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Hello readers,
Economic and tech development in Southeast Asia have centered around the Big Six: Indonesia, Singapore, Vietnam, Thailand, Malaysia, and the Philippines.
Other countries in the region like Cambodia, Laos, and Brunei seem to be off the radar. In fact, reports or research on Southeast Asia’s digital economy rarely include these nations.
There’s a reasonable explanation for this omission. Cambodia, for instance, has a macro environment that lags behind its regional peers, making it less attractive than markets with high purchasing power (Singapore), a large population (Indonesia), or a mix of both (Vietnam and Malaysia).
However, Grab’s acquisition of Cambodian company Nham24 could bring more attention to the country. Nham24 offers services similar to Grab, such as food and grocery delivery as well as ride-hailing.
This move signals that the regional super app wants to dominate Cambodia, where the tech industry is relatively nascent.
The potential for significant growth in the space could be another reason why Grab made the deal. Cambodia’s low market saturation could also draw in companies looking to gain first-mover advantages.
As Southeast Asia’s digital economy continues to evolve, Cambodia could be emerging as a market with untapped potential instead of an afterthought.
— Jofie Yordan, journalist at Tech in Asia
Top stories this week
Image credit: Timmy Loen
1️. Cambodia eyes the big leagues after Grab bets on local firm
Grab’s deal with local firm Nham24 has cast a beam on the often-overlooked market. But there’s more work to be done.
2. Singapore’s ride-hailing boom faces a crisis: driver shortages
The city-state’s economy and tourism have recovered. But as rental and fuel costs rise, drivers find their earnings stalled.
3. WeLab Bank cracked Hong Kong. Now it’s taking on Southeast Asia
Founder Simon Loong expects profits in Indonesia and Thailand within five years of launch. It’s an uphill climb.
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