TECH Nation has spent a decade helping startups such as Deliveroo and Skyscanner expand their operations across the UK.
But as the need for companies to go international grows, the UK-based organisation has chosen Singapore to base its first overseas office and be a springboard into South-east Asia.
This comes hot on the heels of the UK government's £8 million (S$15.1 million) Digital Trade Network initiative in the Asia-Pacific, aimed at turning the UK into a global tech powerhouse.
Tech Nation tapped the scheme to launch a programme that currently supports more than 40 UK startups with their market entry into Singapore. It does so by helping the start-ups connect with partners and understand the business landscape.
"It's not only the market size, but also the maturity of the Singapore and South-east Asian markets," said Stephen Kelly, chairman of Tech Nation.
"There's a sophisticated capital market, sophisticated technology and loads of innovation around things like mobile wallets."
Part of Mr Kelly's observations stemmed from his time as chief operating officer for the UK government from 2010 to 2014.
"We always had huge respect for the Singaporean government, and what Singapore had done in terms of systems and technology for citizens. There is brilliant innovation in the public sector and the private sector. There is almost this flywheel of innovation," he told The Business Times.
Like the many initiatives started by the Singapore government to kickstart a vibrant startup ecosystem, Tech Nation was launched in 2011 by then-British Prime Minister David Cameron to support a tech cluster in East London.
Over the years, it expanded its network of growth programmes, events and data resources to all corners of the UK. It ventured into international territory for the first time in March this year.
Tech Nation's Singapore office serves as its regional office headquarters for Asia-Pacific, with former tech executive Max Pourrat as head for the region.
Besides Singapore, the organisation will focus on Japan, South Korea and Australia for its international growth programme.
In South-east Asia, Tech Nation's partners include Singapore's Economic Development Board, Golden Gate Ventures and Singapore Airlines.
A second cohort for the Singapore programme will be launched in the coming months, involving more than 20 UK startups.
Mr Kelly said over 30 cohorts and 800 companies have graduated from Tech Nation's growth programmes since the organisation's inception.
Alumni include fintech unicorns Wise, Revolut and Checkout.com, and cybersecurity company Darktrace, which recently listed on the London Stock Exchange.
Tech Nation also helped to attract talent to the UK. It endorses applications for the Global Talent Visa in digital technology, which lets exceptional tech talent from around the world work in the UK. So far, 20 Singaporeans have been endorsed for the visa.
"To note, the endorsement rate for Singaporean applications is significantly higher than the global average. From South-east Asia, Tech Nation has endorsed 45 tech experts," Mr Kelly told BT.
One Singaporean who has benefitted from the scheme is Hooi Ren Yi, currently based in the UK.
She founded Lightning Social Ventures during the pandemic to help people get financial aid more efficiently using technology such as open banking.
Collaboration between the UK and Singapore could be strengthened. The Singapore government said in June that it started negotiations on a digital economy agreement between the countries.
The UK-Singapore Digital Economy Agreement, aimed at increasing the ease of doing business digitally, will be the first such agreement between an Asian and a European country.
"I think this could be a golden era for technology both in South-east Asia and in the UK," said Mr Kelly.
Source: The Business Times © Singapore Press Holdings Limited. Permission required for reproduction.
