Life After the Bell: Navigating Post-IPO Compliance and Investor Relations in Singapore

When the ceremonial bell rings on listing day, it’s easy to view an IPO as the finish line, the culmination of years of strategic growth, preparation, and regulatory approval. But for newly listed companies on the Singapore Exchange (SGX), that moment marks the beginning of a new chapter, not the end.

Going public brings visibility, liquidity, and access to capital. Yet it also introduces ongoing obligations, governance requirements, disclosure rules, and the need to engage a new, diverse group of shareholders. Managing this transition effectively determines whether a company thrives as a trusted public entity or struggles under the weight of compliance and market scrutiny.

The Post-IPO Reality: From Private to Public Mindset

Private companies often enjoy flexibility and privacy in decision-making. Once listed, however, they operate in a space where transparency, accountability, and consistency are non-negotiable.

Singapore’s capital markets are built on investor confidence, and maintaining that confidence requires companies to adopt a public-company mindset, one that prioritizes timely disclosure, sound governance, and proactive communication.

While the IPO process demands intense preparation, post-listing obligations require sustained discipline. The real challenge is striking a balance between growth ambitions and the rigorous framework of public market expectations.

Compliance Comes First: Understanding SGX Obligations

Compliance is the backbone of life after listing. The SGX mandates a comprehensive set of rules designed to uphold market integrity and protect investors. Here are some of the key areas companies must stay on top of:

1. Continuous Disclosure

Under the SGX Listing Rules, listed companies are required to disclose any information that may materially affect their share price promptly and transparently. This includes major acquisitions, leadership changes, profit warnings, or strategic shifts.

Timely disclosure ensures a level playing field for all investors and helps prevent concerns about insider trading. Companies must develop strong internal processes to identify, review, and release material information efficiently.

2. Financial Reporting

Public companies must publish:

• Quarterly or semi-annual financial results (depending on market board)

• Audited annual financial statements within three months after the year-end

• Detailed management discussion and analysis (MD&A) explaining performance, risks, and outlook

Accuracy and clarity are paramount. Inaccurate or incomplete reporting can lead to reputational damage, penalties, and loss of investor trust.

3. Corporate Governance

The Code of Corporate Governance in Singapore outlines principles on board composition, independence, and accountability. Companies are expected to:

• Maintain a balanced and independent board

• Disclose directors’ remuneration and interests.

• Implement robust risk management and internal control systems.

For investors, governance quality is often as important as financial performance. Companies with transparent structures and strong boards tend to attract more institutional interest.

4. Shareholder Meetings and Voting

Listed companies must hold an Annual General Meeting (AGM) within four months of the financial year-end. AGMs provide an opportunity to present results, discuss strategy, and engage directly with shareholders.

Beyond regulatory compliance, these meetings serve as a platform to strengthen relationships and demonstrate leadership transparency.

Investor Relations: The Art of Building Long-Term Trust

Once listed, every company enters a new marketplace, the market of investor perception. Managing that perception through effective Investor Relations (IR) is essential for sustaining valuation and credibility.

1. Establishing a Clear Communication Strategy

A strong IR program ensures investors understand the company’s story, strategy, and value proposition. Key communication tools include:

• Quarterly results announcements and briefings

• Investor presentations and reports

• Corporate website and press releases

• Engagement with analysts and media

Consistency is key. Mixed messages or irregular communication can confuse markets and erode confidence.

2. Knowing Your Shareholder Base

Understanding who owns your stock, whether institutional investors, retail shareholders, or strategic partners, helps tailor communication. Institutional investors often seek data-driven updates, whereas retail investors tend to focus more on dividends and a company's reputation.

Regular analysis of the shareholder register allows management to anticipate sentiment and respond proactively to changes in ownership.

3. Managing Expectations

The market values predictability and transparency. Companies should avoid overpromising and instead focus on delivering realistic targets with clear performance indicators.

When challenges arise, such as earnings volatility or market shifts, communicating early and honestly helps preserve credibility.

4. Leveraging Digital Channels

Modern IR goes beyond traditional reports. Webcasts, social media, and virtual AGMs have become powerful tools to reach broader audiences, especially in Singapore’s tech-savvy investment landscape.

Digital transparency not only meets regulatory expectations but also demonstrates the company’s adaptability to evolving investor needs.]

Common Post-IPO Challenges

Transitioning from private to public ownership often brings a learning curve. Some of the most common challenges include:

• Information overload: Adjusting to the frequency and depth of reporting required.

• Governance gaps: Aligning family-run or founder-led structures with SGX’s independence and disclosure standards.

• Market volatility: Navigating short-term price fluctuations without losing focus on long-term goals.

• Stakeholder balance: Managing expectations from investors, regulators, employees, and media simultaneously.

Addressing these challenges requires not only strong compliance frameworks but also a cultural shift within the organization—where every department understands its role in upholding public accountability.

The Role of Post-IPO Advisors

Just as companies rely on advisors during the IPO process, ongoing support from professionals remains vital afterward.

• Company Secretaries ensure adherence to SGX filing deadlines and corporate actions.

• Legal Advisors help interpret listing rules and manage regulatory risks.

• Auditors and Compliance Officers uphold financial accuracy and internal controls.

• Investor Relations Consultants guide communication strategy and investor engagement.

A robust advisory ecosystem enables management to focus on strategy and performance while ensuring that compliance and governance are consistently maintained.

Sustaining Momentum Beyond Listing Day

A successful IPO may capture headlines, but sustained market performance builds a legacy. Companies that perform well post-listing share a few common traits:

• Transparent leadership that communicates regularly and authentically.

• Strong governance that inspires investor trust.

• Strategic capital deployment that demonstrates disciplined growth.

• A commitment to continuous improvement in compliance, reporting, and stakeholder engagement.

Over time, these practices not only support valuation stability but also strengthen the company’s reputation in Singapore’s competitive capital markets.

Final Thoughts: From Compliance to Confidence

The IPO bell may mark the start of public trading, but it also signals the beginning of greater responsibility. Life after listing is a journey of discipline, adaptability, and strategic communication.

For companies on the SGX, success depends not only on meeting regulatory requirements but also on earning the ongoing confidence of investors and stakeholders. Those who master both compliance and investor relations position themselves for long-term growth, credibility, and enduring shareholder value.

Beyond the Hype: Case Studies of Successful (and Challenging) IPOs on the SGX

Each IPO represents a transition from private ownership to public accountability. On the Singapore Exchange, these transitions highlight both individual company journeys and broader trends in Southeast Asia’s capital markets.

Headlines usually focus on big IPO launches, but the real insights come from what happens after the first day of trading. Some companies keep growing and earn investor trust, while others face challenges like market swings, compliance demands, or slower growth.

This article examines case studies of both successful and challenging IPOs on the SGX, highlighting the factors that distinguish enduring performers from those that struggle.

The SGX Landscape: A Platform for Regional Growth

The Singapore Exchange is an important entry point for companies looking to raise money in the region and beyond. Its strong rules, investor-friendly environment, and reputation as a financial center attract a wide range of listings, from REITs to tech startups and manufacturers.

However, IPO success in Singapore isn’t guaranteed. Market conditions, investor sentiment, valuation strategies, and governance quality all play crucial roles in determining how a listing performs over time.

Case Study 1: Sea Limited – A Regional Tech Success Story

Sector: E-commerce & Digital Entertainment

Listed on: NYSE (Singapore-origin company, but benchmark for regional context)

Sea Limited, which owns Shopee and Garena, shows how a Singapore company can use public markets to grow worldwide. Even though it listed on the New York Stock Exchange instead of SGX, Sea’s story is still important for Singapore’s capital market.

What worked:

• Compelling growth story: Sea positioned itself as a Southeast Asian tech leader, targeting large and underserved markets.

• Strong investor communication: The company’s management clearly articulated its long-term vision, even during early losses.

• Scalable business model: Investors were convinced of its ability to translate market share into profitability.

Key takeaway:

Investors appreciate a clear growth story and strong leadership, even if a company isn’t profitable yet. For those aiming to list on SGX, telling a convincing story about the company’s future is key to IPO success.

Case Study 2: Nanofilm Technologies – Riding Innovation and Managing Expectations

Sector: Advanced Materials & Nanotechnology

Listed on: SGX Mainboard (2020)

Nanofilm Technologies had one of the biggest local tech IPOs on SGX in recent years, starting off with a lot of investor excitement. Its unique nanotechnology and use in different industries made it a popular choice in Singapore’s growing tech scene.

What worked:

• Strong technology moat: Nanofilm’s proprietary solutions positioned it as a differentiated player in a niche but growing market.

• Local investor confidence: As a Singapore-based deep-tech success story, it attracted both institutional and retail interest.

What challenged performance:

• Post-IPO volatility: Share prices faced downward pressure due to market sentiment and operational headwinds.

• Leadership transition: Founder-related changes led to investor concerns about long-term stability.

Key takeaway:

Even strong companies can run into problems if they don’t manage governance and communication well after going public. Keeping investor trust after the IPO is just as important as the listing itself.

Case Study 3: CapitaLand Investment – A Model of Strategic Restructuring

Sector: Real Estate & Investment Management

Listed on: SGX Mainboard (2021)

CapitaLand Investment (CLI) was formed when CapitaLand Limited split its investment management business from its property development side. This move created a focused investment platform for managing real estate funds and REITs.

What worked:

• Clear strategic focus: The demerger simplified CapitaLand’s structure and sharpened its business model.

• Strong fundamentals: CLI’s portfolio of quality assets and global presence appealed to long-term institutional investors.

• Robust governance: Transparent communication during the restructuring reinforced investor confidence.

Key takeaway:

Having a clear strategy and strong corporate governance can help a company succeed after listing. SGX investors look for companies that explain their value and long-term plans clearly.

Case Study 4: Hyphens Pharma – A Sustainable Growth Journey

Sector: Healthcare & Pharmaceuticals

Listed on: Catalist (2018)

Hyphens Pharma, a top specialty pharmaceutical and healthcare group, is a good example of a steady and sustainable IPO. Instead of chasing big headlines, Hyphens focused on steady growth and careful financial management.

What worked:

• Consistent performance: The company maintained profitability and grew organically through regional expansion.

• Transparent disclosures: Regular updates and clear communication built investor trust over time.

• Focus on fundamentals: Avoided speculative valuation, ensuring a fair and credible IPO price.

Key takeaway:

Long-term stability often matters more than making a big splash. In Singapore’s careful investment environment, companies that focus on steady growth usually gain lasting respect from investors.

Case Study 5: Challenging IPOs – When Market Timing and Governance Collide

While many SGX listings perform well, some face difficulties due to timing, market sentiment, or operational issues within the company.

Common pitfalls include:

• Overvaluation at listing: Companies that price aggressively often face immediate market corrections.

• Weak communication: Failing to manage post-IPO expectations or explain business performance can erode trust.

• Corporate governance issues: Any perception of insider control, opaque decision-making, or board weaknesses can deter institutional investors.

• Limited liquidity: Smaller floats or low trading volumes can result in subdued post-listing performance.

Example:

Some smaller companies listed on the Catalist board have struggled after their IPOs because of low trading activity and little investor attention. This shows how important it is to keep investors engaged and set realistic expectations.

Lessons from Both Success and Struggle

Examining SGX IPOs reveals a clear pattern: the most successful listings combine solid business fundamentals with effective governance and open communication with investors.

Key lessons include:

1. Storytelling is a strategy: A well-defined equity narrative aligned with growth plans attracts the right investors.

2. Governance earns confidence: Investors reward transparency, independence, and accountability.

3. Timing matters: Market sentiment can amplify or diminish even the best-prepared IPO.

4. Performance is ongoing: The real measure of IPO success is post-listing resilience and value creation.

Final Thoughts: Beyond Listing Day

An IPO isn’t the end goal; it’s the beginning of a new relationship with public investors. Companies that do well after listing on SGX know that the market values clear, credible, and consistent actions.

Success comes from strong fundamentals like transparent governance, steady growth, and good communication with investors, not just hype. The experiences of Singapore’s IPOs, both good and bad, show that real value is built after the IPO starts trading.

The SPAC Alternative: Is It a Viable Route to Public Markets in Singapore?

In recent years, few financial instruments have generated as much debate and intrigue as the Special Purpose Acquisition Company (SPAC). Globally, SPACs gained prominence in 2020 and 2021, offering a faster and more flexible path to the public markets. Singapore was among the first Asian jurisdictions to formally open its doors to SPAC listings, positioning itself as a regional hub for innovation in capital markets.

But several years on, questions remain: Has the SPAC model delivered on its promise in Singapore? And more importantly, is it a viable long-term route for companies seeking to go public on the SGX?

Understanding the SPAC Model

A SPAC, often called a “blank check company,” is essentially a shell entity formed to raise capital through an IPO, with the sole purpose of acquiring or merging with an existing private business.

Investors buy into the SPAC’s IPO without knowing the target company in advance, relying instead on the reputation and track record of the sponsors—usually experienced investors, private equity executives, or former industry leaders. Once a suitable target is identified, the SPAC merges with it, effectively taking the private company public through what’s known as a de-SPAC transaction.

