Although Covid-19 has decimated tourism and retail in Southeast Asia, the region is home to some of the fastest-growing internet markets. Photo: AFP
Although Covid-19 has decimated tourism and retail in Southeast Asia, the region is home to some of the fastest-growing internet markets. Photo: AFP
Although Covid-19 has decimated tourism and retail in Southeast Asia, the region is home to some of the fastest-growing internet markets. Photo: AFP
Although Covid-19 has decimated tourism and retail in Southeast Asia, the region is home to some of the fastest-growing internet markets. Photo: AFP

Richest families in Southeast Asia plough millions into tech start-ups


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Some of Southeast Asia’s old-money tycoons are boosting investment in technology start-ups, looking to ride a wave of surging valuations as they seek to counter the fallout of the pandemic on businesses ranging from retail to hospitality and manufacturing.

Holding companies, family investing arms and other vehicles of moguls from Thailand’s Dhanin Chearavanont to the Philippines’ Lance Gokongwei are either ploughing millions of dollars directly into promising companies or setting up venture capital funds. Partnerships with Silicon Valley venture capital firms are also gaining in popularity.

With the flurry of investments, these traditional brick-and-mortar business empires are also making the transition to a new world of e-commerce and digitisation, paving the way for fresh revenue streams after being crippled by months of lockdowns and travel restrictions. The pivot has gained even more urgency under a new crop of leaders — in some cases younger, third-generation heirs.

“The universe of family money in Southeast Asia has become very alive to what technology and tech investments are bringing because of recent start-up successes,” said Vishal Harnal, managing partner of 500 Start-ups Southeast Asia, which was an early investor in ride-hailing giant Grab and online marketplace Carousell.

“There’s a lot more family money coming in to chase that, and the pandemic’s accelerated that race.”

The conglomerates, which have helped power Southeast Asia’s economies for decades, are now facing some tough challenges as governments still battle to contain Covid-19 infections.

The Asian Development Bank last month slashed the 2021 growth outlook for the region to 3.1 per cent, saying “developing Asia remains vulnerable” to the pandemic.

Although Covid-19 has decimated tourism and retail in Southeast Asia, the region is home to some of the fastest-growing internet markets. Venture backers made a record 393 deals in the first half of 2021, raising $4.4 billion by investing in start-ups across Southeast Asia, according to a separate research by Cento Ventures.

Among the leaders in the race is Charoen Pokphand Group, a 100-year-old Thai conglomerate spanning agri-food, retail and telecommunications. The group’s senior chairman is Mr Dhanin, the head of Thailand’s wealthiest business dynasty.

The universe of family money in Southeast Asia has become very alive to what technology and tech investments are bringing because of recent start-up successes
Vishal Harnal,
managing partner, 500 Start-ups Southeast Asia

Bangkok-based CP Group led a series C investment round in start-up Ascend Money in September — backed by Jack Ma’s Ant Group — that spawned Thailand’s first FinTech unicorn with a valuation of $1.5bn.

CP Group also went into partnership with Siam Commercial Bank the same month to set up a $800 million emerging-technologies venture fund, seeding it with $100m each.

“CP Group is actively embracing innovation and exploring advanced technologies such as robotics, logistics, cloud and other digital technologies,” said Yue Jun Jiang, CP Group’s chief technology officer.

“Southeast Asia is going into a golden era of transformation where corporations are upgrading with advanced technologies and new business models, and the pandemic has further accelerated digitisation.”

In Indonesia, Intudo Ventures raised $115m to close its third fund in September to focus on the region’s biggest digital economy. Investors in the fund include more than 30 Indonesian families and their conglomerates, according to the company.

Plug and Play Tech Centre, a California-based early-stage investor that has backed more than 20 unicorns including PayPal, has signed on more than a dozen partners in Southeast Asia, most of them family-controlled groups. They include construction-to-power conglomerate Aboitiz Power in the Philippines, Thailand’s CP Group and Indonesia’s Astra International.

While the surging valuations may be alluring, the groups face some risks as they embrace the tech strategy.

Early stage companies typically burn a lot of cash before showing any signs of gaining traction in their businesses. They also require a lot more support and guidance than established corporations may be willing to offer. Plus, the conglomerates also have to jostle with investors with deeper pockets and longer experience such as sovereign-wealth and venture capital funds.

But many family-owned businesses are undaunted by the challenges. Some have started pilot projects with tech start-ups with the aim of investing in those with promising technologies. They are seeking deals and partnerships that run the gamut from manufacturing automation to sustainable innovations, as well as FinTech, health tech and electrical vehicles.

