Local firms encouraged to join ASEAN startups

CEBU, Philippines — Cebuano business startups should link up with the ASEAN community of startups to help the region’s bid of becoming the "Silicon Valley" in the East.

This according to Elean Chin, Deputy Director (Financial Markets Development Department) of the Monetary Authority of Singapore, during the Cebu leg of  Meet ASEAN Talents and Champions (MATCH) Philippine roadshow held last Tuesday at the Radisson Blu Cebu.

Over 200 Cebuano startup companies and innovators joined the half-day event expressing interest to join the community of ASEAN startups, and sporting linkages that offered promising opportunities as well as access to venture capitalists all over the world.

MATCH aims to facilitate deal-making by showcasing ASEAN startups and growth enterprises across all sectors, and linking them with top global and local investors.

A first of its kind platform, it connects ideas to the capital market giving exposure to startup companies.

"ASEAN is now the new breeding ground for startups. We need to do more and have an integrated eco-system," said Chin explaining further that although there are potential and commercially viable startups in the region, it cannot be quantified because ASEAN's startup sector is still fragmented.

Singapore, which assumed its ASEAN chairmanship this year, focused on the development of startups in the region, as it sees a good potential to be the new breeding ground of next generation's local champion.

"We need to do more to expand our footprint globally," she said citing that of the 7,000 registered startup in ASEAN, only a thousand have access to funding.

At present, the ASEAN startup ecosystem is still dominated by traditional funding system. The integrated ASEAN is now taking stronger stance to bring in more alternative funding channels, like venture capitalists, angel investors, among others.

Cebuano startup companies can register to MATCH platform and join the Singapore Fintech Festival in November this year. (FREEMAN)