Asia’s technology and internet firms are competing against the region’s traditional banks for consumer finances, hoping to increase competition and drive innovation in their markets, while non-banking companies are keen to enter the finance sector by leveraging their technology and user databases.
There is huge momentum in Asia moving towards digital banks, and some monetary authorities have already issued digital banking licences like Hong Kong and Taiwan. They issued digital banking licences to companies in the first half of 2019. The Monetary Authority of Singapore is at the stage where they are now reviewing applications for digital banking licences and Malaysia is at the beginning of their digital banking transformation journey and is at policy-making stage.
Hong Kong – embracing new era of banking
In March 2019 the Monetary Authority in Hong Kong granted banking licences under the Banking Ordinance to Livi VB Limited, SC Digital Solutions Limited and ZhongAn Virtual Finance Limited, Welab Digital Limited, Ant SME, PingAn OneConnect, Infinium and Insight Fintech for them to operate in the form of a virtual bank.
Mr Norman T.L. Chan, Chief Executive of the HKMA, said in a release last year that “The introduction of virtual banks in Hong Kong is a key pillar supporting Hong Kong’s entry into the Smart Banking Era. It is a major milestone in reinforcing Hong Kong’s position as a premier international financial centre. I believe that virtual banks will not only help drive FinTech and innovation, but also bring about brand new customer experiences and further promote financial inclusion in Hong Kong.”
“As virtual banks will have no physical branches, they will rely on the internet for customer acquisition and for the delivery of banking services. I believe that virtual banks will have to offer innovative and customer-centric services in order to attract customers. Moreover, in targeting the retail public and SMEs as their main client base, virtual banks should help promote financial inclusion in Hong Kong.”
In total Hong Kong has issued 8 digital banking licences so far.
Taiwan – extra licence issued due to diverse applications
Taiwan issued its first virtual banking licenses to three consortiums led by Taiwan and Japanese investors in July 2019. The island’s Financial Supervisory Commission announced the digital banking licenses were granted to LINE Financial Taiwan, led by Japanese app operator LINE Group and including Taipei Fubon Commercial Bank and Standard Chartered, and to Next Commercial Bank, led by Taiwan telecom operator Chunghwa Telecom. Another license was granted to Rakuten International Commercial Bank, which was operated by Japanese e-commerce firm Rakuten Inc and Taiwan’s IBF Financial Holdings.
The Taiwanese commission said while it had initially planned to give out two new licenses, because the three companies all had different business models and target customers, it had decided to give each of them a licence. They have no further plans to issue further licences.
Philippines – virtual banks launched in 2019
The Philippines officially announced two virtual banking players with the launch of Malaysian CIMB Bank and Dutch lender ING in 2019.
Singapore – reviewing licence applications
The Monetary Authority of Singapore announced yesterday (7 January 2020) as reported by OpenGov that it has received 21 applications for digital bank licences as at the close of application on 31 December 2019. This comprises 7 applications for the digital full bank (DFB) licences, and 14 applications for the digital wholesale bank (DWB) licences.
These new digital banks are in addition to any qualifying subsidiaries that Singapore bank groups may already establish under MAS’ existing regulatory framework for the purposes of operating new business models, including partnerships with non-bank players to conduct digital banking.
Who has submitted their digital banking licence application in Singapore?
Grab and Singtel have confirmed that they applied for a full digital bank licence. Alibaba Group’s fintech arm Ant Financial have also confirmed that they have applied for a wholesale digital bank license. Internet group Sea, formerly known as Garena, is the first applicant to go solo in its bid for a digital full bank licence in Singapore.
Razer is leading a consortium consisting of Sheng Siong Holdings, FWD, LinkSure Global, Insignia Venture Partners and Carro in a bid for a full digital bank license. iFast Corporation confirmed that they have also applied a digital banking license with two Chinese partners namely — Yillion Group and Hande Group.
The BEYOND consortium announced on Sunday their bid for a full digital banking license in Singapore which consists of V3 Group, EZ-Link, Far East Organisation, Singapore Business Federation, Sumitomo Insurance Co Ltd and Temasek’s subsidiary Heliconia Capital Management.
Supply chain finance company Sheng Ye Capital, financial conglomerate Phillip Capital and AI-focused fintech firm Advance AI’s announced that they are also bidding for a wholesale digital banking license in Singapore. AMTD led consortium consisting of Xiaomi, SP Group and Funding Societies announced that they too are bidding for a digital wholesale banking license.
