What sets Asia-Pacific apart from the world?

Enormous technology pools to solve pertinent global problems, from fintech to enterprise tech and robotics, define the innovations coming out of the region; India has the biggest presence on the '100 to Watch' list with 20 companies

By Brian Carvalho Editor, Forbes India

Published: Nov 5, 2024 11:10:54 AM IST

Updated: Nov 5, 2024 11:14:29 AM IST

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What is it about the Asia-Pacific region that sets it apart from the rest of the world? One good answer: “…the access to enormous technology talent pools that are adept at resolving problems through the use of artificial intelligence, process automation and data analysis.”

That’s from a recent article from the ‘Payments Unbound’ series of thought-leadership content from WIRED Consulting and JP Morgan Payments that explores the future of payments. Those talent pools, the piece goes on to say, is resulting in the region showing the way in adopting real-time payment methods, plus API and cloud-based payments technologies. This has made the region “a cradle of innovation when it comes to fintech”.

In India, for instance, the article notes that the Unified Payments Interface (UPI), which allows instant peer-to-peer and person-to-merchant payments via mobile devices, is fast expanding internationally. And that the National Payments Corporation of India (NPCI) is enabling UPI capabilities using phone numbers for accounts in India held by Indian residents staying overseas.

China, for its part, became the largest economy to offer a Central Bank Digital Currency at scale, with the expansion of the digital renminbi or ‘e-CNY’ pilot for retail users in 23 cities in 2022. Similarly, other countries in the region like Singapore and Japan are at the vanguard of pioneering innovative ideas across the payments ecosystem.

This summary of fintech in Asia-Pacific is an apt backdrop for the innovative streak of the startups captured in the fourth annual Forbes Asia 100 to Watch list. Fintechs are a dominant theme; some 15 on the list are from this sector, Singapore contributing with four and India with three. Enterprise tech and robotics have the biggest presence, with 23 ventures.

As the Forbes Asia editors point out, the 100 have drawn over $2 billion in total investments so far; 82 have raised money since 2023, even as venture capital funding in the region hit a seven-year-low in that year. The companies were selected based on online submissions from accelerators, incubators, universities and venture capitalists, among others. Privately-owned ventures with no more than $50 million in annual revenue and no more than $100 million in funding (till August 7) were considered.

Companies from 16 countries and territories are on this year’s list, from 10 industries. India has the biggest presence with 20 companies, followed by Singapore (15), mainland China (10), Japan (nine) and Indonesia (eight). That’s a slightly different picture from a year ago, with Singapore in pole position then, with 20 startups. Mainland China had 11 and Hong Kong 15 (Hong Kong has four this year). India had six ventures on the list.

Forbes India dives into a clutch of the Indian startups on the list. Nasrin Sultana rides the fintech wave to decode the operations of a platform that marries tech, finance and the dairy business. Digivriddhi Technologies offers e-payments, insurance and loans to dairy owners overlooked by traditional banks. For more on how this works, don’t miss ‘The Milky Way’.

Don’t also miss Rajiv Singh’s profile of ElectricPe, which operates an app for people to buy and charge electric two-wheelers; Monica Bathija’s verdict on EF Polymer, which uses banana and orange peels to develop a hydrogel polymer that helps soil retain water, boost crop yields and reduce fertiliser use; and Harichandan Arakali’s evaluation of legal tech startup SpotDraft, which offers software to ease the way businesses draft contracts.

Fintech, alternative fuels, agritech, enterprise tech… the Indian tech innovation ecosystem is indeed buzzing. And so is the tech environment in Asia-Pacific, as the 100 to Watch list validates.

Best,

Brian Carvalho

Editor, Forbes India

Email: Brian.Carvalho@nw18.com

X ID: @Brianc_Ed