“They’re looking at what will impact their business, like the pandemic, and they need to develop new ideas,” said Shawn Dehpanah, Plug and Play’s executive vice president and Asia-Pacific head of corporate innovation and investment. “These big corporations are the pillar for speeding up innovation among start-ups now.”

These big corporations are the pillar for speeding up innovation among start-ups now
Shawn Dehpanah,
executive vice president, Plug and Play

Even Thailand’s state-owned oil and gas company PTT doesn’t want to be left behind. It’s signed a partnership agreement with Plug and Play, and this month, one of its units, teamed up with 500 Start-ups to set up a $25m fund to invest in early-stage businesses in Thailand and Southeast Asia that can help the group expand its own footprint.

CP Group unit True Corp, Thailand’s No. 2 mobile operator, meanwhile has spent about $17m to build Southeast Asia’s largest tech park that now houses a mix of 120 foreign and domestic ventures, including the local operations of established tech giants such as Google and Mitsubishi. The tech park is set to expand next year.

Such investments will help accelerate the cycle of innovation and build tech ecosystems in developing markets such as Thailand, said Vinnie Lauria, founding partner at Golden Gate Ventures in Singapore.

“I’ve been impressed meeting with the family patriarchs,” said Ms Lauria. “They are asking the right questions about how to build and grow their businesses with tech.”

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A cheaper choice

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Cost: A minimum investment of $130,000 for a family of up to four, plus $25,000 in fees.

Criteria: Applicants must have a minimum net worth of $250,000. The process take six to eight weeks, after which the investor must travel to Vanuatu or Hong Kong to take the oath of allegiance. Citizenship and passport are normally provided on the same day.

Benefits:  No tax, no restrictions on dual citizenship, no requirement to visit or reside to retain a passport. Visa-free access to 129 countries.

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Where to submit a sample

Volunteers of all ages can submit DNA samples at centres across Abu Dhabi, including: Abu Dhabi National Exhibition Centre (Adnec), Biogenix Labs in Masdar City, NMC Royal Hospital in Khalifa City, NMC Royal Medical Centre, Abu Dhabi, NMC Royal Women's Hospital, Bareen International Hospital, Al Towayya in Al Ain, NMC Specialty Hospital, Al Ain

MOUNTAINHEAD REVIEW

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MATCH INFO

Uefa Champions League semi-final, first leg

Barcelona v Liverpool, Wednesday, 11pm (UAE).

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Liverpool v Barcelona, Tuesday, May 7, 11pm

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Previous men's records
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The biog

Name: Fareed Lafta

Age: 40

From: Baghdad, Iraq

Mission: Promote world peace

Favourite poet: Al Mutanabbi

Role models: His parents 

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Our legal columnist

Name: Yousef Al Bahar

Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994

Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers

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SHOW COURTS ORDER OF PLAY

Wimbledon order of play on Saturday, July 8
All times UAE ( 4 GMT)

Centre Court (4pm)
Agnieszka Radwanska (9) v Timea Bacsinszky (19)
Ernests Gulbis v Novak Djokovic (2)
Mischa Zverev (27) v Roger Federer (3)

Court 1 (4pm)
Milos Raonic (6) v Albert Ramos-Vinolas (25)
Anett Kontaveit v Caroline Wozniacki (5)
Dominic Thiem (8) v Jared Donaldson

Court 2 (2.30pm)
Sorana Cirstea v Garbine Muguruza (14)
To finish: Sam Querrey (24) leads Jo-Wilfried Tsonga (12) 6-2, 3-6, 7-6, 1-6, 6-5
Angelique Kerber (1) v Shelby Rogers
Sebastian Ofner v Alexander Zverev (10)

Court 3 (2.30pm)
Grigor Dimitrov (13) v Dudi Sela
Alison Riske v Coco Vandeweghe (24)
David Ferrer v Tomas Berdych (11)

Court 12 (2.30pm)
Polona Hercog v Svetlana Kuznetsova (7)
Gael Monfils (15) v Adrian Mannarino

Court 18 (2.30pm)
Magdalena Rybarikova v Lesia Tsurenko
Petra Martic v Zarina Diyas

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Transmission: 8-speed auto

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If you go...

Etihad Airways flies from Abu Dhabi to Kuala Lumpur, from about Dh3,600. Air Asia currently flies from Kuala Lumpur to Terengganu, with Berjaya Hotels & Resorts planning to launch direct chartered flights to Redang Island in the near future. Rooms at The Taaras Beach and Spa Resort start from 680RM (Dh597).

Quick pearls of wisdom

Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”

Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.” 