In short, SPACs invert the traditional IPO process:

• Traditional IPO: The operating company lists directly.

• SPAC route: A listed shell acquires the operating company, resulting in its indirect listing.

Singapore’s SPAC Framework: A Balanced Approach

Recognizing both the opportunities and risks of the SPAC model, the Singapore Exchange (SGX) introduced a regulated framework in September 2021—becoming the first major Asian exchange to do so. The framework was designed to strike a balance between flexibility for sponsors and protection for investors.

Key features of the SGX SPAC rules include:

• Minimum market capitalization of S$150 million (to ensure credibility and scale).

• De-SPAC timeline of up to 24 months, extendable to 36 months with shareholder approval.

• Sponsor investment (“skin in the game”) of at least 2.5%–3.5% of IPO proceeds.

• Mandatory independent shareholder approval for the business combination.

• Redemption rights for shareholders who wish to exit before the merger.

This measured approach differentiated Singapore’s framework from more speculative markets in the U.S., where looser regulations led to waves of underperforming SPACs.

Early Movers: Singapore’s First SPAC Listings

By early 2022, three SPACs made their debut on the SGX Mainboard:

1. Vertex Technology Acquisition Corporation (VTAC) – sponsored by Vertex Holdings, a Temasek subsidiary.

2. Pegasus Asia – sponsored by European asset managers Tikehau Capital and Financière Agache.

3. Novo Tellus Alpha Acquisition – backed by Singapore private equity firm Novo Tellus.

These listings were welcomed as a measured test of market appetite. Each SPAC was led by experienced sponsors, strong governance practices, and credible institutional investors.

While the initial listings reflected confidence in Singapore’s SPAC framework, the pace of subsequent activity slowed. The reasons lie not in the framework itself, but in broader global dynamics.

Global Context: From Boom to Correction

The SPAC craze that began in the U.S. saw over 600 listings in 2021 alone. However, enthusiasm quickly waned as regulatory scrutiny increased and many de-SPAC companies underperformed post-merger.

Issues included:

• Overly optimistic projections that failed to materialize.

• Misaligned incentives between sponsors and public investors.

• Market corrections that eroded valuations.

By 2023, the global SPAC market had cooled considerably, shifting from exuberance to caution. Singapore’s measured entry into the space, in retrospect, shielded its investors from some of these excesses.

Singapore’s Experience: Slow but Steady

Singapore’s SPAC framework has proven credible but conservative. It successfully established safeguards and attracted reputable sponsors, but its uptake has been limited.

Several factors explain this:

• Market sentiment: Global cooling of SPAC enthusiasm reduced investor demand.

• Complexity of de-SPAC deals: Finding suitable targets that meet SGX standards has proven challenging.

• Competition from other routes: Many companies still prefer traditional IPOs or private capital raises.

That said, the first successful de-SPAC transaction in Singapore took place in 2023, when Novo Tellus Alpha Acquisition merged with Energy Drilling, marking a key milestone. The transaction demonstrated that SPACs can work effectively within Singapore’s regulatory and market environment when executed with discipline.

Advantages of the SPAC Route

Despite the cautious uptake, SPACs remain an appealing option for certain types of companies and investors.

1. Speed and Certainty
Compared to traditional IPOs, de-SPAC mergers can sometimes provide a faster path to market, particularly for high-growth or asset-heavy businesses that may not fit traditional listing molds.

2. Strategic Partnership
Sponsors bring not just capital but also strategic expertise, industry networks, and credibility, valuable assets for growth-stage companies entering public markets.

3. Pricing Flexibility
Unlike traditional IPOs, where valuation is largely determined during the book-building process, SPAC mergers allow the company and sponsor to negotiate valuation directly, offering more flexibility in aligning expectations.

4. Broader Investor Access
SPACs can attract both institutional and strategic investors who are aligned with the company’s long-term goals, creating a more stable shareholder base.

Challenges and Considerations

However, the SPAC route is not without its complexities:

1. Target Identification and Quality
Finding a suitable target within the de-SPAC window can be difficult. Targets must meet SGX’s listing requirements and appeal to shareholders, a dual challenge.

2. Regulatory Scrutiny
Given the relative novelty of SPACs in Singapore, regulatory oversight is rigorous. Companies must meet stringent disclosure and governance standards to ensure investor protection.

3. Market Perception
Despite global normalization, SPACs still carry mixed reputational baggage from their boom era. Convincing investors of a SPAC’s credibility requires exceptional transparency and execution.

4. Post-Merger Integration
Merging two entities, one public, one private, creates operational and cultural challenges. Success depends on clear post-deal strategy and experienced leadership.

When a SPAC Makes Sense

A SPAC listing may be viable for companies that:

• Operate in high-growth sectors such as technology, clean energy, or digital finance.

• Require strategic sponsors who can accelerate expansion and market access.

• Have strong fundamentals but are not yet ready for a traditional IPO due to timing or valuation concerns.

For sponsors, Singapore’s framework offers a credible and regulated avenue to pursue regional opportunities, particularly across Southeast Asia’s fast-growing markets.

Final Thoughts: A Complementary, Not Competing, Path

SPACs are not a replacement for traditional IPOs, but a complementary route for companies that fit the model’s profile. Singapore’s measured, investor-centric approach has created a sustainable foundation for SPAC activity, one focused on quality over quantity.

As market confidence stabilizes and successful de-SPACs build track records, the SPAC pathway could evolve into a strategic alternative for regional growth companies seeking a public listing.

In the meantime, one thing is clear: in Singapore’s capital markets, innovation is welcomed, but it must always walk hand in hand with integrity, governance, and long-term value creation.

The SGX IPO Process Demystified: A Timeline from Decision to Debut

Going public on the Singapore Exchange (SGX) is one of the most transformative steps a business can take. It offers access to new capital, enhances visibility, and builds credibility with investors, customers, and partners. However, the path to an Initial Public Offering (IPO) can seem complex, involving multiple stages, strict regulatory requirements, and detailed due diligence.

This guide breaks down the SGX IPO process into a clear timeline, from the initial decision to go public to the exciting debut on the trading floor. Understanding this journey helps companies prepare effectively, avoid common pitfalls, and maximize the benefits of listing on one of Asia’s most respected capital markets.

Phase 1: The Decision to Go Public (6–18 Months Before Listing)

The IPO journey begins long before any formal submission to SGX. At this stage, the company’s leadership must assess whether going public aligns with its long-term goals.

Key Considerations

• Strategic Objectives: Why go public? Common reasons include raising capital for expansion, strengthening a brand's reputation, or providing liquidity to early investors.

• Readiness Assessment: Evaluate financial performance, governance standards, internal controls, and business sustainability.

• Board and Shareholder Approval: The decision to list must be formally approved by the board and supported by major shareholders.

Many companies engage an Issue Manager (for Mainboard listings) or a Sponsor (for Catalist listings) at this stage to perform a pre-IPO diagnostic, identifying areas that require improvement before proceeding.

Phase 2: Appointing Your IPO Advisory Team (6–12 Months Before Listing)

Once the decision to list is made, assembling a capable IPO advisory team becomes the next priority.

Key Advisors Include:

• Issue Manager or Sponsor: Leads and coordinates the IPO process.

• Legal Advisors: Handle compliance, contracts, and drafting of prospectuses.

• Auditors and Reporting Accountants: Ensure the accuracy and compliance of financial statements.

• Independent Valuers: Provide fair valuation of assets and business units.

• Public Relations (PR) and Investor Relations (IR) Teams: Craft and manage the IPO narrative.

Engaging experienced advisors early helps streamline the process, avoid regulatory surprises, and strengthen investor confidence.

Phase 3: Due Diligence and Restructuring (3–9 Months Before Listing)

Before a company can list, it must go through extensive due diligence, a comprehensive review of its business, financials, and legal structure.

What Happens During This Stage

• Legal Due Diligence: Verifies ownership, contracts, and intellectual property rights.

• Financial Due Diligence: Auditors review past financial statements for accuracy and compliance with Singapore Financial Reporting Standards (SFRS).

• Corporate Restructuring: The company may need to consolidate subsidiaries, establish a holding company, or refine its governance structure.

• Tax and Regulatory Review: Advisors ensure that all tax filings and licenses are up to date.

This phase is also when management begins preparing the prospectus, a detailed disclosure document required by SGX and the Monetary Authority of Singapore (MAS). The prospectus provides investors with key information about the company’s operations, financial performance, risks, and plans.

Phase 4: Preparing and Submitting the Application (2–4 Months Before Listing)

With due diligence complete, the company and its advisors proceed toward submitting a formal application.

Submission Process

1. Lodgment of Draft Prospectus: The Issue Manager or Sponsor submits a draft to SGX and MAS for review.

2. Feedback and Clarifications: Regulators may request revisions to ensure complete transparency and compliance.

3. Approval in Principle (AIP): Once SGX is satisfied, it issues an AIP, a conditional approval that allows the company to proceed with marketing and final preparations.

At this stage, the company also finalizes its corporate governance structure, appoints independent directors, and ensures adherence to the Singapore Code of Corporate Governance.

Phase 5: Marketing and Book-Building (1–2 Months Before Listing)

With the AIP in hand, the IPO moves into the marketing phase, often referred to as the roadshow.

What Happens Now

• Investor Roadshows: The company’s management presents to institutional and retail investors, highlighting its strengths, strategy, and growth potential.

• Book-Building Process: Underwriters gauge investor demand and determine the optimal pricing range for the shares.

• Public Communications: The PR and IR teams release press materials, conduct interviews, and secure media coverage to generate excitement and establish trust.

A well-executed marketing campaign can make a significant difference in the IPO’s success, influencing both pricing and post-listing performance.

Phase 6: Pricing, Allotment, and Listing Day (Week of the IPO)

This is the most exciting part of the journey, the transition from private to public.

Final Steps

1. Pricing and Allotment: Based on investor demand, the final offer price is set. Shares are then allocated to institutional and retail investors.

2. Final Prospectus Lodgment: The approved prospectus is registered with MAS.

3. Trading Commencement: The company’s shares officially debut on the SGX Mainboard or Catalist.

On listing day, senior management often participates in the Opening Bell Ceremony at SGX Centre,  a symbolic moment that marks the company’s official entry into public markets.

Phase 7: Post-Listing Obligations (Ongoing)

Going public is not the end of the journey; it’s the beginning of a new chapter. Once listed, the company must comply with ongoing regulatory and governance obligations.

Key Post-IPO Responsibilities

• Regular Reporting: Quarterly or semi-annual financial results must be disclosed to SGX and shareholders.

• Corporate Governance: Maintain transparency, board independence, and ethical standards.

• Investor Relations: Continuous engagement with investors and analysts helps sustain confidence and trading volume.

• Strategic Growth: Use IPO proceeds effectively to drive expansion and meet business objectives.

Strong post-listing performance is essential to maintaining share value and attracting long-term investors.

Conclusion: Clarity and Preparation Lead to IPO Success

The SGX IPO process may seem daunting, but with the proper preparation and advisory support, it becomes a structured and achievable journey. Every phase, from readiness assessment to public debut, plays a vital role in ensuring compliance, transparency, and investor trust.

Whether you’re listing on the Mainboard or the Catalist, success comes down to one principle: plan early, engage the right experts, and communicate your story effectively. With discipline and vision, your IPO can mark not just a listing milestone, but the beginning of a powerful growth era for your company.

The Corporate Governance Gap: Getting Your House in Order for an SGX Listing

For companies aspiring to list on the Singapore Exchange (SGX), strong financial performance and growth potential are just the starting points. What increasingly separates successful IPO candidates from those that fall short is something less tangible but far more fundamental: corporate governance.

Corporate governance defines the structures, systems, and values through which a company is directed and controlled. It ensures that leadership decisions serve not only the founders or executives, but also shareholders, employees, customers, and society at large. As global investors become more discerning and regulatory expectations continue to rise, good governance has become a non-negotiable foundation for accessing public capital, especially in Singapore’s highly transparent marketplace.

This article explores why corporate governance matters so much for an SGX listing, what the key expectations are, and how companies can bridge governance gaps before going public.

1. Why Corporate Governance Matters in the SGX Context

Singapore is recognized worldwide for its robust legal system, transparent capital markets, and investor protection frameworks. The SGX Listing Rules and the Singapore Code of Corporate Governance set a high bar not as a barrier, but as a benchmark that fosters long-term trust and resilience.

For investors, governance equals confidence

Investors in Singapore, from sovereign wealth funds like GIC and Temasek to institutional and retail investors, view governance as a signal of credibility and sustainability. A company with strong governance is seen as better equipped to handle risks, protect shareholder interests, and deliver consistent returns.

For issuers, governance reduces risk

Good governance practices also benefit companies directly. They:

• Minimize legal and reputational risks.

• Improve decision-making transparency.

• Strengthen internal controls and accountability.

• Attract quality institutional investors who value compliance and ethics.

In essence, governance is not just about ticking boxes, it’s about building a resilient, investable organization.

2. Understanding the “Governance Gap”

Many private or family-owned companies aiming for an IPO face what’s called a “governance gap.” This gap arises when internal structures, policies, or controls are not yet aligned with public market expectations.

Common governance gaps include:

• Founder-dominant boards with limited independent oversight.

