Foundation models are the basis of the generative AI (genAI) revolution. They have helped to transform how AI systems are built. Although the global AI race has been dominated by Western firms, vendors in Asia Pacific (APAC) offer a plethora of foundation models that are strong contenders. This report describes how APAC foundation models have emerged as powerful options to help the region’s firms develop AI systems and lists the leading commercial and open-source foundation models available to businesses and tech leaders there.