To be fair, Thailand and Vietnam got 5% and 4% respectively. And there’s an obvious reason why Indonesia is such hot real estate – its 270 million plus population.
The bigger picture is that the raging pandemic has barely dampened investment appetite, which is why Grab’s fintech unit raised US$300 million (~RM 1.21 billion) in January. Grab is also mulling a US IPO later this year.
Furthermore, any skittishness about the pandemic-stricken economy is quickly counteracted by the massive demand for e-commerce and contactless payment. Unsurprisingly, over half of tech investment in the region went to super-app companies and online retailers – reaching over US$4 billion (~RM16.6 billion) last year.
And you wonder why everyone and their mother talks about super-apps these days. If anything, the pandemic has made them invaluable to our daily lives.
“2020 offered a harsh reason to reassess how technology can be harnessed to maintain vital function of the society,” said Dmitry Levit, a partner at Cento Ventures, told Bloomberg.