A survey by KPMG reports Singapore as the leading tech innovation hub among other countries in the Asia Pacific Region, and anticipates a boom for APAC in the tech industry post-pandemic.
Singapore, one of Asia’s reputable nations, has managed to secure its title in KPMG’s global ranking of leading tech innovation hubs, exclusive of Silicon Valley, San Francisco. Taking over notable cities such as New York and Beijing, Singapore strives to achieve a reputation as the heart of innovation.
According to Ling Su Min, Head of Clients, Markets and Innovation at KPMG, Singapore has been consciously working towards such a goal by clinching its spot as “a reputable global financial hub and a critical gateway for businesses to access the rest of Asia.”
Amidst countless industry disruptions due to the Covid-19 pandemic, a notable 61% of survey participants reported to have been influenced by the economic changes brought on by the pandemic. Although respondents claimed that the pandemic has shifted their forecasts on which cities would potentially grow into innovation hubs, results revealed there was not a contrasting difference from last year’s rankings. The possible reasoning behind the consistent results is that all listed cities held advanced technological and innovative ecosystems prior to the pandemic, and are expected to maintain this strength post-pandemic.
The top performing cities all fall into the category of developed cities, and the effects of the pandemic on urban life has been minimal. 44% of respondents highlighted urban city living as a crucial factor in building a technology hub, mainly due to its bustling and energetic lifestyle attracting young upcoming industry leaders who enrich the current pool of talent. Secondary level education institutes also play a core part in generating knowledge, creativity, and potential for existing and future players in an innovation and technology hub. With leading universities located in urban locales, the survey results align with this forecast.
Among the top 10 cities listed, six belong to the Asia Pacific region, anticipating a potential post-pandemic boom. The region’s efforts to maintain virtual workforces and notable digital stimulation could even place a competition against California’s Silicon Valley once Covid-19 recedes. As claimed by Darren Yong, Asia-Pacific Head of Technology, Media, and Telecommunications at KPMG, Asia is expected to “take a leading position in innovation across the world” as they continue to be a “hotbed of creativity.”