The startup playbook: Why SEA is leading with purpose, not just profit

Coin Geek

4 hours ago

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As emerging technologies redraw the competitive map, Southeast Asia's startup founders are rewriting the rules—not by chasing unicorn status, but by building resilient, impact-driven companies that solve real-world problems.
That was the powerful message from a panel discussion at the Asia Tech x Singapore Summit featuring Yinglan Tan (Founding Managing Partner, Insignia Ventures), Dr. James Ong (Founder, AI International Institute), and Yanan Wu (Founder & CEO, Surfin Group).
Yanan Wu: The next billion users
For Wu, the mission is clear: bring financial access to underserved communities using artificial intelligence (AI) and social data.
'We use social behavior data to give them a credit score, to give a micro-learning program so that they can start a journey,' said Wu, whose fintech platform serves 70 million users across 10 countries.
'Everyone deserves a financial advisor, whether you're rich or you're underprivileged.'
Wu emphasized the vast untapped potential in underserved and emerging markets, pointing out that the real opportunity for unicorn creation lies not just in mature markets but in reaching the 'next billion users.'
'There are still hundreds of millions of people in this region who are either unbanked or underbanked. That's a huge opportunity,' he said. 'The tech has to be scalable, yes, but it also has to be meaningful to people. What's the utility? That's what drives sustainable growth.'
Wu added that understanding hyperlocal needs—whether in rural Indonesia or secondary cities in Vietnam—will determine which companies can truly scale across Southeast Asia.
His drive isn't just intellectual—it's personal. A former nuclear physicist turned entrepreneur, he lives on red-eye flights to lead a multi-country operation.
'You need resilience to cross over different cycles… Sometimes, it feels lonely. But you always have to cherish the moment where you came from, why you want to do this, and where you're going,' he shared.
Wu's ambition goes beyond scale. He believes Southeast Asia has a unique opportunity to leapfrog traditional financial models and embrace what he calls 'agentic AI'—financial co-pilots for the underbanked.
'In the past, banks could not reach those remote areas. Now, technology can be flat. Technology can be scalable. Technology can be sustained.'
Yinglan Tan: Growth happens in cycles
Tan, whose venture fund backs companies like Wu's, echoed the importance of vision and grit. When evaluating founders, Tan looks for one thing: 'They're unstoppable.' He described successful entrepreneurs as those who 'see a wall—they go on top of it, around it, dig under it, or make friends with the wall to get things done.'
Beyond hustle, Tan emphasized the ability to hire well, operate globally, and maintain perspective.
'They don't treat competitors as enemies. They see each day as a football match—you play to win, but you play by the rules. And when the day is done, it's another match.'
Tan believes Southeast Asia is moving past a correction phase and entering what he called a 'refounding' phase—an environment that favors innovation built on stronger fundamentals.
'What we are seeing is that companies that have gone through that discipline are now coming out stronger. There are a number of companies that are now going regional. I think that is the next phase of growth,' said Tan. 'We also look for founders that are missionary rather than mercenary because you need a missionary to last the ten years required to build a great company.'
He added that venture capitalists (VCs) are not simply searching for flashy tech or growth stories. The right founder-market fit, the ability to adapt, and a clear understanding of business fundamentals are just as crucial—if not more so—than hype.
James Ong: AI as Infrastructure
Dr. Ong urged founders to think beyond vanity metrics like valuations.
'Why are we focusing on unicorns? In Silicon Valley, it's all a financial engineering play. In Southeast Asia, we have a chance to reset the narrative,' he said. Instead of unicorns, he champions 'zebra-cons'—startups that balance profit with purpose. 'We also measure how much better life people are achieving, how much energy we're using.'
Ong offered a perspective rooted in deep tech and AI, framing AI not just as a tool but as an infrastructure layer that can drive exponential value—if harnessed properly.
'We see AI as the next form of infrastructure, like electricity or the Internet,' he said. 'But the challenge is how to democratize AI, so it's not just in the hands of the big players.'
He believes the next unicorn could emerge from a company that not only uses AI but also builds platforms that enable others to use AI to solve local problems—from agriculture and healthcare to logistics and finance.
'Democratization and localization of AI will be key. And that means building models, data, and interfaces that are actually trained and tested in Southeast Asia, not just imported from somewhere else,' he noted.
Key takeaways
Southeast Asia isn't just riding the AI wave—it's shaping a new one.
'Southeast Asia is at an inflection point,' said Dr. Ong. 'Entrepreneurs here are not only delivering economic value—they're solving humanity's problems with resilience and heart.'
Watch: Alex Ball on the future of tech: AI development and entrepreneurship
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