Singapore’s Startup Ecosystem: A Global Model for Innovation and Growth

Singapore’s Startup Ecosystem: A Global Model for Innovation and Growth

At the “Policy Ecosystem Development for Startups” event in Mongolia, organized by the Mongolian Ministry of Economy and Development, the Asian Productivity Organization, and the Mongolian Productivity Organization, representatives from over ten countries gathered to discuss strategies for fostering startup ecosystems.

I had the opportunity to deliver a session titled “Singapore’s Model for Startup Ecosystem,” sharing how Singapore evolved from a colonial trading post into a global innovation hub through strategic policies, robust infrastructure, and international collaborations. This article summarizes the key points from my presentation, offering an objective overview of Singapore’s startup success story.

Singapore’s Journey to a Global Innovation Hub

In my remarks, I traced Singapore’s transformation from a 19th-century trading port to a leading startup hub. This shift was driven by deliberate government policies, a strategic location in Asia, and a commitment to innovation. With a startup ecosystem valued at approximately SGD 1.44 billion, Singapore leverages its multilingual workforce and robust financial sector to attract entrepreneurs and investors. “Singapore’s strength lies in its location, diverse talent pool, and strong financial infrastructure,” I noted during the session.

The city-state hosts over 4,500 tech startups, more than 400 venture capital (VC) firms, and 240 incubators and accelerators, creating a comprehensive ecosystem that supports startups at every stage. Nearly all major global VC funds have a presence in Singapore, either through Asian offices or dedicated subdivisions, particularly in sectors like fintech, healthcare, and deep tech.

Government Initiatives: The Foundation of Success

Singapore’s government plays a central role in its startup ecosystem through initiatives like Startup SG and the Smart Nation vision. Startup SG, launched in 2017, provides mentorship, grants, and networking opportunities to foster entrepreneurial growth. “The networking opportunities provided by Startup SG are critical for startup success,” I emphasized, highlighting how these connections have driven achievements in the VC space. Since 2015, the government has invested over SGD 1 billion in startup programs, supporting more than 2,000 startups annually across sectors like fintech, healthcare, and sustainability. The Startup SG Founder Grant offers up to SGD 50,000 and mentorship to first-time entrepreneurs, while Startup SG Equity co-invests up to SGD 8 million with private VCs in high-growth startups. Ninja Van, a logistics provider, scaled rapidly with SG Equity funding, serving as a prime example of these initiatives’ impact.

The Smart Nation initiative integrates technology into areas like the Internet of Things (IoT) and artificial intelligence (AI). Singapore’s small size enables rapid implementation of innovative solutions, making it an ideal testbed for smart urban technologies. As I noted, “Singapore’s compact scale allows for quick testing and iteration of new ideas,” positioning the city-state as a leader in smart urban living.

Historical Milestones and Growth Phases

My presentation provided a historical perspective on Singapore’s commitment to innovation. The National Computer Board (NCB), established in 1981, laid the groundwork for technological development, followed by companies like Creative Technology, a pioneer in MP3 players and speakers. By 2000, the Economic Development Board (EDB) launched a bioscience initiative, attracting SGD 2 billion in startup investments. The National Research Foundation, established in 2006, further strengthened research and development (R&D), supporting innovators like Hyflux, a leader in water refinery technology

From 2010 to 2015, startup funding grew from USD 80 million to USD 1 billion, driven by government support and global interest. Lazada, founded in 2012, capitalized on Singapore’s logistical advantages to become a leading e-commerce platform in Southeast Asia. By 2017, the ecosystem’s value reached USD 11 billion, with companies like Grab achieving unicorn status in Singapore and expanding into markets like Cambodia, Malaysia, and Thailand while diversifying into financial tools and cryptocurrency payments.

Attracting Global Talent and Partnerships

Singapore’s ability to attract global talent and foster international collaborations strengthens its ecosystem. Over 150,000 foreign professionals work in Singapore, with 29% in the tech sector, contributing diverse expertise. Programs like the TechPass (launched in 2021) and EntrePass offer visas to top talent and entrepreneurs, with approval rates for tech roles reaching 90%. “Talent is a cornerstone of Singapore’s economic growth,” I observed, highlighting the government’s strategic focus on human capital.

Collaborations with institutions like MIT, Tsinghua University, and the Israel Innovation Authority have driven advancements in AI, cybersecurity, and deep tech. The Singapore-Israel Innovation Summit in 2022 facilitated cross-border exchanges, while partnerships with the World Bank, DBS, and the United Nations on fintech projects, as well as collaborations with France on autonomous systems, underscore Singapore’s global integration.

