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Opportunities in Singapore’s technology sector: Fintech, Healthtech and Built Environment

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By Maggie Christie Trade Commissioner Singapore

12 April 2022

Singapore image for tech week blog

As one of the most technologically advanced countries in Southeast Asia, Singapore’s fast-growing tech landscape has created a unique climate for technological innovation and entrepreneurship.

 

The development of the Smart Nation, Industry 4.0 and digital economy has given rise to a wealth of opportunities across industries. We look at three growing sub-sectors.

Fintech

A financial powerhouse at the centre of Southeast Asia, Singapore has fast become a hub for fintech startups, creating numerous opportunities for investors, entrepreneurs and developers in the financial services industry. More than 40% of fintech companies in Southeast Asia are based in Singapore.

The government has been investing in areas like sustainable finance and digital banking. Additionally, its strong regulatory infrastructure makes it an attractive location to do business.

Find out more about the trends in Singapore’s fintech landscape.

Healthtech

Singapore’s sizeable but ageing population presents opportunities for healthtech players to enter the scene. At present, there are more than 400 healthtech companies active in Singapore, and the healthtech market is expected to double in size by 2025 

Key customer groups in the healthcare sector include: the Government, hospitals, corporate sector, payers and insurers, and consumers. Each group looks for different solutions that can deliver better, more efficient healthcare that can benefit them and their stakeholders.

Public and private healthcare providers look for solutions that can help improve patient outcomes and enhance clinical efficiency, while corporates are looking to invest more in employee health benefits.

Find out more about Singapore’s healthtech sector including areas of high and low competition, startup accelerators and an introduction to local data privacy laws and medical device regulation.

Built Environment

In this densely populated city-state with very specific demands and constraints, the built environment sector is constantly innovating. The sector is moving towards digitalisation and greater adoption of technologies such as data analytics, 3D printing, drones and robotics to improve productivity and at the same time reduce reliance on foreign manpower.

The sector is also moving toward green, environmentally friendly practices in line with the nationwide transformation toward a more sustainable Singapore. New technologies include battery storage standalone power to replace diesel generators and recycled plastics in use as building materials.

Find out more about Trends and prospects in Singapore’s built environment sector - myNZTE

Building relationships and finding the right partners in Singapore

As a regional economic hub, Singapore is an ideal place for businesses to find partners who can help them accelerate and grow.

It has an established business infrastructure and networks, and is home to many technology corporations, financial institutions, cloud providers, global system integrators, and vendors. Singapore also offers sandbox environments, innovation challenges and accelerators for startups to test their products and showcase their capabilities.

Find out more about partnering with system integrators  in Singapore.

The Singapore Government is highly involved in developing its technology sector and driving the adoption of digital and smart technologies throughout society.

The Government has always welcomed foreign businesses and has put in place various initiatives and schemes to attract them. Singapore is ranked 2nd out of 190 countries (New Zealand is ranked 1st) in The World Bank’s Ease of Doing Business Index. It is also open to partnerships and international collaborations to deepen its technological capabilities.

Find out more on how to Sell to the Singapore public sector - myNZTE 

Does Singapore sound like the right market for you? Visit myNZTE to find out more about market entry options and all you need to know about doing business in Singapore.

 

 

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