There’s no doubt that the global technology space remains one of the world’s most dominant marketplaces, with the world’s IT sector estimated to reach a value of $5.2 trillion by the end of 2020. While North America’s Silicon Valley may be renowned as the global capital of innovation and technological advancement, we’re seeing a growing number of hubs emerge as veritable beacons of light to startups from across the globe. Many of these are now based in Asia, which is winning the race to become the next Silicon Valley after years of sustained international investment. But which places in Asia are synonymous with technological growth?
Singapore remains one of the best places to launch a technology venture in 2020, and indeed many other types of business that you care to name. This reputation is well-deserved and has been fortified recently, after the Singapore government announced the opening of a new ‘Digital Office’ to help accelerate the digitalisation of the economy and boost the nation’s recovery in the wake of Covid-19. This will aid existing firms to adapt their existing business models and welcome aspiring startups into the fold, while it also builds on a socio-economic climate that’s extremely inviting. Make no mistake; Singapore is already renowned as a digital trading hotspot for assets such as stocks and currencies, which are enduringly accessible through mobile trading platforms such as the MetaTrader 4.
Hong Kong is a relatively new technology hub in Asia, with the region (and the marketplace) continuing to benefit huge capital inflows from overseas investors. Interestingly, Chinese ecommerce giant Alibaba recently listed in Hong Kong, thanks to the region’s burgeoning stock exchange and an increased valuation. Even more excitingly, Hong Kong recently approved its first cryptocurrency fund through Venture Smart Asia. The first of many such funds, this aims to have $100 million of assets under management within 12 months, and it’s likely to blaze a trail for other startups to follow over time. If you are interested, there are several comprehensive steps for entering the Hong Kong business market.
Next up is Beijing, which scores well on the economic scale and provides burgeoning tech startups with incredible growth potential. Beijing is also home to an incredibly diverse and gifted pool of talent, enabling firms to optimise the growth plans and build on the design and development skills of talented employees. These markets make it easy to attract fresh new talent for your company. Staffing costs in Beijing are also thought to be relatively moderate, enabling startups to minimize their startup costs without compromising on their structure or the quality of the workforce at their disposal. It has also been argued that Beijing is well-placed to strengthen its position as the leading player in the field of artificial intelligence (AI), which will be one of the key drivers of tech growth in the near-term.
Seoul is one of the largest growing Asian tech hubs for startups. Global tech giants like Google have all set up strategic locations within the South Korean city. The South Korean government has been leading several incentives and initiatives for startups locating their headquarters within the country. As of 2020, Seoul has been recognized for some of the highest government backing per capita for tech startups. Seoul, South Korea is one of the largest Asian tech hubs to locate your startup business.
Shenzhen is one of the largest tech hubs in China, as well as in Asia as a whole. The Chinese city of Shenzhen has broadened its parameters due to an incredibly significant investment in research and development. For locating a startup tech business, Shenzhen presents ample office stock availability, reasonable business employee related costs, planned new supply, and flexible workspaces. Shenzhen is currently home to some of the largest tech companies in the world. Currently, major businesses like Huawei, Tencent, smarphone company ZTE, and drone manufacturer DJI all have facilities located in Shenzhen.
There are several major tech hubs for Asian startups across the continent. Singapore remains one of the best places to launch a technology venture, as it has for many years. Major Asian cities like Hong Kong are relatively new technology hubs in Asia. Next up is Beijing, which scores well on the economic scale and provides burgeoning tech startups with incredible growth potential. Moreover, Seoul is one of the largest growing Asian tech hubs for startups. Furthermore, Shenzhen is one of the largest tech hubs in China, as well as in Asia as a whole. Consider the points mentioned above to learn about the main tech hubs in Asia for a start-up.