MAS will announce the successful applicants in June 2020. Successful applicants are expected to commence business by mid-2021.
Malaysia – preparing licence application policy
BNM will only open the application process for digital banks after it releases a finalized Policy Document within the first half of 2020.
Bank Negara Malaysia issued an Exposure Draft on Licensing Framework for Digital Banks on the 27 December 2019. This framework forms part of a series of measures adopted by the Bank to enable innovative application of technology in the financial sector. Up to five licences will be issued to qualified applicants to establish digital banks to conduct either conventional or Islamic banking business in Malaysia.
The Exposure Draft outlines the proposed framework for the licensing of digital banks to offer banking products and services to address market gaps in the underserved and unserved segments.
As reported by OpenGov in December last year, the Bank said in a statement that such digital banks are expected to offer meaningful access to and promote responsible usage of suitable and affordable financial solutions to financial consumers
The Bank will assess all feedback received and aims to finalise the Policy Document by the first half of 2020. Applications for licence will be open upon issuance of the Policy Document.
It is thought that the rollout of Digital banks will lead to greater operational efficiency and make banking more customer-centric. Digital banks will be able to offer banking products and services to address market gaps in the underserved and unserved segments. 2020 is set to mark the beginning of a new era of banking in Asia.
The Singapore University of Technology and Design (SUTD) and Tecnológico de Monterrey (Tec) through its Institute for the Future of Education, signed a research collaboration agreement to improve the cyber-physical learning of students and teachers in Singapore and Mexico.
The three-year agreement will see the two parties share practices and experiences in the configuration and usage of cyber-physical learning infrastructure to create new opportunities for educational innovation and research, resulting in new pathways for the future of education.
The SUTD-Tec’s Institute for the Future of Education agreement will foster the exchange and sharing of practices of cyber-physical learning and evaluation of the effectiveness of associated educational delivery models. Both parties will conduct joint experiments involving students and instructors to explore domains such as technology-enabled learning, translational pedagogical innovations, learning analytics, and personalised and engaging learning.
This research collaboration will have its focus on the SUTD campusX initiative, which focuses on the needs and experiences of students and instructors using data analytics and learning sciences with the purpose of creating a safe, inclusive, and enjoyable space for students to learn, interact and optimise their learning outcomes.
With regards to the campusX and its impact on the future of education, SUTD’s Provost stated that both Tec and SUTD share a common vision of cyber-physical learning, with similar interests and understanding of the challenges in areas of applying human-centric technology and design to the practice of pedagogy and andragogy in actual higher learning environments. This forms a strong basis on which many more projects can be conducted between Tec and SUTD. The current research collaboration is an important start and SUTD looks forward to furthering the partnership with Tec in years to come.
He noted that, similarly, SUTD also looks forward to working with more like-minded partners across academia and industry and from local and global landscapes to make cyber-physical learning a reality.
Speaking about the research collaboration between the two renowned higher education institutions, the Rector for Higher Education of Tecnológico de Monterrey expressed his satisfaction with the signing of the agreement and said that to advance in current-day education challenges and design the future of education, collaboration is key.
He noted that Tec has pioneered educational innovation in Mexico and Latin America, and they aim to expand their projects and initiatives to have an increasingly global relationship and impact. An initiative aimed at strengthening links with Asia is being developed; these collaborations with them will extend to the areas of research, education, and technology.
Furthermore, the Executive Director of the Institute for the Future of Education of Tecnológico de Monterrey emphasised the importance of this kind of agreement between both universities. He noted that conducting joint experiments to evaluate innovative cross-border educational models will be key to developing effective cyber-physical learning environments.
The collaborative project with SUTD’s campusX initiative will increase learning opportunities for global higher education audiences, capitalising on the intercultural exchanges between Singaporean and Mexican students and professors, and developing best practices with an international perspective, he added.
The research activities framed in this agreement are slated to begin in the first quarter of 2023 and the experimental and simulated learning environment trials will result in the identification of best practices in digital education delivery models supported by effective cyber-physical technology platforms.
Stakeholders in the payments industry were challenged to step up their technological advancement. The appeal was issued as a government effort to ensure that the country stays current in advancing the money and payments landscape.
“My overarching message is that we all work and live in a period of substantive change. (The change) offers enormous opportunity if embraced, but potentially greater risk if not,” Karen Silk, Assistant Governor of the Reserve Bank of New Zealand – Te Ptea Matua, said at a conference in Auckland.
