Blog Economie Numérique - Singapore, Asia's new technological eldorado

Singapore has established itself as a key player in the new technologies sector. The government has spared no sector of the economy, from fintech to cleantech, including the recognition of a smart city, its technological ambitions for a better quality of life are off the charts.

Concerning Fintech…

Over the past fifteen years, Singapore has established itself as Asia’s new Silicon Valley, with a rich ecosystem of 55,000 start-ups, 220 incubators and no fewer than 400 venture capital funds. Singapore’s main focus is on financial technologies. Today, it is Asia’s leading fintech hub and the world’s fourth-largest financial center.

Through its commitment to innovation, particularly in fintech, the Singaporean government is asserting itself as a strategic player in the global economy by implementing numerous initiatives. Singapore enables fintech companies to develop rapidly thanks to agile regulation, while maintaining high standards of security and consumer protection. The Financial Innovation Program consolidates the whole by supporting pilot projects and experiments. Singapore has been able to rely on its monetary authority to embrace the technological revolution and become a “smart financial center” like other major financial centers such as London, New York and Hong Kong.

Good to know…

Fintechs in Singapore are mostly founded by foreigners, who together account for no less than 40% of the 5.7 million inhabitants. The reason for this? A low corporate tax rate that encourages companies to set up in the city. Today, 100 domestic and foreign banks benefit from this service, reinforcing Singapore’s attractiveness. The value of banking assets under management has increased 11-fold in ten years. High-tech giants such as Google, Microsoft and LinkedIn have also relied on Singapore to establish their regional foothold in Asia.

About the Smart city…

Singapore is considered the 5th smartest city in the world, leading the way in Asia. It is defined as the Smart city par excellence, i.e. a city that controls its energy expenditure, optimizes its resources, facilitates transport of all kinds, develops e-administration and adopts digital technologies such as the Internet of Things, and to what extent these technologies improve the lives of the people who live there.

Why Singapore is a Smart city:

Health is a top priority: the city has invested heavily in an innovative ecosystem capable of meeting every need. The Healthcity Novena plan has been put in place to ensure a healthier lifestyle thanks to numerous green spaces, pedestrian walkways and underground parking lots.
The Housing Development Board is at the heart of the city’s identity and character: it gives every Singaporean access to free public housing. Today, 80% of Singaporeans live in public housing.
Public transport: Singapore’s Land Transit Authority has deployed autonomous vehicles throughout the western part of the city, with the aim of improving mobility and access for as many people as possible by harnessing cutting-edge technologies.
Goal to lead the world in Artificial Intelligence: The government plans to use AI in five key sectors: transportation, municipal services, chronic disease detection and management, education and border control.

When it comes to Cleantech…

Singapore is regularly listed as one of the most innovative cities, as well as one of the most environmentally advanced. Singapore is a real trendsetter in terms of innovation:

“The city invests heavily in research, with the government recently allocating $1 billion to energy research.”
“By transforming the food industry: Singapore recently set itself a new target of producing 30% of its own food locally, in particular by encouraging innovation in the AgriTech sector”.
« Redefining water use: The city-state has become a benchmark for integrated water management. More than half of its water supply now comes from original sources: 20% from rainwater, 30% from recycled water and 10% from seawater desalination. »

Sources :