The BEYOND Expo 2024, held at The Venetian Macao’s Cotai Expo, served as a nexus for innovation and cross-border technological exchanges. A highlight of the event was the “Outsiders’ Insights: Capturing the Southeast Asian Tech Wave” panel, moderated by James Jung, the Founder and CEO of beSuccess Media Group. This session brought together leading industry figures to dissect the burgeoning Southeast Asian tech market and its myriad opportunities.
Capturing Opportunities in Southeast Asia
The panel featured Minjun Liang, Founding Partner of ATM Capital; Jung-hee Ryu of FuturePlay; and Adrian Hia, Partner at Kairous Capital. They provided deep insights into the opportunities and challenges within the dynamic Southeast Asian tech sector.
Talking about the top sectors for investors in Southeast Asia, Minjun Liang highlighted three primary sectors: Fast-Moving Consumer Goods (FMCG) and Retail, E-commerce (including logistics and warehousing), and Renewable Energy. He emphasized the region’s robust consumption growth and the emerging opportunities due to the insufficient supply-side infrastructure.
Jung-hee Ryu pointed out the rapid transportation, infrastructure, and fintech advancements within Southeast Asia. He also noted the potential for integrating technologies like AI and robotics from South Korea into Southeast Asian agriculture, which could revolutionize the sector.
Adrian Hia discussed the fragmented nature of the Southeast Asian market and the importance of local partnerships for foreign investors. He underscored that adding value beyond capital investment is crucial for successful market penetration. “South East Asia is a fragmented market. So for any foreign investor wanting to enter it, the key here is access to the local market. Of course, money is always the biggest parameter, but the more value addition you can provide is through local partnerships. As a regional investment company, we always emphasize local partnerships,” Adrian shared.
Insights from Korean and Chinese Markets
The panel also explored how experiences from the South Korean and Chinese markets can inform strategies in Southeast Asia. Minjun Liang noted the advanced stage of the Chinese market compared to Southeast Asia, emphasizing the need for new supply and technological upgrades. He advocated for leveraging deep tech to increase supply in the region.
Adrian Hia shared insights from the Malaysian market, highlighting the success of local startups like Aura and Lottiefiles, which utilize technology to enhance traditional businesses.
The panelists also discussed cultural similarities and differences between Southeast Asia and Korea. Jung-hee Ryu emphasized the influence of K-culture across the region and the differing consumption patterns, particularly in e-commerce and video commerce.
“The biggest success of Korean brands is, I think, the K-Culture, especially among the younger Gen Z generation, who share TikTok videos and YouTube videos. So beautytech, F&B, and FMCG can expand easily. But the way or the manner of consumption is different. For example, when I visited Jakarta, Indonesia, most commerce is driven by Gen Z videos on TikTok. But influencer video commerce is not so common in Japan or Korea, even with the younger generation. So culturally, we are on the same page, but the buying market is different. Korean companies wanting to expand to SE Asia have to learn more about their ecosystem,” Jung-hee Ryu shared.
Challenges and Collaborations
Minjun Liang addressed the challenges foreign investors face in Southeast Asia, stressing the importance of understanding local market needs and executing strategies with the right team. Adrian Hia highlighted the potential for cross-border collaborations between mature markets like China and Southeast Asia, drawing on lessons from successful business models.
“South East Asia is an interesting market. It is not one market, but different countries. So any startup in Thailand, Indonesia, or the Philippines, my suggestion to them is to first explore the same region before expanding straight to China. Once you have a good presence in the countries in your region, you can explore China or the Middle East or further,” suggested Minjun Liang.
The session, moderated by James Jung, beSUCCESS Media Group, provided a comprehensive overview of the Southeast Asian tech landscape, offering valuable insights for investors and entrepreneurs looking to capitalize on the region’s growth potential. The discussion underscored the importance of local partnerships, cultural understanding, and the strategic integration of advanced technologies to drive innovation and success in Southeast Asia.
This engaging panel at BEYOND Expo 2024 exemplified the event’s commitment to fostering global technological advancements and innovation
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