Get on the up and up with 5 of Singapore’s hottest industry verticals

Try to think of a two-word phrase commonly used to describe Singapore, and you’ll probably come up with an old favourite like Garden City, Lion City or Island Nation. If the local authorities have things their way, however, you’ll soon be adding Smart Nation to the list.

The task of building a Smart Nation has already seen an array of cutting-edge technologies and services spring up within the city-state’s borders, but don’t be fooled by Singapore’s sophisticated tech infrastructure: there are still plenty of opportunities for the discerning startup.

Here are 5 of Singapore’s hottest industry verticals, where the sky is literally the limit.

1. Fintech

Singapore has long been considered one of the world’s leading financial hubs, so it’s only logical that the opportunities for fintech companies have come fast and furious. Be it lending, money transfer or online wealth management, the various subcategories of fintech have all found a healthy niche in Singapore. The US$159 million pledged by the Monetary Authority of Singapore to supporting new and existing fintech firms can’t have hurt either.

2. Medtech

Like many developed countries, Singapore is facing a rapidly ageing population. While existing healthcare infrastructure has proven up to the task so far, the powers that be are taking no chances.

According to the country’s Economic Development Board, Singapore is already home to no less than 30 medtech companies housed in purpose-built facilities, including a number of startups. There’s a significant carrot being dangled here as well: US$49 million has been available for budding medtech startups under the Sector Specific Accelerator Programme.

3. Robotics

Also like in many developed countries, Singapore is experiencing a dearth of applicants for low-wage, low-prestige jobs. And since endlessly importing foreign labour is not a long-term solution, automation and robotics have stepped in to fill the void.

Building a full-fledged robot may be beyond the financial capabilities of most startups, but the Singapore government has promised to lend a hand with its National Robotics Programme. There is also the option to create intelligent AI that can subsequently be paired with physical infrastructure to optimal effect.

4. Internet of Things (IoT)

Take a trip on public transport in Singapore, and you’ll inevitably be assailed by a flood of commuters connected to some sort of smart device. This is the basis of the country’s push to become a Smart Nation, insofar as perpetual connection to the Internet is an end goal. Much work has already gone into preparing Singapore’s online infrastructure for a full-on IoT onslaught. Now all that’s needed is for a bunch of enterprising startups to develop relevant applications (in both senses of the word).

5. Mesh App and Service Architecture (MASA)

A natural extension from IoT is MASA, which basically refers to the back-end programming that allows multiple apps, devices and processes to interface with each other. With so many more ‘things’ coming online in Singapore everyday, a key challenge will be to ensure they all fit together and run smoothly. Providing the cement between the building blocks of Singapore’s tech scene may not sound very glamorous, but will only become more crucial as the Smart Nation takes shape.

Deep dive into these verticals at #tiasg2017

If you’d like to find out more about these exciting verticals, you could do a lot worse than by joining us at Tech in Asia Singapore 2017 from May 17 to 18. From just US$297 for startups, you can gain access to sessions at all five content stages and rub shoulders with startups working in these verticals at the Bootstrap Alley exhibition.

As an added incentive, get 20 percent off your conference pass with the promo code ‘tiasg20’ if you purchase anytime from now to 10 March 2017, 2359 (GMT +8).

Converted from Singapore dollars. Rate: US$1 = SGD $1.42

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from Tech in Asia https://www.techinasia.com/5-singapores-hottest-industry-verticals
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