Germany and Singapore Teams up To Spur Fintech Innovation

German Accelerator Southeast Asia (GASEA) is collaborating with Enterprise Singapore to build a two-way partnership that will facilitate the launchpad for statups, including fintechs, in both these countries.

This builds on the memorandum of understanding (MoU) signed by both parties at the Germany-Singapore Business Forum 2018 in April.

Using Munich and Berlin as a launchpad, this partnership will provide Singapore startups with quicker access to the market through co-working spaces, facilitation and mentorship.

Singapore a gateway to Southeast Asia

“With Singapore’s legal certainty and strong intellectual property protection, it is easy for German companies to gain a foothold here to set up their Asian expansion,” noted Clause Karthe, Founder and CEO of GASEA.

He was speaking at the firm’s first Asia office opening in Singapore on Tuesday.

To date, GASEA  has facilitated the entry of eight startups into Singapore, including that of Wealthstone, a US-based wealth management services provider and Fractal Blockchain a KYC/AML solution for ICOs.

GASEA is funded by the German Federal Ministry of Economic Affairs and runs five-month programs supporting the entry of German tech firms into the region.

Positioned thus, German fintech startups would also derive benefit from Singapore’s pool of MNCs and large corporations with experience in corporate venture and incubation activities.

A Cross-Border Effort

To foster this effort, Singapore will use the work pass known as EntrePass to attract global talent to its shores, Mr Peter Ong, Chairman of Enterprise Singapore said during his speech at the launch.

The EntrePass, he explained, caters to serial entrepreneurs, high-calibre innovators and experienced investors in particular.

Both Germany and Singapore are largely considered as fintech powerhouses in their respective regions, a bilateral relationship as such will likely spur more innovation in the sector.

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