SOUTH-EAST Asia remains the top choice for Singapore startups and businesses as they continue to scale up their efforts despite, or perhaps because of Covid-19, given that this is an area with heightened focus as countries search for solutions and opportunities.
International projects increased by about 25 per cent, from 360 projects in the first 10 months of 2018 to about 450 projects in the same period in 2020. Markets with the highest number of projects include Malaysia, Indonesia, Vietnam, Thailand, and the Philippines said Enterprise Singapore’s (ESG) assistant chief executive officer, Tan Soon Kim in an interview with The Business Times.
“Our companies are also increasingly interested in South-east Asia for innovation partnerships, given the region’s growing emphasis to develop their innovation and startup ecosystem in the past few years,” he said.
“The region has built a strong reputation in this scene, with 13 unicorns groomed here, of which seven are based in Singapore. The region has also been attracting a significant number of global investors, with many parking their funds in Singapore.”
Early-stage venture capital fund Wavemaker Partners has seen interest in the region growing steadily since it began investing in South-east Asia in 2012.
“On the one hand, Covid-19 affects startups the same way it affects all businesses. On the other hand, it’s just another challenge among the many challenges startups have to deal with anyway,” said Wavemaker managing partner Paul Santos.
“We believe change is what drives opportunities to innovate. Covid-19 is driving major changes which are resulting in opportunities for startups to innovate.”
Peer-to-peer lending platform Funding Societies’ co-founder Kelvin Teo takes a similar view.
