Singapore has multiple initiatives to support the growth of LegalTech innovation.
Singapore’s early investments in digital infrastructure have paid off. The developments brought about following the global COVID-19 pandemic have highlighted how much things have changed for the better.
Over the past few years, Singapore has put in place multiple initiatives that make it very conducive for the growth of LegalTech innovation. The rising number of centres of excellence (COEs) related to technology and LegalTech attests to the support Singapore provides to technology innovation.
Last year, the Ministry of Law (MinLaw), The Law Society of Singapore (LawSoc), Enterprise Singapore, and Infocomm Media Development Authority (IMDA) launched a ‘Tech-celerate for Law’ program, which partially reimburses the costs paid by Singapore law practices for technology services.
With a budget of S$3.9 million ($2.9 million), the scheme reimbursed up to 70 percent of the first-year costs of adopting both basic and advanced LegalTech services. For this year’s round of Tech-celerate for Law, qualified firms are able to receive up to 80 percent funding support in the first year of implementation for LegalTech solutions from seven pre-scoped categories. read more
Source: David Ho | Asian Legal Business