It’s not surprising then to observe a significant investment around eHealth and biotechnology companies
in the country. From Cancer research to new technologies to digitalize and manage patient relationships, the pool is substantial and growing.
The big picture: eHealth and Biotechnology companies aim to provide solutions, not just to Singapore. As we’ve shown, health challenges are prevalent in the region. There is plenty of room to grow and a big incentive to innovate. The steady investment is fueling the increase of current cutting-edge technologies. While the US still leads the pack, Asia is closing in fast.
But without a doubt, the top industry in Singapore is Fintech
. As I said before, the stability of the city is a blessing and makes it the perfect safe haven for money. It’s not surprising then that local entrepreneurs many, former quants, would try to take on the banks.
The country, though, is very unique. These past few years, the government has been encouraging incumbents to engage with startups. The collaboration between both sides of the table is quite surprising. Could it be better? Probably. Is it much better than elsewhere? Definitely.
“The meeting left him determined to disrupt his own bank before Ant, or another challenger, had a chance to do so. He considered spinning off a separate unit to lead the transformation, or outsourcing some of it to fintech firms, but decided that DBS was capable of rebuilding itself.”
“The received wisdom is that it’s impossible to change culture,” he says. “But I had gone back home to Delhi to visit my dad, who’s in his 80s. He banked online, paid his taxes online, shopped on Amazon—so what makes us think we can’t change people in their 40s and 50s sitting in a bank?”
Piyush Gupta, CEO DBS Group.
Despite Gupta’s optimism, disruption is moving faster than any bank. An excellent example of this is how quick cryptocurrencies are developing in Singapore. A favorable regulation, stability, and a pool of quants might be the best seeder for a wave of cryptocurrency disruption.