A KPMG/HSBC survey finds NFTs and DeFi are more popular with Asian
Pacific big startups than EV charging, quantum computing and a host of
other new technologies.
The Asia Pacific region is seeing a major business shift with
increasing numbers of new technology startups appearing, even as venture
capital investment is decreasing compared to last year. A report from
Big Four accountant KPMG and international banking company HSBC based on
a survey of 6,472 Asian Pacific startups found that over a quarter of them are blockchain related.
Nonfungible
tokens, or NFTs, led the way among sectors where Asian Pacific
“emerging giants” were active, followed directly by decentralized
finance, also known as DeFi. Electric vehicle charging infrastructure,
quantum computing and robotic processing automation rounded out the top
five sectors. Blockchain real estate and decentralized autonomous organizations (DAOs) ranked 14th and 15th, respectively, on the same list.
Despite
their strong collective presence, blockchain-related companies were
most common in the lower ranks. Among the top 100 emerging giants, only
five were blockchain-related, and only one, Hong Kong’s Catheon Gaming, a
play-to-earn platform, ranked in the top 10 (in eighth place). Two
crypto financial service unicorns — Hong Kong’s Amber Group and Singaporean Matrixport — did not make it into the top 100.
Related: Philippines’ digital transformation could make it a new crypto hub
The
report looked at 12 Asian Pacific countries, which accounted for 94.8%
of all companies surveyed. The majority of new technology companies were
located in Mainland China (32.8%) and India (30.1%). Japan (12.7%) and
Australia (8.7%) trailed in third and fourth places. The report
explained:
“The continuing growth of Asia’s middle
classes, and especially the emergence of Gen Z consumers will be the
biggest single factor driving digital economies across the region. But
[…] Asia’s more prosperous, ageing societies, too will also be rich
sources of innovation.”
“The most successful companies
are focusing on local specializations,” the report notes, citing
“China’s capabilities in piloting and testing digital platforms” as an
example. Although China has banned cryptocurrency trading, its e-CNY
central bank digital currency is accepted by more than 4.5 million merchants across the country. India allows crypto trading but has complicated traders’ lives with a punishing tax regime.
source link : https://cointelegraph.com/news/over-a-quarter-of-asian-pacific-emerging-giant-startups-tied-to-blockchain-report
