Navigating Singapore's Tech Market: Essential Insights for Kiwi Tech Exporters

The "Navigating Singapore's Tech Market" webinar during Techweek25 provided Kiwi tech companies with a comprehensive roadmap for entering one of Asia's most strategic markets. Led by Erika Sirimanne, Head of Business Development (Tech) at New Zealand Trade and Enterprise (NZTE) Singapore, and Steve Dawson, CEO and Founder of Asia Market Entry, the session offered both high-level market analysis and practical steps for building revenue in the Lion City.

Singapore: A Strategic Gateway with Unique Characteristics

Sirimanne opened with a revealing PEST analysis that highlighted Singapore's distinctive business environment. As a high-income economy with one of the world's busiest ports, Singapore boasts a corporate tax rate of just 17%—the lowest in the ASEAN region and significantly below New Zealand's 28%.

"Singapore became an independent and sovereign nation on the 9th of August in 1965, so 2025 marks 60 years of independence," Sirimanne explained. "This means Singapore and New Zealand are also celebrating 60 years of bilateral relations."

This anniversary has strengthened the enhanced partnership between the two countries, covering areas including trade and economics, science and innovation, climate change and sustainability, and supply chain connectivity—creating timely opportunities for Kiwi tech exporters.

The Smart Nation: Digital Leadership in Action

Singapore's digital transformation journey spans decades, with the first broadband network access established in the 1990s. Recent milestones demonstrate the nation's commitment to becoming a global digital leader:

• The tech professional workforce grew from 160,000 in 2018 to 200,000 in 2024

• 99% of transactions between citizens and government can be completed online

• Singapore has moved toward being passportless at certain entry checkpoints

"Singapore is recognised globally for its strong rule of law and its IP protection environment. It was actually ranked first in the World Economic Forum's IP ranking and second in the International Property Rights index," Sirimanne noted.

This focus on digital infrastructure is backed by significant R&D investment, with Singapore spending 12.7 billion SGD (about 2% of GDP) on R&D in 2022, with government commitments to spend 25 billion between 2021 and 2025.

Key Tech Subsectors: Opportunities for Kiwi Companies

The session provided deep dives into four promising tech subsectors for New Zealand exporters:

Health Tech

Singapore's healthcare system is undergoing transformation through initiatives like the National Electronic Health Record and the healthier SG initiative, which is shifting focus from treating illness to preventing it.

"Public hospitals handle about 90% of Singapore's hospital workload, and these are divided into three clusters: SingHealth, the National Healthcare Group, and NUHS," Sirimanne explained, highlighting the concentration of potential customers.

For health tech exporters, early engagement with the Health Sciences Authority (HSA) is crucial, as approval processes can be lengthy and complex. Companies may also need Healthcare Services Act licenses for telehealth, diagnostics, or digital health services.

Clean Tech

With Singapore's Semakau landfill reaching capacity by 2030, waste reduction has become a national priority. Other focus areas include decarbonising transport, exploring alternative power generation technologies, and improving food security.

"Singapore's looking to produce 30% of the country's nutritional needs domestically by 2030," Sirimanne noted, though she acknowledged challenges in the agritech space where investments "have not been as successful as expected."

Singapore's carbon tax has recently increased from $5 to $25 per ton in 2024, with further increases to $45 planned for 2026, creating market incentives for clean tech solutions.

EdTech

Singapore's education sector offers opportunities in both public and private spheres. Families spend significantly on preschool education and enrichment programs, with the tuition and enrichment centre market worth 1.8 billion SGD in 2023.

The Ministry of Education's Student Learning Space (SLS) provides a sandbox opportunity for EdTech companies to test solutions before formal onboarding.

FinTech

While payments still dominate Singapore's FinTech landscape, Web3 technologies have grown to represent 16% of the sector. ESG tech is also on the rise, driven by mandatory climate-related disclosures.

"The Payment Services Act was quite landmark, and the continued changes in that space have given confidence to FinTechs to enter Singapore," Sirimanne explained.

Practical Steps for Market Entry

Steve Dawson, who has helped numerous international tech companies establish a presence in the Asia-Pacific region, provided practical advice for companies considering Singapore expansion.

"The first question really is, are you actually ready to expand?" Dawson challenged. He recommended companies honestly assess whether they have:

1. Complete management and board support

2. Enough case studies to confidently expand

3. Resources to support the new region, particularly considering time zones

4. Internationally-ready contracts and partner agreements

5. Sufficient focus to avoid distracting from home markets

Dawson emphasised that successful expansion requires the involvement of multiple departments: "When you're going into a new market, inevitably this team is going to need to support you at some point along the way."

The Partnership Imperative

A key insight from Dawson was the critical importance of partnering for successful market entry. "The world is simply too big to do this yourself," he explained. Partners can provide:

• Quick market entry

• Immediate in-market resources

• Local language and cultural competence

While this means sharing margin on successful deals, Dawson noted, "It's much better to have 70% of something versus 100% of nothing."

For effective partner recruitment, companies should develop a clear partner program, demonstrate how partnerships are central to their growth strategy, and focus on articulating how they'll help partners grow their businesses—not just on product features.

Strategic Hiring and Local Presence

Contrary to common practice, Dawson advised against hiring senior leadership in Singapore from day one. "Leaders with many years of experience don't want to do the heavy lifting like going out and hitting the pavement and driving your pipeline," he explained.

Instead, he recommended a phased approach:

1. Start with automated lead generation from a distance

2. Add in-market sales resources to follow up on pipeline

3. Support with pre-sales initially from a distance

4. Add customer success once you have customers

5. Bring in leadership only when there's a team to lead

Available Support and Grants

Both speakers highlighted resources available to Kiwi tech companies entering Singapore:

• NZTE offers market insights and connections through their Singapore office

• The Singapore Economic Development Board (EDB) provides workshops and potential grants

• Enterprise Singapore, IMDA, the Cyber Security Agency, NTUC, MAS, and other agencies offer various funding opportunities for international companies

"It's not enough to connect. It needs to be usable. Can we go on and do something with that?" — Steve Dawson, CEO and Founder, Asia Market Entry

What's Next for Kiwi Tech in Singapore

The session concluded with both speakers emphasising the importance of long-term commitment to the Singapore market. While the city-state offers significant opportunities as both a market and a regional hub, success requires patience, local presence, and a willingness to adapt to local business practices.

Check out the Techweek25 programme for more great events.