Artificial Intelligence-based startups hold assurance for Southeast Asia

The landscape of artificial intelligence (AI) and machine learning (ML) is increasingly broadening in Asia and is expected to make a huge difference to the region’s economy.

Asia, which is home to almost 61% of the world’s population, is set to gain the most from deploying artificial intelligence given that it is still in the early stages of development. Asia is already witnessing a technology boom and with this pandemic the scope of digitization has increased significantly, from Singapore to Japan, artificial intelligence-based startups are emerging rapidly.

According to a report by Kearney, a management consulting firm, and EDBI, a strategic investor, AI could add US$ 1 trillion to Southeast Asia’s GDP by 2030 while addressing various challenges that the region faces with productivity and infrastructure.

The governments’ across Southeast Asia have taken notice, recently Indonesia has put strategies in place to develop its AI ecosystem further focusing on areas such as mobility, food security, and education. Singapore in 2019, rolled out a national strategy on AI as part of its wider push towards being a smart nation. In fact, all AI-based startups in the region are looking to play a role in the continued growth of the region.

Artificial Intelligence and Southeast Asia’s future

There has been a rapid growth in the development and adoption of AI across the region. For instance, Singapore has made the highest advances and there are promising signs from countries such as Malaysia and Vietnam as well. The AI tools are now being deployed in sectors such as financial services, health care, transportation, and media.

The growth of AI in Asia has also been influenced by the growing startup culture in countries such as India and China. The growing economy and population of India and China have provided more scope for adoption of AI. India under its NITI Aayog Policy rolled out its National AI Strategy to guide the R&D of emerging artificial intelligence technologies.

A Singapore-based startup, Grab launched an AI laboratory in collaboration with NUS (National University of Singapore) to develop solutions that can transform urban transportation and gear up for smarter cities in Southeast Asia.

Sertis.Corp, a big data analytics and data science consultancy based in Bangkok, Thailand offers artificial intelligence and data analytics services. It provides customized support for enterprises in an array of industries including airline, healthcare, telecom, and retail. The company has already built strong partnerships with leading global technology providers such as Microsoft, AWS, and Google.

One of Malaysia’s artificial intelligence based startups, FraudLabs Pro assists merchants in protecting their online e-commerce stores from fraudulent purchases and customers. It offers an AI-powered engine that reports real-time fraud analysis and analyses transaction parameters.

The use of AI is growing in key sectors of Southeast Asia, including financial services, retail, agriculture, healthcare, transport, and education. Sophisticated ML algorithms are now enhancing consumer interactions. With the growing tribe of artificial intelligence-based startups in the region the Southeast Asia market is growing sharper and more personalized than ever.