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Hello reader,
A close friend recently left Southeast Asia to return to his home in the US, and while I’m sad he’s gone, I’m pretty confident he’ll be back in this part of the world before too long. That’s partially because his skill set means he can earn a sizable salary compared to the cost of living in this part of the world.
However, one region may be competing for his affections: the Middle East. The eye-watering sums of money on offer for the jobs he can do in places like the UAE and Saudi Arabia are surely tempting.
Startups from this region are also looking toward the Middle East in their expansion efforts, and the oil money on offer has to be part of the attraction.
Today we look at:
- The Southeast Asian firms planting their flags in the Middle East
- GoTo launches BNPL service as part of TikTok tie-up
- Other newsy highlights such as India minting its latest unicorn and Vietnam-based Earth Venture Capital investing in British firm Sparxell.
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Arabian dreams
Image credit: Timmy Loen
Governments in the Middle East want to attract trillions of dollars in investment as part of the region’s efforts to become a global tech hub, and Southeast Asian companies are getting involved.
Tech in Asia has identified more than two dozen tech firms from Southeast Asia that have launched operations in the Middle East.
- Financial focus: Fintech companies are leading the charge from Southeast Asia to the Middle East, with Singapore-based Ant International perhaps the most prominent example. The firm has integrated its Alipay+ e-wallet as a payment option in retailers, airports, and taxis in the UAE.
- Two peas in a pod: Part of the attraction for Southeast Asia firms is the similarity between the two regions’ economies. Neha Singh, co-founder of market research platform Tracxn, says that both Southeast Asia and the Middle East face similar challenges in digitalizing their finances and records, with cybersecurity and money laundering particularly pressing problems. The two regions also have a strong trade relationship, with trade between the Gulf Cooperation Council and ASEAN hitting US$110 billion in 2023.
- VCs tap in: Investors from Southeast Asia have also started to take an interest in the Middle East. Data from startup directory platform Magnitt shows that as of last year, about a dozen Singaporean investors, which include the likes of Antler and Atlas Asset Management. have backed startups based in the Middle East and North Africa region.
Read more: SEA companies making waves in the Middle East
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GoTo goes BNPL
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