Singapore’s pro-business regulatory framework is a key enabler of its startup ecosystem. Company registration can be completed in one to two days, and the city-state ranks highly for its strong legal framework and business-friendly policies. The Monetary Authority of Singapore (MAS) supports innovation through a fintech sandbox, allowing startups to test solutions with regulatory guidance. Compliance workshops and a trusted reputation ensure accountability while fostering innovation, making Singapore a preferred destination for crypto and fintech companies.

Success Stories and Future Outlook

My presentation highlighted success stories that illustrate Singapore’s impact. Carousell, a marketplace platform, grew from a modest valuation to unicorn status with support from Singaporean funds and government initiatives. ShopBack’s cashback model and Grab’s expansion into financial services demonstrate the scalability of Singapore-based startups. Over 40% of Singapore’s unicorn founders have international backgrounds, reflecting the city-state’s ability to attract and nurture global talent.

Looking ahead, fintech, healthcare, deep tech, AI, cryptocurrency, and green tech are poised for growth. Singapore’s consistent VC funding—over USD 12 billion in recent years—and its ranking as the fifth-best startup ecosystem globally position it for continued leadership. As I concluded, “Singapore’s ecosystem empowers entrepreneurs to turn bold ideas into reality,” encouraging global innovators to explore its opportunities.

Conclusion

My session at the Mongolia event outlined Singapore’s startup ecosystem, driven by strategic government initiatives, a robust financial sector, and global collaboration. From its historical roots to its status as a top-five global startup hub, Singapore offers a model for fostering innovation through talent attraction, regulatory support, and international partnerships. With success stories like Carousell, Grab, and Ninja Van, and a focus on emerging technologies, Singapore continues to serve as a launchpad for startups aiming to make a global impact.

 

Source: https://news.shib.io/2025/06/06/singapores-startup-ecosystem-a-global-model-for-innovation-and-growth/

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

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Economic headwinds: Trade wars, slowing growth, and China’s quiet nod to Bitcoin

Economic headwinds: Trade wars, slowing growth, and China’s quiet nod to Bitcoin

A rich tapestry of interconnected issues—global risk sentiment, Trump’s trade war, a slowing US economy, and Bitcoin’s potential as a reserve asset—that demand a thorough and nuanced analysis.

With markets in flux and new data points emerging daily, I’ll weave together the facts, figures, and broader implications to provide a comprehensive view of where we stand and where we might be headed. My perspective is informed not only by the latest market movements but also by a belief—echoed in my earlier writings—that corrections are a natural and necessary part of any asset’s journey toward a sustainable bull run.

Let’s begin with the global risk sentiment, which has noticeably pulled back in recent days. Investors, once buoyed by cautious optimism, are now paring back their enthusiasm as legal uncertainties surrounding President Trump’s trade war cast a shadow over the markets.

The trade war, a hallmark of Trump’s economic policy, has been a rollercoaster of tariffs, negotiations, and legal battles. Just when it seemed the bulk of his tariff agenda might unravel due to judicial challenges, a federal appeals court stepped in, offering a temporary reprieve by allowing the tariffs to remain in effect.

This ruling has had an immediate impact on equity markets. Overnight, the S&P 500 rose by 0.4 per cent, the Dow Jones by 0.3 per cent, and the Nasdaq Composite by 0.4 per cent—modest gains that hinted at resilience. Yet, much of that advance was trimmed as the court’s decision sank in, reminding investors that the tariff saga is far from over. The prolonged uncertainty is a weight on market sentiment, as the specter of future legal reversals looms large, threatening to disrupt supply chains and corporate planning further.

Compounding this unease is the state of the US economy, which is showing unmistakable signs of strain. Data reveals that the economy shrank at the start of the year, a contraction driven by weaker consumer spending and a more pronounced drag from trade than initially estimated. Consumer spending, the backbone of the US economy, is faltering as households feel the pinch of higher costs—some of which can be traced back to the tariffs themselves.

Businesses, too, are grappling with increased input costs and disrupted trade flows, which have dampened investment and growth. This economic slowdown is not just a domestic concern; it reverberates globally, amplifying the risk-off mood as investors reassess their exposure to US assets.

Across the globe, other economic signals are adding layers of complexity. In Japan, inflation has surged to its highest level in two years, fueled by rising energy prices and persistent supply chain bottlenecks. This inflationary spike, paired with robust wage growth, is stoking speculation that the Bank of Japan (BOJ) might raise interest rates in the second half of 2025.

