Deputy MOEA Minister Chen Chern-chyi (top center) and Liang Kuo-hsin (top right), head of Taipei Representative Office in Singapore, are joined by officials in giving the thumbs-up to the newly inked innovative incubation pact during a July 25 virtual ceremony. (Courtesy of MOEA)
 

Startup Terrance Kaohsiung in southern Taiwan and Singapore’s Action Community for Entrepreneurship concluded a memorandum of understanding July 25 on expanding related exchanges, according to the Ministry of Economic Affairs.

Launched in December 2021 by the MOEA’s Small and Medium Enterprise Administration, STK aims to build a comprehensive startup ecosystem focusing on emerging sectors including next-generation telecommunications technology, artificial intelligence, Internet of Things and digital content creation.

Established in 2003 by Singapore’s Ministry of Trade and Industry, ACE is a nonprofit comprising more than 1,500 business leaders seeking to promote innovative entrepreneurship, public-private sector exchanges and new market development.

During the virtual signing ceremony, Deputy MOEA Minister Chen Chern-chyi said the pact will assist local startups access the Southeast Asia market, tap global funding and resources and foster tie-ups between the two sides.

In response, ACE Chairman James Tan said by offering mentoring services and access to venture capital, the initiative will create more business opportunities for startups through enhanced cross-border cooperation.

According to the MOEA, the Taiwan and Singapore organizations are cooperating with a number of public and private sector partners in arranging visits of startup delegations for mentoring services and training in both countries.

At the same time, under the Taiwan-Singapore Startup Exchange Program implemented by STK, five local businesses will take part in training programs and attend Singapore Week of Innovation and Technology set for Oct. 25-28 in the city-state, the ministry said. (SFC-E)