Behind Singapore’s growth as a regional tech hub

Eighty of the world’s top 100 tech companies have a presence in Singapore, a city-state that has been described as a “miniature Silicon Valley.”

That’s thanks to a culture of innovation, strong intellectual property protection laws, and its status as a financial center. These factors, along with nationwide initiatives to support new businesses, have positioned Singapore as a regional tech hub.

What it takes to become a tech hotspot

One example of a government-led initiative is the Accreditation@SG Digital (Accreditation@SGD) program, which was launched by the Infocomm Media Development Authority of Singapore (IMDA) in July 2014.

The program aims to assist tech companies in establishing their credentials and connecting with potential customers. Its ultimate objective: driving Singapore’s growth in the technology and communications sector, contributing to the digital economy strategy.

For the country to be seen as a center of tech development in the region, companies in the city-state must go from simply selling tech to actually building it, according to Edwin Low, director of Accreditation@SGD.

“You have a vision where you want to be a tech hub. What is it that you want to build? What capabilities do you want to bring?” he challenges. “It’s not just to be a seller. I want to have a larger slice of the value capture, so which segments can I play in?”

(L to R) Rafael Sweary, co-founder and president of WalkMe and Edwin Low, director of Accreditation@SG Digital / Photo credit: IMDA

At the same time, the way consumers use technology has also changed rapidly over the years, with huge developments in areas such as AI and the internet of things. Adapting to these shifts is important for Singapore’s development as a tech hub.

The Accreditation@SGD program, Low shares, is meant to support new companies – those that are pushing the envelope and disrupting the status quo – by accelerating their growth and introducing them to more business opportunities.

International players

Having focused on local companies during the initial years, the program has expanded to include foreign players that are able to contribute to meaningful economic activities, says Low.

Singapore “serves as the regional headquarters of many global organizations, and the government is very pro-business,” shares Rafael Sweary, co-founder and president of WalkMe, a US-based digital adoption platform that’s part of Accreditation@SGD.

The city-state, he says, is a good point of entry to the Asia-Pacific market, a sentiment that Damien Wong, vice president for APAC at Confluent, agrees with. The US-based firm is also part of Accreditation@SGD.

“Singapore is widely known for its world-class infrastructure, and coupled with its strategic location right in the middle of the Asia-Pacific region, that makes it perfect for companies like Confluent who seek to address the needs of our customers across this geography,” explains Wong.

For Jaspreet Singh, CEO and founder of Druva – a data protection software company that was founded in India – Singapore’s appeal lies in its strong foundation of innovation.

“With an innovation ecosystem that is made up of advanced infrastructure, an exciting and growing network of startups, diverse and world-class talent with strong technical background, and committed government support that welcomes new businesses, Singapore has become a compelling destination for any business with global aspirations,” says Singh.

While the nation’s economy benefits from the technical and management talent brought in by these foreign companies and the high-value business roles they create, foreign firms gain an advantage through a better understanding of what businesses in Singapore need and access to a greater pool of clients.

“The Accreditation@SGD program opened up new business opportunities with potential private sector customers,” Singh says. “Also, the access accredited companies have to a network of investors, mentors, and enterprise partners is a very intriguing opportunity.”

For Confluent, the program and the IMDA team were instrumental in helping it establish brand awareness. “Awareness sessions were organized to introduce Confluent and explain how we help enterprises embark on the journey of setting data in motion,” Wong explains. “Additionally, being accredited enabled us to exhibit at marketing showcases like the Singapore Fintech Festival, among many others.”

(L to R) Jaspreet Singh, CEO and founder of Druva and Damien Wong, vice president for APAC at Confluent / Photo credit: IMDA

On a different note, Sweary says WalkMe got opportunities through better access to government departments and useful feedback.

“We have been involved in numerous pitch sessions, we have been exposed to a broader set of business problems, and more importantly, we have been able to internalize the feedback we have received,” he explains.

As the accreditation program effectively greenlights businesses, it also helps companies connect with customers without needing to go through a tedious procurement process, shares IMDA’s Low.

Working toward the future

In line with Singapore’s vision to be a regional digital hub of Southeast Asia, IMDA recently teamed up with Chinese incubator TusStar. The collaboration aims to promote exchange platforms, which in turn allows companies from both countries to expand internationally and increase the diversity of local tech communities.

From tech solution matching services like the Open Innovation Platform to infrastructure digitization efforts with e-payments and smart urban mobility, there are many initiatives working in concert to make the Singapore government’s vision of becoming a Smart Nation and regional tech hub a reality.

“Talking about the Smart Nation as a whole, we have the view that tech is a key enabler to actually take us to the next level,” shares Low. “Accreditation is a piece of that machinery.”

The Accreditation@SGD program developed by IMDA aims to help promising and innovative high-growth infocomm and media product companies establish credentials, ultimately building an innovative technopreneur ecosystem to drive economic growth in Singapore.

Find out more about the Accreditation@SGD program on its website.

You can also find a list of companies in the program which have been covered in depth by Tech in Asia here.

This content was produced by Tech in Asia Studios, which connects brands with Asia’s tech community. Learn more about partnering with Tech in Asia Studios.