For years, the BOJ has maintained an ultra-accommodative stance, but these pressures may force a pivot. If the BOJ does tighten policy, it could strengthen the yen, shift capital flows, and influence global bond yields—a development that would ripple through markets already on edge.

In the bond market, we’re seeing a clear flight to safety. US Treasuries have rallied, with the 2-year yield dropping by 5.2 basis points and the 10-year yield falling by 5.9 basis points. This uptick in Treasury prices reflects growing expectations that the Federal Reserve will cut rates to counteract the economic slowdown. The latest labor market data bolsters this view: recurring applications for US jobless benefits have spiked to their highest level since November 2021, hinting at a potential rise in unemployment.

For traders, this is a red flag—a sign that the Fed may need to step in sooner rather than later to shore up the economy. Lower yields on Treasuries signal not just a haven demand but also a recalibration of monetary policy expectations, with implications for everything from mortgage rates to corporate borrowing costs.

Turning to currencies and commodities, the picture is equally telling. The US Dollar Index (DXY) has held steady in early trading, down just 0.6 per cent, a resilience that underscores its safe-haven status amid global turmoil. Gold, another classic refuge, has climbed above US$3,300 per ounce, up 0.9 per cent, as investors seek to diversify and hedge against both inflation and uncertainty.

Meanwhile, Brent crude has slipped 1.2 per cent to just below US$65 per barrel, a decline tied to worries about slowing demand—particularly from a faltering US economy—and anticipation of OPEC+ decisions on output. These commodity shifts highlight the push-and-pull between haven assets and growth-sensitive ones, a dynamic that mirrors the broader risk sentiment.

Equity markets outside the US are feeling the strain as well. Asian shares fell in early trading, reflecting the global contagion of uncertainty, while US equity index futures suggest a 0.3 per cent lower open for American stocks. This synchronised retreat underscores how interconnected today’s markets are—legal rulings in Washington, economic data from Tokyo, and policy whispers from Beijing can collectively sway sentiment from Wall Street to Shanghai.

And then there’s Bitcoin, which brings us to one of the most fascinating subplots in this narrative. China’s International Monetary Institution (IMI), a state-backed think tank housed within the prestigious Renmin University, has quietly thrust Bitcoin into the spotlight. In a republished article, the IMI describes Bitcoin as “transitioning from a speculative asset to a strategic reserve asset.” This is no small statement, even if it stops short of an official endorsement.

The IMI, founded in 2009 to explore monetary finance theory and policy, carries weight—its leadership includes senior academics and advisers with ties to China’s policymaking elite. For a country that has historically cracked down on cryptocurrencies, this subtle nod to Bitcoin’s potential is a seismic shift. It’s not a central bank proclamation or a legislative green light, but it’s a policy-side whisper that could signal a rethinking of Bitcoin’s role in global finance.

Why does this matter? If China—or any major economy—were to seriously consider Bitcoin as a reserve asset, it could reshape the global monetary order. Reserve assets, traditionally dominated by the US dollar, gold, and a handful of other currencies, underpin central banks’ ability to manage liquidity and stabilise economies.

Bitcoin, with its decentralised nature and finite supply, offers a radical alternative—one that could hedge against dollar dominance or inflationary pressures from fiat currencies. The IMI’s commentary might be a trial balloon, testing the waters for how such a move would be received. Given China’s economic clout, even a gradual embrace of Bitcoin could spur other nations to follow suit, amplifying its legitimacy and value.

Bitcoin’s price action, meanwhile, is a microcosm of its broader journey. After hitting a new all-time high of US$111,970, it pulled back to around US$105,500, a drop of over 1.5 per cent. This retreat isn’t surprising—price discovery phases are inherently volatile, marked by sharp rallies and corrections as investors cash in profits and reposition.

The open interest in Bitcoin derivatives has soared, with BTC option contracts reaching a record US$46.2 billion, a sign of heightened speculation and hedging. Yet, profit-taking remains below extreme levels, suggesting that the market isn’t yet overheated. Glassnode analysts, whose data I trust for its rigour, see this pullback as a healthy part of Bitcoin’s maturation.

Their Relative Unrealised Profit metric shows the asset nearing a “euphoric phase,” with unrealised gains spiking above the +2 standard deviation band. These phases often bring rapid price swings and volatility, but they’re typically short-lived, paving the way for the next leg up.

