Singapore announces the creation of a new unit to support startups

Singapore has announced the creation of a new unit to support startups. It will be led by Steve Leonard, executive deputy chairman of Singapore’s Infocomm Development Authority.

SG-Innovate is a new agency to connect entrepreneurs with industry mentors, VCs and research talent.

The unit will work with public and private sector leaders in the Singapore ecosystem to help build companies in key sectors such as finance, energy and health.

National Research Foundation will be in charge of the unit and will help startups build products out of research findings. Singapore wishes to help translate innovative technologies from the research phase into start-up and onwards into commercial success.

The unit’s first tie up has been announced with the central bank, Monetary Authority of Singapore, to advise startups on FinTech – financial technology – funding.

The FinTech Office will also review existing schemes across governments, and propose new ones to fill the gaps. It will also market Singapore as a “FinTech hub”. The office will be co-managed by Leonard and the bank’s Chief FinTech Officer, Sopnendu Mohanty.

Team TOS

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