Singapore-Korea ICT collaboration receives a boost with new MoU

FY Teng | July 14, 2014
A memorandum of understanding has been signed by the IDA and NIPA that gives tech startups from each country direct access to the other's market.

At the launch of the Korean IT Cooperation Center in Singapore, from left: MoU signatories NIPA President Park Soo-yong and IDA MD Jacqueline Poh; H.E. Yoon Jong-lok, Vice Minister of Science, ICT and Future Planning, Republic of Korea (ROK); and, H.E. Suh Chung-ha, Ambassador of the ROK to Singapore.
At the launch of the Korean IT Cooperation Center in Singapore, from left: MoU signatories NIPA President Park Soo-yong and IDA MD Jacqueline Poh; H.E. Yoon Jong-lok, Vice Minister of Science, ICT and Future Planning, Republic of Korea (ROK); and, H.E. Suh Chung-ha, Ambassador of the ROK to Singapore.

The Infocomm Development Authority of Singapore (IDA) and National IT Industry Promotion Agency of the Republic of Korea (NIPA) have announced that they had signed on Friday (July 11, 2014) a Memorandum of Understanding (MoU) aimed at strengthening further ICT collaboration between their two countries.

Signed at a ceremony held in conjunction with the launch of the Korea IT Cooperation Centre in Singapore by the Republic of Korea's Ministry of Science, ICT and Future Planning, the MoU "will open up more opportunities for partnerships between Singapore and the Republic of Korea's infocomm industries, and give tech startups from both countries direct access to each other's markets," said IDA and NIPA representatives in a joint statement issued on Monday (July 14, 2014).

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

Signatories of the MoU were NIPA President Park Sooyong and IDA Managing Director Jacqueline Poh, who said that Singapore and the Republic of Korea had a shared "vision of developing knowledge-based creative economies, and using technology to enhance the quality of citizens' lives."

"We are encouraged that the Republic of Korea sees Singapore as a good launchpad for Korean tech startups to make inroads into the large and growing Southeast Asian markets," Poh said. "We look forward to supporting their expansion with the strong accelerator and investor community we have here."

NIPA's Park pointed to the potential opportunities this MoU can create in good time. "South Korea's entrepreneurship ecosystem has been bustling with activity and growth over the past few years, lead by social mobile services," he said. "This partnership with IDA is timely, as young Korean tech startups are beginning to look to scaling their businesses regionally. Singapore is well-known for the maturity of its startup ecosystem, and its strong pool of ICT talents. We are excited to create new global tech innovations together with Singapore."

At the Korea IT Cooperation Centre launch, where the MoU was signed on Friday (July 11, 2014), a Demo Day was held during which 10 Korean tech startups showed off their wares-including products in the areas of e-commerce, mobile commerce, cloud computing, Big Data and the Internet of Things-to prominent investors with operations in Singapore, such as Rakuten Ventures and Formation 8. The startups were looking for funding to help expand into Southeast Asia.