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Hi readers,
When I moved back home to Jakarta two years ago, I noticed a lot of changes. Besides the obvious social distancing measures due to Covid-19, some of my favorite restaurants and hangout spots had been replaced with newer attractions.
I’d expected things to be different since I hadn’t been back in nearly two years. But even though I live here now, I continue to see gradual changes taking effect right before my eyes.
Among the most prominent ones is the adoption of electric vehicles (EVs) – particularly the Hyundai Ioniq 5 and Wuling Air EV. It’s insane how fast these models have caught on – both only launched last year in Indonesia, and now I can’t make a trip without seeing at least one of them on the road.
However, Southeast Asia’s EV market is much more diverse than I initially believed – especially in the startup space. Firms are taking up smaller pieces of the puzzle, contributing to the EV infrastructure and adoption models through services such as battery charging and recycling, as well as vehicle leasing.
Regional startups manufacture EVs as well, but they are more concerned with two-wheelers – which makes sense given Southeast Asia’s dependence on them.
Though Thailand contributed nearly 60% to the region’s EV sales last year, Singapore is unsurprisingly home to the most startups in the sector. Read more on this here.
— Shadine Taufik, journalist at Tech in Asia
Top stories this week
Image credit: Timmy Loen
1️. Mapping SEA’s electric vehicle players
Though Thailand is the region’s biggest market for EVs, Singapore is home to the largest number of startups in the industry.
2. Southeast Asia tech funding set for worst year since 2016
Investors we spoke to expect recovery to start in 2024 at the earliest. We also look at the silver lining in the tech winter.
3. Is fintech overrated? DBS, OCBC, UOB see record profit, seek reinvention amid uncertainty
Singapore’s big three banks still dwarf their fintech rivals in sectors like loans and wealth management.
4. After layoffs, Zenius bets on offline learning in revival strategy
After its third round of layoffs and a CEO change, the startup seeks to bring back offline learning and upskilling, which the pandemic put on pause.
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