• Lack of documented internal controls or risk management systems.

• Inadequate disclosure practices around financial or ESG performance.

• Unclear succession planning or leadership accountability structures.

Bridging this gap before listing isn’t optional; it’s essential. The SGX conducts rigorous due diligence, and investors scrutinize governance standards as part of their valuation and risk assessments.

3. Key Governance Requirements for an SGX Listing

The SGX Listing Manual and the Code of Corporate Governance (2018) outline the key expectations for listed companies. While not all rules apply equally to Mainboard and Catalist listings, the guiding principles remain the same.

a) Board Independence and Diversity

At least one-third of the board should be independent directors, ensuring objective oversight. Increasingly, SGX promotes board diversity in terms of gender, expertise, and experience to enhance decision-making.

b) Accountability and Transparency

Listed companies must maintain timely, accurate, and balanced disclosure of material information, including quarterly or semi-annual financial results, related party transactions, and risk exposures.

c) Internal Controls and Risk Management

Robust systems for financial reporting, internal audits, and risk assessment are mandatory. Boards must ensure that internal controls are effective and regularly reviewed.

d) Remuneration and Alignment

Executive and board remuneration should be transparent and aligned with the creation of long-term shareholder value. Excessive or poorly structured pay packages can raise red flags.

e) ESG and Sustainability Reporting

Since 2022, the SGX has required mandatory climate-related disclosures for certain sectors and encourages comprehensive ESG reporting. Sustainability governance is fast becoming a mainstream investor requirement.

4. How to Get Your House in Order

Preparing for an SGX listing involves transforming governance culture from informal to institutional. Here’s how companies can get started:

Step 1: Conduct a Governance Audit

Begin by assessing your current practices against SGX requirements. Identify gaps in board composition, internal policies, reporting structures, and compliance procedures. External consultants or legal advisors can assist with this review.

Step 2: Professionalize the Board

Appoint independent directors with relevant industry, legal, or financial expertise. Ensure board committees' audit, risk, and remuneration are appropriately structured and chaired by qualified members.

Step 3: Strengthen Internal Controls

Implement standardized processes for financial management, risk monitoring, and compliance. Adopt internal audit frameworks that ensure accountability at all levels.

Step 4: Enhance Disclosure and Communication

Invest in transparent investor relations (IR) systems. Train leadership to communicate with clarity and consistency both during the IPO process and post-listing.

Step 5: Embed ESG Governance

Integrate sustainability into strategy and operations. Establish an ESG committee to oversee metrics, goals, and reporting. This signals a forward-looking, responsible business model to investors.

5. Case Example: From Family Business to Public Company

Consider a mid-sized logistics company in Southeast Asia preparing for a listing on the SGX Catalist. Initially, decision-making was centralized around the founder, with limited documentation or external oversight.

Through a structured pre-IPO governance program, the company:

• Reconstituted its board to include independent directors.

• Adopted a whistleblower policy and internal audit framework.

• Published its first ESG report highlighting carbon reduction goals.

• Established a transparent performance-based remuneration structure.

The result? It not only secured SGX approval but also attracted strong investor interest during its IPO roadshow, thanks to improved credibility and professional governance standards.

6. The Payoff: Governance as a Value Driver

Strong corporate governance doesn’t just reduce risk, it actively enhances value. Research shows that well-governed companies enjoy:

• Lower capital costs due to investor trust.

• Higher valuation multiples are associated with greater transparency and accountability.

• Better long-term performance through sustainable decision-making.

In Singapore’s market, where integrity and compliance are deeply valued, governance excellence can become a competitive advantage rather than a regulatory burden.

Final Thought: Building Trust Before You Go Public

An SGX listing is not merely a financial event; it’s a trust event. Companies that demonstrate strong governance send a powerful message: they are prepared to be held accountable, operate transparently, and create long-term value for all stakeholders.

Bridging the corporate governance gap is therefore more than a compliance exercise; it’s an investment in your company’s future reputation and resilience.

In a world where capital follows confidence, getting your house in order isn’t just preparation, it’s the key to unlocking sustainable success in Singapore’s trusted capital markets.

Valuation Realities: How Companies are Priced for an IPO in Singapore

Going public on the Singapore Exchange (SGX) is a significant milestone that signifies maturity, ambition, and readiness for regional and global expansion. However, before the bell rings on listing day, one of the most crucial and often misunderstood steps in the IPO journey is determining the company's actual worth.

Valuation is not just a number; it’s a narrative supported by financial evidence, market context, and investor perception. For founders, CFOs, and investors alike, understanding how valuation is established in the Singapore IPO market can make the difference between a successful debut and a disappointing reception.

Why Valuation Matters

IPO valuation determines the offer price at which shares are sold to investors. It directly affects the amount of capital a company raises and how the market perceives its potential. A valuation that is too high can result in poor post-listing performance if investor expectations aren’t met. Too low, and the company leaves significant value on the table.

In Singapore’s capital markets, where institutional investors dominate early allocations, valuation isn’t just about numbers; it’s about credibility, governance, and long-term growth prospects.

Valuation Approaches in Singapore IPOs

The SGX doesn’t prescribe a single method for determining valuation. Instead, advisors, underwriters, and investors rely on multiple techniques to triangulate a fair and market-acceptable price. The most common approaches include:

1. Comparable Company Analysis (Comps)

This method benchmarks the IPO candidate against similar listed companies, ideally in the same sector and region. Analysts compare valuation multiples such as Price-to-Earnings (P/E), EV/EBITDA, or Price-to-Book (P/B) ratios to arrive at a relative valuation.

For example, a Singapore tech firm can be compared to its peers in other Southeast Asian countries or those listed on the Hong Kong Stock Exchange with similar business models and growth profiles. Adjustments are then made to account for size, market share, or risk differentials.

2. Discounted Cash Flow (DCF) Analysis

DCF analysis projects a company’s future cash flows and discounts them back to their present value using a risk-adjusted rate. This method is widely used when companies have stable and predictable earnings or strong visibility into their future performance.

However, it’s also susceptible to assumptions such as growth rates, discount rates, and terminal values, making it less reliable for early-stage or fast-evolving businesses.

3. Precedent Transaction Analysis

This approach examines recent M&A or IPO transactions in the same industry to understand the multiples that investors have been willing to pay. While useful, the data can be limited, especially in niche sectors or volatile markets.

4. Book-Building and Market Testing

In Singapore, IPO pricing often incorporates a book-building process, where institutional investors indicate the price and quantity of shares they’re willing to purchase. The final offer price is determined based on this demand, ensuring alignment with market sentiment.

Factors That Influence IPO Valuation

Beyond the pure numbers, a variety of qualitative factors influence how investors perceive value. In the SGX context, these include:

1. Financial Performance and Growth Potential

Revenue trajectory, profit margins, and return on equity continue to be key benchmarks. Companies with strong earnings visibility or recurring revenue models often attract premium valuations.

2. Corporate Governance and Transparency

Singapore’s capital markets place a high premium on robust governance structures, independent boards, and transparent reporting. Investors are more likely to reward companies that demonstrate ethical practices and substantial compliance with SGX’s governance standards.

3. Industry Trends and Sector Outlook

Sectors aligned with macroeconomic tailwinds, such as green finance, fintech, healthcare, and logistics, tend to command stronger valuations. Companies positioned as market leaders in emerging industries often benefit from scarcity premiums.

4. Brand Credibility and Market Perception

Investor confidence can also hinge on brand reputation, customer loyalty, and the perceived leadership quality of the management team. A trusted brand with a clear vision can meaningfully influence valuation multiples.

5. Market Timing

Global and regional market sentiment can significantly shift valuation dynamics. During bullish cycles, investor appetite for new listings increases, leading to higher valuations. Conversely, in uncertain economic conditions, conservative pricing tends to prevail.

SGX Mainboard vs. Catalist: Valuation Implications

Companies listed on the Mainboard generally have established track records and profitability, resulting in valuations supported by their historical performance.

By contrast, Catalist, the exchange’s growth board for high-potential but smaller companies, tends to focus more on growth prospects than earnings history. Valuation discussions here are often more forward-looking, emphasizing scalability, innovation, and market opportunity.

For both boards, transparency and a well-communicated equity story are key to achieving investor trust and fair valuation.

Role of Advisors in the Valuation Process

Valuation is rarely determined in isolation. It’s a collaborative process involving multiple stakeholders:

• Financial Advisors and Underwriters: Conduct financial modeling, peer analysis, and investor soundings to guide pricing strategy.

• Legal and Regulatory Advisors: Ensure disclosures and governance meet SGX and MAS (Monetary Authority of Singapore) requirements.

• Investor Relations Teams: Help shape and communicate the equity story effectively to the investment community.

Together, this team ensures that valuation is defensible, transparent, and aligned with long-term investor expectations.

Common Valuation Pitfalls

Several pitfalls can derail even the most promising IPO:

• Over-optimistic projections leading to inflated valuations and post-listing corrections.

• Ignoring governance and compliance issues which can erode investor trust.

• Underestimating market conditions, particularly during periods of volatility or rising interest rates.

• Lack of clear communication about growth drivers, risks, or use of proceeds.

Companies that avoid these pitfalls often find themselves better positioned for sustainable post-IPO performance.

Balancing Ambition with Realism

The art of IPO valuation lies in balancing ambition with realism. Companies must tell a compelling growth story, supported by credible financials and a transparent governance framework. Investors, on the other hand, seek evidence that management can deliver on their promises.

In the Singapore context, where investor sophistication and regulatory rigor are high, a fair and justifiable valuation enhances credibility and long-term shareholder confidence.

Final Thoughts: Beyond the Listing Day

Ultimately, valuation is not an endpoint but a starting point. The actual test of a company’s worth unfolds after listing, through its ability to execute strategy, deliver earnings, and maintain transparent communication with investors.

For companies aspiring to list on the SGX, understanding the realities of valuation is essential. It ensures that when the market opens on the debut day, the price on the screen reflects not only the financial potential but also the trust and confidence of investors who believe in the company’s story.

Telling Your Story: Crafting a Compelling Equity Narrative for Singaporean Investors

In today’s investment landscape, capital flows not just to numbers, but to stories. A company’s equity narrative has become as important as its financial performance. Whether you are a growing SME preparing for an SGX listing or a multinational expanding your presence in Asia, how you present your story to investors in Singapore can greatly influence your valuation, investor trust, and long-term market perception.

Singapore’s capital markets are renowned for their sophistication, transparency, and data-driven decision-making. Even in such a rational environment, a strong narrative serves as the bridge between financial metrics and investor confidence. This article explores the importance of an equity narrative, how to construct one effectively, and what Singaporean investors seek when evaluating a company's story.

1. Why an Equity Narrative Matters

An equity narrative is the strategic story a company tells to convey its purpose, potential, and positioning in the market. It goes beyond the financial statements to explain why the company exists, how it creates value, and what its growth journey looks like.

A compelling equity narrative:

1. Builds investor confidence: It connects data to vision, helping investors understand the company’s direction.

2. Differentiates your brand: In a market crowded with similar financial profiles, your story can set you apart.

3. Supports valuation: A strong narrative can justify premium valuations by articulating long-term strategic potential.

4. Engages diverse stakeholders: From analysts to institutional investors, a unified story ensures consistent messaging across all audiences.

In Singapore’s tightly knit investment community, clarity and credibility in communication are often what distinguish a promising company from a trusted one.

2. Understanding Singaporean Investors

Before crafting your story, it’s essential to understand your audience. Singapore’s investor base includes institutional funds, family offices, sovereign wealth entities, and an active network of retail investors. These stakeholders share some key traits:

1. Analytical Thinking: Investors expect stories grounded in facts and financial discipline.

2. Focus on Sustainability: ESG (Environmental, Social, Governance) values play a growing role in investment decisions.

3. Regional Perspective: Singaporean investors think regionally, valuing companies with scalable growth strategies in Asia.

4. Trust in Transparency: Clear disclosures and consistent performance updates reinforce credibility.

In short, investors in Singapore are drawn to stories that are ambitious yet accountable — visionary but backed by measurable execution.

3. The Core Elements of a Strong Equity Narrative

A successful equity story rests on three pillars: Purpose, Performance, and Potential. Together, they form the backbone of your communication strategy.

Purpose: Why You Exist

Investors want to understand your company’s mission beyond profits. What problem are you solving? Why does your company matter in the market?
Example: A renewable energy company might position itself as “empowering Southeast Asia’s transition to sustainable energy independence.”

Performance: How You Deliver

This is where data and credibility converge. Share evidence of execution — revenue growth, margins, partnerships, or user adoption — to validate your story.
Example: “Over the past three years, we’ve achieved a 25% compound annual growth rate while maintaining a 40% reinvestment into R&D.”

Potential: Where You’re Going

This section captures your future vision. Define your roadmap — market expansion, product innovation, or regional scaling — and link it to measurable milestones.
Example: “Our goal is to expand into three new ASEAN markets by 2026, leveraging Singapore as our financial and strategic hub.”

When these three elements are woven together authentically, investors see not just a company, but a coherent journey.

