DBS Nextwave Southeast Asia 2025: A New Golden Age?
What’s next for Southeast Asia tech after e-commerce reaches profitability
In collaboration with 
E-commerce was the first ‘killer app’ in Southeast Asia tech. Its emergence pulled forward the region’s digital infrastructure and venture investment ecosystem and paved the way for new digital business models.
Now, ten years on and profitable, e-commerce brings important validation and momentum to Southeast Asia’s tech sector at large. We believe this to be an important moment for start-ups, scale-ups, and investors alike.
In this whitepaper we discuss the evolution of e-commerce in Southeast Asia, its newfound profitability, and the sector’s current and future implications for the region’s wider tech economy.
Key takeaways
- Southeast Asia e-commerce has reached profitability in 2024, marking an important moment of validation and maturity for the region’s wider tech sector.
- Online growth is stabilising but deepening, and regional e-commerce sales are forecast to more than double to US$410bn by 2030.
- Consolidation will benefit ‘Generation 1 winners’ like Shopee and Grab; the extent will be determined by their strategic focus and whether new market entrants appear.
- The capital structure of Southeast Asia tech is evolving; the next generation of founders will need to pair fundraising and finance to drive sustainable growth.
Why download this report?
Stay ahead in the competitive e-commerce sector with insights that go beyond the surface.
- Understand the new rules of the game: As Southeast Asia’s e-commerce market matures, growth alone is no longer enough.
- See where the next opportunities are: Find out which sectors, models and strategies are best positioned for the years ahead.
- Learn how market leaders are adapting: Get real insights into how top platforms and start-ups are responding to slower growth and rising competition.