Silk emphasised the technological improvement needed because New Zealand does not yet have scalable electronic, instant, peer-to-peer payments and lacks real-time retail payment systems. She also encouraged speeding up the fintech developments in the country. She noted that the country could become more digitally competitive by nurturing home-grown fintech enterprises.
The government has recognised the importance of increasing domestic competition and efficiency savings in the payment space and the broader financial system. However, lingering reliance on legacy systems, failure to understand regulatory impetus and focus, and limitations in cohesion and provision of regulatory support for innovation are impeding real progress.
Nevertheless, Silk praised recent legislative changes. Financial regulators provide a one-stop shop for fintech firms and system-level work to improve cross-border payments. The positive movement makes domestic interbank payments available seven days a week.
Silk stated that challenges could arise from new players who “inadvertently” introduce design or technology risks. She called it a risk as the nature of the business avoiding New Zealand regulation or undermining the role of central bank money, whether cash or a possible Central Bank Digital Currency (CBDC). Even though the Reserve Bank is still researching the CBDC.
The Reserve Bank of New Zealand published a paper recently describing the current state of the country’s payments system. It will issue another next month, consulting on the potential need to regulate private crypto assets until March 2023.
The Reserve Bank remains committed to improving the cash system’s efficiency and resilience to ensure that it continued providing payment options for everyone and financial and social inclusion for those who rely on it, Silk said. Next year, the Bank has planned small live experiments to investigate various ways to expand merchants’ roles in the cash system.
This could include assisting merchants in recycling cash at the point of sale; compensating them for cash-out services; facilitating frequent, affordable cash delivery and collection for merchants; and consolidating the cash system through the creation of utility entities, Silk explained.
Payments represent the flow of money. Sooner or later, the global payment evolution will also impact New Zealand. Hence, the country demands better, smarter, and faster payment. As a result, the study of payments has come under scrutiny.
Only some understand the intricacies of New Zealand payments, and because they are complex and interconnected, creating a single view of the payments landscape takes time and effort. Furthermore, payment systems and services differ from country to country.
The Reserve Bank plays a multifaceted role in the payment landscape. The bank runs, participates in, regulates, and monitors core payment systems. It has also recently taken on the part of money steward in New Zealand. In addition, it is interested in supporting and ensuring that money and payment systems are efficient and reliable and supporting innovation and inclusion.
The National Development Council (NDC) Deputy Minister, Kao Shien-quey, discussed the idea of tightening cooperation with the Europe Union (EU) when attending the presentation meeting of the European Chamber of Commerce Taiwan (ECCT) 2023 Position Papers.
According to Kao, the government is actively promoting the “Six Core Strategic Industries” as part of the 5+2 Industrial Innovation Plan. It has designated several vital industries to take precedence in the programme, including semiconductors, finance, manufacturing, and service, among others.
The Executive Yuan has proposed an amendment to Article 10-2 of the Industrial Innovation Statute requiring the semiconductor industry to consolidate its competitive advantage. Moreover, the Taiwan government will use cutting-edge technology such as artificial intelligence (AI) and 5G to drive digital transformation in finance, traditional manufacturing, service, and other industries.
Each ministry actively promotes issues such as talent recruitment, bilingual policy, and other ECCT-related concerns. For example, the NDC has established the Employment “Gold Card Office” to increase the quality of professional talent recruitment. The certificate provides integrated services from work to life to international talent. Currently, nearly 6,200 Employment Gold Cards are valid.
Furthermore, Taiwan is focusing on intensifying its work on energy transformation. Kao stated that, in the face of the new post-pandemic global situation, the government is actively promoting the dual shifts of “net-zero” and “digital,” as well as building resilient global supply chains with the EU and other allies.
The government’s most crucial task in net zero is energy transformation. Accordingly, Taiwan officially announced “Taiwan’s Pathway to Net-Zero Emissions in 2050” in March this year. The initiative sets stage milestones and will present the concrete execution plan of the 12 Key Strategies, which cover issues of concern to ECCT. Some critical problems are wind power, photovoltaic power, and other renewable energy, as well as energy storage, power systems, and vehicle electrification, by the end of the year.
Kao stated that the government has allocated a net-zero related budget of NT$ 68.2 billion (US$ 2.2 billion) for next year and the 10-year “Construction Plan for Strengthening Grid Resilience.” She thanked European firms for their involvement in renewable energy in Taiwan. She urged them to continue participating in Taiwan’s energy-related construction to capitalise on Taiwan’s green transformation business opportunities.