A timeline of the Historical Dictionary of the Arabic Language
  • 2018: Formal work begins
  • November 2021: First 17 volumes launched 
  • November 2022: Additional 19 volumes released
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  • November 2024: All 127 volumes completed
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The Details

Kabir Singh

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Directed by: Sandeep Reddy Vanga

Starring: Shahid Kapoor, Kiara Advani, Suresh Oberoi, Soham Majumdar, Arjun Pahwa

Rating: 2.5/5 

Tips for newlyweds to better manage finances

All couples are unique and have to create a financial blueprint that is most suitable for their relationship, says Vijay Valecha, chief investment officer at Century Financial. He offers his top five tips for couples to better manage their finances.

Discuss your assets and debts: When married, it’s important to understand each other’s personal financial situation. It’s necessary to know upfront what each party brings to the table, as debts and assets affect spending habits and joint loan qualifications. Discussing all aspects of their finances as a couple prevents anyone from being blindsided later.

Decide on the financial/saving goals: Spouses should independently list their top goals and share their lists with one another to shape a joint plan. Writing down clear goals will help them determine how much to save each month, how much to put aside for short-term goals, and how they will reach their long-term financial goals.

Set a budget: A budget can keep the couple be mindful of their income and expenses. With a monthly budget, couples will know exactly how much they can spend in a category each month, how much they have to work with and what spending areas need to be evaluated.

Decide who manages what: When it comes to handling finances, it’s a good idea to decide who manages what. For example, one person might take on the day-to-day bills, while the other tackles long-term investments and retirement plans.

Money date nights: Talking about money should be a healthy, ongoing conversation and couples should not wait for something to go wrong. They should set time aside every month to talk about future financial decisions and see the progress they’ve made together towards accomplishing their goals.

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Dubai works towards better air quality by 2021

Dubai is on a mission to record good air quality for 90 per cent of the year – up from 86 per cent annually today – by 2021.

The municipality plans to have seven mobile air-monitoring stations by 2020 to capture more accurate data in hourly and daily trends of pollution.

These will be on the Palm Jumeirah, Al Qusais, Muhaisnah, Rashidiyah, Al Wasl, Al Quoz and Dubai Investment Park.

“It will allow real-time responding for emergency cases,” said Khaldoon Al Daraji, first environment safety officer at the municipality.

“We’re in a good position except for the cases that are out of our hands, such as sandstorms.

“Sandstorms are our main concern because the UAE is just a receiver.

“The hotspots are Iran, Saudi Arabia and southern Iraq, but we’re working hard with the region to reduce the cycle of sandstorm generation.”

Mr Al Daraji said monitoring as it stood covered 47 per cent of Dubai.

There are 12 fixed stations in the emirate, but Dubai also receives information from monitors belonging to other entities.

“There are 25 stations in total,” Mr Al Daraji said.

“We added new technology and equipment used for the first time for the detection of heavy metals.

“A hundred parameters can be detected but we want to expand it to make sure that the data captured can allow a baseline study in some areas to ensure they are well positioned.”

Company profile

Name: Dukkantek 

Started: January 2021 

Founders: Sanad Yaghi, Ali Al Sayegh and Shadi Joulani 

Based: UAE 

Number of employees: 140 

Sector: B2B Vertical SaaS(software as a service) 

Investment: $5.2 million 

Funding stage: Seed round 

Investors: Global Founders Capital, Colle Capital Partners, Wamda Capital, Plug and Play, Comma Capital, Nowais Capital, Annex Investments and AMK Investment Office  

Dust and sand storms compared

Sand storm

  • Particle size: Larger, heavier sand grains
  • Visibility: Often dramatic with thick "walls" of sand
  • Duration: Short-lived, typically localised
  • Travel distance: Limited 
  • Source: Open desert areas with strong winds

Dust storm

  • Particle size: Much finer, lightweight particles
  • Visibility: Hazy skies but less intense
  • Duration: Can linger for days
  • Travel distance: Long-range, up to thousands of kilometres
  • Source: Can be carried from distant regions
2020 Oscars winners: in numbers
  • Parasite – 4
  • 1917– 3
  • Ford v Ferrari – 2
  • Joker – 2
  • Once Upon a Time ... in Hollywood – 2
  • American Factory – 1
  • Bombshell – 1
  • Hair Love – 1
  • Jojo Rabbit – 1
  • Judy – 1
  • Little Women – 1
  • Learning to Skateboard in a Warzone (If You're a Girl) – 1
  • Marriage Story – 1
  • Rocketman – 1
  • The Neighbors' Window – 1
  • Toy Story 4 – 1

Challenge Cup result:

1. UAE 3 faults
2. Ireland 9 faults
3. Brazil 11 faults
4. Spain 15 faults
5. Great Britain 17 faults
6. New Zealand 20 faults
7. Italy 26 faults

AIDA%20RETURNS
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Updated: October 22, 2021, 4:00 AM`