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S'pore Top Destination in South-east Asia for Start-Up Investment: KPMG, HSBC Report

The Republic is currently home to more than 9,300 start-ups and 12 unicorn companies, which are start-ups that have valuations of US$1 billion or more.


SINGAPORE - Start-up ventures in Singapore raised more than US$8.02 billion ($11.2 billion) last year, making it the top destination in South-east Asia for such investments, a report by KPMG and HSBC released on Monday (July 18) showed.


The Republic is currently home to more than 9,300 start-ups and 12 unicorn companies, which are start-ups that have valuations of US$1 billion or more.


Mr Ong Pang Thye, managing partner of KPMG in Singapore, said investments in start-ups will drive innovation here, while boosting economic strength and market confidence.


"The challenge going forward will be to continue attracting unicorn companies to reside here.

"Strong ecosystem support will be needed, such as public and private programmes and an environment that attracts and grooms top talent," Mr Ong added.


Ms Jacqueline Poh, managing director of the Economic Development Board (EDB), said EDB will continue to focus on high-growth and high value-added sectors.


Sectors that are propelling new investments in Singapore include healthcare, electronics, agriculture technology, advanced manufacturing and sustainable solutions for the green economy, she added.

Read the full article below.

https://www.straitstimes.com/business/spore-top-destination-in-south-east-asia-for-start-up-investment-kpmg-hsbc-report

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