Venture capital investments at tech firms in Southeast Asia tripled to $3.4 billion in the first half of 2019, up more than 300 percent year-on-year.
The regional surge occurs in the midst of a shakier economic environment for China, which experienced a 60 percent year-on-year drop to $9 billion, according to data from Refinitiv.
Unsurprisingly, Chinese firms swiftly made shifts in their allocations investing $667 million in the same period, up more than four-fold from 2018’s $148 million.
Chinese economic headwinds aside, the outlook for tech and VC firms in Southeast Asia is rapidly improving, especially given the high rate and growth of mobile internet penetration.
Even in the bank sector, the region is making major breakthroughs that could pioneer new industries including a recent tie-up between Siam Commercial Bank, the largest lender in Thailand, and Go-Jek, which was viewed as a counter to a partnership between rival bank Kasikorn and Grab.
