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”.…

Singapore Startup NamZ Launches Climate-Resilient Sustainable Food Brand

Eustan

NamZ, a Singapore food tech developing “future fit” foods using climate-resilient crops, has just launched a range of sustainable food products under its new brand WhatIF Foods. Products include shakes, soups and noodles, all of which are designed to be nutritious yet convenient for consumers. The company hopes that it will help bolster Singapore’s food security while supporting farming communities,…

Singapore’s Covid-19 economic recovery team criticised for excluding sustainable business voices, women

Singapore Eustan

The city-state's Emerging Stronger Taskforce, which aims to 'reimagine' the post-Covid economy, features establishment industry figures. Critics say a more diverse group is needed to precipitate a more equitable, sustainable future for Singapore. A taskforce of industry leaders assembled to revitalise the Singapore economy after the Covid-19 downturn has been criticised in parliament and by civic society groups for excluding…

GBCI Ventures Pours US$11 Million into Its Own Fintech Startup

eustan ventures

GBCI Ventures announced an US$11 Million investment into Fincy a fintech startup led by Douglas Gan, Vannesa Koh and Lim Ming Wang who are all from GBCI Ventures. In a media statement, they shared that Fincy is the venture capital firms new endeavour that aims to provide an “affordable alternative to existing financial services, starting with simplifying currency exchange via…