February 24, 2024

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Maritime Innovation & Technology Fund enhanced to develop Singapore as a Centre of Excellence for R&D and tech solutions

Singapore is one of the leading international trading hubs and is recognised as a leader in the global maritime sector. The Maritime and Port Authority of Singapore (MPA) has been focusing on digitalisation to help companies innovate and improve productivity over the past few years and they have had major success which can be attributed to the government’s pro-business policies, their industry transformation map  and their strong drive for and investment in innovation and technology solutions.

The Maritime Innovation and Technology (MINT) Fund was set up to develop Singapore as a centre of excellence for maritime R&D and technology solutions. Since 2003, MPA has allocated a total of $265 million to the MINT Fund to accelerate industry technological innovation and capability development, and the fund has supported more than 350 industry projects.

Enhanced Investment in Maritime Research and Product Development

The objectives of the MINT Fund are to develop a competitive edge for the Port of Singapore, to build up technological capabilities within our maritime industry in key niche areas, and transform the maritime sector into a highly productive and innovative cluster by leveraging leading-edge technologies.

To strengthen MPA’s support for the maritime industry and local maritime tech SMEs, the MINT Fund will be enhanced in the following areas:

  • Top up of MINT Fund by $15 million to bring the total available MINT Fund to $100 million
  • Co-funding support for eligible projects by maritime tech SMEs increased from 50% to up to 70%
  • Co-funding support for eligible projects by industry consortiums of up to 70%.

There are currently two funding schemes available:

MINT-RD
This scheme promotes upstream research and encourages the creation of knowledge, capability and intellectual property within the companies. It is relevant to maritime companies and large companies with in-house R&D, as well as marine equipment makers and technology developers.

MINT-PD
This scheme encourages product and solution development, value creation, and translation of state-of-the-art technologies from non-maritime industries for use within the maritime domain. It is relevant to maritime companies with engineering design capabilities, engineering companies, system integrators, software/hardware developers, shipyards, and technology companies.

Maritime technology start-ups help build a vibrant innovation ecosystem

To drive the maritime sector’s next phase of growth, MPA has taken the lead to build a vibrant innovation ecosystem to drive competitiveness and new growth areas by creating an enabling environment for innovation, deepening maritime R&D capabilities and growing maritime technology enterprises to develop innovative solutions.

According to the MPA: “We aim to more than triple the number of maritime tech start-ups (who receive funding and support from MPA’s programmes e.g. PIER71), from 30 to 100 by 2025.”

Some of MPA’s past initiatives include innovation platforms such as the PIER71 (Port Innovation Ecosystem Reimagined @ BLOCK71) and Smart Port Challenge (SPC) initiative.

PIER71, or Port Innovation Ecosystem Reimagined @ BLOCK71, was officially launched in June 2018, a collaboration between MPA and NUS Enterprise on developing the first industry-wide acceleration programme for the port and maritime industry. PIER71 has a 200 m2 area co-working space at Launchpad @ BLOCK71. It is made up of three parts: Smart Port Challenge (SPC), 8-week acceleration phase and ecosystem building.

PARTNER

Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

PARTNER

CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Well-known for our strengths in system integration and consultation, CTC Global proves to be the preferred IT outsourcing destination for organizations all over Singapore today.

PARTNER

Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

SUPPORTING ORGANISATION

SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

PARTNER

HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

PARTNER

IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.

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