The signing of the “Regional Comprehensive Economic Partnership Agreement” has injected new momentum into China-ASEAN cooperation. ASEAN has gradually become one of China’s largest trading partners, and the rapidly developing Southeast Asian market has infinite new opportunities.

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Editor’s note: This article has been submitted by “BusinessSingapore (ID: BusinessSingapore)” and reprinted with authorization.

Social networking sites, taxi-hailing and take-out software, online shopping platforms…These Internet technology products have greatly changed the lives of people in Southeast Asia, and at the same time brought tremendous changes to economic development. There is no doubt that the Internet economy has become the theme of global development in the new era. In this wave, Southeast Asia bravely embraced the transformation of the Internet economy, and with the joint efforts of the government, enterprises, and the public, has gradually become a leader on the world stage. E-commerce platforms and super apps have sprung up and developed.

Image source: Singapore Economic Development Board

You may have heard of Grab and Gojek, two well-known technology startups in Southeast Asia. They are committed to providing users with convenient services such as taxi rides, food delivery, and digital payments through their super APP. In the “Suzhou High-tech Zone • 2020 Hurun Global Unicorns List”, Grab ranked 16th in the world and first among Southeast Asian companies on the list, while Gojek ranked 26th, ranking first among Indonesian companies on the list. .

Image source: Singapore Economic Development Board

  • Under the background of the shortage of high-quality medical resources in the region, Grab and Ping An Good Doctor established a joint venture company to officially launch an online medical and health service platform in Indonesia at the end of 2019. The goal is to provide online services to nearly 300 million Indonesian users. Services such as diagnosis and treatment, dispensing and delivery of medicines, online shopping malls, and offline registration.

  • Grab also established a joint venture with ZhongAn Insurance in 2019 to set up a digital insurance sales platform. Southeast Asian users can browse and purchase innovative and affordable insurance products directly through the Grab mobile app, without having to go through an insurance agent. Or insurance brokers implement insurance.

Did you know?

In 2020, Singapore signed Singapore’s first digital economy and trade agreement with New Zealand and Chile-the “Digital Economy Partnership Agreement”, and subsequently signed the “Singapore-Australia Digital Economy Agreement” with Australia. These have strongly promoted Southeast Asia and The global digital transformation has accelerated the pace towards a new era of digital economy.

Southeast Asia-the cradle of super apps

The development and growth of Super APP in Southeast Asia is not accidental. This is inseparable from the growth of Internet users in the region, the diversification of consumer demand, the influence of China’s innovative Internet products, and the unique Internet economic advantage of Southeast Asia.

Image source: Singapore Economic Development Board

The rapid growth of Internet users

The rapid growth of Internet users in Southeast Asia has brought considerable traffic to the Super APP. According to Google-Temasek-BainGojek landed in Singapore and established a data science research team. At the same time, he announced plans to launch new products in Singapore and intends to recruit talents in the field of cyber security and data analysis.

  • Grab chose to set up its R&D center in Singapore in 2015 to support its rapid expansion throughout Southeast Asia. In addition, Grab has also established an artificial intelligence laboratory with the National University of Singapore, while stepping into the financial field, and jointly applying for a digital banking license with SingTel Group.

    • The Internet economy era in Southeast Asia is on the rise. Among them, Singapore’s regional and even global advantages in location, infrastructure, business environment, and talent technology determine that it will be a strategic location for the future development of Southeast Asia’s Internet economy.

    In the competition in the Red Sea, why not pay attention to this vast blue ocean, maybe the next super APP will be born.

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