4 updates on Singapore startups and business on 2021
In this article, we will look at some recent regulatory changes, the opening of new government programs. And the annual performance of some state incentives aimed at assisting SMEs. We also discuss a few Singapore startup success stories, FinTech award winners, and other industry. Which is related to news that might be of interest to Singapore business executives or investors.
Singapore remains an industry, financial, and a company formation Singapore process epicenter in Asia. And around the world. It has consistently been recognized as a global business center with a highly established. Infrastructure, political stability, open business policies, a professional workforce fluent in English. Strict intellectual property rights security. Furthermore, company formation Singapore entities. That will benefit from the country’s generous tax scheme, extensive network of double taxation treaties, and enticing free-trade zone regime.
All of these factors have prompted over 537,000 business entities, including many of our clients, to establish themselves in the region. In Singapore alone, 3,673 new companies were formed in December 2020. If you are considering to incorporate company in Singapore, read the following updates below about startups and businesses.
Update for the startup
#1 Grab financial group raises $300 million in Series A funding
Grab Financial Group (GFG), which debuted in Singapore in 2018, is the Southeast Asian. ride-hailing giant Grab’s fintech arm. The company offers a variety of financial products such as insurance, leasing, wealth management, and payments.
The company revealed in January 2020 that it had raised more than $300 million in the Series A round. It was led by Hanwha Asset Management of Korea, with participation from K3 Ventures, GGV Capital, Arbor Ventures, and Flourish Ventures.
The new funds will be used to expand its team and provide “more accessible, easy, and transparent” financial solutions in the area, according to a statement from the company.
#2 iSTOX has raised $50 million in a Series A round of funding
The iSTOX is a digital company formation Singapore entity back by the Singapore Exchange that established in 2017. The Monetary Authority of Singapore (MAS) regulates this financial technology firm as a multi-asset platform for the issuance, custody, and secondary trading of digital securities.
In January 2020, the company announced the completion of its US$50 million Series A funding round. New investors include Japan Investment Corporation’s venture capital arm, JIC Venture Growth Investments (JIC-VGI), the government-owned Development Bank of Japan, Japan’s Juroku Bank, and Mobile Internet Capital (MIC). Existing investors SGX, Tokai Tokyo Financial Holdings of Japan, and Hanwha Asset Management of Korea all made new investments.
The new funds will use to expand iSTOX’s regional reach and investment offerings including company formation Singapore procedure expansions. The platform will roll out private issuances by blue-chip issuers for individual investors, and it will continue to expand in China. In addition, the company is looking for issuance deals in Europe and Australia.
#3 Volopay has raised $2.1 million in funding
Volopay, a start-up in terms of company formation Singapore procedures established in 2019, provides expense-tracking solutions to businesses. The company created an all-in-one platform for expense approvals, corporate cards, bill payments, expense reimbursements, credit, cashback, and accounting automation.
The company raised $2.1 million in seed funding in January 2020. Tinder founder Justin Mateen led the investment round. Soma Capital, CP Ventures, Y Combinator, VentureSouq, Razorpay’s founders (Shashank and Harshil), Antler, and other influential angel investors also participated in the round.
Volopay intends to use the new funds for recruiting, product growth, international expansion, and the formation of new strategic alliances.
An update on business
#1 CheckSafe is now accessible
On January 21, 2021, the Ministry of Manpower unveiled CheckSafe, a new government service. Users who want to incorporate company in Singapore may use this website to search and compare the safety records of construction firms.
Based on their Workplace Safety and Health (WSH) results, CheckSafe will assist users in making more informed decisions about contractors and partners. You will be able to access information about the following topics through the platform:
- Injury statistics, such as the number of fatalities
- Data on compliance, such as stop-work orders, demerit points released, placement on the Business Under Surveillance (BUS) Program, conviction reports, and so on.
#2 Wage credit scheme payouts of more than S$1 billion in 2020
The Wage Credit Scheme (WCS) assists entities that want to incorporate company in Singapore that is embarking on restructuring efforts. Employers encourage to share efficiency benefits with employees by co-funding salary increases.
In 2020, two rounds of WCS payouts make: the regular main payout in March 2020, and a supplementary payout in June 2020 as a result of the Unity Budget’s rise in co-funding ratio and qualifying wage cap. Over S$1 billion paid out to more than 95,000 employees.
The next tranche of payouts will be available in March 2021 for qualified wage increases in 2020 for participating businesses. Employers do not require to apply for WCS payments. Eligible companies will be automatically inform of the volume of WCS payouts to issue by the end of March 2021. More information on the WCS can find here.
#3 Despite the COVID crisis, Singapore’s exports expect to increase in 2020
Despite the economic downturn caused by the lockout, Singapore’s exports increased by 4.3 percent in 2020, owing to persistent global demand for semiconductors and pharmaceuticals, the country’s main export goods.
Exports of electronics products increased 13.7 percent in December 2020, led by integrated circuits and computer parts, both of which are in high demand due to the pandemic’s accelerated digitalization. According to the World Semiconductor Trade Statistics, semiconductor demand expect to rise in 2021, supporting Singapore’s exports.
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