Singapore set to become the “Silicon Valley of Asia”
Tencent, ByteDance and Alibaba are reportedly planning regional hubs in the city-state, with ByteDance in particular expected to add hundreds of jobs over the next three years. They will join an international coterie of tech giants like Google, Facebook, Amazon, Stripe, Salesforce and Grab, that already have headquarters or significant operations, including engineering and R&D centers, in Singapore.
The Singaporean government continues to create new initiatives that make it attractive to tech companies and entrepreneurs.
While the United States-China trade war may have prompted Chinese companies like Tencent and ByteDance to move more of their operations to Singapore, it’s not the only reason, said AppWorks partner Jessica Liu, who oversees the venture firm and accelerator’s programs in Southeast Asia.
Many already had investments in Southeast Asian companies and were eyeing markets there as well, particularly Indonesia. “Some of it is probably due to the trade war over the past two years and other difficulties they’ve faced in the States,” she told Extra Crunch. “Strategically, they also have to find another big market with long-term potential for growth, and I think that’s why they are targeting Southeast Asia.”
Government policy pays off
Proximity to important growth markets isn’t the only reason tech companies find Singapore desirable. Regulations also play a role. Liu said, “The Singaporean government has already done a good job, from a policy and tax perspective, for startups and big tech companies to set up and incorporate in Singapore,” making the country an “intuitive” choice for regional headquarters. read more
Source: Catherine Shu | TechCrunch
Singapore – The Silicon Valley of Asia