Regarding supply chain resilience, Kao echoed the ECCT’s Position Papers, stating that many countries are restructuring supply chains. The restructuring happens in response to the current situation’s challenges, and Taiwan has advantages in semiconductors and International Trade Commission (ITC). Moreover, she shared the ideas of democracy and the rule of law with the EU, making Taiwan and the EU each other’s most trustworthy partners in supply chain restructuring.
Taiwan and Europe have enormous potential for future collaboration in new strategic industries. The best example is ASML’s announcement that it will make its most significant investment in Taiwan next year to collaborate on building a more secure and resilient global supply chain.
Kao also thanked the ECCT for its long-term efforts to promote bilateral relations. She said that Taiwan values the European Parliament’s support during this period of increased geopolitical risk. Kao thanked ECCT for its long-term involvement in Taiwan and expressed hope that ECCT can continue to support Taiwan and seize opportunities for transformation together in the new post-pandemic world.
Previously, President Tsai announced the plan to strengthen ties with Europe in her New Year’s Day speech this year. The administration has proposed a US$ 1.2 billion Eastern Europe Investment and Finance Fund. The budget indicates that Taiwan-Europe trade and economic relations are approaching a new high point.
AI and other digital technologies could help solve some of the world’s most important social problems, like climate change, biodiversity loss, food insecurity and risks to public health, among others. Harnessing digital capabilities to promote a transformative system could be a game-changer for a sustainable and equitable global future.
Today’s consumers expect more than great products and services, and businesses are well aware of this. Clients want to feel like they are investing in a reputable, responsible brand. Consequently, the most market-dominant businesses are not merely profitable and have good products but those that have multiple alternate bottom lines – social, environmental and sustainable.
More than 90% of business executives agree that sustainability is crucial to their success. As consumer groups continue to publish reports on the increased desire for more environmentally friendly corporate practices, it is simple to see why green marketing strategies are gaining such importance.
The environment and sustainability are vital components in the strategy and operations of enterprises looking to be more conscientious. Organisations have been taking proactive steps to develop a greener future with their consumers, partners, stakeholders and workers. These efforts include environmental initiatives, community outreach efforts and business practices.
Advancing Environmental Sustainability and Resilience
“Everyone is becoming aware of the necessity for action to attain sustainability,” says Vivek. “There is a growing interest in corporate sustainability and how corporations can strive for it to meet the needs of stakeholders for social, economic, and environmental implications.”
Most businesses are considering ways to contribute significantly, which will need robust investment and efforts. “We see businesses quickening their momentum and considering effective climate innovations. A case in point is how electric mobility companies can be affected by the huge reductions in costs for climate technology.”
Vivek believes it is possible to adapt a company’s digital strategy to mitigate and deal with extreme climate change. Companies must include digitalisation and decarbonisation in their strategy, as industry 4.0 technologies will play a crucial role in meeting the emissions reduction goal.
Digital technologies can increase energy efficiency and decrease fuel consumption across multiple industries and sectors. Digitalisation has the potential to revolutionise the way people and technology interact by helping to analyse and calibrate necessary interventions.
By utilising digitalisation, businesses can identify the emissions sources, whether at the product level, manufacturing unit level, or equipment level. They can then determine the necessary interventions to reduce emissions, such as a change in the manufacturing or personnel settings, and then monitor whether the identified interventions are being implemented.
“Here is where I believe digitalisation and decarbonisation must go hand-in-hand, as this will ensure that industries undergo structural changes and reach their objective,” says Vivek.
Businesses need to be more conscious of the need to be prepared for the energy shift, and he has five relevant steps for how businesses should approach this:
- Develop an understanding of how energy shifts will affect your company;
- Think about a bold and ambitious target, such as considering how big of a carbon footprint reduction they intend to achieve with this energy transition;
- Consider various situations and their effects;
- Create a comprehensive plan that will serve as an overall strategy with well-defined and cascading targets;
- Think about implementation, where companies strike a balance between all the goals, e.g., carbon footprint and profitability
Right now, society is more conscious of sustainability and is calling for companies to shift their carbon footprint and be more conscious about emissions. This is causing profound changes in the corporate and government landscape.
