Singapore Strengthens ICT Collaboration With South Korea

SINGAPORE, July 14 (Bernama) -- Singapore and South Korea have strengthened Information and Communications Technology (ICT) collaboration with the signing of a Memorandum of Understanding (MoU) between the Infocomm Development Authority of Singapore (IDA) and South Korea's National IT Industry Promotion Agency (NIPA) last Friday.

In statement Monday, IDA said the signing ceremony was held in conjunction with the launch of the Korea IT Cooperation Centre in Singapore by South Korea's Ministry of Science, ICT and Future Planning.

The MoU was signed by Jacqueline Poh, Managing Director of IDA and Park Sooyong, President of NIPA.

To support the expansion of Korean tech start-ups and small and medium-sized enterprises into the Asean market, South Korea has selected Singapore as its Southeast Asian hub to site its IT Cooperation Centre.

The signing of the MoU will open up more opportunities for partnerships between Singapore and South Korea's infocomm industries, and give tech start-ups from both countries direct access to each other's markets.

IDA managing director, Jacqueline Poh said that Singapore and South Korea shared a vision of developing knowledge-based creative economies, and using technology to enhance the quality of citizens' lives.

"We are encouraged that South Korea sees Singapore as a good launch pad for Korean tech start-ups to make inroads into the large and growing Southeast Asian markets.

"We look forward to supporting their expansion with the strong accelerator and investor community we have here," she said.

The MoU also covers cooperation in the areas of ICT policies, manpower development and training, and exchange of thought leadership through seminars and workshops.

NIPA president, Park Sooyong meanwhile, said that South Korea's entrepreneurship ecosystem has been bustling with activity and growth over the past few years, led by social mobile services.

He said that the partnership with IDA was timely, as young Korean tech start-ups were beginning to look to scaling their businesses regionally.

"Singapore is well-known for the maturity of its start-up ecosystem, and its strong pool of ICT talents. We are excited to create new global tech innovations together with Singapore," he added.

As part of the centre launch, a Demo Day was also held where ten Korean tech start-ups showcased their innovations to the investor community active in Singapore, including Rakuten Ventures and Formation 8.

These start-ups, with products covering e-commerce, mobile commerce, cloud computing, big data and Internet of Things (IOT), are seeking to secure funding for expansion into the Southeast Asian market.


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