The confluence of economic growth, rising middle class, and upcoming ASEAN Economic Community have drawn many international players to the potential of frontier markets. Today, we see luxury brands such as Rolls-Royce and BMW in Cambodia – with more brands following suit. We also see increasing affluence – for example, Sri Lanka, whose Gross Domestic Product (GDP) per capita rose from US$859 in 2000 to US$3,256 in 2013. If we were to look beyond the current wave of optimism, the question is, how substantial is the market potential of frontier markets vis-a-vis their risks? Which market is likely to emerge as the front runner?