Heng Swee Keat launches initiative to help start-ups commercialise
Minister for Finance, Mr Heng Swee Keat. TODAY file photo
SINGAPORE — Finance Minister Mr Heng Swee Keat on Friday (April 1) announced the launch of SG-Innovate — an initiative to boost the Republic’s push to help start-ups commercialise.
He also announced that FinTech Office — a one-stop service for startups in the financial technology sector — will be jointly set up by the Monetary Authority of Singapore (MAS) and the National Research Foundation (NRF). The announcements are part of initiatives announced during the Budget last week to transform the economy through technology, innovation and enterprise.
“Universities should be the Centers of wealth creation..Transforming our economy through innovation is critical going forward. We are setting up SG Innovate to provide a way for connecting budding entrepreneurs with smart money, mentors as well as with the global markets. All these initiative are important in transforming our economy to create better jobs for our people and a vibrant economy,” Mr Heng told reporters on his visit today to start-up co-working spaces at NUS Hangar, and Infocomm Investments Private Limited (IIPL)’s BASH at JTC Launchpad@one-north.
SG innovate, Mr Heng noted, will connect companies and budding entrepreneurs from all across. “We have been investing significantly in R&D. It is important now for us to have a better platform to take our R&D findings to the market and that is how we can capture the value of our R&D efforts. So by creating SG innovate we will have a platform to connect all across different areas of research we are doing,” Mr Heng added.
The FinTech office will be set up on May 3rd this year and will be co-led by Sopnendu Mohanty, Chief FinTech Officer at MAS and Mr Steve Leonard, CEO of SG Innovate with representatives from the Economic Development Board (EDB), Infocom Investments Pte, Info Communications Media development Authority, NNRF and SPRING Singapore.
“The FinTech Office will enable a whole-of-Government approach to develop the FinTech Ecosystem in Singapore and support MAS’ vision of fostering a Smart Financial Centre. Through the FinTEch Office, MAS will be able to go beyond the financial industry to help nurture a wider FinTech ecosystem and engage the FinTech community more actively,” said Mr Mohanty.
It will review align and enhance the FinTech related funding schemes across government agencies; identify gaps and propose strategies, policies and schemes in industrial infrastructure, talent development and manpower requirements and business competitiveness; and manage the branding and marketing of Singapore as a FinTech hub through FinTech events and initiatives, MAS and NRF said in a joint press release.
Mr Leonard said, “SG-Innovate will be working with public and private sector leaders in the Singapore ecosystem to help build companies in key sectors such as Finance, Energy, and Health. We want to help translate innovative tech from the research phase into start-up and onwards into commercial success. We are proud to partner with MAS and kickstart the FinTech Office as part of the newly-formed SG-Innovate.”
