ESG sets aside over S$55m for local agriculture, aquaculture firms

ENTERPRISE Singapore (ESG) has set aside over S$55 million to accelerate the growth of promising local agriculture and aquaculture companies by "developing their innovation capabilities to grow more with less". The funding is part of the government agency's efforts to develop an agri-food tech ecosystem in the Republic that uses innovation and scalable solutions to meet evolving needs, Senior Minister…

Saudi VC KBW Ventures joins Singapore milk startup’s $3.2mln funding

The Saudi venture capital (VC) firm KBW Ventures has participated in the $3.2 million seed funding round for TurtleTree Labs, a Singapore-based biotech start-up. In January, the Saudi VC, founded and led by Khaled bin Alwaleed bin Talal Al Saud, had participated in the pre-seed funding round for the start-up, which is developing a new technology to produce milk from…

Sequoia invests in Singapore quantum computing startup Horizon

eustan ventures

All over the globe, there are tens of millions of conventional software developers, with 46 million registered on GitHub alone. However, fewer than 1,000 people globally are capable of developing new quantum applications, Singapore-based Horizon Quantum Computing observed. The startup, which aims to make quantum computing accessible to every developer, has just raised an undisclosed amount of funding in a…

Investments flood Singapore fintechs in April, May after quiet Q1

Total equity funding reached a record-high $462m. Singapore-headquartered fintechs saw a sharp increase in investments in April and May, a recovery from the downturn seen in Q1, as investors injected funds into large firms relevant to the current environment, according to a BCG FinTech Control Tower report. Total equity funding hit a record-high $462m YTD, showing solid confidence in the…

Singapore to invest more than $14bn to support research and innovation

Singapore Eustan

Singapore is positioning itself for a post-coronavirus world with massive investment in innovation, over and above the immediate support it is giving to help the economy rebound from possibly its worst downturn on record. The government will set aside more than S$20 billion ($14.3bn/Dh52.6bn) to support research in “high impact areas” such as health and biomedical sciences, climate change and…

Singapore fintech sector bags S$462m in funding in H1 2020

eustan ventures

NVESTMENT in Singapore-based financial technology (fintech) firms spiked year on year in the first six months, on the back of a surge in deals in April and May 2020. Equity funding hit S$462 million in the period to June 15, up 19 per cent against the first half of 2019, going by industry data released on Friday. Banking services for…

Singapore retains top spot as world’s most competitive economy

Singapore has retained its top spot as the world's most competitive economy in the latest edition of the IMD World Competitiveness Ranking. The Republic held on to the top slot for a second straight year in the annual list of 63 economies, which analyses their ability to generate prosperity. Making up the top five after Singapore were Denmark, Switzerland, the…

HSBC still growing in Singapore even as it resumes global job cuts

Eustan Singapore

HSBC is resuming its plans to cut about 35,000 jobs worldwide in the medium term as part of a major overhaul it had announced earlier this year. But there will be no redundancies in Singapore this year, The Straits Times understands. A spokesman said Singapore remains one of its growth markets. "Since 2018, HSBC Singapore has grown its headcount by…

Grab layoffs highlight cost burden when startups grow heavier

eustan singapores

AMID the economic downturn, homegrown tech firm Grab has cut 5 per cent of its workforce, but will "double down" on the delivery segment by redeploying more talent there, chief executive Anthony Tan announced to staff on Tuesday. Grab's move to retrench employees highlights how even startups touting asset-light business models may not necessarily be more operationally agile than traditional…

NTU’s nationwide startup challenge seeks innovations to shape the post-COVID-19 world

eustan Ventures

Singapore's Nanyang Technological University has launched a nationwide challenge – ideasinc 2020 – for innovative ideas to be turned into startups to shape post-COVID-19 world. The initiative by NTUitive, the innovation and enterprise company of NTU, aims to spur young aspiring entrepreneurs to turn their innovative ideas into successful startups that can contribute to Singapore’s future in the “new normal”.…