ASEAN remains to be a compelling destination for digital start-ups and investors. The region is home to 52 Unicorns - start-ups with a valuation over USD 1 billion - in 2022. Tech in Asia reported that ASEAN welcomed over USD 37 billion worth of capitals to Southeast Asian start-ups in 2021. The report by Google, Temasek, and Bain & Company mentioned that ASEAN has 460 million internet users, 100 million of whom joined in the last three years alone. The rapid digital adoption is coupled with rising affluent consumers and growing talent in the region. These strong macro-economic fundamentals drive a bright outlook in the long-term for digital start-ups in ASEAN. The digital decade has begun in ASEAN, and the region’s digital economy is on track to reach USD 600 Billion to 1 Trillion by 2030.
Continue reading the article here: ASEAN for Business Bulletin – March 2023