Key contenders for Vietnam's AI crown

More: Indonesia’s Minister of Trade has denied that TikTok is preparing to obtain an ecommerce permit, walking back on remarks from his deputy. [Read from your browser]( Daily Newsletter Welcome to Tech in Asia's free Daily Newsletter! Get full access to our subscribers-only Daily Newsletter and other insightful analysis on the big and messy topics of Asia’s tech and startup community by [registering here](.  --------------------------------------------------------------- IN FOCUS In today's newsletter, we spotlight: - [Key players in Vietnam’s AI race]( - Binance’s top executive in the Philippines exits from the firm - Other newsy highlights such as Indonesia’s Minister of Trade denying that TikTok is in the process of obtaining an ecommerce permit and the potential ban facing the short-video app in the Philippines --------------------------------------------------------------- Hello {NAME} The last time I was in Vietnam was over a decade ago. While studying for university exams, a group of friends and I booked a trip to Ho Chi Minh on a whim - a post-exam trip, we justified. We also spent a few days in the nearby city of Da Lat. While my memories of Vietnam are fuzzy, I’ve been told countless times to revisit the bustling and thriving city of Ho Chi Minh, a place for foodies, coffee and beer lovers, and techies alike. As AI fever sweeps across the globe, it’s no surprise that Vietnamese firms are also racing to get to the top of the field. One of the contenders, tech firm VNG, owns the popular messaging app Zalo, which locals use more than Facebook Messenger or WhatsApp. The tech unicorn is building large language models targeted at Vietnamese users based on open-source code from US tech firms. It has also incorporated AI into its various products - from games, and payments, to cloud infrastructure. While VNG’s advantage of having a user base of over 75 million in the country - and therefore a large data source - could set it up for success, its chief executive, Le Hong Minh, has acknowledged the risks of investing in costly AI projects. No one said the race to the top was going to be easy. -- Melissa  ---------------------------------------------------------------  THE BIG STORY [AI race in Vietnam heats up as more tech giants join the bandwagon]( Analysts believe that only a handful of companies can compete in the AI race in Vietnam as it needs large capital and data handling requirements. ---------------------------------------------------------------  VISUAL STORY OF THE DAY [Mapping Indonesia’s key logistics players and ecommerce enablers amid slowdown (update)]( Funding for both sectors continues to decline from its peak in 2021 amid sluggish ecommerce growth after the pandemic. --------------------------------------------------------------- TECH IN ASIA’S REGIONAL FOUNDERS MEETUP: SINGAPORE Join Tech in Asia's 11th and final meetup of 2023! Calling all Singapore-based founders! As 2023 comes to a close, we’re gearing up for our final Founders Meetup of the year in the Lion City, where it all began. By popular demand, Tech in Asia founder and CEO Willis Wee will talk about his startup journey, which has culminated in an M&A deal with SPH Media, in a fireside chat moderated by our COO Maria Li. Join us on December 5 at Mortar & Pestle to get a candid look at what goes on behind the scenes to pull off an M&A deal and take home key insights that will help you best navigate and understand the M&A process if you choose to go down this route. Don’t miss this chance to learn, connect, and have fun with your fellow founders as we conclude this year’s Regional Founders Meetup series with a bang! [Get your tickets now]( before they run out! A big thanks to our supporting partners - AWS, CleverTap, Cooley, Oracle, Sinarmas Land, Singapore Global Network (SGN), Quest Ventures, and Purple Quarter - for making this meetup possible. Note: This is a closed-door event and is strictly off the record - no media buzz, please! While Willis and Maria will share as much about the M&A deal as possible, confidential terms will not be disclosed. ---------------------------------------------------------------  EVENTS HAPPENING You can also check out a curated list of trending tech events [over here](. - [Tech in Asia’s Regional Founders Meetup: Singapore on December 5]( Calling all Singapore-based founders! We’re concluding this year’s Regional Founders Meetup event series at the Lion City, where it all began. As Tech in Asia gears up for its next adventure with SPH Media, our founder and CEO Willis Wee will share his startup journey and give insights on what it takes to pull off an M&A deal in a fireside chat moderated by our COO Maria Li. Join us at Mortar & Pestle (269 South Bridge Rd, Level 4, Singapore 058818) on December 5 from 6:00 p.m. to 8:00 p.m. (SGT) to connect with fellow founders and end the year with a bang. Hurry, tickets are selling like hotcakes - [RSVP now before they run out]( Note: This event is closed-door and strictly off the record - no media buzz, please! While Willis and Maria will share as much about the M&A deal as possible, confidential terms will not be disclosed. ---------------------------------------------------------------  PRESS PEEKS The following press releases were published as they were received, without any editing from the Tech in Asia team. You too can publish your own press release on Tech in Asia by simply filling in [this]( page](. 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