Singapore woos mid-cap tech firms from around the world as it pushes AI adoption

They are not as well known as big names like Nvidia, but more mid-cap tech companies from around the world are looking to Singapore as a base, and a government outfit is out to woo them.

These firms, which could be making US$200 million (S$260 million) in annual revenues, are looking for launchpads into new markets, said Mr Philbert Gomez, executive director of Digital Industry Singapore (DISG).

When they drill down their shortlist of places to invest in, Singapore wants to be “at least” one of the two finalists standing.

Mr Gomez, who is also a senior vice-president at Economic Development Board (EDB), cited three firms as examples: workflow automation company Workato, fintech firm Wise, and data security provider AvePoint.

In September, Nasdaq-listed AvePoint completed its secondary listing on the Singapore Exchange, after having its office here since 2009. The New Jersey-based firm, reporting over US$320 million in annual revenue, has also made Singapore its Asia headquarters and international research hub.

Mr Gomez said: “The trends are positive, but they have different resource needs, so we are positioning ourselves to be appealing to them.”

Competing with billion-dollar-revenue tech giants for top talent, these firms hire through niche strategies, such as appealing to candidates job hunting in a specific industry, or through alliances with universities and polytechnics.

Workato has committed to beefing up its 130-strong team here with 700 more hires in Singapore in 2025, while Wise employs about 600 employees.

“These are not small numbers,” Mr Gomez said, adding that these mid-sized firms bring opportunities that benefit local startups and workers.
 

Since it was set up in 2019, DISG – an office comprising officers from EDB, Enterprise Singapore (EnterpriseSG), and Infocomm Media Development Authority (IMDA) – has served as the one-stop interface for the technology sector.

It leads the Republic’s push for enterprises to set up artificial intelligence centres of excellence, a cornerstone of Singapore’s digital growth strategy.

These centres involve the companies putting down resources, workers, and expertise to create new AI products and applications.

Singapore has indicated a goal of 100 such centres, the number derived from a market study in 2023.

More than 50 have opened in the past 20 months, with the Government providing up to 50 per cent in funding support.

Mr Gomez said: “It’s about one innovation centre being set up every two weeks. That gives you a sense that companies are keen; they are investing in Singapore.”

Asked if some investors are just using Singapore’s pro-business benefits and tax regime, Mr Gomez said: “We have sharp indicators internally.”

These centres must be scoped for multi-market adoption, and led by a designated leader and dedicated teams, he said.

“And the size of the team matters. We also look at the skill sets that the people have.”

Firms with global mandates, operating out of Singapore with large workforces, have committed to building these facilities, he said.

They include credit card issuer American Express, insurer Prudential, and software company SAP.

Local ride-hailing leader Grab and gaming specialist Razer are in as well.
 

Drawing research and innovation here is just the first step to get the whole Singapore Inc onto the AI ship.

DISG is the lead agency tasked to drive the Enterprise Compute Initiative (ECI), a S$150 million programme launched in 2025 to move companies “from AI ambition to action”, by helping them develop viable AI use cases and scale them up.

It has helped pair about 1,000 firms with hyperscalers Google Cloud, Microsoft Azure, and Amazon Web Services – which are supplying cloud credits, AI toolkits, and engineering expertise – to implement their AI pilots. 

Eligible companies are able to receive subsidies to hire programme consultant partners.

The Government is monitoring the progress, said Mr Gomez, but it is open to fine-tuning participation and the programme budget.

Being a multi-agency office helps, said Mr Gomez, who began helming DISG in September 2024.
 

He said: “It can determine what programmes, what incentives, what interventions these three agencies have, and then pull them together to serve as one. It is meant to be that turnkey. It is meant to be the one-stop.”

To expedite adoption among mainstream companies, there is also the idea of leveraging each agency’s programme.

One instance is the EnterpriseSG and IMDA’s SMEs Go Digital initiative, which aims to help 15,000 small and medium-sized enterprises (SMEs) use AI-enabled solutions by 2026. SMEs make up over 99 per cent of enterprises here.

“Maybe some of the 15,000 there can get access to ECI. For them to be ready, their data has to be sorted. They have to have a digital plan… We are excited about scaling it.”

Feedback from firms on the biggest challenge to launching AI, he said, is finding experienced AI talent, given the nascent stage of the technology.

He said: “They’re also looking for individuals who have existing skill set experience in a certain domain.

“So we’re excited when consulting firms PwC, Accenture, set up these centres of excellence because they have got experience across multiple industries, multiple domains, and they are helping their clients quickly hire individuals who’ve got these skill sets to deploy.”

On whether he benchmarks the success of adoption, Mr Gomez said other countries do not have the same barometers as Singapore.

“But I’m quite pleased that (online course provider) Coursera said Singapore is the top country out of 109 for individuals seeking AI courses.”

“That tells you that it is not just the front end, which is companies reacting; it is also Singaporeans who want the opportunities.”
 

Geopolitical tensions between China and the US do not sway the team’s strategy, he said.

“We look first at the capabilities we are after, the growth we are after, and then which companies are leading the way with that. Those are whom we want to partner with. We worry less about the nationality,” he noted.

The focus remains on helping companies get competitive and workers get on the technology.

“AI is a reality. We don’t believe that we’ll get five years out and look back and say, ‘hey, you remember the AI thing that never really took off?’”

He added: “So our programmes are all tuned towards let’s get going and keep going.”
 

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