Organisations can work toward more sustainable practices with the aid of corporate sustainability’s economic, social and environmental pillars. Businesses must alter their mindset from just profitability at the expense of the environment to a sustainable and profitable paradigm. There must be interdependence and a greater emphasis on operations and eco-innovation.
Adopting sustainable practices benefits the environment, but businesses have also demonstrated that these programmes can boost productivity, lower costs, make shareholders happy, and a host of other advantages.
“Corporate entities must take the initiative in determining pertinent technologies. Companies must implement technologies to decrease their carbon footprint. They are the ones that will bring about change. Governments can decide the legislation, but unless companies change, it will be difficult to achieve net zero,” Vivek firmly believes.
A green economy is the practice of sustainable development supported by public and private investment in creating an infrastructure that promotes social and environmental sustainability. A green economy refers to an economy in which individuals are increasingly aware of their carbon emissions and are taking steps to reduce them.
A carbon footprint is the total amount of greenhouse gases, including carbon dioxide and methane, that corporations and individuals generate.
There are numerous practical and effective approaches to implementing sustainable technologies at the national level. “I believe that each country will deploy different technologies; the mix of technologies, the adoption rate, and the deployment cost will all be very different. However, each country will need to consider what sustainable technologies are relevant to them, consider implementing them, and consider the reasons for doing so.”
According to Vivek, decarbonisation entails significant economic transformation. When new business opportunities arise in Asia, companies must contemplate how they will be the first to take advantage. To do this, they must seriously consider the technologies and industries they want to innovate in or implement and the various business models they should use to take these opportunities.
There will be an acceleration of the energy transitions if individuals in the nation change their behaviour, the government considers how the empowering regulations should be made, or how businesses decide how they will operate.
Vivek has led several large-scale transformations and new business builds across the region, such as for an energy conglomerate in Indonesia. From this experience, he is convinced that a fundamentally different way of thinking about any business problem is required.
It requires thinking about what the unique value proposition is going to be and thinking about getting new talent to build a business from the ground up. Some of his most memorable moments on this journey include realising the value of having the right talent.
Another thing he learned is that customer preferences change at very different levels. So, thinking about the organisation’s unique value propositions and how customers perceive them becomes very important. For incumbents, choosing different business models can also be essential.
Both private and public organisations are aware that change needs to occur quickly. Resources are becoming harder to come by while demand is rising, necessitating a balance to build a sustainable future. “Green technologies will help the world achieve sustainable levels and make the environment cleaner and safer for everyone.”
Urban Ideas and Solutions Through LKYGBPC
Vivek is on the International Judging Panel (IJP) of the Lee Kuan Yew Global Business Plan Competition (LKYGBPC), a biennial global university start-up challenge held in Singapore.
As a member of the judging panel charged with driving, developing, and upholding the entrepreneurial spirit of the LKYGBPC participants, Vivek is focused on the innovativeness of the solutions, such as how effectively the technology solves the problem.
He also believes that feasibility and how the different technologies are correctly implemented can significantly change the world. “These two parameters will be quite useful in considering how we are selecting, or how I would select various technologies.”
He acknowledges that innovative entrepreneurship talent can be cultivated wider in the broader community through such competitions. These serve as an illustration of how they are fostering innovation and entrepreneurship across society.
The competition is also one example of instilling a culture where the next generation is thinking about how things can be done differently. Competitors explore creative ideas and have a forum where they can share their thoughts, which can be a great example of nurturing innovation.
The competition, which is run by the Institute of Innovation and Entrepreneurship at Singapore Management University (SMU), is centred on urban ideas and solutions developed by student founders and early-stage start-ups. It is positioned as a campus innovation movement that seeks to establish a global startup ecosystem with financial backers, including venture capitalists, corporate oligopolies, and governmental organisations.
“I believe many of our leading schools are doing a great job of instilling a culture where children are thinking about how things can be done differently and what are creative ideas,” Vivek opines.
There are numerous instances throughout the world where the technologies or solutions used by youth or larger communities have truly made a meaningful difference. “But it does take some significant effort to raise awareness and establish a forum where people can discuss their concerns, share their ideas, and obtain the resources needed to solve them,” Vivek concludes.
The Nanyang Technological University, Singapore (NTU Singapore) will be collaborating with a chemical manufacturing corporation in research that will drive new advancements in sustainable lithium battery technologies. The joint project will be led by the Executive Director of the Energy Research Institute at NTU (ERI@N) and Co-Director of NTUSingapore CEA Alliance for Research in Circular Economy (SCARCE), a centre for excellence in innovative solutions for recycling and recovering valuable elements from e-waste.
