A BIG CHANGE is under way in Asia’s technology industry. As investors avert their eyes from the government-imposed nightmare engulfing China’s internet champions, a cohort of South-East Asian counterparts is booming. Tot up the value ascribed by the market to just three listed and soon-to-be listed consumer-app giants with headquarters in Singapore and Jakarta, and the figure approaches a quarter of a trillion dollars. Add to that the $70bn or so combined worth of a whole field of new unicorns—privately-held startups worth $1bn or more—and South-East Asia is surely fulfilling hopes, long-held, that a big emerging market consumer-tech sector would rise outside China.
On December 2nd Singapore-based Grab, a consumer-technology
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