News - AI adoption drives growth in Asian startups

In an era where technology shapes the competitive landscape, founders across Asia are rapidly increasing their investment in AI tools. According to a comprehensive study conducted by Singapore-based fintech firm Aspire, spending on AI tools by founders surged by 20% in the past year alone. Aspire analyzed data from over 37,000 regional SMEs, uncovering a decisive shift towards enhancing operational efficiency through AI applications. Andrea Baronchelli, co-founder and CEO of Aspire, asserts that this investment trend marks a strategic reallocation of capital towards technologies that drive efficiency and productivity. Notably, the use of Anthropic's Claude model rose by threefold, while Cursor, an AI-powered coding tool, saw its usage increase by 4.2 times. Baronchelli emphasizes that startups are leveraging these technologies not just for administrative tasks, but to drive their core product development. The study further reveals a pronounced surge in AI startup formations across the region. In Singapore, 30% of new ventures delve into AI, while in Hong Kong, two-thirds of business registrations in late 2025 were from the AI sector. This growth underscores a robust institutional readiness and a new generation of entrepreneurial leaders eager to navigate a landscape characterized by global competition and rapid technological disruption. Baronchelli’s entrepreneurial journey began after leaving a career in investment banking in London. Disillusioned with traditional systems, he embraced the dynamic realm of entrepreneurship, joining the founding team of Lazada in Hong Kong. Rising to become the Vietnam CEO and later the Chief Marketing Officer until the company's acquisition by Alibaba Group, Baronchelli solidified his prowess in the tech industry. In 2018, alongside Giovanni Casinelli, he founded Aspire. This innovative B2B fintech platform simplifies financial processes for SMEs, serving over 50,000 businesses across 16 countries. Noteworthy clients include eSIM provider Airalo and e-commerce firm Carousell. Supported by global heavyweights like Y Combinator, Tencent, and Sequoia Capital's Southeast Asian outfit, Aspire is poised for continued growth. Baronchelli highlights the burgeoning trust in fintech solutions as a vital catalyst for their expansion, noting the growing acceptance of platforms like Syfe, StashAway, and Endowus. Aspire's intention to extend its footprint westward underscores its ambition to be at the forefront of new market opportunities. As Baronchelli puts it, "Being where new businesses emerge represents the most significant opportunity for us." With licenses secured to operate in the U.S., Australia, and Europe, Aspire is set to empower early adopters of technology globally, solidifying its role as a pivotal player in the fintech ecosystem.