Home » Breaking News, Customs & Trade » Singapore tech alliance established to boost ties with China’s digital sector

International Enterprise (IE) Singapore has launched a new group that will form links between Singaporean technology companies, entrepreneurs, and investors and China’s digital ecosystem players.

Singapore Minister for Finance Heng Swee Keat officially launched the Global Innovation Alliance (GIA) (Beijing) in Beijing, China last month.

Led by IE Singapore, the GIA (Beijing) effort strengthens connections between Singapore technology companies, entrepreneurs, and investors within China’s established digital ecosystem of accelerators, incubators, tech giants, startups, and venture capitalist funds.

This will help more Singapore tech companies access opportunities and find business partners in China, strengthening Singapore’s vibrant local tech sector, said IE Singapore in a recent statement.

The GIA was a key recommendation in the Committee on the Future Economy 2016 report, targeted to strengthen linkages and partnerships with leading innovation hubs around the world, increasing access and opportunities for Singapore enterprises. The Singapore Economic Development Board set up a GIA Programme Office (GIA PO) to coordinate the overall initiative with other government agencies.

With the GIA (Beijing), IE Singapore will look to establish launchpads for Singapore companies to connect with the business and innovation community in China.

This includes access to talent, capital, customers and partners in major innovation hubs within China, including Beijing, Shanghai, Shenzhen, Suzhou, and Wuhan.

IE Singapore also looks to strengthen links between Singapore companies and China technology players to enhance Singapore’s technology and innovation ecosystem.

In the last decade, China has created one of the largest digital economies leading in e-commerce and mobile payments. One in three unicorns in the world is a Chinese company, commanding 43% of the global value of these unicorns. China will focus on innovation initiatives, and local governments across China are promoting innovation, entrepreneurship and commercialization of research and development.

Said Ho Chee Hin, IE Singapore’s group director for China, “China is a huge market that acts as an attractive end market for Singapore tech companies and partner for co-creating solutions. With China’s innovation ecosystem now a hotbed for technologies and innovation, Singapore companies should consider sourcing for technologies here and adapt them for Asia.”

Photo: Jack Moreh

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