Singapore and German government agencies are supporting German startups entry into Southeast Asia. A new deal will soon see Singapore startups head to Germany.
The German government is supporting its startups, including fintechs, to explore opportunities in Singapore and Southeast Asia. Under a new partnership between Enterprise Singapore and German accelerator, Singapore startups will now gain access to the German market, according to a media statement on Tuesday.
The Singapore and German agencies are partnering to launch two hubs in Germany, starting with Munich, followed by Berlin. They will provide selected Singapore startups with quicker access to the market through co-working spaces access to capital partners and mentorship.
Valuable Asian Insight
Under the current German accelerator program chosen tech start-ups from Germany can stay and work in Singapore for five months.They receive free mentoring, access to the local network of business partners and venture capitalists, and free office space to work from.
«Southeast Asia is the best place to be for foreign startups to understand the heterogeneous Asian market and to begin an Asian expansion strategy,» said Claus Karthe, founder and CEO of German Accelerator South East Asia.
Local Appeal
Among the first German firms to enter the Singapore market are financial technology firms Fractal Blockchain, a compliance solution for initial coin offerings and Wealthstone a digital wealth manager.
The Munich-based wealth manager is known as Werthstein in its domestic market. For entry into Asia the firm, co-founded by former Credit Suisse banker Bastian Lossen, decided to recalibrate the name to the more user friendly Wealthstone.
