Singapore’s Monetary Authority is known as MAS for short. During early February of 2017, the MAS released information about its plans to support the recommendations of the CFE. The CFE is the Committee on the Future Economy.
MAS is the central bank in Singapore and its leaders reported that the bank will follow particular measures in order to make channels for financing strong, with a mind to giving next-gen Asian companies which are showing superb growth potential the support that they need in order to achieve their full business potential.
As well as strengthening financial channels, the bank plans to create a sophisticated new infrastructure for technology which will inspire more innovation. These new initiatives were detailed in a press release which was put together by MAS VIPs.
Growth Companies Should Scale Up
Companies with great growth potential have been advised to scale up and branch out on a global scale. This recommendation comes from the CFE and it’s backed by the MAS. This type of scalability and global outreach will be supported by the central bank, via funding initiatives for companies which do meet the right criteria.
One facet of supporting this recommendation will be simplifying the process of authorisation for these companies and by making the regulatory framework easier to navigate. It’s all about helping start-ups to make a splash, in Singapore and worldwide.
VC and PE Assets Are Growing
Private equity and VC assets which are being managed within Singapore are growing by thirty percent each annum, based on five year figures. However, the bank feels that the industry is still quite new and that there is room for expansion in terms of numbers of VC managers and variety of VC managers.
In light of this, the central bank will make an effort to give managers of VCs more leeway to operate in terms of helping start-up firms. As well, it will consider enlarging the amount of managers of PEs, so as to create greater amounts of capital for start-ups which are categorized as mature or “late stage”.
Clearly, the fact that the central bank agrees with the latest CFE recommendations is good news for Singapore’s start-ups. While every start-up may not qualify for the increased level of support that the bank plans to implement, a lot will meet the criteria and be able to access a host of important services, from funding to tech support and beyond.
Singapore Cares About Startups
The government and central bank of Singapore are quite progressive. This island city-state is a great place to start a new company, as a lot of government and bank programs are centered on helping entrepreneurs to carve out niches for their start-up companies and then grow these companies.
In the future, enhanced support for start-ups, via the central bank and other channels, may significantly strengthen the Singapore economy. For this reason, these new initiatives are really an investment in a strong and bright future for Singapore entrepreneurs. Good start-ups create jobs and a whole lot more.