SINGAPORE – Singapore-based companies have made a strong showing in an inaugural list of Asean’s 30 top tech start-ups, accounting for 21 of them. The NextGen Tech 30 list, released on Sept 24 by tech venture-capital firm Granite Asia, includes patent database Patsnap, fintech firms ShopBack and Aspire, and cyber-security firm Ensign Infosecurity.
The remaining nine start-ups are based in locations such as China, Hong Kong, Vietnam, Indonesia and the US. Many of those named on the list operate in industries such as digital finance, logistics automation and clean energy.
The list, compiled by Granite Asia, is a collaboration involving government and private organisations, including Temasek-backed venture-capital firm 65 Equity Partners, the Singapore Exchange (SGX), and private equity firms KKR and Northstar. Other partners are DBS Bank, the investment arm of the Singapore Economic Development Board, the Infocomm Media Development Authority and the Singapore Business Federation.
The companies were selected for their innovative use of technologies such as artificial intelligence.
They also had to meet specific criteria, including generating a minimum revenue of US$20 million (S$25.8 million) or achieving a year-on-year growth rate of 30 per cent or more; being headquartered in Asean or having a strong presence in the region; and having a clear environmental, social and governance strategy.
Granite Asia senior managing partner Jenny Lee told The Straits Times: “We are proud to announce the inaugural NextGen Tech 30, exemplifying our commitment to bridging private and public markets in South-east Asia.”
Granite Asia, formerly known as GGV Capital Asia, is a multi-asset investment platform based in Singapore. It invests in companies in the Asia-Pacific region, including South-east Asia, Japan, China, India and Australia.
The firm has US$5 billion in assets under management, and has invested in 48 companies valued at over US$1 billion and supported 29 initial public offerings (IPOs).
The NextGen Tech 30 list comes amid intensified efforts to revitalise the SGX, which has lagged behind its regional rivals in terms of new listings and liquidity.
Only one company – cancer treatment provider Singapore Institute of Advanced Medicine Holdings – braved a listing here in the first half of 2024, making the Republic the worst-performing market in South-east Asia for IPOs.
The SGX was also among the quietest globally in 2023, with only seven IPO deals raising US$30 million. In contrast, the Hong Kong Stock Exchange had 73 IPO deals raising US$5.94 billion, while the Indonesian stock exchange saw 79 IPO deals, raising US$3.55 billion.
In August, the Monetary Authority of Singapore (MAS) established a review group consisting of representatives from both the private and public sectors to propose measures to revitalise the SGX. MAS said then that recommendations will be made to attract primary and secondary listings to the Republic.
The group will also suggest targeted measures to facilitate product offerings and improve liquidity in Singapore’s equity market, broadening the pool of potential IPOs.
