Southeast Asia’s physical AI startups are building more practical robots than flashy ones. Also: We look at Shein’s numbers ahead of its IPO.
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IN FOCUS

  • Meet the startups building Southeast Asia's physical AI foundations
  • What Shein's newly disclosed financials reveal ahead of its Hong Kong IPO
  • South Korea's Hanpass is testing stablecoins across payments and remittances

Hello reader,

Science fiction has long imagined robots taking mundane tasks off our hands. We're getting there, just more slowly, and with much more human effort behind the scenes than fiction might suggest.

Consider the robot vacuum cleaner, which has become a fixture in many homes and is something we now largely take for granted. Less visible is all the work required to make machines like this useful: collecting and processing training data, integrating hardware and software, mapping customer sites, and providing deployment and maintenance services.

Before robots can appear intelligent in the real world, that groundwork has to happen, and this is what a growing cluster of Southeast Asian startups is now building.

Today's top story maps nearly three dozen of them. Some are building the hardware themselves, while others focus on the data, software, and services essential for implementation. Together, they've raised nearly half a billion US dollars.

The shape of this market looks little like the humanoid-robot race playing out in the US and China, as only five companies in Southeast Asia are chasing humanoid robots or general-purpose machines. Instead, most are going after narrower jobs like sorting warehouse stock, cleaning floors, or inspecting ship hulls.

Robots that dance and do backflips draw a crowd, but customers pay for machines that can handle a job reliably without breaking down. That's the commercial bar the region's physical AI startups are trying to clear. Less flash, more work.

Glenn Kaonang, journalist


TOP STORY

The startups behind Southeast Asia's physical AI push

Robotics and physical AI startups raised US$16.3 billion globally in Q1 2026. Asia accounted for 54% of the deals, but that's only around 25% of their value. The money is reaching Southeast Asia nonetheless, with recent examples including dConstruct Technologies' US$125 million series A and Ropedia's US$22 million pre-series A.

Data and deployment remain the sector's biggest bottleneck. Raw first-person video is no longer scarce, but turning it into datasets that robotics labs can use requires detailed annotation and the extraction of spatial and movement data. Deployment is similarly labor-intensive, often requiring someone to install the equipment, map the job site, test the robot, and train its users.


SPOTLIGHT

Shein opens its books ahead of Hong Kong IPO

The fast-fashion ecommerce company is moving closer to a Hong Kong listing after earlier attempts in New York and London stalled. China's securities regulator confirmed this month that Shein had completed the required filing procedures, and the firm has filed a draft prospectus.

The filing doesn't disclose the offering's size, price, or timetable, but it gives investors a clearer look at its finances.

Reuters earlier reported about Shein seeking a valuation of US$40 million to US$50 billion - below its reported US$100 billion valuation in 2022.

The filings show that revenue across the group rose 8% to US$41.85 billion in 2025, while net income fell 38.7% to US$2.06 billion.

Crucially, the removal of a de minimis exemption in May 2025, which previously allowed goods under US$800 to enter the US duty-free, has hit revenues in its largest market, the numbers show.

Shein's US revenue fell 14.3% to US$2.04 billion in Q1 2026. It will likely face similar pressures in the European Union, which introduced a levy of 3 euros (US$3.4) on low-value ecommerce imports this month. The bloc accounted for roughly a third of Shein's revenue in 2025.

The listing will give public-market investors their first opportunity to put a price on Shein's growth as its cross-border shipping model faces higher costs in major markets.


TRENDING NEWS

1️⃣ S Korea fintech firm Hanpass eyes stablecoin push

Hanpass is testing stablecoin-based services for overseas payments, foreign-worker remittances, tourist payments, and B2B trade settlement. The Philippines will be its first overseas market, followed by Japan and Australia.

2️⃣ KPay gets in-principle approval for payments license in Singapore

KPay has received in-principle approval for a Major Payment Institution license in Singapore. If finalized, the firm could offer merchant acquisition, as well as domestic and cross-border transfers in the city-state.

3️⃣ Naver shares jump 10% on Nvidia's $1b investment

After Nvidia agreed to invest US$1 billion for a 4.5% stake in Naver, the South Korean internet firm's shares rose more than 10%. The funding will support an AI data center expansion that is expected to reach 200 megawatts by 2028.

4️⃣ China's CXMT surges 500% in Shanghai debut

Chinese memory chipmaker CXMT's share price jumped more than 500% on its Shanghai STAR Market debut after raising US$8.6 billion in its IPO. It plans to use most of the proceeds for memory wafer mass production.

5️⃣ Nvidia in talks on $250b backing for OpenAI Ohio site

Nvidia may provide around US$250 billion in financial guarantees to help OpenAI lease a planned 10-gigawatt data center in southern Ohio. SoftBank's SB Energy would fund and operate the facility, which hasn't been publicly identified as part of the Stargate project.


WHAT'S NEXT FOR CLOUD INNOVATION?

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Whether you're a founder mapping your next phase of growth, a chief information officer weighing where to invest, or an engineer solving the next technical problem, you'll find sessions built for the decisions in front of you. Connect with industry leaders and AWS experts defining the future of cloud and AI and walk away with practical approaches to implement right away.

Space is limited! Register here.


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 our site by simply filling out this form. Our team will get back to you by the next business day.

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In conversation with the co-founder of Supabase

In conversation with the co-founder of Supabase

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