Bloomberg published an interview with Sutapa Amornvivat, CEO of SCB Abacus, Soo Boon Koh, Founder and Managing Partner of iGlobe Partners and Steve Leonard, Founding CEO of SGInnovate on Bloomberg Live’s ‘Sooner Than You Think’, where Dr Sutapa shared that AI is part of the major force behind the latest developments in not just the financial services but also in manufacturing and agriculture. Founding CEO of SGInnovate, Steve Leonard, shared that SGInnovate believes that AI is not just going to be omnipresent but that we ought to embrace it. Although there are issues such as data privacy, ethics and guidelines which need to be discussed, these are concepts that people need to think about along a journey, not something which must be answered in advance.
ZDNet reported that even as AI comes increasingly under the spotlight for its adverse potentially adverse impact on human lives, Singapore is advocating the need to hold off judgement whilst the technology continues to evolve and focus instead on building trust. Speaking at the Bloomberg Live’s ‘Sooner Than You Think’, S. Iswaran, Singapore's Minister for Communications and Information and Minister-in-charge of Trade Relations shared that Singapore was focused on verticals that were relevant to the nation and, hence, on developing applications that could be scaled locally, regionally, and worldwide. These domains included healthcare, education, and transport, and its initiatives encompassed research and development work, skillsets and training, and working with the private sector to build applications. Founding CEO of SGInnovate, Steve Leonard, echoed the minister’s call for trust and explainable AI, noting that the technology was an ongoing development and important concepts would surface along the way. He added that it would be ineffective to attempt to react to issues in advance and that societies have to be open as this concept was “imperfect” and know that some people would “misbehave”, and address these with rules and guidelines. Otherwise, they would miss opportunities in tapping AI to solve real-world problems.
Singapore Business Review reported that Reefknot Investments, a Singapore-based joint venture between Temasek, and the transport and logistics company Kuehne + Nagel, plans to invest $69.15m on supply chain and logistics tech startups globally. The firm is looking to support the growth of series A and series B stage startups in particular by providing market and resource access and guidance. Apart from Temasek and Kuehne + Nagel, Reefknot is also working with global Asian-based investors EDBI, SGInnovate, Atlantic Bridge, Vertex Ventures, PSA unBoXed, Unilever Foundry and NUS Enterprise.
Singapore Business Review reported that venture capitalists are looking to inject more funding into Deep Tech as the government strengthens its support system amidst a global tech shift. Deep Tech startups covering AI, BioTech, HealthTech and IoT dominated the eighth edition of Singapore Business Review’s hottest startups list with automotive marketplace Carro topping the list. It is followed by biotech startup RWDC and AI solutions provider AnyMind. Ramesh Raghavan, vice chairman of Business Angel Network of Southeast Asia (BANSEA), noted that HealthTech startups show a huge opportunity although FinTech still remains a huge focus for Singaporean investors, given Singapore’s status as a financial hub. The continued focus on FinTech firms is also being driven by government support, in particular, SGInnovate launched a financing scheme that will invest up to $80m over four years into tech-related verticals, in partnership with co-investment partners such as Golden Gate Ventures, Monk’s Hill Ventures, and Wavemaker Partners.
e27 reported that The Australian Trade and Investment Commission (Austrade) has announced the ninth cohort of its Australian Landing Pad in Singapore. Partnering with SGInnovate, Austrade seeks to recreate the success of the pad in graduating 38 startups that are now doing business in Indonesia, Malaysia, the Philippines, and Vietnam. The Australian Landing Pad in Singapore aims to bring scaleup opportunities to startups; in which it prided itself in bringing its startups to receive over US$17 million in follow-on funding. The Landing Pad programme provides market-ready startups and scaleup with potential for growth a cost-effective option to land and expand into global innovation hubs around the world such as San Francisco, Tel Aviv, Shanghai, Berlin, and Singapore.
The Business Times Online reported that Reefknot Investments, a joint venture between Temasek Holdings and Kuehne + Nagel, has launched its inaugural US$50 million global fund to invest in startups "at the forefront" of the logistics and supply chain industry. Its first fund will back six to eight startups in verticals such as AI, digital logistics and trade finance. Investee companies will gain business insights from Temasek, as well as the expertise of Kuehne + Nagel, a transport and logistics giant headquartered in Switzerland. Reefknot's venture ecosystem partners include EDBI, SGInnovate, Atlantic Bridge, Vertex Ventures, PSA unBoXed, Unilever Foundry and NUS Enterprise.