4. Tailoring Your Narrative for the Singapore Market

Singaporean investors appreciate precision, governance, and a regional perspective. To connect effectively, companies should craft messages that align with local expectations and values.

Speak the Language of Governance

Highlight your commitment to strong governance, compliance, and transparency. These values resonate deeply in Singapore’s investor culture and align with SGX requirements.

Example: “We operate under robust internal controls and independent board oversight to ensure accountability and protect shareholder interests.”

Showcase Regional Scalability

Investors in Singapore often look for regional growth stories that start locally but expand across Asia.

Example: “From our base in Singapore, we’re building scalable solutions for the wider ASEAN market — where digital adoption is growing at double-digit rates.”

Integrate ESG into the Story

Singapore has emerged as a regional leader in ESG finance. Investors increasingly expect ESG integration, not as a checkbox, but as a value driver.

Example: “Our sustainability initiatives are not only ethical choices but strategic levers to attract long-term, quality capital.”

Humanize the Vision

Numbers alone don’t inspire; people do. Introduce your leadership team, including their values and strategic disciplines. Humanizing your story creates a relatable, trustworthy impression.

5. Channels for Telling Your Equity Story

Your equity narrative should be consistent across all touchpoints — from investor roadshows to annual reports and media engagements. Consider these communication channels:

1. Investor Presentations: Blend financial highlights with storytelling visuals.

2. Annual and Sustainability Reports: Reinforce credibility through detailed disclosures and impact metrics.

3. Media and Thought Leadership: Publish op-eds or participate in panels to shape perception.

4. Digital Platforms: Utilize your website, LinkedIn, and investor relations pages to regularly communicate updates.

Consistency across channels strengthens recognition and investor confidence.

6. Common Mistakes to Avoid

Even strong companies can undermine their narrative through missteps. Watch out for:

1. Overpromising: Avoid exaggerated projections or unverified claims.

2. Inconsistency: Sending contradictory messages across teams can erode credibility.

3. Neglecting Follow-Up: Investors value updates; silence after the IPO can create uncertainty.

4. Ignoring Feedback: Singaporean investors appreciate dialogue — listen, adapt, and evolve your story over time.

Remember, trust is built gradually through authenticity and reliability.

7. The Payoff: Why a Strong Equity Narrative Drives Long-Term Value

A compelling narrative doesn’t just attract investors, it keeps them. When your story aligns with financial results and long-term vision, it creates loyal shareholders, smoother fundraising rounds, and resilience during market fluctuations.

Moreover, companies with clear, credible stories tend to outperform peers in valuation multiples, as investors reward clarity of purpose and direction.

In Singapore’s dynamic financial hub, where capital is both plentiful and discerning, storytelling becomes a strategic differentiator. The best narratives combine substance, strategy, and sincerity.

Conclusion: Turning Numbers into Narrative

Ultimately, your equity narrative is the lens through which investors perceive your value. In a market like Singapore, where governance, growth, and innovation intersect, the story you tell determines the confidence you earn.

A well-crafted narrative transforms financial data into a vision investors can believe in. It shows not just what your company does, but why it matters, and how it will grow.

In the world of equity markets, facts inform but stories inspire. In Singapore’s vibrant financial ecosystem, inspiration is often the spark that turns investment interest into a long-term capital commitment.

Comprendre le modèle VC-as-a-Service : au-delà du simple capital

Le capital-risque ne se résume plus à injecter de l’argent. Le modèle VC-as-a-Service offre un soutien aux startups qui va bien au-delà du simple capital. Vous allez comprendre comment cette approche combine innovation stratégique et croissance durable pour changer la donne. Suivez le guide pour saisir les avantages concrets de ce modèle.

Le Modèle VC-as-a-Service

Le modèle VC-as-a-Service redéfinit la manière dont le capital-risque soutient les startups. Allons plus loin pour voir comment cette approche innovante transforme la relation entre investisseurs et entrepreneurs.

Comprendre le Concept de VC-as-a-Service

Le VC-as-a-Service n’est pas juste un concept, c’est une révolution. Il offre aux startups bien plus que des fonds. Ici, les investisseurs agissent comme partenaires stratégiques. Imaginons une startup en pleine croissance. Vous recevez du capital, mais aussi des conseils stratégiques pour naviguer dans un marché complexe. Avec des fonds spécialisés, vous êtes armés pour affronter les défis avec un soutien complet. Ce modèle est en train de transformer l'industrie. Apprenez comment ici.

Pourquoi Choisir VC-as-a-Service ?

Pourquoi ce modèle séduit-il tant ? Car il va au-delà des attentes traditionnelles. Le VC-as-a-Service offre une flexibilité inégalée. Pour une startup, choisir ce modèle, c'est opter pour une trajectoire de croissance rapide et soutenue. Les investisseurs bénéficient également d'une vision claire et d'un alignement stratégique. Si vous êtes un entrepreneur cherchant à maximiser vos chances de succès, ce modèle vous donne les outils pour réussir. Lisez comment cela fonctionne.

Avantages pour les Entrepreneurs

Passons aux avantages concrets pour les entrepreneurs. Avec le VC-as-a-Service, vous sentez immédiatement la différence.

Accès au Capital-Risque et au Soutien

Ce modèle offre un accès privilégié à des capitaux tout en fournissant un soutien continu. Imaginez un entrepreneur qui lutte pour lever des fonds tout en naviguant sur des marchés compétitifs. Grâce au VC-as-a-Service, vous obtenez non seulement des ressources financières, mais aussi des conseils d'experts pour vous aider à surmonter les obstacles. En vous associant à des partenaires qui comprennent vos besoins, vous pouvez concentrer vos efforts sur ce qui compte vraiment : innover et croître. Participez à nos événements pour en savoir plus.

Innovation Stratégique pour la Croissance Durable

L’innovation stratégique est au cœur de ce modèle. Cela signifie que vous ne vous contentez pas de suivre des tendances, vous les créez. Avec le soutien adéquat, votre startup peut explorer de nouvelles voies et repousser les limites. Pensez à Mandalore Partners, qui se spécialise dans l'InsurTech et l'IndustryTech. En utilisant leur expertise, vous pouvez transformer votre vision en réalité. Ce partenariat ne se limite pas à la finance, il s’étend à une véritable collaboration pour un impact durable. Découvrez notre approche ici.

Avantages pour les Investisseurs

Les investisseurs, ce modèle n'est pas seulement une opportunité, c’est une nouvelle norme.

Opportunités dans les Startups Prometteuses

Investir dans des startups prometteuses offre de grandes opportunités. Le modèle VC-as-a-Service vous permet de diversifier vos investissements en donnant accès à des entreprises à fort potentiel. En travaillant avec des experts qui connaissent le marché, vous pouvez identifier les meilleures opportunités. Cela réduit les risques et augmente vos chances de succès. De plus, avec des fonds spécialisés, vous bénéficiez d’une meilleure visibilité sur l’avenir. En savoir plus sur l'impact potentiel.

Soutien aux Startups et Collaboration 🤝

La collaboration est au cœur du succès. Avec le VC-as-a-Service, vous ne financez pas seulement une entreprise, vous soutenez son développement. Cela crée une relation symbiotique où les deux parties prospèrent ensemble. Votre rôle ne se limite pas à un simple financement ; vous êtes un partenaire actif dans la croissance de l'entreprise. Dans un monde où l'innovation est clé, être un investisseur proactif peut faire toute la différence. Découvrez comment vous pouvez contribuer.

🎯 Profitez de nos services de conseil stratégique pour booster votre croissance ! 🚀

Dans l'écosystème actuel, le modèle VC-as-a-Service est plus pertinent que jamais. En adoptant cette approche, vous vous positionnez pour une croissance durable tout en favorisant l'innovation. Ne laissez pas passer cette chance d'être à la pointe du changement.

Assembling Your A-Team: The Key Advisors for a Successful Singapore IPO

Going public is one of the most significant milestones in a company's growth journey. An Initial Public Offering (IPO) not only opens the door to new capital and market visibility but also subjects your organization to greater scrutiny, transparency, and regulatory compliance.

In Singapore, where the Singapore Exchange (SGX) stands as one of Asia’s most reputable capital markets, navigating the IPO process requires more than just a great business; it requires the right advisory team. Building a skilled and coordinated group of experts ensures a smooth listing process, regulatory compliance, and successful post-IPO performance.

This article explores the key advisors you need for a Singapore IPO, their roles, and how to choose partners who can turn your listing vision into a lasting success.

Why Your IPO Advisory Team Matters

An IPO is a complex, multi-stage process involving strategy, finance, law, marketing, and investor relations. While your management team leads the business vision, advisors bring in the specialized expertise needed to meet SGX requirements, price your shares accurately, and communicate your company’s story to the market.

Without an experienced advisory group, even promising companies risk delays, regulatory setbacks, or mispriced offerings. Assembling the right “A-Team” not only increases the chances of regulatory approval but also instills investor confidence from day one.

1. The Issue Manager or Sponsor: Your Lead Navigator

Every IPO needs a lead advisor who guides the company through the listing journey from start to finish.

• For SGX Mainboard listings, this role is performed by an Issue Manager, typically an investment bank or licensed financial institution.

• For SGX Catalist listings, the lead role is taken by an Approved Sponsor, who assesses the company’s suitability for listing and ensures compliance with Catalist rules.

Responsibilities

• Evaluate your readiness for listing.

• Conduct due diligence and financial analysis.

• Prepare the prospectus or offer document.

• Liaise with SGX and the Monetary Authority of Singapore (MAS).

• Coordinate with other advisors, including lawyers, auditors, and valuers.

The Issue Manager or Sponsor is your strategic captain, ensuring that every part of the IPO vessel moves in sync toward a timely and compliant listing.

2. The Legal Advisors: Navigating the Regulatory Maze

Legal advisors play a crucial role in ensuring that every aspect of your IPO meets regulatory standards and aligns with investor expectations.

Typically, two legal teams are involved:

• Company Counsel: representing your company.

• Underwriters’ Counsel: representing the investment banks handling the share offering.

Responsibilities

• Conduct legal due diligence to identify potential risks.

• Draft and review the prospectus, contracts, and disclosures.

• Advise on corporate restructuring, governance, and regulatory compliance.

• Liaise with SGX, MAS, and other authorities on approval matters.

Strong legal counsel minimizes the risk of post-IPO disputes or compliance breaches, protecting your reputation and shareholder value.

3. The Auditors and Reporting Accountants: Establishing Financial Credibility

Financial transparency is the foundation of investor trust. Auditors and reporting accountants ensure that your financial statements are accurate, compliant with Singapore Financial Reporting Standards (SFRS), and presented clearly in the prospectus.

Responsibilities

• Audit and verify historical financial results.

• Review internal controls and accounting policies.

• Prepare pro forma financial information for the IPO document.

• Provide comfort letters to underwriters.

A reputable audit firm adds credibility to your IPO and reassures potential investors that your numbers are trustworthy.

4. The Independent Valuer: Putting a Price on Your Business

Determining the right valuation for your company is both an art and a science. Independent valuers provide objective assessments of your business, assets, or subsidiaries to ensure a fair and defendable IPO price.

Responsibilities

• Assess business and asset value based on market and financial models.

• Provide valuation reports required by regulators or investors.

• Support the pricing strategy in consultation with the Issue Manager.

An accurate valuation helps balance investor appeal with fair pricing, avoiding undervaluation or post-listing volatility.

5. The Public Relations (PR) and Investor Relations (IR) Advisors: Shaping Market Perception

A successful IPO isn’t just about financials; it’s also about storytelling. PR and IR advisors help communicate your company’s vision, growth potential, and leadership to investors and the public.

Responsibilities

• Craft the IPO narrative and key messaging.

• Coordinate press releases, media interviews, and launch events.

• Manage investor briefings and Q&A sessions.

• Support post-IPO communications and reputation management.

An effective communications strategy can generate excitement and confidence, helping your shares perform well once trading begins.

6. The Underwriters: Bringing the IPO to Market

Underwriters, typically investment banks, assist in marketing and distributing your shares to investors. They assess demand, manage book-building, and may guarantee share sales by purchasing any unsold portion of the offering.

Responsibilities

• Structure and price the offering.

• Market the IPO to institutional and retail investors.

• Stabilize trading during the initial days post-listing.

Working with strong underwriters can boost your IPO’s credibility and liquidity, ensuring a smoother debut on the SGX.

7. The Company’s Internal IPO Committee

Finally, the heart of the process lies within your organization. Forming an internal IPO committee ensures alignment across leadership, finance, operations, and compliance.

Key Tasks

• Oversee timelines and deliverables.

• Coordinate information requests from advisors.

• Manage corporate restructuring or governance enhancements.

• Ensure consistent messaging and decision-making.

A disciplined internal team keeps the IPO on schedule and ensures accountability across all functions.

Building Synergy Among Advisors

A successful IPO depends not just on the quality of individual advisors but on how effectively they collaborate. Clear communication, mutual trust, and shared understanding of your company’s vision are crucial.

Early engagement, ideally 12 to 18 months before the planned listing, enables advisors to identify gaps, implement governance improvements, and prepare financials in advance.

Remember: the IPO process is not a sprint; it’s a marathon that demands strategic coordination, patience, and transparency.

