“To stay competitive, Singapore has been trying to stay ahead of the technology curve,” says Soh Siow Meng, Asia technology market analyst at GlobalData. “This often means making regulatory changes to facilitate the adoption of new technologies, providing funding support where appropriate, and working with various education and industry bodies to develop the right talent.”
Howard Yu, who is a professor of management and innovation at IMD business school, thinks that Singapore’s legacy as a financial hub is what makes it attractive to entrepreneurs.
“Even though blockchain and cryptocurrencies are new, the role of Singapore being a regional financial hub is not. For decades, Singapore has nurtured a group of experienced players competing in the sector,” he says. “This makes Singapore hugely attractive, as startups can collaborate with an existing vast network of financial institutes to develop new product and services.”
Read More: Tech in Asia