21 Singapore firms on list of Asean's top 30 tech start-ups

Companies selected for revenue, growth and innovative use of technologies like AI

- Timothy Goh

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.”