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  "documentTitle": "e-Conomy SEA Unlocking the $200 billion digital opportunity in Southeast Asia",
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  "authorName": "Google, Temasek, Bain",
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  "notes": "The slide provides a comparative narrative analysis of three Southeast Asian markets.",
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      "text": "The lack of homegrown Unicorns explains the lower levels of funding received by Malaysia, the Philippines and Thailand as compared to their neighbors.",
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      "text": "CAGR: 21%",
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      "text": "Malaysia's Internet economy has continued to rise at a steady 21% annualized rate despite economic headwinds. e-Commerce, a bright spot, has tripled in size since 2015 and exceeded $3 billion in 2019. The sizable Online Travel sector, spearheaded by budget airlines and budget hotel chains, has reached close to $5 billion.",
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      "text": "Of the six Southeast Asian countries, the Philippines has the most room for growth. The Internet economy makes up 2.1% of the country's GDP currently, and is expected to hit 5.3% by 2025. Notably, the Philippines is experiencing a growth surge in the Online Media sector, which has recorded a 42% annualised growth rate since 2015. Subscription Music and Video Streaming services are especially popular among young Filipinos who are well-acquainted with English content.",
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      "text": "With regional and global players at the forefront of the country's Internet economy, funding for Thai startups has dried up. The $50 million raised in the first half of 2019 is far below the peak recorded in 2017. Late-stage funding has been absent, with a lack of deals that are worth $25 million and above.",
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      "text": "Landmark deals in the Digital Financial Services sector, such as those involving Voyager Innovations, Coins.ph and First Circle, have boosted investments in the Philippines' Internet economy to over $300 million in 2018. This is a sixfold increase compared to the previous year. Aided by supportive regulations, Digital Financial Services is one of the country's most dynamic and promising sectors.",
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      "text": "Other challenges that limit the potential of these countries remain. For one thing, all three pose regulatory uncertainties when it comes to Ride Hailing, which is a possible reason why the industry is not growing as quickly as in Indonesia, Singapore and Vietnam. These challenges relate to strict licensing schemes, which have led to an insufficient supply of drivers and a lack of competition to meet rising consumer demand.",
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      "text": "Thailand's Online Travel sector ranks among the biggest in the region, valued at $7 billion in 2019 and growing at a brisk 17% annualized growth rate. Online Media has also been expanding rapidly at 39% CAGR since 2015, buoyed by high levels of engagement on social media and video platforms among the Thais.",
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      "text": "The lack of homegrown Unicorns explains the lower levels of funding received by Malaysia, the Philippines and Thailand as compared to their neighbors. Yet, all three countries remain deeply integrated into the region's Internet economy, and companies like Grab, Lazada, Shopee and Traveloka continue to invest in them through their local subsidiaries.",
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      "text": "While funds for Malaysian Internet companies have nearly totalled $1 billion since 2015, the country is also experiencing a slowdown. The $140 million raised in the first half of 2019 fell short of 2018 levels.",
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