There has been a growing number of large tech startups in the Asia Pacific region. Moreover, these new startups are found to be linked to blockchain — according to a report from Big Four accountant KPMG and global banking company HSBC.
The companies have conducted a survey of 6,472 startups in the region and have found that a quarter of the respondents are dealing with blockchain. Specifically, non-fungible token (NFT) is the most popular sector among the companies, while decentralised finance (DeFi) is ranked 2nd. As for blockchain real estate and Decentralised Autonomous Organisations (DAOs), they are taking 14th and 15th places respectively.
However, although the number of blockchain-related companies is steadily growing, the industry still has ways to go in terms of performance. Only five out of the top 100 emerging giants are blockchain-related and only one — a Hong Kong-based play-to-earn platform Catheon Gaming — made it to the top 10 ranking.
Most of the startups in the survey hail from Mainland China (32.8%), followed by India (30.1%), Japan (12.7%), and Australia (8.7%). The report explained that the middle classes in Asia is steadily growing and that the emergence of Gen Z consumers alone will drive digital economies across the region. They added that the more prosperous and ageing societies in Asia will also be rich sources of innovation.
The report wrote that a majority of the successful companies focus on local specialisations, highlighting “China’s capabilities in piloting and testing digital platforms.” While cryptocurrency trading is still prohibited in China, the digital yuan has proven to be a huge success — being supported by over 4.5 million merchants across the country.
In June, CEO of Binance Changpeng Zhao announced that the crypto exchange is considering obtaining a VASP license in the Philippines, as well as an e-money issuer license from the country’s central bank. The country is stated to have one of the world’s fastest-growing economies as it is newly industrialised, shifting from agriculture to manufacturing and services.
