Described as a “miniature silicon valley”, 80 of the top 100 tech companies in the world have established a presence within Singapore. This can be attributed to Singapore's shift in direction within the technology industry forming it into a regional tech hub instead of a seller of tech goods.

Government Led Intiatives

The change in direction for Singapore’s tech industry was largely supported by government programs. One such program is the Accreditation @ SG Digital program which aimed to assist tech companies in establishing their credentials and connecting with potential customers.

Additionally, the government has recognized that the public has changed the way they utilize technology. Areas such as AI and the internet of things have seen massive changes over the years, making it crucial for Singapore to adapt in order to continue on its path toward being a tech hub.

Expanding Beyond Local Borders

While the Accreditation @ SG Digital program initially targeted local companies, the program has since expanded to include foreign players. Rafael Sweary, co-founder and president of WalkMe, a US-based digital adoption platform touts that Singapore remains a good entry point for the Asia-Pacific region. Additionally, he also shares that the government’s “pro-business” model is also another reason the company has decided to do business on the small island.

Jaspreet Singh, CEO, and founder of Druva also echos this sentiment, attributing Singapore’s advanced infrastructure coupled with a strong tech talent pool and growing number of startups as reasons why the island nation has become such a compelling destination for businesses.

The benefit of foreign companies entering the market can be felt by both sides. On Singapore’s end, the economy stands to benefit from the technical and managerial talent introduced by foreign companies. Foreign companies, on the other hand, gain a better understanding of what businesses in Singapore require and gain access to a larger pool of clients.

Singapore’s Talent Pool Is Insufficient To Fill Tech Demand

With government backing and support schemes, the tech industry in Singapore has been improving exponentially with each passing year. However, it would seem that while the demand has grown, the talent pool in Singapore has not increased at the same rate.

Ravi Menon, the MD of the Monetary Authority of Singapore mentions that since the talent pool in Singapore is unable to accommodate the demand, Singapore would soon have to rely on foreign talent.

In order to encourage more talents, companies have begun to increase the salaries for tech positions. Nupur Mehta, global HR partner at Singapore-based fintech company Nium says the position as the head of engineering could have stood to earn $240,000 to $280,000 per anum in 2018, increased dramatically to $350,000 to $400,000 in 2020.


Understanding the power of technology with Au Chat Kwan

Au Chat Kwan is an experienced IT professional with years of experience in the field. Kwan has seen trends in technology shift throughout his career as an IT specialist.

While growing his love for IT, Kwan always remembers to lend a helping hand. He spends most of his time helping his colleagues figure out how to navigate new equipment, databases, and other tricky IT-related things.

Kwan keeps himself abreast of the world of technology and therefore, is always learning to remain relevant in the ever-changing environment of IT.