In Southeast Asia, the third wave of growth will come from finance.
Editor’s note: This article is taken “practical operation guide business in Southeast Asia,” Chupin: it real Fund (ZhenFund), a joint Chupin: Golden Gate Ventures, author: Libo Chen ( Silot Co-founder and CEO ).
Track selection
Beginning of home broadband in Southeast Asia around 2002, the smartphone market exploded in 2012. The local development path is similar to the Chinese market: the first wave of growth comes from content, including portals and games, and the second wave of growth comes from services, such as e-commerce , Travel. In Li Bochen’s opinion, the third wave of growth will come from finance.
Southeast Asia has a special financial background-many banks have always relied on manual processing of business, which has led to the need to pay various management fees for handling personal accounts. Previously, opening a personal account in Thailand or Indonesia cost more than 100 yuan per year. The traditional financial sector urgently needs to improve efficiency, so local demand for artificial intelligence and RPA is very large.
Finance RPA and artificial intelligence will present a great opportunity. When Li Bochen worked at Baidu Wallet, he consciously began to transform. At that time, he had contacted many large merchants and banks in cross-border business and had a better understanding of local financial markets. He believes that after the infrastructure such as payment is opened, subsequent financial services can be developed.
Product positioning
Since the two years of Silot, the product has changed several times. I tried to C at first, but found it difficult, and quickly moved to B. In their own words, “to Big B”-empowering banks in Southeast Asia. Establishing the infrastructure and brand effects required for subsequent development in advance and maintaining relationships with regulators is an important asset they have accumulated over the past two years. Next they also prepared “to little B”.
Since the two years of Silot, the product has changed several times. I tried to C at first, but found it difficult, and quickly moved to B. In their own words, “to Big B”-empowering banks in Southeast Asia. Establishing the infrastructure and brand effects required for subsequent development in advance and maintaining relationships with regulators is an important asset they have accumulated over the past two years. Next they also prepared “to little B”.