The Internet of Things (IoT), artificial intelligence (AI), blockchain, and big data. All of these are tech buzzwords that have been created by an increasing reliance on tech. The ASEAN region has been at the forefront of the financial technology (fintech) industry, and it is currently looking to explore another facet of that movement, property technology (proptech), according to ASEAN Today.
Proptech, in a simple explanation, is a combination of the ideologies of real estate business and digital technology; a blockchain-based platform used in real estate is proptech. It can also be used to explain any combination of real estate and technology. In Southeast Asia, proptech is a booming industry, another startup field that those invested in fintech cannot simply ignore.
A collection of data on proptech by Jones Lang LaSalle (JLL) showed that most of the 'global' action happening to the sector is taking place in the very same region. Further data showed that in 2017 alone, 179 startups from Asia made up 60% of the global number of proptech investments. This was from data collected between the years 2013 and 2017.
The ASEAN's reliance on tech for things--almost like a reliance on the Internet of Things--is astonishing. While it is currently invested in studying fintech and proptech, that means it is also trying to diversify into other branches. Currently, Taiwan is exploring agritech (agriculture technology) and other related processes.
The Council of Agriculture (COA) will be heading six agricultural firms to exhibit, according to Business Insider. The TAIWAN EXPO 2019, which will be held in India, will focus on aiding India's 'flourishing' agricultural needs. The growth of the sector has been holding large appeal to Taiwan's many agricultural expertise, namely in seeds, seedling, plant breeding, and field management.
Taiwan also has a piece of advanced knowledge in agritech processes, and it is internationally known. Quite a few ASEAN countries have been following Taiwan's farming tech, and these are countries that have high GDP. The COA has since been invited by different countries in the region including Indonesia, Malaysia, the Philippines, and Thailand.
Proptech and fintech go hand in hand if it wants to grow, but it cannot ignore other rapidly growing sectors of technology. The region has started to awaken. Jones Lang LaSalle has estimated the region is starting to wake up, with 768 ASEAN proptech startups established and 36 of those with multi-million dollar deals.