Final Thought: Your A-Team Defines Your IPO Success

An IPO marks a new chapter in your company’s evolution,  one that demands professionalism, discipline, and strategic partnerships. Whether you’re listing on the SGX Mainboard or Catalist, assembling the right advisory team is your most important investment.

From legal and financial advisors to PR experts and underwriters, each player brings a piece of the puzzle. When united under a clear vision and shared purpose, your “A-Team” can transform the complexities of the IPO journey into a story of success, credibility, and sustainable growth.

Choosing Your Path: Mainboard vs. Catalist Picking the Right SGX Board for Your IPO

In recent years, Singapore has strengthened its position as one of Asia’s most dynamic financial hubs, offering a gateway for companies seeking access to capital and global investors. At the heart of this opportunity lies the Singapore Exchange (SGX), which offers two distinct boards for listing: the Mainboard and the Catalist. Both platforms provide companies access to public markets, but they differ in their listing requirements, regulatory frameworks, and target audiences.

Choosing between the Mainboard and Catalist is a critical strategic decision that can influence your company’s growth trajectory, investor profile, and even brand perception. This article explores the key distinctions between the two, the benefits and challenges of each, and the factors to consider when deciding where your business fits best.

Understanding SGX’s Dual-Board Structure

The SGX’s dual-board system is designed to serve companies at different stages of maturity and growth.

• The Mainboard is the primary market for established, profitable companies seeking to raise substantial capital and attract institutional investors. It’s home to blue-chip names and regional leaders with strong track records and corporate governance structures.

• The Catalist, on the other hand, serves as a growth board for small to medium enterprises (SMEs) and high-potential startups that may not yet meet the Mainboard’s stringent criteria but have strong expansion prospects.

This dual framework reflects SGX’s goal to nurture companies across their growth journey, from early-stage ventures to large, multinational corporations.

The SGX Mainboard: A Platform for Proven Leaders

The Mainboard is widely recognized for its credibility and prestige. Companies listed here are typically mature businesses with a proven track record of financial performance and an established market presence.

Key Requirements

To qualify for the Mainboard, a company must meet at least one of the following financial tests:

• Profit Test: At least SGD 30 million in pre-tax profit over the last three years, with a minimum of SGD 7.5 million in the latest year.

• Market Capitalization Test: A market cap of at least SGD 150 million if profitability requirements aren’t met.

• Revenue Test: At least SGD 300 million in revenue for the latest completed financial year.

Companies must also demonstrate solid corporate governance, a diversified shareholder base, and compliance with the Singapore Code of Corporate Governance.

Advantages of Listing on the Mainboard

• Prestige and visibility: Mainboard listing enhances credibility and signals financial strength to global investors.

• Access to institutional investors: The board attracts mutual funds, pension funds, and long-term institutional players.

• Liquidity and valuation premium: Mainboard-listed companies generally enjoy higher trading volumes and valuation multiples.

Challenges

However, the Mainboard’s rigorous requirements can be a hurdle for fast-growing but still-developing businesses. The higher compliance costs, strict reporting standards, and need for consistent profitability may not be suitable for younger enterprises that are still in the scaling phase.

The SGX Catalist: Accelerating Growth for Emerging Companies

Launched in 2007, the Catalist board is designed to support emerging and high-growth companies seeking public funding without the heavy regulatory burden of the Mainboard. It’s modeled after similar growth markets such as London’s AIM (Alternative Investment Market).

Key Features

Unlike the Mainboard, the Catalist does not prescribe minimum financial criteria. Instead, companies must be sponsored by an approved sponsor, who evaluates their suitability for listing and guides them through the process.

Sponsors play an ongoing role in ensuring that the company maintains compliance with SGX rules post-listing. This approach gives high-potential firms, including tech startups and innovative SMEs, a flexible entry point into public markets.

Advantages of Listing on Catalist

• Flexible entry criteria: Ideal for companies in growth phases with limited profit track records.

• Faster listing process: The sponsor-driven model often allows quicker time-to-market.

• Visibility and growth capital: Listing enhances brand awareness, helping companies attract new investors and business partners.

Challenges

While Catalist provides accessibility, it comes with inevitable trade-offs:

• Less investor confidence: Some institutional investors prefer Mainboard companies due to perceived lower risk.

• Higher scrutiny from sponsors: Requires Continuous compliance monitoring.

Liquidity limitations: Smaller trading volumes can lead to more volatile share price movements.
How to Decide Which Board Fits Your Company

Choosing between the Mainboard and Catalist isn’t simply about meeting the eligibility criteria; it’s about aligning your strategic goals with the right market platform.

Here are a few guiding questions:

1. What stage is your company in?

• If you’re a mature business with consistent earnings, the Mainboard offers long-term credibility and stability.

• If you’re still in an expansion phase, Catalist provides access to funding without the burden of strict profit tests.

2. What type of investors are you targeting?

• Mainboard attracts conservative institutional investors.

• Catalist draws venture-focused and risk-tolerant investors seeking high-growth opportunities.

3. How much control do you want over compliance?

• Mainboard companies work directly under SGX’s regulation.

• Catalyst companies rely on ongoing sponsor oversight, which may feel more flexible but also more dependent on external guidance.

4. Are you ready for public scrutiny?
   Regardless of the board, public listing means transparency, quarterly reporting, and shareholder accountability.

The Bottom Line: Aligning Your IPO Path with Your Growth Vision

Both the Mainboard and Catalist play vital roles in fueling Singapore’s vibrant capital market ecosystem. The Mainboard offers a platform for stability, prestige, and institutional growth, while Catalist champions innovation and entrepreneurial ambition.

Ultimately, the best choice depends on your company’s maturity, financial standing, and long-term goals. Many successful businesses begin their journey on Catalist and later migrate to the Mainboard as they expand, a path that demonstrates SGX’s flexibility in supporting evolving corporate needs.

Whether you’re a tech startup aiming to scale or an established enterprise ready to globalize, Singapore’s dual-board system provides a clear and supportive pathway to raise capital, enhance visibility, and unlock future growth. The key is to choose the board that not only fits your current profile but also aligns with your strategic vision for the future.

Is Your Company IPO-Ready? The Singapore Exchange (SGX) Checklist

Going public is a transformative milestone for any company. Listing on the Singapore Exchange (SGX) not only provides access to capital but also enhances credibility, visibility, and growth potential in Asia and beyond. However, the path to an IPO is complex, requiring careful planning, strong governance, and strict compliance with regulatory requirements.

If your company is considering listing on SGX, it’s essential to understand the key readiness criteria. Here’s a comprehensive checklist to help evaluate your IPO preparedness.

1. Corporate Structure and Governance

SGX places a strong emphasis on governance standards. Before pursuing an IPO, companies must ensure their corporate structure is clean, transparent, and investor-ready:

• Board Composition: Companies should have a balanced board with a mix of executive and independent directors. Strong oversight is a critical factor for investor confidence.

• Audit and Compliance: Financial reporting must comply with International Financial Reporting Standards (IFRS) and be audited by a reputable audit firm.

• Legal Structure: Companies should ensure subsidiaries, partnerships, and joint ventures are properly documented and consolidated, avoiding any legal ambiguities.

• Policies and Controls: Implement robust internal controls, risk management systems, and corporate governance policies. This includes conflict-of-interest policies, remuneration frameworks, and ethical guidelines.

A strong governance foundation signals to investors that the company is prepared for public scrutiny and accountability.

2. Financial Health and Performance Track Record

SGX requires companies to demonstrate financial stability and consistent performance. Key financial readiness criteria include:

• Profitability: For the Mainboard listing, companies generally need a record of profitability for at least three years. Certain growth-stage companies may qualify for alternative criteria if they meet revenue or asset thresholds.

• Revenue and Assets: Companies must meet minimum revenue and net tangible asset requirements, ensuring they have a substantive business footprint.

• Audited Statements: Three years of audited financial statements are typically required, showing consistent revenue growth and operational stability.

• Cash Flow Management: Demonstrating strong cash flow management, efficient working capital utilization, and controlled operating expenses is essential for investor confidence.

Financial readiness is critical not only for SGX compliance but also for market confidence and valuation during the IPO process.

3. Operational Readiness and Market Position

SGX investors evaluate whether a company has scalable operations and a competitive market position:

• Business Model Clarity: Clearly articulate your value proposition, target market, and revenue model.

• Scalability: Investors want to see that your operations can scale efficiently, with systems and processes that support growth without proportional cost increases.

• Market Share and Differentiation: Strong positioning, defensible market share, and unique competitive advantages increase the attractiveness of your IPO.

• Operational Metrics: Key performance indicators (KPIs) such as customer acquisition cost, churn rate, or production efficiency should be trackable and transparent.

Operational readiness reassures investors that your company can sustain growth post-IPO.

4. Legal and Regulatory Compliance

Compliance with local and international regulations is non-negotiable for an SGX IPO:

• Regulatory Approvals: Ensure all business licenses, permits, and intellectual property rights are in order.

• Contractual Obligations: Review major contracts, joint ventures, and vendor agreements for terms that may affect liquidity, revenue, or risk exposure.

• Litigation Risk: Address any pending or potential litigation that could impact the company’s financial stability or reputation.

• Singapore Listing Requirements: Familiarize yourself with SGX rules for the Mainboard and Catalist boards, including minimum public float, shareholder spread, and disclosure obligations.

A clean legal slate reduces IPO delays and investor hesitation.

5. Corporate and Investor Communication

Transparency is key in public markets. Companies must be ready to communicate effectively with investors, analysts, and regulators:

• Investor Relations (IR) Strategy: Develop an IR team and strategy to provide consistent, accurate, and timely updates.

• Disclosure Readiness: Prepare to comply with continuous disclosure obligations, including announcements of financial results, material events, and board decisions.

• Equity Story: Craft a compelling IPO narrative,  why your company is a strong investment, its growth trajectory, and future potential.

• Financial Forecasting: Present credible financial projections based on realistic assumptions, backed by historical performance.

Strong communication builds investor trust, a critical factor for a successful IPO.

6. Timing and Market Conditions

Even the most prepared company must consider external factors:

• Market Climate: Evaluate current market sentiment, sector performance, and global economic conditions.

• Valuation Expectations: Ensure your expected valuation aligns with market appetite and comparables.

• IPO Readiness Window: A successful IPO often requires 12–18 months of preparation, including auditing, legal review, board restructuring, and marketing the equity story to investors.

Timing can significantly affect the success and valuation of your listing.

7. Post-IPO Planning

An IPO is not the end of the journey, it marks a new phase of growth and scrutiny:

• Corporate Governance Continuity: Maintain strong governance practices post-listing, including board oversight and compliance monitoring.

• Performance Reporting: Continue delivering consistent financial results and operational transparency.

• Strategic Growth Execution: Use IPO proceeds effectively to scale operations, enter new markets, or develop new products.

• Shareholder Engagement: Foster long-term relationships with public investors through regular updates and strategic guidance.

Post-IPO planning ensures sustainable growth and investor confidence, avoiding common pitfalls that lead to underperformance in public markets.

Final Thought:

 Is Your Company IPO-Ready?

Listing on the SGX offers unparalleled access to capital, credibility, and growth opportunities in Asia. However, preparation is key. Companies must demonstrate strong governance, financial health, operational readiness, legal compliance, and communication capabilities, while also planning strategically for post-IPO success.

By following this comprehensive IPO readiness checklist, companies can identify gaps, strengthen core capabilities, and position themselves for a successful public debut.

An IPO is a marathon, not a sprint, but with careful planning and adherence to SGX standards, your company can confidently take the leap and unlock its next phase of growth.

Singapore as a Springboard: Using an SGX Listing to Access Broader Asian Capital

For companies looking to scale across Asia, choosing where to list is more than a regulatory checkbox — it’s a strategic gateway to investors, partners and market credibility. The Singapore Exchange (SGX) has long pitched itself as that gateway: a politically stable, internationally oriented capital market with strong infrastructure, cross-border connectivity and investor reach that can help issuers tap broader Asian capital. Below we unpack why firms consider an SGX listing, the practical channels it opens, and the trade-offs companies should weigh.

Why list on SGX? The strategic proposition

SGX presents a compelling mix for international and regional issuers. It operates under internationally recognised listing rules and offers flexibility for foreign issuers that wish to make Singapore their primary or secondary listing venue, which makes it attractive for firms whose growth strategy targets Asia rather than a single domestic market. SGX positions itself explicitly as an “Asian gateway” — a place that connects corporate issuers in search of global capital with investors chasing Asian growth.

Key practical benefits include:

• Regulatory credibility with flexibility. SGX’s rulebook accommodates foreign issuers while requiring governance standards that investors trust. That mix helps issuers claim the regulatory comfort of a mature market without being boxed into an unfamiliar domestic regime.

• Market infrastructure and liquidity tools. SGX provides global market data, offshore connectivity points, and technical links that let institutional investors and trading firms access SGX liquidity from major financial centres — useful when you want Asia-wide visibility rather than a purely local investor base. 