The Chief Commercial Officer at the chemical manufacturing corporation has played an important role in many breakthroughs in battery research and development. By expanding its R&D partnerships, the company can build on its heritage of innovation and continue to push the boundaries of what is possible and find optimal pathways for progress.
The firm is excited to begin this journey with a pioneering, distinguished scientist like Professor Srinivasan and the entire team at NTU, as new pathways to support advancements in battery technology can be explored.
The Executive Director of the Energy Research Institute at NTU (ERI@N), who will lead the research, is a renowned academic whose research focuses on the circular economy. She worked extensively on research initiatives with battery industry leaders and helps advise on public policies for energy and sustainability in Singapore and around the world. She is also the Executive Director of the Sustainability Office at NTU Singapore, which oversees and integrates sustainability initiatives and innovation across the University and its smart campus.
She noted that NTU Singapore has a strong history of working closely with the industry to commercialise research into tangible and impactful outcomes. The team is excited to collaborate with innovative leaders like the partnering firm, to advance sustainable lithium battery technologies. Their hope is to accelerate a more sustainable approach for lithium-ion batteries used in millions of electric vehicles and portable devices across the world.
The global Lithium-ion Battery Market was US$36.90 billion in 2020. The global market size is projected to reach US$193.13 billion by 2028, exhibiting a CAGR of 23.3% during the forecast period from 2021-2028.
Recent research shows that the continuing demand for power supply for numerous applications, augmented demand for electric vehicles, the surging necessity of battery-operated equipment and machinery in automotive industries, and the usage of lithium-ion batteries in renewable energy applications are sustaining the lithium-ion battery market growth.
As governments across the globe begin imposing guidelines for the monitoring of surging pollution phases. Various industries are being compelled to use lithium-ion batteries. The power industry is working to manufacture renewable energy and stock for future purposes.
In addition, low cost, low-self discharge rate, and negligible installation space are a few of the crucial factors driving the implementation of lithium-ion batteries in smart grid and energy storage systems. Since the product is more resilient to high temperatures, it is perfect for usage in distant areas and thermal control applications. The Asia Pacific region is expected to hold the largest lithium-ion battery market share during the mentioned period.
NTU is home to various leading research centres including the Nanyang Environment & Water Research Institute (NEWRI) and Energy Research Institute @ NTU (ERI@N). Under the NTU Smart Campus vision, the University harnesses the power of digital technology and tech-enabled solutions to support better learning and living experiences, the discovery of new knowledge, and the sustainability of resources.
The Hong Kong Science and Technology Parks Corporation (HKSTP) affirmed its strategic co-incubation partnership with a Canada-focused venture capital firm to identify promising international start-ups seeking to expand their innovation journey to Hong Kong, into the GBA and beyond.
With a proven track record in life science start-ups, the VC firm will work with HKSTP to build an inbound stream of early and mid-stage ventures. The co-incubation programme aims to bring several strong-performing ventures to Hong Kong with a focus on biotech, but also on other deep-tech areas such as ESG, advanced materials, edutech and AI.
To date, as Hong Kong’s largest technological ecosystem, HKSTP has helped accelerate growth for hundreds of outstanding start-ups, raising over HK$80.2 billion in total funding in the past five years. During the 2021-2022 fiscal year, the total valuation of HKSTP’s acceleration programme start-ups grew over 250% while total investment funds raised have also doubled.
The partnership with the VC firm is the most recent of HKSTP’s series of strategic co-incubation programmes with global market leaders in the industry, investment, R&D and academia, which further elevate Hong Kong’s innovation and technology (I&T) ecosystem strength as a global springboard to success.
Riding on Hong Kong’s thriving biotech market and the city’s status as the world’s second-largest biotech fundraising hub, the co-incubation partnership also recognises HKSTP’s impact and success in building a vibrant biotech ecosystem in Hong Kong.
The Head of Incubation and Acceleration Programmes at HKSTP stated that the co-incubation partnership with an international player like the partnering firm validates Hong Kong’s unique and growing status as a global I&T hub helping international start-ups go beyond borders in their global growth journey.
She noted that with a pipeline of seed stage and series A start-up’s already in place, this proves the strength of the HKSTP innovation ecosystem and confirms that Hong Kong is open again for global business and an ideal launchpad for high-growth tech ventures seeking GBA, regional and global expansion.
