Singapore is one of the world’s leading countries in commerce and finance, as well as having been recently voted the top country for expats by HSBC. In fact, it is also the top voted country in the world for starting up a business because of the support available for entrepreneurs and their SMEs and SMBs. Added to that is the Singaporean work ethic and the success of financial tech companies currently holding offices there. It’s really no wonder that some of the biggest names in the world are setting up on the island.
Whilst recent years have seen a proliferation of tech companies across the world, there are some industries which are successfully thriving in Singapore. These include but are not limited to those listed below.
IT Services
Whilst this is a broad term for a huge umbrella of industries, there are some information tech services which are thriving more than others within Asia’s finance hub. For example, Twitter has headquarters in the city, a chain of international success stories such as Apple, Google and Microsoft have invested in offices, with Netflix opening their Asia division in Singapore next year. App creators and developers, cloud storage and cybersecurity are some of the divisions of tech which are really booming now.
The Singapore government knows and supports the value of tech industries and launched Smart Nation – an initiative to empower citizens through the use of tech and pervasive accessibility, to encourage growth in this key industry.
Automotive
Having pumped some serious money into R&D recently, the Singaporean government have encouraged experts from all over the world to research and develop all industries. One of the major players is the automotive industry, both Delphi and Bosch have set up R&D departments for the industry. With a workforce enriched with electronics and engineering, it is unsurprising that the automotive industry is racing to the forefront of successful sectors in Singapore.
Healthcare/ Biomedics
Again, the country’s provision for R&D makes Singapore a thriving hub of healthcare and many big pharma companies have offices in the city. SMEs from the medtech sector have been sprouting up all over Singapore, using the excellent support and resources to incubate their ideas before spreading to the whole of Asia. This means the markets in this area are very successful too, rendering it a solid investment.
Creative industries and arts
With the amount of tech developments happening within the country, Singapore is awash with creative agencies offering design services, game creation and development and animation to name just a few. The Singaporean government expect to see more of these companies as we head into 2017.
Arts and performing arts are respected in Singapore and have seen a steady increase in recent years, making it a cultural place, nurturing cultural interests.
Communications
Its thriving tech opportunities, educated workforce and the desire to be independent and self-sufficient have led to a proliferation of communications companies springing up throughout Singapore. From telecommunications to information marketing and internet comms. companies, the tech advancement in Singapore lends itself well to the ever expanding communications industry.