■Introduction
In recent years, Singapore has attracted global attention as a hub for entrepreneurship. As of 2024, the amount of venture capital funding raised ranks 5th in the world (Tokyo: 7th), making Singapore the largest startup hub in ASEAN.
In this report, we introduce the Singapore government’s support measures for startup companies, as well as some distinctive startups based in Singapore.
■Singapore Government’s support for Start-ups
The Singapore government works in collaboration with world-class public universities in the country to cultivate entrepreneurial talent, including programs that send students overseas.
In addition, the government has eased employment pass requirements for foreign entrepreneurs and is actively working to attract entrepreneurs from around the world, rather than limiting opportunities to domestic talent.
Furthermore, a wide range of support measures has been introduced for startup companies, such as the provision of affordable office facilities for startups and the establishment of co-investment schemes between the government and venture capital firms.
■Start-ups originating in Singapore
As of July 2024, there were 5,221 startup companies based in Singapore. While many span across many technology sectors —such as artificial intelligence (AI), the fintech sector is said to have the largest number of startups, with approximately 620 companies.
Furthermore, as of December 2024, 16 unicorn companies (companies established within the past 10 years with a valuation exceeding USD 1 billion) have emerged in Singapore. In the past, unicorns were mainly consumer-oriented services, such as the well-known ride-hailing app Grab. However, in recent years, there has been a noticeable increase in startups in the fintech and AI sectors.
In the fintech field, the high level of attention can also be seen in events such as the government-hosted international conference and exhibition, the Singapore FinTech Festival. At last year’s event, the Japan FinTech Association operated a Japan Pavilion, and the City of Sapporo also exhibited a booth to promote the “GX Financial and Asset Management Special Zone.” Our office also worked together to promote the attractions of Hokkaido and Sapporo at the event.
■Conclusion
As Singapore-based startups increasingly expand into Japan in search of business opportunities, there are also Japanese startups based in Singapore that are actively pursuing overseas expansion. In Hokkaido as well, initiatives involving collaboration among industry, academia, and government are being developed to create an ecosystem that fosters startups aiming to compete globally.
Going forward, we will continue to gather information locally so that it may contribute to the development of entrepreneurial talent in Hokkaido and provide insights for addressing regional challenges.
Reference:
JETRO Singapore Office. “Singapore as a Hub for Co-creation with Startups, FY2024 (March 2025).” Japan External Trade Organization.https://www.jetro.go.jp/world/reports/2025/02/52d75300ac5dde1d.html
▼Scenes from the Singapore FinTech Festival 2025 held last November. Many visitors stopping by the Sapporo City booth.
