Is Asia Shaping the Future of Digital Innovation?

A recent (July 2019) McKinsey Global Institute study suggests Asia is “online and booming”. It accounts for half (2.2 billion) of world’s internet users, with China and India accounting for one-third.

Exhibit 1

China, Japan, South Korea and Singapore are among the most digitally advanced nations in the world. Three of China’s internet giants – Baidu, Alibaba and Tencent – are building a rich digital ecosystem growing beyond them.

China now ranks second only to the United States in terms of start-up investments. Asia now accounts for nearly half of the global investments (Exhibit 2). This is especially in virtual reality, autonomous vehicles, 3-D printing, robotics, drones and AI. 

Exhibit 2

As of April 2019, Asia was home to one-third of world’s 331 “unicorns” (start-ups valued at more than USD1billion). Of this, 91 are in China, 13 in India, 6 in South Korea and 4 in Indonesia. By comparison, the U.S. is home to 161 unicorns, U.K. has 16 and Germany has 9.

China has made AI development a strategic priority. South Korea and Singapore have major national initiatives to build AI capabilities. Japan has announced new courses in its universities and technical schools to produce 250,000 graduates annually.

So Asian countries are breaking into forefront on innovation and technology. What about Malaysia? Have we introduced new courses in schools, colleges and universities in AI and robotics? Do we provide the ecosystem for start-ups to be unicorns? Or, do we see “khat” as the answer?

Reference:

Asia’s Future is Now, McKinsey Global Institute, July 2019