The Managing Partner of the VC firm stated that the signing of this co-incubation agreement will allow the two parties to incubate and introduce promising global start-ups to scale their businesses in Asia. The firm will continue to leverage its unique cross-pacific networks and investment niches in transformative life science technologies to enrich Hong Kong’s innovation ecosystem with more ground-breaking technologies from North American start-ups.
The programme features co-incubation activities ranging from business development, consulting and training to mentoring sessions for qualified overseas start-ups. Participating entrepreneurs will also create proofs-of-concept and pilot initiatives.
The start-ups will tap into the investment and international business network reach of the firm while also formally joining the HKSTP innovation ecosystem to access product validation, commercialisation and go-to-market expertise from HKSTP and its wider network of partners.
Specialising in investing globally in science and technology-based start-ups, the VC firm has been active in Hong Kong and Asia with its specific focus on nurturing start-ups that aspire to expand to China and Asia. In 2019 it facilitated eight Canadian start-ups from prestigious start-up programmes to come to Hong Kong to gain deeper insights into strategic landing tactics and expansion into the Asian markets. This latest partnership with HKSTP has forged a new level of commitment to the Hong Kong I&T ecosystem.
The Singapore Food Agency (SFA), National University of Singapore (NUS), Temasek Life Sciences Laboratory (TLL), and seven industry partners signed a Memorandum of Understanding (MoU) to develop the AquaPolis Programme.
The AquaPolis Programme is an initiative under Singapore Food Story R&D Programme 2.0. It envisions Singapore as a leading research and innovation cluster for sustainable tropical aquaculture. The aim is to gather local and overseas aquaculture researchers and industry partners to foster strategic synergies in developing innovative and sustainable solutions while cultivating talent for the industry’s workforce.
AquaPolis will capitalise on the technical, operational and research expertise of strategic partners to achieve translational R&D results, in improving the productivity and competitiveness of our local farms towards Singapore’s “30 by 30” food security goal.
This goal aims to build the agri-food industry’s capability and capacity to sustainably produce 30% of Singapore’s nutritional needs by 2030. Beyond local production, the developed solutions and innovations may also be relevant to agri-food industries in other regional countries and contribute to sustainable food practices and enhance our food security, particularly in the light of climate change.
The MoU demonstrates the shared commitment of SFA, NUS, and TLL in R&D collaboration, and exchanges with industry partners on the knowledge of cultivation and intensification of sustainable aquaculture production in Singapore.
The MoU was jointly signed by the Chief Executive Officer of SFA; the Deputy President (Research and Technology) of NUS; the Chief Executive Officer of TLL as well as major heads from the seven industry partners.
The Chief Executive Officer of SFA stated that the agency welcomes the strategic collaboration. He noted that it is exciting to see R&D talents from local and overseas institutions as well as our key industry partners, coming together with innovation and sustainability in mind, to build Singapore’s capabilities and capacity in aquaculture within Singapore and beyond.
The aquaculture industry plays a key role in Singapore and the world’s food security, and the leader is confident that these collective efforts will strengthen food security and build a resilient food future for Singapore.
The Deputy President (Research and Technology) of NUS stated that the University is excited to host the AquaPolis Programme. The University looks forward to collaborating closely with the Singapore Food Agency and Temasek Life Sciences Laboratory to co-create innovative research solutions to address challenges in tropical aquaculture.
The Chief Executive Officer of TLL stated that AquaPolis represents a milestone in Singapore’s 20-year journey to bring together partners, with a vision to transform our aquatic food systems to be more sustainable and resilient for a growing population considering global climate changes.
The Lab looks forward, together with SFA and NUS in partnership with the industry partners, to help lay the foundation for research-based innovation to address challenges faced by the industry today and to nurture the next generation of aquaculture champions to benefit all consumers in Singapore.
SFA will be uplifting the aquaculture industry in the coming years through the Singapore Aquaculture Plan (SAP). Through the SAP, SFA will focus on productive and sustainable production and unlock the full potential of sea-based fish farming.
- Unlocking new spaces through sea space tenders and longer leases;
- Supporting the aquaculture sector to transform into one that is highly productive, climate-resilient and resource-efficient using technology and adopting appropriate farm management methods. These include conducting environmental surveys and water and seabed quality surveys to better inform farm management;
- Supporting research and innovation for sustainable tropical aquaculture through leveraging on SFA’s Marine Aquaculture Centre.