Alibaba Cloud invests USD1 billion to support startups and developers in Asia

June 9, 2021 4:42 pm

Alibaba Cloud, the data backbone of Chinese e-commerce giant Alibaba Group, will invest USD1 billion into a project that it says is aimed at nurturing developers and tech startups in Asia over the next three years.

Detail: The investment is part of its Project AsiaForward that aims to provide training for developers, as well as connecting businesses with venture capital and other opportunities, Alibaba Cloud said on Tuesday at its Alibaba Cloud Summit 2021.

The company also said it will also launch its first data center in the Philippines by the end of this year, and it has formed the Alibaba Cloud Philippines Ecosystem Alliance, aimed at speeding up the digital transformation of businesses in the country.

In Indonesia, the company launched its third data centre to offer across database, security, network, machine learning and data analytics services

In Malaysia, Alibaba Cloud will partner with Handsprofit to build its first international innovation centre, nurturing Malaysian SMEs, startups and developers.

In Singapore, Alibaba Cloud has launched DigiTalents Forward programme through partnerships with the School of Computer Science and Engineering, and NTU-Alibaba Singapore Joint Research Institute at the Nanyang Technological University.

Context: Alibaba Cloud currently has 75 availability zones, located in Asia, Australia, the Middle East, Europe and the United States. According to consultancy firm Gartner, Alibaba Cloud was the No.3 IaaS cloud provider in 2020, behind Inc. and Microsoft Corp.,

Cloud computing is one of Alibaba’s fastest growing business, Alibaba cloud generated a revenue of CNY16.7 billion in the first quarter of 2021, representing a year-over-year growth of 37%.

In the December quarter of 2020, Alibaba cloud turned profitable for the first time driven by Covid-19 that forced businesses around the world to operate digitally.