of the digital era with its strong commitment to innovation while Indonesia has been viewed to beef up the digital fever based upon its presence as the most sizeable playground. 

Startup fever in Southeast Asia and its implication for India to improve indispensable public services(2)

Recent startup boom across Southeast Asia

This figure is more than tripled than the total startup investment of $2.5 billion in 2016. This is far startling because investment in Southeast Asian startups failed to reach even $1 billion in 2013. 

Consequently, unicorn startups, privately held startup companies valued at over $1 billion, has been emerging one by one. Lazada, an e-commerce platform in Singapore and Gojek, an Indonesian app-based ride-hailing service provider are well-known cases.

High Time for Digital Cooperation between Korea and Indonesia(4)

High Time for Digital Cooperation between Korea and Indonesia

The fact that 9 out of 11 unicorns in Southeast Asia are headquartered either in Singapore or in Indonesia proves the significance of the two countries in the ASEAN digital economy. It seems that Indonesia has caught eyes of the global investment experts more actively than Singapore in the regional competition of startup waves. 

The potential for growth in the country's digital industry has made it attractive to investors and entrepreneurs alike. Actually, a growing number of venture capitals and startup accelerators have sensed exceptional business opportunities of Indonesia especially in terms of the market size. 

High Time for Digital Cooperation between Korea and Indonesia(3)

High Time for Digital Cooperation between Korea and Indonesia

Consequently, as many as 11 unicorns, privately held startup companies valued at over $1 billion, have emerged from various industries such as the mobility, the e-payment and the online game. 

It is Singapore and Indonesia which has been spotlighted the most for the startup frenzy in Southeast Asia. The two countries have been in the forefront of the development of the digital economy in the region. 

High Time for Digital Cooperation between Korea and Indonesia(3)

High Time for Digital Cooperation between Korea and Indonesia

Consequently, as many as 11 unicorns, privately held startup companies valued at over $1 billion, have emerged from various industries such as the mobility, the e-payment and the online game. 

It is Singapore and Indonesia which has been spotlighted the most for the startup frenzy in Southeast Asia. The two countries have been in the forefront of the development of the digital economy in the region.

High Time for Digital Cooperation between Korea and Indonesia(2)

High Time for Digital Cooperation between Korea and Indonesia

In fact, startup boom deserves named as one of the hot issues in Southeast Asia since mid-2010s. Startup markets across Southeast Asia have been rapidly gaining momentums. Local leaders of the digital economy such as Grab in Singapore which acquired the Southeast Asian business unit of Uber in 2018 have been acclaimed for changing the conventional industrial map in the region.

Consequently, as many as 11 unicorns, privately held startup companies valued at over $1 billion, have emerged from various industries such as the mobility, the e-payment and the online game.

Expansion of Mobility Services and Its Impact on the Development of a Cashless Society in Indonesia(9)

Spread of mobility service and Indonesian cashless society

In tandem with the e-commerce, fintech and online travel areas, mobility service has been 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 rivalry between Go-Jek and Grab, two and only decacons in Southeast Asia. 

 

Expansion of Mobility Services and Its Impact on the Development of a Cashless Society in Indonesia(2)

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.

 

Expansion of Mobility Services and Its Impact on the Development of a Cashless Society in Indonesia(9)

Spread of mobility service and Indonesian cashless society

In tandem with the e-commerce, fintech and online travel areas, mobility service has been 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 rivalry between Go-Jek and Grab, two and only decacorns in Southeast Asia. 

High Time for Korean Startups to Ride on Digital Fever in Southeast Asia(2)

High Time for Korean Startups to Ride on Digital Fever in Southeast Asia

According to Tech in Asia, a Singapore-based online technology media, startups in Southeast Asia received as much as $7.9 billion in investment in 2017. This figure is more than tripled than the total startup investment of $2.5 billion in 2016. 

This is far alarming because investment in Southeast Asian startups failed to reach even $1 billion in 2013. Consequently, unicorn startups, privately held startup companies valued at over $1 billion has been emerging one by one. Lazada, an e-commerce platform in Singapore and Gojek, an Indonesian app-based ride-hailing service provider are presentable cases.

Startup fever in Southeast Asia and its implication for India to improve indispensable public services(2)

Recent startup boom across Southeast Asia

This figure is more than tripled than the total startup investment of $2.5 billion in 2016. This is far startling because investment in Southeast Asian startups failed to reach even $1 billion in 2013. 

Consequently, unicorn startups, privately held startup companies valued at over $1 billion, has been emerging one by one. Lazada, an e-commerce platform in Singapore and Gojek, an Indonesian app-based ride-hailing service provider are well-known cases.

Recent startup boom across Southeast Asia(2)

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.