The true foundation for this spectacular growth has been the rapid rise in smartphone, driven by the availability of affordable low-cost smartphones and cheap mobile data. Internet penetration is at 75 per cent, with a multitude of app-based services.
FROM START-UPS TO UNICORNS AND SUPERAPPS
Early start-ups in SEA were born out of existing players in other markets or founded by young local entrepreneurs coming out of foreign business schools, hungry to solve local problems at home.
Some have grown into established tech titans in their own right, graduating from start-up to unicorn and even so-called superapp status in less than a decade.
One early success story has been US-listed e-commerce and gaming player Sea, which after listing in 2017 at US$15, has risen 20 times, making it the largest Southeast Asian listed company by market cap at US$166 billion.
Grab’s journey to Southeast Asia’s leading superapp came from humble beginnings, founded in Malaysia by Anthony Tan and…