This brings me to my own view, one I’ve articulated before in an X post: for Bitcoin to hit a “super bull run season,” we need corrections—ideally a minimum of 30 per cent. I stand by that assessment. The current dip, while notable, is modest in the grand scheme of Bitcoin’s cycles. Historically, Bitcoin has endured drawdowns of 40 per cent or more during bull markets, only to rebound stronger.

A deeper correction would shake out weak hands, reset expectations, and set the stage for sustainable growth—potentially pushing Bitcoin past US$150,000 or higher in the next phase. The IMI’s musings, combined with global uncertainty, could fuel that narrative, positioning Bitcoin as both a speculative play and a strategic asset for institutions.

Trump’s trade war and a slowing US economy are stoking risk aversion, driving investors toward Treasuries and gold while equities falter. Japan’s inflationary pressures hint at tighter policy ahead, adding another variable to the mix. And Bitcoin, buoyed by China’s subtle nudge and its own market dynamics, is carving out a unique space—one that blends speculative fervour with strategic potential.

I see opportunity amid the chaos. The corrections we’re witnessing, whether in stocks or crypto, are pruning the market for what could be a transformative next chapter. For Bitcoin, the path to reserve status is still hypothetical, but the conversation has begun—and that alone is a story worth watching.

 

Source: https://e27.co/economic-headwinds-trade-wars-slowing-growth-and-chinas-quiet-nod-to-bitcoin-20250530/

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

j j j

Tech stocks lead the charge: Why growth is outpacing defensives in the S&P 500

Tech stocks lead the charge: Why growth is outpacing defensives in the S&P 500

The S&P 500 has staged an impressive recovery, moving from a daunting 17 per cent drawdown earlier this year to now trading slightly higher year-to-date. This turnaround marks a significant shift in market dynamics, driven by a combination of macroeconomic developments and shifting investor sentiment. A key catalyst for this rebound was a cooler-than-expected US inflation report, which sparked a renewed appetite for risk among investors.

As a result, major US benchmarks closed near their highest levels, with the S&P 500 now sitting just four per cent below its record close from February 19. This resurgence reflects resilience in the face of earlier uncertainties and a recalibration of expectations about economic growth and monetary policy.

The rally’s momentum has been predominantly fuelled by heavyweight technology stocks, which have emerged as the darlings of this recovery. Often seen as barometers of growth potential, companies in the tech sector have outpaced the broader market, leaving the Equal-weight S&P 500—a version of the index that gives equal weighting to all constituents—lagging behind by approximately 50 basis points. This disparity highlights a critical nuance: the current upswing is not a tide lifting all boats but rather a concentrated surge driven by a select group of high-performing stocks.

Meanwhile, a noticeable pivot has occurred in investor preferences, with money flowing out of defensive sectors such as Health Care, Real Estate, and Consumer Staples—all of which ended lower—into growth-oriented sectors like technology. This shift signals a growing confidence that the economy may be on firmer footing than previously feared, reducing the need for the safety traditionally offered by defensive investments.

Despite the encouraging inflation data, the market’s outlook for Federal Reserve policy remains measured. The cooler-than-expected inflation print, which showed the consumer price index rising by just 0.2 per cent in April, has alleviated some concerns about runaway price pressures. Yet, traders are still pricing in only two 25 basis point rate cuts by year-end—a stark reduction from the four cuts anticipated just a week ago.

This cautious stance suggests that while inflation may moderate, other factors temper expectations for aggressive monetary easing. The Fed, it seems, is navigating a delicate balance, weighing the positive signal from inflation against broader economic indicators and global uncertainties. Investors seem to interpret this as a sign that the central bank will maintain a steady hand, avoiding drastic moves that could either overstimulate the economy or stifle growth.

A pivotal development underpinning this market optimism is the recent US-China tariff cut, a 90-day reduction in some of the year’s harshest trade levies. This move has been hailed as a step toward averting a trade-driven recession, igniting a “Buy America” sentiment that has bolstered US equities. The tariff truce has eased fears of escalating trade tensions, which had loomed large over global markets, and prompted Goldman Sachs to raise its S&P 500 price target to 5,900 while lowering its odds of a US recession.

The investment bank’s bullish outlook reflects a belief that reduced trade friction could sustain economic momentum, particularly for American firms poised to benefit from a more stable international environment. However, the picture is not uniformly rosy. In China, stocks retreated as investors worried that the tariff rollback might diminish Beijing’s urgency to deploy new fiscal stimulus, potentially leaving its economy without the robust support needed to counter domestic challenges.