How an SGX listing opens the rest of Asia

Listing in Singapore can act as a springboard in several, complementary ways:

1. Access to regional institutional investors. Singapore is a major asset-management hub in Asia. A local listing increases the chances of coverage by Singapore-based funds and analysts who allocate capital regionally. Even without massive retail volumes, institutional interest can provide depth and introductions into Southeast Asia and beyond. (SGX markets tend to be institutionally heavy relative to many domestic exchanges.)

2. Cross-border credibility for partnerships and capital raises. A Singapore listing signals to banks, strategic partners and larger institutional investors that a company has passed a rigorous disclosure and governance bar. That credibility eases negotiation of follow-on financing, cross-border M&A, and regional off-take or distribution agreements.

3. Technical connectivity and trading access. SGX’s data and connectivity networks — including offshore “liquidity hubs” and links to other global exchanges and market data providers — make it simpler for international trading desks to access and trade your stock, compared with a smaller, less connected bourse. That matters for price discovery and attracting global funds.

4. Pathways for dual or secondary listings. Companies can combine an SGX listing with another market (e.g., their home market or a larger centre) to blend local demand with broader Asian investor reach. SGX’s rules provide routes for foreign primary and secondary listings; these structures let management tailor disclosure and governance to the investors they most want to attract.

Practical considerations and friction points

A springboard works best when the platform itself is healthy and actively used. Here are the trade-offs companies commonly face:

• Liquidity and retail depth. Compared with mega-exchanges like Hong Kong or US markets, SGX has struggled at times with limited retail trading in some sectors. That can depress valuations or lengthen the time it takes for stock to find a broad investor base. Recent coverage has noted that the number of listed companies on SGX fell to multi-decade lows, and Singapore has launched initiatives to revitalise listings and attract growth firms. Companies should realistically model liquidity outcomes and potential valuation impacts.

• Regulatory & disclosure trade-offs. While SGX is regarded as credible and stable, certain governance or attestation requirements can differ from other jurisdictions; conversely, recent policy discussions have explored easing some listing requirements to attract high-growth names — a reminder that the rules may shift as Singapore competes for mobile capital. Issuers should factor in both current rules and a horizon for regulatory change.

• Investor targeting and market fit. Not every firm benefits equally. Resource-heavy mining or tiny consumer plays may find better fits elsewhere; but technology, fintech, regional consumer brands and funds-oriented issuers often gain disproportionate value from Singapore’s investor network and corporate services ecosystem. A realistic investor-mapping exercise should precede the decision.

Tactical best practices for issuers

If you’re evaluating SGX as your springboard into Asia, consider these tactics:

• Map investor audiences first. Identify the regional funds, banks and strategic investors most likely to own your stock and verify their propensity to trade on SGX.

• Consider a two-step listing strategy. Some firms list on SGX as a secondary market after establishing governance in their home market, or launch dual-class structures that preserve founder control while opening institutional capital.

• Leverage Singapore’s professional ecosystem. Use local legal, corporate finance and investor relations teams to position the story for Asia — Singapore’s advisers understand how to frame narratives across Southeast Asia, Greater China and South Asia.

Bottom line

An SGX listing is less about a single transaction and more about positioning: it’s a credibility lever, a connectivity node, and a staged route into institutional Asian capital. For the right issuer — one with a regional growth story, institutional investor appeal, and a plan to navigate liquidity constraints — Singapore can be a powerful springboard. But success depends on matchmaking: pick the investor base first, understand the exchange’s structural strengths and limits, and use Singapore’s professional ecosystem to amplify your reach across Asia. When done well, SGX isn’t just a place to list — it’s a launchpad for the next phase of pan-Asian growth. 

How Corporate Venture Studios in Singapore are Driving Industry Innovation

In the past, large corporations were often seen as too slow to innovate. Bound by legacy systems and risk-averse cultures, many struggled to keep pace with startups disrupting their industries. But in Singapore, a new model is changing that narrative: corporate venture studios.

Unlike traditional corporate innovation labs, which often remained internal and incremental, corporate venture studios build entirely new startups - often outside the parent company’s direct operations - designed to tackle big industry challenges. By combining corporate resources with startup agility, these studios are redefining how industries from finance to healthcare evolve in the face of global disruption.

Why Corporates are Turning to Venture Studios

The business case is clear. Traditional R&D is expensive and slow, while acquisitions can be risky and costly. Corporate venture studios offer a middle path: they allow companies to leverage their industry expertise and networks while tapping into entrepreneurial energy to build solutions that might not survive inside traditional corporate structures.

In Singapore, where industries like finance, logistics, and energy play central roles in the economy, corporates are increasingly turning to this model to stay ahead of competition. The result is an ecosystem where startups are not just independent disruptors but co-creations between entrepreneurs and established industry leaders.

The Scale of Corporate Participation

According to a 2023 report by Bain & Company, more than 60% of corporates in Asia now engage in some form of external innovation program, with venture studios emerging as one of the fastest-growing models. In Singapore specifically, Enterprise Singapore and the Economic Development Board (EDB) have actively encouraged corporations to adopt venture building, offering incentives and co-funding opportunities. This has led to a rise in corporate-backed studios, many of which focus on industry-specific problems such as sustainable supply chains, fintech innovation, and healthcare technologies.

Case Study: Standard Chartered’s SC Ventures

One of the most prominent examples is SC Ventures, Standard Chartered Bank’s innovation arm based in Singapore. Rather than just experimenting internally, SC Ventures has co-created and scaled multiple startups addressing financial inclusion, blockchain, and digital banking.

One of its ventures, Solv, is a B2B marketplace for small businesses in emerging markets. Built within the SC Ventures studio, Solv has expanded rapidly into India and other Asian markets, showcasing how corporate studios can combine startup agility with corporate reach to tackle systemic industry challenges.

Case Study: Wilmar International and Next-Gen Agritech

Another example comes from Wilmar International, one of Asia’s largest agribusinesses headquartered in Singapore. Through venture-building collaborations, Wilmar has explored innovations in agritech, including precision farming and sustainable supply chain technologies. While these ventures are still emerging, they highlight how corporates in resource-heavy industries are using venture studios to address sustainability challenges while opening new growth opportunities.

The Advantage of Corporate Assets

What makes corporate venture studios particularly powerful is their ability to provide startups with unfair advantages. Unlike traditional studios that start with little more than capital and talent, corporate studios can offer.

• Immediate access to customers through established distribution channels.

• Proprietary industry data and expertise.

• Infrastructure, from labs to logistics networks, that would otherwise take years for a startup to access.

In Singapore, where corporates are deeply integrated into regional trade and finance networks, these advantages make corporate-built startups especially well-positioned to scale across Asia.

Challenges to Overcome

Of course, the model is not without risks. Corporate bureaucracy can creep in, slowing decision-making. There is also the cultural clash between startup speed and corporate structure. To succeed, corporate venture studios in Singapore have had to learn to create independence - allowing ventures to operate with entrepreneurial freedom while still drawing on corporate resources.

SC Ventures, for example, explicitly structures its startups as independent entities, with separate governance and the ability to raise external capital. This hybrid model has proven more effective than purely internal innovation programs of the past.

Why Singapore is the Ideal Base

Singapore offers a unique environment for corporate venture studios. Its strategic location at the heart of Southeast Asia provides access to a fast-growing market of over 650 million consumers. Its strong regulatory frameworks give corporates the confidence to experiment with new models in fintech, healthcare, and sustainability.

Moreover, Singapore’s government has actively positioned the city as an innovation hub, offering grants and co-investments that reduce the financial risks corporates face when launching studios. Combined with a highly skilled talent pool and proximity to both Western capital and Asian markets, this makes Singapore a natural home for corporate-driven venture building.

The Next Chapter: Corporates as Builders, Not Just Buyers

As global industries undergo massive shifts - digitization, decarbonization, and demographic change - corporates can no longer afford to rely solely on incremental innovation. Venture studios give them a chance to shape disruption rather than be disrupted. In Singapore, the rise of corporate venture studios signals a new era where corporates are not just buyers of innovation but active builders. Whether it’s a bank rethinking financial inclusion, an agribusiness pioneering sustainable food systems, or a logistics giant testing green supply chains, these ventures have the potential to set industry standards across Asia.

For entrepreneurs, this means access to resources and distribution networks that dramatically increase their odds of success. For corporates, it means the chance to reinvent themselves through startups rather than being outpaced by them. The message is clear: in Singapore, corporate venture studios are more than an experiment - they are becoming a cornerstone of how industries innovate. The companies that embrace this model now are not just building startups; they are building the future of their industries.

Les étapes clés pour construire une startup via le Venture Building

Dans l’imaginaire collectif, créer une startup rime souvent avec solitude, prise de risques extrêmes et nuits blanches à chercher son premier client. Mais depuis quelques années, une nouvelle approche change la donne : le Venture Building. Plutôt que de laisser des fondateurs naviguer seuls dans l’incertitude, le Venture Building met à leur disposition une méthode structurée, des ressources partagées et une équipe expérimentée. Résultat : les chances de succès augmentent, et les erreurs fatales diminuent.

En 2025, cette approche attire autant les entrepreneurs que les investisseurs, et il n’est pas difficile de comprendre pourquoi. Pour construire une startup via le Venture Building, certaines étapes clés sont devenues incontournables.

Comprendre le problème avant de penser à la solution

Beaucoup de startups échouent parce qu’elles partent directement d’une idée séduisante, sans s’assurer que le problème est réel. Dans un modèle Venture Building, la première étape consiste à identifier des problèmes de marché concrets. Cela se fait à travers des recherches approfondies : analyse de tendances, entretiens clients, études sectorielles.

L’objectif est clair : valider que le problème existe, qu’il est suffisamment douloureux pour les utilisateurs, et qu’il touche un marché accessible. Sans cette base solide, même la meilleure idée de produit a peu de chances de survivre.

La validation rapide : tester avant d’investir

L’une des grandes forces du Venture Building est sa capacité à tester les hypothèses très tôt. Plutôt que de dépenser des millions dans un produit complet, les studios construisent des prototypes simples ou des “Minimum Viable Products” (MVP). Ces tests permettent de mesurer l’intérêt du marché, d’obtenir des retours concrets et d’ajuster l’idée.

Selon une étude de McKinsey, les venture builders expérimentés multiplient par 2 les chances de succès de leurs startups comparé aux novices, car ils savent répéter ces cycles de test et d’apprentissage.

Constituer l’équipe fondatrice

Le capital humain reste la clé. Un Venture Builder ne se contente pas d’une bonne idée, il cherche aussi à assembler l’équipe fondatrice idéale. Souvent, le studio recrute un CEO, un CTO et parfois un CPO, afin d’équilibrer vision stratégique, expertise technique et exécution produit.

Prenons l’exemple de Hexa (anciennement eFounders), un Venture Builder parisien qui a contribué au lancement de plus de 40 startups SaaS, dont Aircall ou Front. Leur approche ? Associer très tôt des fondateurs complémentaires et les entourer de designers, développeurs et experts en croissance. Résultat : un taux d’échec extrêmement bas, autour de 6%, bien inférieur à la moyenne du marché.

Les ressources partagées : gagner du temps et réduire les coûts

Créer une startup, c’est aussi gérer mille détails : comptabilité, juridique, recrutement, communication. Le Venture Builder fournit des ressources mutualisées qui permettent aux jeunes équipes de se concentrer sur ce qui compte vraiment : le produit et le marché.

C’est un gain de temps énorme. Au lieu de perdre des mois à structurer l’administratif, la startup démarre avec un cadre professionnel dès le jour un. Cela réduit aussi le risque d’erreurs coûteuses, comme de mauvaises clauses juridiques ou un recrutement mal géré.

Trouver le Product-Market Fit

Après la phase de test et le premier MVP, vient l’étape cruciale : atteindre l’adéquation produit-marché (Product-Market Fit). Le Venture Building insiste sur des itérations rapides : écouter les utilisateurs, ajuster les fonctionnalités, repositionner si nécessaire.

Un rapport du Global Startup Studio Network (GSSN) montre que les startups issues de Venture Studios atteignent le Series A en moyenne en 25 mois, contre 56 mois pour les startups traditionnelles. Ce rythme accéléré s’explique par le travail constant sur l’adéquation produit-marché, mené avec méthode et ressources.

Le financement structuré

Contrairement aux startups classiques, qui doivent convaincre des investisseurs dès le début, les startups issues de Venture Building bénéficient d’un financement interne initial. Le studio investit souvent plusieurs centaines de milliers d’euros pour couvrir les premiers 12 à 18 mois. Cela réduit le stress financier et permet de construire des bases solides avant d’aller chercher du capital externe.

Par exemple, Hexa investit environ 800 000 € par projet dès la phase initiale, ce qui permet aux fondateurs de se consacrer pleinement au développement sans se soucier immédiatement de lever des fonds. 

Le spin-off : voler de ses propres ailes

Une fois que le produit a trouvé son marché, que l’équipe est stable et que la traction est prouvée, vient l’étape du spin-off : la startup sort du Venture Builder pour devenir une entité autonome. Elle garde cependant souvent des liens forts avec le studio, qui reste actionnaire (en moyenne autour de 30% de participation).

Ce modèle crée un alignement d’intérêts : le studio a tout intérêt à maximiser les chances de succès, car son rendement dépend de la réussite de l’entreprise sur le long terme.

