Virtual Office Resource

While financial technology (fintech) by itself is gaining a lot of ground, there's still plenty of room for newcomers in this market. New startups have plenty of opportunities to find new and worthwhile market niches and operate accordingly. To make it a little easier to do so in Singapore, meanwhile, a new collaborative effort between SG-Innovate and the Monetary Authority of Singapore (MAS) is producing a new virtual office specifically for startups in the fintech space.

The new fintech office is regarded as a “one-stop platform” for those businesses looking to set up operations, and will offer promotional opportunities as well as a kind of accelerator system for the newcomers. Mentor matching services, venture capital introductions, and access to research institute talent will all be part of the package. Led by a combined effort of SG-Innovate's new CEO Steve Leonard and MAS' chief fintech officer Sopnendu Mohanty—along with representatives from the National Research Foundation, the Economic Development Board, and SPRING Singapore—the end result should be a great new launch point for fintech startups.

The news came from Singapore Finance Minister Heng Swee Keat, following a series of visits to startups operating at the National University of Singapore and Infocomm Investments' Build Amazing Startups Here (BASH) program. Reports suggest that this is just part of the package for SG-Innovate, however, as it will be following up on some of that earlier work from Infocomm Investments. The new project has an eye to drive accelerator programs in several sectors, from smart energy to digital manufacturing and healthcare.

Small businesses have long been the backbone of a healthy economy. While major corporations often receive a lot of the press and attention, smaller businesses commonly do the most hiring and turn around much more in tax revenue. A development like this, that puts so much focus on the small business, is a welcome development by any stretch, and should result in a lot more small businesses operating in a market that's already hungry for new options. Greater opportunities should follow, a closer push toward full employment, and more money flowing back into the local economy should all be consequences of this new move. 

Startups don't form in isolation. They form as the result of careful effort, market analysis, and a lot of outside help. Mentoring, access to talent, and access to capital are all elements of a great recipe for future development that should pay off big. Virtual offices like these can be a big help as well, and should result in great new economic development for the region.