Is Singapore going to become the new Silicon Valley

Is Singapore going to become the new Silicon Valley

In March of this year Singapore was one of four cities in Asian-Pacific area to be able to enter the list of “the best start up destinations”, among which are also Sydney, Melbourne and Bangalore.

Until recently, contractors in technological industry and most hi-tech corporations were based mostly in Silicon Valley, Los Angeles and Tel Aviv. But times change and in the last five years, Singapore – a fast developing megapolis – has gained bigger and bigger recognition in the technology area.

This is what numbers say, too. According to The Wall Street Journal, investments in the technological sector in the country have jumped from $27.9 million in 2011 to $1.71 billion in 2013.

In March of this year Singapore was one of the four cities in Asian-Pacific region to be able to enter the list of “the best start up destinations”, among which are also Sydney, Melbourne and Bangalore.

And here, as by logic, appears the question whether Singapore isn’t going to be the next “Silicon Valley”? Here is a proof which supports that. We will present to you a few companies, which started successfully their business in the country and are now among the leaders in the hi-tech industry.

Tradehero: This is an application that gives the subscribers the ability to share financial information and advice, as well as exchange experience in order to help other users take better decisions when investing their money. The idea for such a platform occurred to 45-year old Dinesh Bhatia, who lost millions on the stock market. Only in two years the application became leading in its sector in more than 91 countries and has generated 4.5 million users – 70% of whom in China. Bhatia shares that exactly Singapore is one of the best start up places in the world.

Another contractor who thinks that it is a nice place to start a business because of favorable tax laws and stakes that regulate the right of intellectual property is Neeraj Jhanji. He is founder of ImaHima, which is one of the first in the world social network, as well as the concept for statuses and check-in technology, but in 2013 he sold his patents to Facebook. A long time nomad life liver, Jhanji settled for short times in countries like Canada, Hawaii, America, India and Africa, but chose Singapore for his home. So, in 2013, he set up the company Tinker, whose first product Pasteasy has now been shown to the general public. The application allows users to share information with other users through high velocity file transfer without a cable, cloud or Internet.

The island has long been known as main base for Facebook co-founder, Eduardo Saverin, and is also home to contractors like Ong Peng Tsin, co-founder of online acquaintances giant Match. com; Garena Online, a popular online gaming community which was founded by Singapore-based Forrest Li, which was sold for an incredible $1.2 billion dollars; and video streaming site Viki, which was bought Japanese e-commerce giant Rakuten for $200 million.

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