L’impact global du Venture Building

Avec cette approche, les risques de faillite diminuent sensiblement. Là où 9 startups sur 10 échouent dans le modèle classique, les données montrent qu’une majorité des projets issus de Venture Builders atteignent au moins le stade du financement externe, et certains deviennent des scale-ups internationales.

C’est aussi une manière de répondre à un contexte où les investisseurs recherchent davantage de sécurité et de discipline. En 2025, dans un environnement économique marqué par la prudence, le Venture Building apparaît comme une réponse adaptée : il combine créativité entrepreneuriale et rigueur méthodologique.

Le prochain chapitre

Construire une startup via le Venture Building n’élimine pas tous les risques, mais cela les transforme. Au lieu de parier sur une idée et un fondateur isolé, on s’appuie sur un cadre reproductible, une équipe solide et un accompagnement pas à pas.

Les étapes clés sont claires: identifier un problème réel, valider rapidement, recruter l’équipe fondatrice, bénéficier de ressources partagées, trouver le Product-Market Fit, sécuriser le financement et enfin, voler de ses propres ailes. En suivant ce chemin, les startups issues du Venture Building ne se contentent pas de survivre : elles posent les bases pour grandir plus vite, plus fort, et avec davantage d’impact.

L’avenir du Venture Building dans le prochain cycle d’innovation

L’histoire de l’innovation n’est jamais linéaire. Elle avance par vagues, par cycles, où des périodes d’exubérance sont suivies par des moments de rationalisation. Après les excès de la décennie passée -  capital abondant, valorisations gonflées, course effrénée à la croissance - 2025 ouvre un nouveau chapitre, plus sélectif, plus exigeant. Dans ce contexte, une question émerge avec force : quel sera le rôle du Venture Building dans le prochain cycle d’innovation ?

Ce modèle, encore méconnu du grand public il y a dix ans, s’impose désormais comme un pilier incontournable des écosystèmes entrepreneuriaux. Les données le confirment : selon le Global Startup Studio Network, une startup issue d’un Venture Studio a près de 30 % de chances supplémentaires de réussir par rapport à une startup traditionnelle. Et au moment de lever des fonds, ces startups passent du pré-seed à la Série A en 25 mois en moyenne, contre 56 mois pour les autres.

Un contexte favorable à l’émergence des Venture Builders

La première raison de croire en l’avenir du Venture Building réside dans le climat économique actuel. Les investisseurs se montrent plus prudents : les levées de fonds globales ont reculé de près de 42 % en 2023 par rapport à l’année record de 2021. Dans ce nouvel environnement, où chaque euro compte, le Venture Building apparaît comme une réponse logique.

Pourquoi ? Parce qu’il réduit le gaspillage. Les idées sont testées rapidement, les ressources mutualisées, les équipes accompagnées pas à pas. Là où un startup classique peut brûler des millions avant de se rendre compte que son produit ne trouve pas son marché, un projet issu d’un Venture Builder ajuste le tir bien plus tôt.

Leçons tirées des pionniers

Des acteurs comme Flagship Pioneering aux États-Unis ont déjà montré la voie. Ce Venture Builder de Boston est à l’origine de plusieurs géants de la biotech, dont Moderna, qui a joué un rôle clé dans la mise au point du vaccin à ARNm contre le Covid-19. Ici, l’exemple est frappant : sans un Venture Builder capable de financer la recherche fondamentale, de recruter les bons scientifiques et de structurer une startup avant même qu’il y ait un marché, une telle réussite aurait été improbable.

En Europe, le studio parisien Hexa (anciennement eFounders) démontre également la puissance du modèle. Avec plus de 40 startups lancées et un taux d’échec limité à 6 %, Hexa prouve que l’innovation peut être industrialisée sans perdre son agilité. Leurs spin-offs, comme Aircall ou Front, sont devenus des scale-ups internationales, générant des milliers d’emplois.

Le Venture Building comme réponse aux grands défis

Le prochain cycle d’innovation sera marqué par des défis mondiaux : le climat, l’intelligence artificielle, la santé, la cybersécurité. Autant de secteurs où le temps presse et où les erreurs coûtent cher. Or, le Venture Building est particulièrement adapté pour s’attaquer à ces problématiques complexes.

Dans le domaine climatique, par exemple, les projets nécessitent des investissements lourds et des validations scientifiques rigoureuses. Les Venture Builders peuvent absorber ce risque en mutualisant les ressources, en travaillant avec des chercheurs et en créant plusieurs projets en parallèle. Cela augmente les chances qu’au moins l’un d’entre eux réussisse à atteindre une échelle significative.

De même, dans l’IA, où l’innovation avance à une vitesse vertigineuse, les studios offrent un cadre permettant de tester rapidement des cas d’usage, de sécuriser l’accès aux talents et de lever des fonds dès que la traction est prouvée.

Une industrialisation de l’entrepreneuriat ?

Certains critiques voient dans le Venture Building une forme de « fabrique à startups » qui risque de standardiser l’entrepreneuriat. Mais l’expérience montre l’inverse. En réalité, le modèle ne bride pas la créativité : il la canalise. Il donne aux idées le cadre nécessaire pour passer du stade de concept à celui d’entreprise viable.

McKinsey souligne que les Venture Builders expérimentés produisent en moyenne des startups générant 12 fois plus de revenus au bout de cinq ans que celles issues de studios novices. Cela prouve que l’expérience accumulée ne tue pas l’innovation, elle la renforce.

Vers une hybridation des modèles

L’avenir du Venture Building ne se limitera pas aux studios indépendants. On observe déjà une hybridation :

• Des entreprises traditionnelles lancent leurs propres Venture Builders pour explorer de nouveaux marchés (par exemple, les grands groupes énergétiques qui développent des spin-offs dans les énergies renouvelables).

• Des fonds de capital-risque commencent à intégrer des équipes de Venture Building pour mieux accompagner leurs participations.

• Des gouvernements soutiennent des programmes de studios nationaux afin de stimuler l’innovation locale et de retenir les talents.

Cette hybridation crée un écosystème plus robuste, où le Venture Building n’est plus une alternative marginale mais un composant central du cycle d’innovation.

Une promesse d’impact à long terme

À mesure que ce modèle gagne en maturité, une chose devient claire : le Venture Building n’est pas seulement un outil pour créer des startups plus vite, c’est une méthode pour créer des entreprises plus solides et plus alignées sur les grands besoins de la société.

En réduisant les risques d’échec, en attirant les meilleurs talents et en canalisant les capitaux vers des projets réellement validés, il contribue à un écosystème entrepreneurial plus durable. Et dans un monde où les crises se succèdent - sanitaires, climatiques, géopolitiques, cette durabilité est plus précieuse que jamais.

Le prochain chapitre

L’avenir du Venture Building dans le prochain cycle d’innovation sera donc marqué par trois dynamiques : une adoption massive par les investisseurs en quête de sécurité, une expansion vers des secteurs critiques comme le climat et la santé, et une hybridation avec les entreprises et les institutions.

Nous entrons dans une période où l’innovation ne peut plus se permettre d’être chaotique ou gaspilleuse. Le Venture Building, avec sa rigueur et sa créativité, apparaît comme le modèle capable d’écrire les prochaines grandes histoires entrepreneuriales.

Dans dix ans, il est probable que nous ne parlerons plus de Venture Building comme d’une nouveauté, mais comme de l’infrastructure invisible de l’innovation mondiale.

How Venture Builders Reduce Startup Failure Risks

Startups often feel like walking a tightrope in a storm: one wrong step, one misstep in timing, market, or team, and everything falls. It’s no surprise that about 90% of startups fail overall. But in 2025, a different model is proving it can lower those odds: the venture builder. These are organizations that don’t just invest - they build. They nurture ideas, assemble teams, offer infrastructure, and walk alongside founders through early storms.

Here’s how venture builders are reducing failure risks - and what data and case studies show about their effectiveness.

The Stakes: Understanding Startup Risk

The numbers are stark. Many reports show failure rates over time are steep: roughly 10% of new startups fail within their first year, and between years two through five, majority of failures happen. By year ten, few survive. These aren’t just abstract stats, they represent teams who ran out of runway, misread market demand, or couldn’t piece together strong execution. That’s the baseline. Venture builders aim to shift those odds by intervening early on the common failure triggers.

What Venture Builders Do Differently

Venture builders provide what many startups struggle to assemble quickly: clarity of idea, team strength, operational support, and effective validation.

You can think of it this way: instead of solo founders trying to juggle everything - product, user-feedback, hiring, legal, finances - the builder supplies scaffolding. They often supply shared services (legal, HR, strategy), access to domain experts, and a process for iterating ideas before major investment. This means startups born inside builder models often avoid big, early mistakes.

There are multiple pieces to this, but one that researchers call out often is the capacity to test product-market fit before “going big.” Because builders usually demand early user feedback, safe prototyping, proof of concept. That early feedback loop weeds out ideas with weak demand.

Data & Case Studies: Proof in Practice

• Venture Studio Survival & Alive Ratios

A study called Big Venture Studio Research 2024 looked at hundreds of venture studios, hybrid builders, and corporate builders. They found that hybrid venture studios (those that combine venture studio activities with things like corporate building, accelerator, VC fund) have much higher survival rates: for every studio that closes, there are ~10.86 that remain alive. Corporate builders had ~9.3:1. Pure venture studios had lower survivorship: ~4.73:1.(That means builders which diversify or bring in hybrid functions tend to reduce risk further.

• Experienced Builders vs Novice Ones

McKinsey recently published findings in “The Three Building Blocks of a Successful Venture Factory” that more experienced venture builders are about twice as likely to achieve success compared to newcomer studios. Over time, with repeat efforts, their output (in revenue in fifth year) can be 12 times higher than that of novice studios. That suggests that venture builders don’t just reduce risk by the model - they get better at reducing risk as they build more companies.

• Corporate Venture Building vs Traditional Startup Paths

An article by CreativeDock noted that corporations using venture building (internally creating new startups or spin-outs) report success rates around 66% for their ventures, far above the 20-30% or so typical for venture capital backed startups or corporate ventures without structured building. They also say that venture building-born startups achieve better IRRs (~44% higher on average) compared to traditional startups, faster transitions from seed to Series A, and earlier exits (on average under 4 years) compared to 6-7 years typical elsewhere.

Human Stories Behind the Data

Consider a venture builder that continuously launches several projects per year. With the builder model, a given project might start not with a blank page, but with a research phase. Founders test assumptions: Is there demand? Can the technology or product be built affordably? Who is competition? These early experiments expose flaws early - low demand, wrong features - so adjustments are made before major investment.

Another important case is around the “business-building muscle.” McKinsey points out that entities that build many ventures develop repeated systems: standard ways to onboard teams, validate ideas, launch MVPs, spin-outs. Over time, they make fewer rookie mistakes - less duplicated effort, fewer misfires - so each new project starts from a stronger foundation.

What Failures Are Reduced

By virtue of these mechanisms, venture builders tend to reduce risk in several specific ways:

• Team risk: builders often match people with complementary skills rather than solo founders. They bring in domain experts early.

• Market risk: they test demand, refine product-market fit before big spends.

• Execution risk: shared infrastructure and expertise mean better supply chain, legal, hiring, finance practices early.

• Timing & capital risk: because builders tend to pace investment, control burn, and have staged funding, they avoid over-extension before product is solid.

These interventions don’t eliminate risk entirely. But they shift the risk curve substantially.

Broader Trends & What Investors Are Saying

Investors in 2025 say they want a higher floor - some guarantee of minimal failure, clearer paths from concept to growth. They like models where founders aren’t isolated. Where you can see how an idea was validated, how the team was assembled. Where overhead is shared and costs are lean early.

Corporations also find benefit: many large firms are adopting corporate venture building to create new growth engines. In one survey by EY-Parthenon, nearly 45% of executives from surveyed companies reported they have launched ventures in the last five years that now generate $100 million+ in annual revenue. Venture building gives them structure to do that.

Looking Ahead: What Makes a Builder Even More Robust

The data suggests certain traits make some venture builders better at reducing risk:

• Repetition: builders who launch many ventures learn faster.

• Hybrid or diversified models: studios that also do corporate venturing, VC funds, accelerators tend to have higher survival of their ventures.

• Strong validation early: demand testing before full build.

• Deep domain or technical competence: where builders understand industry/technology well, they avoid mis-positioning or under-estimating costs.

The Next Chapter

Startups will always carry risk. That’s part of what gives them upside. But a model growing in legitimacy in 2025 is one that doesn’t treat failure as inevitable, but as something to manage. Venture builders are showing how structured support, domain expertise, shared infrastructure, and repeated experience can tilt the odds in favor of survival.

For founders thinking of starting under a builder, the message is hopeful: you don’t have to brace for failure alone. For investors, it means better early signals, stronger teams, and less wasted cost.

In a world where capital is tighter and demands are higher, venture builders are proving to be more than trend - they might be the most reliable path through the startup storm.

Funding the Future: The Role of VCs and Sovereign Funds in Singapore’s Venture Studios

The venture studio model has redefined how startups are born. Instead of betting on lone founders, venture studios build companies from the ground up, pairing entrepreneurial talent with capital, infrastructure, and networks. But behind this model lies a critical question: who funds the future?

