The Middle East has capital and needs solutions – that’s a chance for S-E Asia startups
Together, both regions can be a ‘global force’, says Abdulla Almehsin of Abu Dhabi’s Early Childhood Authority
Lionel Lim
[JAKARTA] Solutions built by firms in South-east Asia are agile and inclusive as they are designed for complexity and adaptability to cater to the region’s diversity. Meanwhile, the Middle East has deep capital opportunities for startups to scale, making both regions complementary partners within the startup ecosystem.
Panellists speaking at the Tech in Asia conference co-organised by The Business Times in Jakarta on Thursday (Oct 23) noted that economies from the Middle East have been looking at opportunities to invest in South-east Asia over the past couple of years. Meanwhile, South-east Asian countries have also looked to expand economic ties with the Middle East.
“Both regions realise innovation must be for the people, and together we’re a global force. One region builds fast, and the other region scales with purpose,” said Abdulla Almehsin from Abu Dhabi’s Early Childhood Authority.
Abdulla was speaking at a panel discussing how South-east Asia and the Middle East can foster cross-regional startup ecosystems that was moderated by BT editor Chen Huifen.
Both regions also have several shared similarities including religion and a younger demographic, and Norman Vanhaecke from Cradle Fund – an agency under Malaysia’s Ministry of Finance that backs promising domestic startups – said that the Middle East is “kind of like a safe next step” for startups to venture out to due to the two regions’ “synergies”.
And one way for startups to tap into the capital from the Middle East is to provide solutions.
A NEWSLETTER FOR YOU
Friday, 8.30 am
Asean Business
Business insights centering on South-east Asia's fast-growing economies.
“They want to solve problems,” said Aditya Aima from AnyMind Group, a technology firm that offers digital solutions for several sectors including e-commerce and marketing.
He said that the opportunities to solve these problems range from sustainability to artificial intelligence and even healthcare.
The payoff could be huge for startups that can provide solutions. “Population-wise, it’s not that small, it’s almost 400 million people. And the kind of technologies that can be used in both regions are quite similar, like fintech and halal tech,” he added.
Singapore-based digital wealth management platform StashAway has already expanded into the Middle East market and also offers syariah-compliant investment options in the United Arab Emirates.
Meanwhile, Airalo, a telecommunications company that provides eSIMs for travellers, has been able to tap the Middle East market by providing competitive data rates for its eSIMs. It did this by leveraging the affluent population’s love of travel and desire to save on costs.
Copyright SPH Media. All rights reserved.
