China, India Dominate New Corporate "Emerging Giants"; Watch Out For Vietnam – KPMG

Editorial Staff

31 August 2022

India and China, unsurprisingly given their size, are set to dominate the Asian space as the source of fast-growing tech businesses, while countries such as Vietnam are worth paying attention to, according to as so significant. The whole trend of what is called the 'metaverse' was also quite prominent, along with DEFIs (decentralised finance) …DAO (decentralised autonomous organisation), digital tokens…blockchain for real estate. I did not expect to see such a pronounced bias there,” he said.

Looking at future firms and where growth is coming from, China and India are slated to dominate in terms of sheer numbers and volume of business.

“In terms of trajectory, China, India, Japan, Singapore and South Korea are in the top five this local culture of hunger for change and it creates a leapfrog mentality to build the right infrastructure, education and knowledge,” Yong said. (He is not unique in that view – we have spoken to firms such as Swiss bank Bordier & Cie about its work in the country.)

Another force at work, benefiting countries such as China, is the change to global supply chains, Yong added.

The Emerging Giants in the Asia-Pacific study by KPMG and HSBC looked at 6,472 technology-focused startups across 12 key markets and identified approximately 120 industry subsectors.