Southeast Asia hit a new milestone recently as Facebook announced its investment in Indonesian ride-hailing unicorn Gojek. Although many other American tech companies like Google, Microsoft, and Expedia have long been active in SEA, this investment marks the social media giant's very first foray into the region.
In terms of ride sharing, it's a two-horse race with Gojek still maintaining an edge on its home turf in Indonesia, while Grab continues to dominate in markets outside of Indonesia.
Fintech has always been a key component of ride sharing startups in attempt to develop deeper customer loyalty (for riders and drives), increase stickiness, and improve profitability with higher margin products like financing, insurance, or payments. And the recent move by Facebook (and Paypal) may just help Gojek tip the scales in its favor.
Its digital payments arm Gopay is now the most widely used e-wallet in Indonesia and was instrumental in helping Gojek build up early traction in the second largest cash-based country in the world.
Widespread penetration of Facebook's social media platform, along with messaging services like WhatsApp and messenger, may help Gopay further expand its reach, and together with Paypal's online payment portals, offer a truly seamless, value-added experience for its users.
Of course, taking American money is not without potential risks down the line. As evidenced by its recent $5.7B investment in India-based Reliance Jio, Facebook will stop at nothing for global domination and may very well strike up similar partnerships with competitors in the space.
All-in-all, the SEA ecosystem has evolved tremendously in the last few years, and its refreshing to see homegrown startups eliciting the attention and interest of international stakeholders, surely signaling a new stage of maturity that will hopefully bring more resources, talent, and opportunities to the region.
-Jun Wakabayashi
Analyst, AppWorks
AppWorks Accelerator is now accepting applications for AW#21. If you're a startup looking to join Greater Southeast Asia's strongest founder community, be sure to apply: https://bit.ly/2YaYgbi
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【From East to West: The Shifting Tides of Innovation】
Traditionally, the East has always looked to the West for the latest innovations, cutting edge tech, and playbooks. However, the massive scale and pace of the Asian market, combined with region's hyper localized demands have churned out some truly innovative business models that now even Western juggernauts are taking a second glance at.
Uber recently announced its intentions to ramp up its fintech capabilities, a feature that has long been integral to the success SEA unicorns such as Grab and Go-Jek. Of course, with well over 70% of the the region's population underbanked, fintech was an obvious play to both jumpstart early market traction and build up customer loyalty/stickiness.
For developed markets like the US or Europe where credit cards, bank accounts, and processing online transactions are more or less taken for granted, financial inclusion is normally an afterthought, to say the least. But now it's starting to be seen as more of a core value driver, rather than an added feature.
Even beyond wallets and payments, the whole concept of bundling or a "one-stop shop" has most certainly been pioneered by Asian tech companies, specifically in the likes of Tencent via WeChat and Naver via LINE.
Reverse innovation is real. And the tides are only getting stronger. Whether it's Uber, Google, a16z, or Y-Combinator, some of Silicon Valley's most prominent names are now finding themselves regularly looking to the East for novel sources of inspiration and innovation.
If you're a AI/blockchain startup looking to tap into the growth engine that is Greater Southeast Asia then be sure to apply to AppWorks Accelerator. Final mover deadline for AW#19 applications is July 15 >>> http://bit.ly/2XpbliX
-Jun Wakabayashi
Analyst, AppWorks