Tech leaders’ success stories: Why Singapore is the ideal Tech Hub in Southeast Asia

The Google, Temasek, and Bain & Company’s joint e-Conomy SEA report forecasted in 2024 that Southeast Asia’s digital economy is on track to hit US$263 billion (S$352.3b) in Gross Merchandise Value (GMV), a 15 per cent increase over last year. Revenues have grown 14 per cent thus far and are projected to reach US$89 billion (S$119.2b) in 2024. These indicators suggest that the region’s digital economy can achieve both profitability and growth in tandem and achieve sustainable economic value.

Gross Merchandise Value is a key metric used to measure the total value of goods sold through a marketplace or e-commerce platform over a specific period. It is indicative of growth in digital economy transactions and in turn how active a marketplace is.

This surfer has attracted global tech giants and startups that are eager to capitalise on the region's potential. But finding the right location to do so can be a challenging task.

In partnership with VentureBeat, we spoke to three tech leaders on how businesses can join a growing league of tech companies in Singapore — from startups to giants — to reap the full benefits of growth opportunities in the region. Read and hear what they have told Thom Langford, VentureBeat’s Senior Technology Contributor:
 

Unlock AI's Potential in a Diverse Southeast Asia from Singapore

THE LEADER:  Caroline Yap, Managing Director of Global AI Business and Applied Engineering at Google

TAKEAWAYS: Singapore’s unique cultural diversity and supportive government make it the ideal testing ground for AI solutions tailored to the nuances of Southeast Asia, reducing bias and boosting accuracy of Generative AI models. Developing AI that accurately reflects the diversity of Southeast Asia is crucial for ensuring inclusivity and maximising the technology's positive impact. Singapore provides the ideal environment for achieving this.

As AI adoption and innovation grow, collaboration and ethical development is an area of priority. Caroline explains the steps Singapore is taking to foster open communication and promote ethical considerations in AI applications.

There is also growing concern around the displacement of human talent and capabilities as AI adoption grows. To this end, Caroline emphasises the concept of “augmented intelligence”, where AI is used to enhance human capabilities rather than replace them. This is evident in projects like Google's Project Euphonia, which uses AI to improve communication for people with speech impairments.
 

Access Skilled Global Talent to secure the growth of your Fintech 

THE LEADER: Prajit Nanu, Co-founder and CEO of Nium

TAKEAWAYS: Prajit explains that Singapore's forward-thinking regulatory approach, including its updated payment services act coupled with his firm’s establishment of a Chief Fintech Officer role, has been instrumental in his fintech, Nium's development. He believes Nium wouldn't have reached its current level of success if it had been founded elsewhere.

As a business hub in Southeast Asia, Singapore offers companies access to a concentrated pool of skilled professionals, particularly in the Fintech sector. The presence of major banks and payment companies like Stripe and PayPal contributes to this talent pool.

While Nium has expanded globally with hubs in San Francisco and London, Prajit maintains that keeping its headquarters in Singapore is the right move.

In his interview, Prajit also discusses the company's plans to go public on the US stock market and his desire to see more successful tech companies emerge from Singapore. He also shares why the accessibility of regulators, the supportive network of founders, and the "can-do" attitude that is prevalent in Singapore matters to entrepreneurs like him.
 

Plug into a world-class tech ecosystem at the heart of Southeast Asia

THE LEADER: Caesar Sengupta, Co-founder and CEO of Arta Finance.

TAKEAWAYS: Caesar shares his personal experience of moving to Singapore with his family and building a successful company there. He emphasises the strong sense of community and support within the tech ecosystem, and the ease of accessing information and resources.

Singapore has a high concentration of skilled tech professionals, many with experience in major tech companies, making it easy to hire top talent that can transform a startup into tomorrow’s tech titan.

Caesar also explains the importance of picking the right location for your company’s headquarters. In this case, Singapore’s central location in Southeast Asia with easy access to a large population within a six-hour flight radius, makes it ideal for serving a global market.