After updating the latest tech trends in Asia for 2017, Faster Future | SCB FinTech Forum by SCB and Digital Ventures also touched on “China is the New Silicon Valley” where specialists discussed how massive China is playing a role in the tech industry. The 3 gurus on Asian investments and Fintech sharing at the event were:
Wei Hopeman – Managing Director, Arbor Ventures
Oscar Ramos – Program Director, Chinaccelerator
Grace Yun Xia – Senior Director, Corporate Strategy and Investment, Tencent
Polapat Arkkrapridi – Managing Director, Corporate Venture Capital, Digital Ventures as moderator
1. Public and private sectors, especially tech giants, join in to support Startups
Big tech players like Alibaba, Tencent and Baidu are organizations that cultivate the startup ecosystem of China. Grace Yun Xia from Tencent mentions about the “collaborative ecosystem” wherein Chinese companies work together as partners and, at the same time, competitors. Also, the public and private sector cooperate with startups to enhance innovation and promote regulations that foster the business.
2. The country as “One giant sandbox”
In several countries, the government establishes sandbox for startups to innovate and experiment new ideas before market launch. However, in China, Wei Hopeman from Arbor Ventures shares that it is “one giant Sandbox”. Grace Yun Xia from Tencent explains that China is equipped with resourceful R&D teams, flourishing venture capital willing to back startups, and, of course, an abundance of the population. These all contributes to why China may overtake Silicon Valley.
3. Everyone welcomes technology
Chinese people are tech-savvy, adaptive, and quick learners when it comes to technology. As China reaches the point of digitalization, even the aging group can capably use smartphones. Oscar Ramos from Chinaccelerator views that the more smartphones people own, the richer the tech ecosystem becomes and China ranks among the world’s top countries for smartphones users.
Key takeaways from China’s progressing story is the interlink collaboration of the public and private sector as well as the country’s agile tech consumption behavior. These are crucial drivers that pave the way to tech success for China. A wake-up call to players and startups in other countries to learn and benefit from these case studies.
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