SIT Supports Taiwanese Startups in Expanding into ASEAN at SWITCH
Recently, Startup Island TAIWAN, together with Startup Terrace Kaohsiung, led Taiwan’s startup ecosystem to participate in the renowned SWITCH (Singapore Week of Innovation and Technology) exhibition held from October 28 to 30, 2024, in Singapore. In collaboration with the Taiwan Stock Exchange and United Innovation, Taiwan’s only accelerator established by a media group, they showcased the country’s rich ecosystem and innovative strength. Additionally, United Innovation partnered with three Taiwanese startups to join SWITCH, promoting international exchange and market expansion with significant results.
Singapore as a Hub Linking International Capital with the ASEAN Market
One of SIT’s main objectives in visiting Singapore was to help startups connect with resources and networks in the ASEAN market. This year, SIT teamed up with the Taiwan Stock Exchange and AppWorks to co-host “IPO in TAIWAN: Why It Matters to Southeast Asia,” illustrating to investors and established startups how Taiwan’s capital market can serve as an emerging fundraising channel for the ASEAN ecosystem.
At this year’s SWITCH, all 24 participating startups achieved noteworthy outcomes. FunNow, a lifestyle booking platform, gained rapid popularity in Singapore and partnered with prestigious brands like the Singapore Marriott Tang Plaza Hotel and the Fullerton Hotel. DottedSign, an e-signature solution from KDAN, offers businesses a professional, flexible, and secure online signing experience. KDAN, recognized in the Financial Times’ list of Asia-Pacific High-Growth Companies 500, continues to expand its reach in Southeast Asia following the establishment of its Singapore office.
AIRA, specializing in AI technology, successfully entered the Singapore market by signing a distribution agreement with Evvolabs and deploying cross-camera tracking solutions at Singapore Airport. FREE Bionics, which focuses on advanced exoskeleton technology, recently secured $15 million in a Series B funding round led by Wistron, Japan’s USCI, and Taiwan’s National Development Fund (NDF). They plan to expand their rehabilitation technology to more Southeast Asian markets.
The SIT (Startups Island Taiwan) also invited the United Innovation Accelerator to lead three startups to exhibit together: ARK Group, toii gama, and aiFREE. Each showcased innovative solutions in their respective fields—ARK Group in cultural technology, toii gama in developing immersive experience content using IP, and aiFREE in AIoT technology for elderly care. They explored potential collaborations with various partners, including potential investors and partners for expansion in Singapore, paving the way for further cross-border collaboration and industry development.
Startup Island TAIWAN, supported by the National Development Council, showcases Taiwan’s innovation globally. SWITCH, a key global innovation platform, draws startups, investors, and leaders from various sectors. With strong financial resources, talent, and a business-friendly environment, Singapore is a prime entry point to the ASEAN market. United Innovation attended SWITCH and expects to boost Taiwan-Singapore startup exchanges, expand networks, foster business and funding collaborations, and enhance Taiwan’s global innovation presence in the near future.
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Startup Island TAIWAN is supported by the National Development Council, showcases Taiwan’s innovation globally.
This press release has also been published on VRITIMES