Page 41 - Forbes - Asia (July - August 2018)

SPECIAL ADVERTISING SECTION
THRIVING AT THE HEART OF

THE WORLD’S GROWTH ENGINE

As Asia’s economic expansion accelerates rapidly, the region is fast-becoming
the key growth engine for many industries around the world.

Singapore pursues its vision to become Asia’s innovation playground, where companies can testbed new solutions for global markets.

According to the World Bank, Asia’s emerg- innovation among Asian nations, accord- innovation and entrepreneurship over the
ing markets are expected to account for ing to the annual Global Innovation Index next five years.
about 41% of global growth in 2018, and 2017, and also held the top global posi- Such support is focused on strategic
more than 45% by 2020. Much of this tion for innovation input, where quality sectors that are seen as high-growth areas
expansion will be driven by rising consump- of human capital and research was a key for the economy. These include advanced
tion from Asia’s burgeoning middle class. pillar. The Index, which was co-published manufacturing and engineering, health and
Within Southeast Asia, rapid urbanization by Cornell University, INSEAD and the biomedical sciences, urban solutions and
and industrialization are driving demand World Intellectual Property Organization, sustainability, services and digital economy.
for solutions in areas such as e-commerce, surveyed around 130 economies. Bloom- Singapore also supports the develop-
robotics and Internet-of-things. berg’s Innovation Index 2018 also ranked ment of newer sectors such as financial
Sitting at the heart of this dynamic Singapore as the third most innovative technology, or fintech, by giving players
region, Singapore-based companies are city in the world. in these areas the room to experiment
well-positioned to ride on Asia’s growth. Meanwhile, Singapore’s size and strate- with new business models in a lightly
Over the past few decades, the country gic location make it an ideal hub to testbed regulated environment. This “regulatory
has established itself as a hub for inno- new products and services before rolling sandbox” approach ensures that busi-
vation and research and development them out to the rest of Asia and beyond. nesses are empowered to take risks with-
(R&D), offering companies around the out being hampered by too many rules.
world a robust platform to grow their Experiment Easily, The Monetary Authority of Singapore’s
businesses in the region and beyond. Create Confidently (MAS) fintech strategy is already produc-
Singapore’s innovation ecosystem— Singapore’s success in fostering innova- ing results. Current participants in the
made up of high-quality infrastructure, tion can partly be attributed to its strong program include AI-based advisory firm
a growing pool of dynamic start-ups, commitment to R&D, driven by support Kristal Advisors and currency exchange
well-trained talent and strong govern- from the government and its partner- Thin Margin.
ment support—is a key attraction for ships with the private sector. Under the Over the years, a close-knit entrepre-
global businesses. government’s Research, Innovation and neurial community of start-ups, accel-
These attributes have made Singapore Enterprise Plan (RIE 2020), S$19 billion erators and venture capitalists has also
one of the most innovative places to do (US$13.9 billion) will be invested in the emerged in dedicated innovation hubs
business. It was ranked number one for country’s R&D capabilities, enterprise such as Blocks 71, 73 and 79. These

Singapore 2