THANK YOU FOR SUBSCRIBING
Asian startups are exploring what's possible with the next wave of advances in technology.
FREMONT CA: Michael Kim, Google's head of startups in the Asia Pacific (APAC) region, outlined several key trends in the region that make him optimistic about its future growth and the critical role that Google hopes to play in the startup ecosystem. He further highlighted other important trends, including the growth in artificial intelligence development, decentralized finance, e-commerce, health tech, and sustainability. On the AI front, the technology is rapidly gaining traction in many countries and businesses, with governments joining in on the action too.
Stay ahead of the industry with exclusive feature stories on the top companies, expert insights and the latest news delivered straight to your inbox. Subscribe today.
Michael Kim, Google's head of startups in the Asia Pacific (APAC) region, outlined several key trends in the region that make him optimistic about its future growth and the critical role that Google hopes to play in the startup ecosystem. He further highlighted other important trends, including the growth in artificial intelligence development, decentralized finance, e-commerce, health tech, and sustainability. On the AI front, the technology is rapidly gaining traction in many countries and businesses, with governments joining in on the action too.
The organizations and governments work together to invest in research and development, as well as complementary technologies like 5G. "We see an aging population (and) a huge investment in robots in Japan," Michael stated. Fintech is also becoming more widely used in ecommerce and decentralized finance, with notable examples including Grab, WeChat, and Alipay.
The APAC region has also faced multifarious challenges, and startups have risen to the occasion. Since the outbreak of the Covid-19 pandemic, health tech has advanced significantly, and the need for better resource allocation and resource usage has sparked significant interest in sustainable development among startups. APAC is the most vulnerable region on the planet to climate change and global warming. Startups in the region, particularly Southeast Asia (SEA), are increasingly finding innovative ways to develop sustainable tools.
He believes the APAC region will continue developing as a startup and business hub, citing positive government support as a key pillar. A good example is South Korea, where the Ministry of Science and Information Technology established the Metaverse Alliance. It's primarily a development organization for virtual reality and augmented reality platforms.
The demographics, economic development path, and unique challenges of APAC combine to create a perfect creative storm that greatly aids the formation of new businesses while also providing them with a high probability of expansion in the right places.
Check This Out :Top FINTECH Solutions 2021
More in News