With the world evolving faster than ever, businesses need to reinvent themselves amid changing trends and priorities. In light of COVID-19 and the new decade, advances in technology are and will continue to disrupt old business models, giving rise to the new economy. Micro, Small and Medium Enterprises (MSMEs) are now in the forefront, accounting for more than 90% of establishments in the ASEAN region, and contributing to 30-53% of GDP among member countries.

In our follow-up report conducted prior to COVID-19, findings have revealed that amidst the global pandemic and in future, Southeast Asian entrepreneurs are future-focused. More than ever, they are looking towards leveraging technological advances to improve their businesses in order to connect better with their consumers. MSMEs plan to invest more in business technologies such as cybersecurity, e-commerce, and AI, which will accelerate their digital transformation and streamline operation processes.

To better understand the needs of Southeast Asia’s MSMEs, research conducted by Bloomberg Media Studios in partnership with GrabFinance unearthed the views and aspirations of 600 respondents from MSMEs in Singapore, Malaysia, Thailand and the Philippines. The survey-based study, titled SMEs in a New Decade, New Economy, sought to uncover the trends, business needs and priorities of the region’s entrepreneurs as they enter an exciting new era.