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FII conference: open dialogue, ‘hyperlocal’ approach are keys to Asia’s vibrant start-up ecosystem, industry leaders say
- Companies must be able to show local policymakers they are there for the long run, WeLab founder tells panel
- Private equity must ‘dig’ into the market and identify what gaps can be filled, says COO of venture fund 500 Global
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“Hyperlocality” and open dialogue between regulators, businesses and investors, can help retain the vibrancy of Asia’s start-up ecosystem, industry leaders said at the FII Priority conference in Hong Kong.
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“We apply the same business model and the same technical structure everywhere but we globalise our people and localise our approach,” said Paul Loo the chief operating officer of Hong Kong logistics company Lalamove on a panel about venture capital and Asian start-ups.
According to Crunchbase there was US$22.3 billion invested in Asian start-ups in the third quarter of 2023.
The region is full of top talent, has a strong market and access to capital, said Loo, and this was a key part of the company’s success in expanding in China and beyond.
Lalamove, which was founded in 2013, now operates in more than 30 cities across Asia and Latin America.
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Companies must be able to localise themselves to market conditions and show local policymakers they are there for the long run, according to Simon Loong founder and CEO of virtual bank WeLab, who spoke on the same panel on Friday.
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