Seminar Held to Support Martial Arts and Southeast Asia Market Expansion Startups

"Domestic Startups Should Use Southeast Asia as a Springboard for Overseas Expansion Amid Growing Venture Investments"

Korea International Trade Association building / Provided by Korea International Trade Association

[Asia Economy Reporter Kim Pyeonghwa] The Korea International Trade Association held a seminar titled ‘Southeast Asia Startup Ecosystem Entry Strategy Seminar’ on the 26th at the Startup Branch in COEX, Samseong-dong, Seoul. Several experts related to Southeast Asian investment attended the seminar and shared their advice.

Jungheon Bang, Managing Director of SV Investment, gave a lecture on the theme of ‘Southeast Asia Venture Market and Korean Startups’ Overseas Expansion.’ Managing Director Bang said, "Southeast Asia has passed the venture ecosystem formation period when super apps like Grab, Gojek, and Tokopedia emerged," adding, "It has entered a period where internet services are growing substantially in various consumer markets such as logistics, fintech, and food and beverage.”

He also advised, “To successfully enter the Southeast Asian market, differentiated approaches by sector are necessary,” and “Industries related to e-commerce, logistics, and payments have a high potential for success for our companies, but paid entertainment sectors such as games and content should be approached cautiously.”

Sofian, CEO of Singapore accelerator Hack 40, presented on ‘Startup Entry Strategies into Singapore.’ CEO Sofian said, "Singapore is a business-friendly country with 25 unicorns among 4,000 startups,” emphasizing, “In 2021, the number of venture investment deals increased by 25% compared to the previous year, and the investment value increased 2.6 times.”

He also stated, "Proof of Concept (PoC) between large corporations and startups is a powerful means to test products in the market and secure local customers,” and “Our startups also need to utilize this in Singapore, where the PoC ecosystem is well established.”

Seongjin Kim, CEO of Fivejack, shared successful cases of entering Southeast Asia. CEO Kim said, "It is essential to thoroughly understand local laws and regulations, and when considering entry into Muslim countries within Southeast Asia, understanding Muslim culture must precede,” adding, “The founder’s business model and local market suitability must be carefully reviewed.”

This content was produced with the assistance of AI translation services.