Holding the global title for most valuable unicorn (a startup company valued at over one billion U.S. dollars), Ant Financial Services Group is valued at approximately 125 billion U.S. dollars. Therefore, it does not seem surprising that the FinTech company is the highest earning tech startup throughout the whole Asia Pacific region. With its headquarters based in Hangzhou, China, Ant Financial is an affiliate company of the Chinese Alibaba Group. Standing as one of Ant Financial’s Asia Pacific competitors, Singapore’s Grab Holdings Inc. remains one of the country’s most valuable startups, serving as a ride-hailing company which also offers food delivery and digital payment services. It was ranked the leading tech unicorn in Southeast Asia in terms of funds raised. Grab also made the top 20 ranking for leading unicorns worldwide.
Evolution of startups in Asia Pacific
Previously, the Asia Pacific region fell behind the like of the U.S. in terms of the rate of startups. While Asia Pacific startups would previously look towards U.S. companies as a model to aspire to, now the Asia Pacific region recognizes itself as being the home to some of the world’s most successful startups. The region no longer aims to create Asia Pacific versions of Western companies but follows its own models and branding. Thus, this makes the future of Asia Pacific startups appear promising.