Organisation:
Resource Link:
Published in 2021, Link
My Key Takeaways
Is Web3 yet another fad or is there already concrete progress in Singapore & Southeast Asia (SEA)?
Here’s an overview by AppWorks on the Web3 ecosystems across key markets in greater SEA like:
- Indonesia
- Philippines
- Thailand
- Taiwan
- Vietnam
- Singapore
Each country section maps out promising web3 startups in areas like Asset Management, Gaming, NFT, Wallet, Exchanges, Infrastructure etc.
Some Web3 ecosystem highlights
Indonesia – crypto is outstripping public equities
During the first 5 months of 2021, the number of people in Indonesia trading cryptocurrencies (6.5 million) was almost three times that of public equities (2.2 million).
The above cryptocurrency trades totaled US$25B, representing a year on year growth of 470% over the same period in 2021!
Crypto startups should be aware that The Commodity Futures Exchange Supervisory Board (BAPPEBTI) oversees cryptocurrency-related issues, and has been relatively supportive of crypto. Indonesians can legally own and trade a total of 229 different cryptocurrencies.
Thailand – Bitkub as the country’s blockchain nexus
In November 2021, the country’s first blockchain unicorn Bitkub, a crypto exchange, was born after it sold a 51% stake worth US$535M to Siam Commercial Bank
Bitkub is also galvanising Thailand’s blockchain ecosystem (data oracle platform Band Protocol, metaverse gaming guild GuildFi).
We can expect more NFT projects stemming from the country’s rich fashion, art & design sectors.
Vietnam – to Axie Infinity and beyond
Sky Mavis‘ NFT-based game Axie Infinity has players level up and battle virtual pets.
Now a bedrock of the country’s web3 ecosystem, the game has more than 2M daily active users, and NFT transactions worth more than US$3.7B!
Vietnamese users are also ranked highly in acceptance of blockchain and cryptoassets.
Singapore (SG) – the world’s 4th largest financial hub & Asia’s key financial centre already has natural advantages for web3 and tech
The Monetary Authority of Singapore (MAS) oversees policies enabling the development of blockchain and cryptoassets in SG.
European/UK companies using Singapore as a strategic tech hub for Asia should take note of:
– MAS’ “A Guide to Digital Token Offering” (policy framework for ICOs, Issuers & related platforms)
– Payment Services Act (regulations for cryptocurrencies, exchanges & digital payment services in SG)
The democratisation of Web3 in the region
“Just a few years ago, you’d be hard pressed to find the words web3, blockchain, DeFi, or NFTs uttered anywhere outside of niche crypto spheres in this part of the world.”
“Now, sentiment from founders and investors across the region have evidently shifted from ‘why web3?’ to ‘how do I get a piece of it?'”
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There’s no turning back for Web3 development in the region now that investors and consumers in Singapore and SEA have gotten a taste of its potential during the pandemic.
Hope the above helps European and UK companies to quickly identify the right investment targets, co-innovation partners and working business models in SEA to reap web3’s explosive growth in the years to come.
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About Zhilin SIM
Having worked and lived in Singapore, the Nordics, China, Spain, UK, I’m now based in Paris.
I’m fluent in English, French and Mandarin, and I’m learning Arabic because it’s a beautiful and fascinating language.
My team creates and supports one-many initiatives connecting corporate and startup ecosystems in Europe to business and innovation opportunities in Singapore and Southeast Asia.
I’m passionate about horticulture, watercolour, startups/tech as well as French cuisine, Peranakan kueh techniques and other global cuisines.
Feel free to connect with me if you think my network in Europe and Asia could be of benefit to your business and innovation activities.
