Singapore leads as the top-ranking ecosystem for startups in the Asia Pacific region, and 7th globally, surpassing its largest trading partner, China, positioned at 10th in the global ranking.
Singapore, long renowned as the global hub of business innovation and financial technology (FinTech), has recently earned an illustrious standing by ranking the top ecosystem in all of the Asia Pacific region (APAC) for startups, and earned 7th place in the world, overtaking China, according to the recent report by StartupBlink’s Startup Ecosystem Index 2022.
The nation has shown significant progress since its 2021 ranking of 10th, continuing to lead innovation and inventiveness in the startup industry by creating a hospitable environment alongside offering generous amounts of investment opportunities, from venture capital investors to additional government funding initiatives.
Furthermore, the findings concluded Singapore’s diverse market as “over-performing,” particularly in its FinTech sector, in addition to other booming sectors such as EdTech, e-commerce and retail, as well as software and data, marketing, sales, and more.
According to the report, “Singapore is a model for innovation and continues the pattern of a relatively small country massively over-performing and creating regional impact as an open and powerful Asian hub,” further appraising Singapore’s capabilities and promising tax legislation, as well as ease in facilitating, attraction and immense business opportunities in its “massive ecosystem investment.”
Additionally, the report remarked on previous successful startup stories from the nation, including prominent ride-hailing and food delivery enterprise, Grab, applauding its ability to provide a stable and secure environment for emerging businesses, as the headquarters of some of the top startups in APAC.
It further noted Singapore’s potential and presence in the environmental, social, and governance (ESG) aspect, highlighting the increase in the number of startup accelerations and investments, essentially the programmes under Enterprise Singapore (ESG), as well as the Startup SG initiative.
Emphasising Singapore’s small market, yet numerous advantages of its global perspective and positioning, the region continues to attract talent and business opportunities while bolstering competitiveness on a global scale.