- Over the past decade, Singapore has become a destination of choice for enterprise tech.
- Multinational companies find Singapore attractive because of great government initiatives and access to regional business opportunities.
- US-based ServiceNow and AvePoint have seen the benefits of expanding to Singapore.
Over 13 years ago, AvePoint, a SaaS solutions provider based in New Jersey, recognized the potential of Southeast Asia and found its entry point in Singapore. Tianyi Jiang, AvePoint's CEO and cofounder, said he was impressed with the possibilities presented by Singapore's dynamic business environment.
"While Singapore is a very small country, the country's focus on talent development and productivity results in it leading the forefront of innovation with a strong tech ecosystem for talent and corporate success," he said. Today, AvePoint's research and development (R&D) hub and Asia headquarters thrive in Singapore, employing nearly 200 people.
Following a similar trajectory, ServiceNow, a Silicon Valley enterprise software company, also identified the strategic value of Singapore as its regional hub over a decade ago. "Singapore's reputation as having one of the most technologically advanced economies in the region makes it an ideal location to establish a regional headquarters, which is why we are here," Ulrik Nehammer, the international chairman of ServiceNow, said.
Singapore is a small but dense nation — it's almost four times smaller than Rhode Island but has five times the population. Recently, it's become a top destination for global tech firms looking to expand their operations into Asia. In fact, 80 of the world's top 100 technology firms have a presence there.
Singapore's appeal spans multiple levels: It offers a business-friendly environment, competitive government support, and a highly skilled workforce. In addition, the government plays an active role in nurturing talent, accelerating digitalization, and fostering a diverse tech ecosystem. It's a winning blend for enterprise tech firms like ServiceNow, according to Nehammer. "Singapore's business-friendly policies and focus on innovation have enabled us to strengthen our hub operations in the region and allowed us to better establish our footprint in Southeast Asia and provide support to APAC clients," he added.
Singapore has demonstrated its ability to adapt to macroeconomic trends and leverage technological advances effectively. Jiang cited proactive policies that create the right business growth environment for AvePoint. "Within ASEAN (The Association of Southeast Asian Nations), Singapore is ranked No. 1 when it comes to digital initiatives, as exemplified by Singapore government's Smart Nation mandates," he said.
The Singapore government's ambitious Smart Nation agenda, launched in 2014, integrates digital technology into all aspects of society. There are also some notable recent initiatives: AI Singapore, a national R&D program aimed at deepening the country's capabilities and unlocking the positive impact of artificial intelligence; and a concerted effort to establish progressive regulations for AI and digital assets, fostering a trusted ecosystem for their development and utilization.
Singapore's unwavering commitment to technological advancement has solidified its position as the unrivalled hub for innovation in the region. It boasts 25 unicorns, according to DealStreetAsia, the highest number in Southeast Asia. It has also maintained a substantial lead as the premier destination for venture capital investment in 2022. Singapore accounted for a remarkable 56% of the total deal volume recorded across the six largest economies in the region during that year.
Gateway to regional growth opportunities
Singapore's strategic location and close ties with other major markets in the Asia-Pacific region make it an ideal springboard for companies seeking revenue-generating overseas opportunities.
In Singapore, ServiceNow was able to access a unique business partnership with Singapore Airlines, the world's most-awarded airline and one of the region's largest customers, developing a system called SQNow, which streamlines and manages IT workflows. The company also partnered with leading Singapore-based IT services firm NCS to implement more secure digital workflows, enabling more efficient collaboration with government agencies.
These successful use cases have helped ServiceNow sell its software to clients in other markets, too. "Being successful in Singapore is often a gateway into other markets around Southeast Asia," Nehammer added. "This is especially the case in the technology space, where Singapore is recognized as a leader in the region."
Cultivating tech talent
Another crucial factor contributing to Singapore's appeal is its openness to global talent. The country has long welcomed international entrepreneurs and tech experts, attracting fresh businesses and highly skilled labor. Last year, the government introduced the ONE Pass, a five-year work visa allowing foreign high-earners and high-achievers from all sectors to move to Singapore without having to secure a job in the country first. The government also offers Tech@SG, a program that makes it easier for tech companies to apply for employment passes (work visas) for talent coming to Singapore from other countries.
Nehammer said Singapore's favorable labor policies helped ServiceNow to strengthen its regional operational capabilities. "Not only are we able to tap into a skilled labor pool, but we are also able to bring in our global career development program, RiseUp, to Singapore," he added.
Indeed, companies in the region are able to boost the local talent pool through unique programs. AvePoint has implemented a local training program to develop expertise in digital areas like data security, governance, analytics, AI, and software development. "We are excited to capitalize on the skilled talent pool here in Singapore to fuel innovation and grow technology leaders in the region," Jiang said.
A launchpad for new products and partnerships
By fostering collaboration between public and private sectors, Singapore has created a unique environment where innovative ideas can thrive and has the potential to be scaled globally. One example of this collaborative ecosystem is AvePoint's recent partnership with the Monetary Authority of Singapore (MAS), the country's central bank, which resulted in the development of COSMIC, a cutting-edge fintech platform designed to combat money laundering and safeguard client privacy. Furthermore, AvePoint's local R&D hub has forged partnerships with Institutes of Higher Learning (IHLs), such as polytechnics, in Singapore, facilitating knowledge exchange and innovation.
According to Jiang, AvePoint's projects align seamlessly with Singapore's ongoing initiatives to foster a culture of lifelong learning and ensure that residents remain equipped with cutting-edge digital skills. He emphasized that these endeavors are propelling the digital transformation of Singapore's training and adult education sector, revolutionizing the landscape of learning and training not only in educational institutions, but also within commercial and corporate environments.
Why Singapore's brand continues to thrive
Singapore's ascent as a global tech powerhouse is anchored on the pillars of innovation, business networks, and robust tech infrastructure. By actively fostering collaboration with local and international entities, the government solidifies the nation's position as a preferred destination for tech companies seeking growth.
