PR Newswire - Fushi Deepens Its Reach across Southeast Asia, Leveraging AI to Drive SaaS Innovation

SINGAPORE, March 3, 2025 /PRNewswire/ -- AI is no longer a distant vision. It has seamlessly integrated into our daily life and business operations, transforming industries at an unprecedented pace.

Fushi Technology, an AI-powered, one-stop digital service provider for merchants, has launched its AI Agent solution for the F&B industry in Southeast Asia, marking a significant step in its global SaaS expansion. This innovative product offers 24/7 intelligent ordering, personalized recommendations, knowledge sharing, and customer support, acting as a smart digital assistant for businesses.

As part of its global expansion strategy, Fushi strengthened its presence in Southeast Asia in 2023 by acquiring Ascentis, a leading regional SaaS provider. This strategic move unites Fushi's advanced AI capabilities and Ascentis' expertise in CRM and loyalty solutions for the retail and F&B sectors, driving rapid growth for the group.

Strategic Acquisition Fuels Fushi's SaaS Expansion in Southeast Asia

Johnson Tan, Vice President of Fushi with over 17 years of experience in Digital Transformation, CRM Strategy, and Information Technology in Southeast Asia highlights the region's distinct market characteristics:

"Southeast Asia's SaaS market is experiencing rapid growth but remains highly fragmented. The level of the digital transformation varies significantly across countries. It contrasts sharply with China's consolidated market landscape dominated by tech giants like Meituan, Alibaba, etc. with their highly integrated digital solutions and ecosystems concluding payment, logistics, and customer interaction. This fragmentation creates both complexity and opportunity for solution providers like Fushi, who has the capability of blending Chinese digital expertise to local market needs."

By June 2024, Fushi had served more than 200 global brands—including Starbucks, MUJI, New Balance, Levi's, KOI, and Mr. Coconut—across over 20,000 outlets in Singapore, Malaysia, Indonesia, Thailand and Vietnam.

From Johnson's perspective, Fushi's successful market entry rests on two key factors:

1. Localized Expertise through Strategic Acquisition
   Acquiring Ascentis in 2023 gave Fushi immediate access to regional strategies, cultural insights, and regulatory expertise, helping it overcome key market entry barriers. Additionally, Fushi leverages Ascentis's extensive experience with large enterprises to navigate Southeast Asia's dynamic market and accelerate its regional expansion.
2. Harnessing Group Synergy for Growth
   Fushi is a subsidiary of Hong Kong–listed fintech company Yeahka (09923.HK). With Yeahka's robust R&D support and digital expertise, Fushi is able to achieves greater cost-effectiveness and has developed its AI Agent product, a breakthrough in scenario-based AI applications. The parent company's AI capabilities, coupled with Ascentis's local operational knowledge creates substantial synergy that supports long-term growth for all parties in Southeast Asia.

Strong business results affirm the success of the acquisition. Post-merger, Ascentis not only solidified its market position but also achieved profitability within the same year, reinforcing the long-term value of the partnership. Looking ahead, profits are expected to double in the coming years, setting the stage for Fushi's accelerated expansion across Southeast Asia.

SaaS Market Craves Differentiation: Will AI Be the Game-Changer?

Currently, many SaaS offerings in Southeast Asia follow a one-size-fits-all approach. In contrast, Fushi sets itself apart with deeply localized, AI-driven solutions tailored to individual business needs.

"Starting last year, there has been a huge focus on AI. We have started a series of development on AI as a key product differentiator."
—Johnson Tan

Fushi's AI innovations boost business decision-making and operational efficiency. Its ecosystem integrates AI at its core, ensuring streamlined data management and synergistic operations. Fushi's solution minimizes manual intervention, enhancing efficiency for customers.

"Beyond technology, what sets us apart is our ability to localize and customize solutions rapidly at scale. By working closely with clients and delivering tailored solutions efficiently, we ensure their unique requirements are met, giving us a clear competitive edge over one-size-fits-all solutions."
—Johnson Tan

Close collaboration with clients fosters continuous optimization and unlocks new opportunities. Through partnerships with Levi's and Maxim's Group, Fushi identified key areas for enhancement in data analytics and CRM systems, leading to AI-powered advancements in its offerings:

• AI Insights: Users can ask questions like "What is driving my sales growth?" The system then analyzes and visualizes the data, providing actionable recommendations through an interactive interface.
• Autonomous CRM: Traditional CRM systems can be complex to configure. By co-developing an AI agent with Ascentis, Fushi enables users to simply "talk" to the system, effortlessly creating functionalities without the need for manual CRM navigation and setup.
• "We aim to further enhance the system, expanding its capabilities beyond configuration assistance to cover client communication. AI will identify target customers, craft tailored messages, and recommend personalized promotions. Additionally, we are developing our own Customer Data Platforms (CDP) based on client feedback and needs, leveraging AI to segment customers and manage data seamlessly across multiple sources. By collaborating with strategic clients, we strengthen our ability to deliver customized services with greater efficiency, fostering mutually beneficial partnerships."
  —Johnson Tan

Looking Ahead

Moving forward, Fushi will focus on expanding in Singapore, Malaysia, and Indonesia by strengthening its R&D and operational teams. The company will continue to explore AI applications across various use cases, both internally and externally, while taking on more enterprise-level projects. On the customer acquisition front, Fushi aims to further diversify its client base catering to both large enterprises and small to medium-sized F&B businesses.

Johnson believes AI will remain crucial to Fushi's SaaS development strategy, recognizing its potential to be a game-changer for many industries in the years ahead.

"We believe that AI represents the future, not as a replacement for human labour, but as a tool to empower people to achieve more with greater efficiency and beyond."
—Johnson Tan