Across the Atlantic, a different story of economic vitality is unfolding. UK retail sales surged to a four-year high in April, propelled by Easter spending and favorable weather. This robust consumer activity underscores the strength of domestic demand in the UK, offering a counterpoint to the trade-focused narratives dominating the US and Chinese markets.

It suggests that, at least in some regions, consumer confidence and spending power remain resilient despite global headwinds. This divergence highlights the uneven nature of the global economic recovery, where localised factors can drive significant outcomes even as international policies shift.

The bond market has not been immune to these developments, with the US 10-year Treasury note yield climbing above 4.5 per cent—its highest level in over a month. This uptick follows a dramatic reversal from early April, when yields briefly fell below 4.1 per cent before peaking at 4.49 per cent. The rise reflects a complex interplay of factors: the tariff rollback has diminished recession fears, lifted risk sentiment and pushed long-end yields higher, while investors reassess the Federal Reserve’s policy trajectory.

Higher yields often signal expectations of stronger economic growth or creeping inflation, and in this case, they may also indicate a market adjusting to the possibility of a less dovish Fed. The shift in rate cut expectations—from four to two—further reinforces this narrative, as traders recalibrate their bets in light of the latest data and trade developments.

In cryptocurrency, Bitcoin is riding the wave of improved risk sentiment, trading just shy of its January all-time high at US$104,000. Following the April inflation data, which showed a modest 2.3 per cent annual increase, its stability suggests that digital assets are increasingly viewed as beneficiaries of a growth-oriented market environment.

The tariff reduction’s role in easing trade-related recession fears has likely contributed to this buoyancy, aligning cryptocurrencies with broader risk-on assets like equities. Yet, beneath this optimism lies a potential wrinkle: analysts point out that firms may have stockpiled inputs ahead of the tariff window, muting the immediate impact on consumer prices.

This strategic buffering could explain the softer inflation reading but also raise the prospect of delayed inflationary pressures. As stockpiles dwindle in the coming months, price increases could emerge, posing a fresh challenge for the Fed and potentially altering the trajectory of monetary policy.

My perspective on the current market landscape

From my point of view, tracking these developments, the S&P 500’s recovery is a compelling story of resilience tempered by complexity. The interplay of cooler inflation, the US-China tariff cut, and sector-specific dynamics paints a picture of a market finding its footing after a turbulent period.

The dominance of tech stocks in driving this rally is both a strength and a vulnerability—while it reflects confidence in innovation and growth, the lagging Equal-weight S&P 500 warns that this recovery lacks breadth. Investors should be wary of over-relying on a handful of outperformers, as a more inclusive rally would signal a healthier, more sustainable uptrend.

The tariff cut is a double-edged sword. On one hand, it’s a clear positive for US markets, reducing a major economic risk and fueling optimism that has lifted everything from stocks to Bitcoin. Goldman Sachs’ upgraded forecast is a testament to this newfound confidence.

On the other hand, the retreat in Chinese stocks reveals the flip side: what’s good for America isn’t necessarily good for its trading partners, and a less-stimulated Chinese economy could dampen global growth prospects. This asymmetry underscores the fragility of the global recovery, where policy shifts in one region ripple unpredictably across others.

The surge in UK retail sales offers a refreshing contrast, reminding us that consumer behavior can still defy broader uncertainties. It’s a bright spot that suggests pockets of strength persist, even as trade and monetary policy dominate headlines. However, the rise in Treasury yields and the pared-back expectations for Fed rate cuts introduce a note of caution.

The market seems to be betting on growth, but it’s also bracing for the possibility that inflation hasn’t been fully tamed—especially if the stockpiling theory holds true. If price pressures resurface later this year, the Fed could face a tougher balancing act, potentially unsettling the current rally.

In sum, I see a market at a crossroads. The S&P 500’s climb back to positive territory is a triumph of adaptability, driven by favorable data and a de-escalation of trade tensions. Yet, the concentration of gains in tech, the mixed global fallout from the tariff cut, and the looming question of future inflation suggest that this optimism is not without risks.

Investors would do well to celebrate the recovery while keeping an eye on these undercurrents. The next few months—particularly as stockpiles run dry and the Fed’s intentions clarify—will be critical in determining whether this is a lasting rebound or a fleeting reprieve. For now, the mood is cautiously upbeat, but the story is far from over.

 

Source: https://e27.co/tech-stocks-lead-the-charge-why-growth-is-outpacing-defensives-in-the-sp-500-20250514/

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

j j j