Singapore is poised to become the Silicon Valley of the East. The part of Santa Clara Valley that serves as the global hub of startups earned its moniker for four main reasons. The first was access to a talented workforce, primarily in tech. The second was financial support. The third was expert guidance and the fourth was available infrastructure for more than sufficient support. The only Asian country that seemed to have taken a cue straight out of the playing hands of Silicon Valley is Singapore. A small city state with a tiny market compared to the juggernauts such as China, India and Indonesia is the one that is emerging as a massive global tech hub.
With various smart initiatives at play and the country already bagging top ranks for different digital metrics, Singapore can become the next startup capital of the world. Singapore already has a fascinating advantage, courtesy its geographical position. It has the strategically most leveraged position in Asia with proximity to China, India and Indonesia. It connects Asia to the rest of the world and serves as the pivot for ASEAN. It is not a surprise that Singapore has always been a top economy in this part of the world.
What may come as a surprise for many is the fact that the country takes the numero uno position when it comes to internet speed. Singapore is already a digitalized country. There are people who own two smarphones. Every Singaporean has at least one. Singaporeans have reliable fast speed fibre based broadband back home. It is affordable and widely available. Fourth generation spectrum and the technology that keeps evolving to power telecommunication have been perfected in Singapore. Many countries are still dealing with networking black holes.
Singapore is already a significant financial technology hub in the world. It is also a major player in the region across industries. In recent years, Singapore has been generating a lot of interest among tech majors. It has been hosting many events that have global ramifications in the emerging tech scene. The 2016 Global Information Technology Report published by the World Economic Forum pegged Singapore as the first in the world on its Network Readiness Index. Singapore hosts Tech in Asia, Echelon Asia Summit and it hosted the 2016 edition of CSX Asia Pacific Conference. The city has also hosted Singapore International Robotics Expo and Internet Engineering Task Force.
The government of Singapore has already rolled out several initiatives to further the progress of the country to become a completely digitized economy. From cashless payments to smart infrastructure, the full throttle mode across verticals would see the emergence of a new Singapore. The best talents from around the region and business friendly policies are already in place. Investors are finding new areas of growth and funding startups across the technology sector. It is only a matter of time before Singapore becomes the global tech hub that it is destined to emerge as. With more funding in the pipeline, from government and various institutional investors, the goal may not be elusive or too distant.
About the Author
Morris Edwards is a content writer at CompanyRegistrationinSingapore.com.sg, he writes different topics like The Secret To How Startups Like Uber Raise Billions, Robots are the Future of Business In Singapore and all topics related to Singapore Tech and Business. If you want to learn more about Business and Company Incorporation Singapore Call us or visit our website.
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