Singapore's latest budget includes provisions to create SG-Innovate, a fintech hub building on the country's existing programs.
The government of Singapore revealed in its latest budget that it will create a fintech hub called SG-Innovate.
The hub will match entrepreneurs with mentors, introduce them to venture capital firms and help them access talent from research institutions. It will also offer advice on how they can open their business to new markets.
SG-Innovate will build on the work carried out by Infocomm Investments, a wholly-owned subsidiary of the Infocomm Development Authority of Singapore that manages more than $200m and offers acceleration and incubation to startups and entrepreneurs.
The hub will work with the Singapore Economic Development Board and the Ministry of Trade and Industry’s Spring Singapore program, which helps local enterprises grow.
In collaboration with these partners, SG-Innovate will expand their accelerator programs into new sectors such as smart energy, digital manufacturing, fintech, digital health, and the internet of things.
The budget did not provide details on funding for the hub.