Forbes Asia has released its fifth annual 100 to Watch list, providing a window into the vibrant world of startups and small companies across the Asia-Pacific region.
This year’s compendium highlights a constantly evolving ecosystem with an increasing focus on AI and deep tech. The list reflects a positive uptick in venture capital funding in some countries, with India, Japan, and Singapore drawing more risk capital this year.
A total of 16 countries and territories are represented. India leads the pack with 18 companies, followed by Singapore and Japan with 14 each. The 100 companies featured have collectively drawn nearly US$3 billion in funding to date.
Earning a place on the list involved a rigorous evaluation process where the Forbes Asia team assessed each company.
To qualify for consideration, a company had to be a privately owned, for-profit venture headquartered in the Asia-Pacific region. They also must have no more than US$50 million in annual revenue and no more than US$100 million in total funding.
Forbes Asia assessed each nominee on factors including their impact on their industry, market fit, innovation, and ability to attract funding.
Amidst this competitive landscape, two Malaysian companies earned a coveted spot, both making their mark in the dynamic finance sector.
Soft Space
Soft Space began its journey in 2012, operates from its headquarters in Kuala Lumpur, and follows the leadership of CEO Joel Tay. Joel was recently named a winner of the Fintech Frontiers 50 award, which recognises the key builders of the infrastructure and products shaping the future of finance in the region.
The company offers contactless mobile payments and e-wallet services for businesses.
Its flagship product, SoftPOS, is a point-of-sale technology that enables merchants to accept contactless payments directly through their smartphones. This innovation eliminates the need for traditional hardware.
The platform also supports e-wallet services, QR code payments, and provides tools for fraud detection and real-time analytics.
To expand its international footprint, Soft Space announced a capital alliance with Japanese payments giant GMO Financial Gate last year. The goal of the partnership is to deploy the company’s SoftPOS technology in Japan.
In 2023, the company raised US$31.5 million in a Series B1 funding round.
Versa
Founded more recently in 2021, Versa is a digital wealth-management platform led by CEO Teoh Wei-Xiang.
The company allows Malaysians to invest in both conventional and Shariah-compliant funds, track savings, and access retirement planning tools.
In a significant milestone, Versa became the first e-service platform licensed by Malaysia’s Securities Commission in 2021. The company reports having over 300,000 users.
Last March, it raised RM 30 million (US$6.8 million) in a Series A funding round led by AHAM Asset Management.
If you’d like to know more about the Asia-Pacific fintech companies that made it to the list, we’ve got you covered. Head over to Asia-Pacific Fintechs That Made Forbes Asia’s 100 To Watch 2025 on our Singapore website.
Featured image: Edited by Fintech News Malaysia based on an image by Forbes.