In Singapore, the answer increasingly comes from two powerful sources - venture capital firms and sovereign wealth funds. Together, they are shaping not just the trajectory of venture studios but the kinds of companies that will define Asia’s innovation landscape over the next decade.

Why Funding Matters in Venture Building

Traditional startups often begin with a small seed round, testing ideas with limited resources. Venture studios flip that dynamic. They require upfront investment to design infrastructure, hire operational teams, and support multiple ventures simultaneously. The model is capital-intensive, but it also increases the odds of producing sustainable startups.

This is why the involvement of venture capital (VCs) and sovereign wealth funds is so significant. They provide not only the capital but also the long-term vision needed to sustain venture studios through the uncertain early stages of building science-driven or industry-specific companies.

The Numbers Speak

In 2022, Singapore attracted more than US$11 billion in startup funding, according to Enterprise Singapore, with a growing share flowing into venture-building initiatives. The global venture studio market itself is projected to reach US$42 billion by 2027, up from around US$20 billion today, as reported by Global Startup Studio Network.

Within Singapore, sovereign wealth funds play a particularly influential role. Temasek Holdings, with assets exceeding US$287 billion, has been steadily increasing its exposure to early-stage innovation through vehicles like Xora Innovation, its venture-building arm. Meanwhile, GIC, with more than US$770 billion in assets under management, has also stepped up its participation in deeptech and sustainability-focused ventures, often co-investing alongside studios and VCs.

Case Study: Temasek and Xora Innovation

Temasek’s launch of Xora Innovation in 2019 was a milestone for Singapore’s venture building ecosystem. Xora focuses on commercializing breakthrough scientific research in fields like climate tech, healthcare, and advanced manufacturing. Unlike traditional VC, Xora doesn’t just invest - it co-builds, bringing together teams of scientists, operators, and entrepreneurs to create companies from scratch.
One example is its investment in Eavor, a geothermal technology startup developing closed-loop systems for renewable energy. By backing such ventures, Temasek shows how sovereign funds can align financial returns with global sustainability goals while anchoring these efforts in Singapore.

The Role of Venture Capital Firms

Venture capital firms, too, are leaning into the venture studio model. Global firms like Sequoia Capital and Vertex Ventures (the latter headquartered in Singapore) have backed startups emerging from studios, drawn by the de-risked nature of ventures that already have structured support and validation.

Antler, one of the world’s most prominent venture builders with a major base in Singapore, has partnered with VCs to scale its portfolio. Since its launch, Antler Singapore has created more than 100 startups, many of which have raised follow-on capital from leading VCs. This collaboration demonstrates a virtuous cycle: studios generate investable companies, while VCs provide the growth capital to scale them globally.

Why Sovereign Funds Matter More in Singapore

Singapore’s sovereign wealth funds bring something that private VCs alone cannot - patient capital. DeepTech, climate, and biotech startups often take years to become commercially viable. Sovereign funds like Temasek and GIC are uniquely positioned to absorb these long timelines while maintaining conviction in long-term returns.

Moreover, their participation signals confidence to the market. When a sovereign fund co-invests in a venture, it often catalyzes additional investment from global VCs, corporates, and even governments. This multiplier effect strengthens the ecosystem and accelerates the scale-up of ventures born in Singapore’s studios.

Singapore as a Regional Magnet for Capital

The presence of sovereign wealth funds also amplifies Singapore’s role as a capital hub for Southeast Asia. With over 650 million people, Southeast Asia represents one of the world’s fastest-growing digital economies, projected by Google and Temasek to reach US$330 billion by 2025. By anchoring venture studios in Singapore and funding them with sovereign-backed capital, the city-state effectively positions itself as the launchpad for ventures targeting this massive market.

The Challenges Ahead

While the alignment of VCs and sovereign funds has fueled the rise of Singapore’s venture studios, challenges remain. Venture building is resource-heavy, and not all studios will survive. There is also the question of focus: should capital prioritize moonshot DeepTech ventures with global ambitions, or scalable consumer-tech plays better suited for regional adoption?

Striking the right balance will be key. Too much emphasis on short-term gains risks diluting the transformative potential of venture building. Too much focus on moonshots without market validation risks creating science projects that never scale.

Looking Ahead: Funding the Next Decade

What’s clear is that the combination of VCs and sovereign wealth funds gives Singapore’s venture studios a uniquely powerful advantage. Venture capital brings agility and global networks, while sovereign funds provide stability and patience. Together, they create an ecosystem capable of nurturing bold ideas through the long road from concept to commercial success.

In the next decade, expect to see more sovereign-VC partnerships in Singapore’s venture building space, particularly in fields like climate tech, AI, and advanced manufacturing. These are areas where global challenges intersect with Singapore’s ambition to lead in innovation.

For founders, the message is clear: in Singapore, you don’t just get access to capital - you get access to aligned capital, designed to see you through the toughest years of building. For investors, the takeaway is equally strong: if you want exposure to the next generation of high-impact ventures in Asia, Singapore’s venture studios are where the story begins.

Singapore’s Role in Shaping the Next Wave of DeepTech through Venture Building

DeepTech refers to technologies rooted in scientific discoveries and engineering breakthroughs and it is increasingly seen as the foundation for solving humanity’s toughest problems. From climate resilience and quantum computing to advanced healthcare and space exploration, the promise of DeepTech extends far beyond incremental innovation. But building DeepTech startups is notoriously hard: they require long development cycles, heavy capital investment, and multidisciplinary expertise.

This is where Singapore is quietly taking center stage. Over the last decade, the city-state has positioned itself as one of Asia’s most compelling hubs for DeepTech innovation, not through chance but through a deliberate embrace of venture building. By pairing research talent with structured startup creation, Singapore is charting a path that could make it a global leader in translating science into scalable businesses.

The DeepTech Imperative

DeepTech is not just hype. According to Boston Consulting Group, DeepTech startups globally attracted more than US$60 billion in funding in 2023, double the levels seen in 2016. Yet the barriers to entry remain high. Unlike software startups, where a minimum viable product can be built in weeks, DeepTech ventures often require years of research before commercial viability.

Singapore has recognized both the challenge and the opportunity. With limited natural resources, the country has long invested in knowledge as its most strategic asset. Today, that strategy is paying off as its universities and research institutions - such as the National University of Singapore (NUS) and A-STAR - are increasingly integrated into venture-building pipelines.

A Government-Backed Ecosystem

The Singapore government has been one of the most active global backers of DeepTech venture building. Through initiatives like the SGInnovate Deep Tech Nexus Strategy, launched in 2017, the country committed more than US$150 million to support the translation of science into companies. SGInnovate itself has directly invested in over 100 DeepTech startups spanning fields like autonomous robotics, medtech, and agritech.

This model is designed not just to fund startups but to systematically derisk them. By offering labs, pilot facilities, and structured venture building programs, Singapore reduces the “valley of death” between academic research and commercial application.

Case Study: A-STAR Spinouts

One of the best examples of Singapore’s DeepTech venture building comes from A-STAR, the Agency for Science, Technology and Research. Over the past five years, A-STAR has spun out dozens of startups in biotech, advanced materials, and AI. Companies like Nanoveu, which develops nanotechnology-based films for optics and antiviral protection, have scaled regionally thanks to early support from A-STAR’s venture co-creation efforts.

Another case is RWDC Industries, a biodegradable plastics startup that originated in Singapore and has since raised more than US$135 million in growth funding. RWDC’s success underscores how research-driven ventures can become globally relevant with the right support structure.

Temasek and the Long-Term View

DeepTech requires patient capital, and few institutions embody patience better than Singapore’s sovereign wealth fund, Temasek. Through its venture-building arm Xora Innovation, Temasek partners with scientists and entrepreneurs at the very earliest stages, often before a commercial application is fully proven.

This long-term approach is critical. Traditional VCs often shy away from DeepTech because of long timelines, but venture studios like Xora de-risk the process by building operational capacity around founders. This allows breakthroughs in quantum computing or synthetic biology to be pursued without the pressure of unrealistic short-term returns.

Singapore as Asia’s Testbed

Another advantage lies in Singapore’s role as a testbed for emerging technologies. With its compact size, advanced infrastructure, and supportive regulators, the city-state often serves as a “living laboratory” for pilots.

For example, autonomous vehicle trials, drone delivery pilots, and next-gen biotech therapies have all been deployed in Singapore earlier than in most regional markets. This testbed status makes the country an attractive base for DeepTech venture builders: startups can validate complex technologies locally before scaling across Asia’s 650 million-strong Southeast Asian market.

Talent at the Core

DeepTech thrives on talent density, and Singapore has invested heavily in building a global research workforce. The country attracts scientists and engineers through initiatives like the Research, Innovation and Enterprise (RIE) 2025 Plan, which allocated US$25 billion to science and innovation over five years.

What sets Singapore apart is how this talent is integrated into venture building. Instead of leaving researchers isolated in academia, programs connect them with entrepreneurs, operators, and investors who can help translate breakthroughs into market-ready companies. This culture of collaboration is one reason why Singapore consistently ranks among the top 10 in the Global Innovation Index.

Looking Forward: Singapore’s DeepTech Ambition

The next decade will determine whether Singapore’s DeepTech bets pay off. The foundations are strong: government backing, venture studios, sovereign wealth participation, and global research talent. The challenge lies in scaling beyond local pilots into global leaders.

If Singapore’s studios can consistently produce DeepTech unicorns - companies solving real-world problems in energy, healthcare, and materials - it will cement its place not just as Asia’s DeepTech hub but as one of the world’s great innovation ecosystems.

For founders, Singapore offers a rare combination: scientific depth, supportive policy, and venture-building structures that reduce the odds of failure. For investors, it provides a gateway to high-potential DeepTech startups in Asia with the added security of government and sovereign fund alignment.

The message is clear: while Silicon Valley may dominate software, the next generation of world-changing science-driven startups could well be born in Singapore’s venture studios.

Why Singapore is Emerging as Asia’s Hub for Venture Building

Singapore has long been known as a global financial center, but in recent years, its ambitions have expanded beyond banking and trade. Today, it is carving out a reputation as Asia’s leading hub for venture building, the model where ideas are not just funded but systematically transformed into startups through the structured support of venture studios. While Silicon Valley remains the gold standard for startup culture, Singapore is demonstrating that the future of innovation in Asia might follow a different playbook.

The rise of venture building in Singapore is not accidental. It is the result of a deliberate strategy combining government foresight, investor appetite, and the city-state’s unique position as a connector between East and West. For founders and investors alike, Singapore is increasingly where the region’s most ambitious ideas are being tested, scaled, and launched into the world.

The Numbers Behind the Story

Singapore’s startup ecosystem has grown at a remarkable pace. According to Enterprise Singapore, the number of tech startups in the country jumped from around 2,800 in 2003 to more than 4,500 in 2023, employing tens of thousands of people and contributing significantly to GDP. In 2022 alone, venture funding in Singapore reached US$11 billion, accounting for more than 50% of all funding across Southeast Asia, according to DealStreetAsia.

But what’s most striking is not just the raw funding numbers. It is the structural shift toward venture building. More than 30 venture studios now operate in Singapore, ranging from independent builders like Antler, which has a strong base in the city, to corporate-backed and government-supported studios that focus on deeptech, fintech, and sustainability. This density is unmatched anywhere else in Asia, positioning Singapore as the natural hub for the model.

A Supportive Government Framework

One of Singapore’s most powerful advantages is the role of government policy. Agencies such as Enterprise Singapore and EDB (Economic Development Board) have actively fostered venture building by co-investing in studios, providing grants, and streamlining regulatory pathways for new businesses.

For instance, in 2020, the government launched the Startup SG Founder Venture Building Program, a scheme designed specifically to support venture builders in co-developing startups with entrepreneurs. This move signaled not only recognition of the venture building model but also a willingness to bet national resources on it.

The regulatory environment also plays a role. With a reputation for clarity, efficiency, and fairness, Singapore provides a rare sense of stability in a region where startups often grapple with red tape. For deeptech or highly regulated sectors like fintech and biotech, this regulatory clarity can make the difference between stagnation and scale.

Case Studies: Successful Venture Builders

The global venture builder Antler made Singapore its launchpad in Asia, running its residency program for founders and producing startups that have since expanded globally. In just five years, Antler Singapore has backed more than 500 founders and created over 100 startups, several of which have gone on to raise significant Series A and B rounds.

Another standout is Xora Innovation, the venture building arm of Temasek, Singapore’s sovereign wealth fund. Unlike traditional venture capital, Xora works directly with scientists and entrepreneurs to transform advanced research into scalable deeptech ventures. This model reflects Singapore’s ambition not just to create more startups but to anchor globally relevant ones in high-tech, defensible fields. These examples show how Singapore is positioning venture building not as a fringe experiment but as a central pillar of its innovation economy.

Location as a Strategic Advantage

Geography has always been part of Singapore’s success story, and venture building is no different. Situated at the crossroads of Southeast Asia, the city-state offers immediate access to a consumer market of over 650 million people, a young, digital-native population hungry for innovation. At the same time, Singapore remains deeply connected to Western capital markets, making it a natural bridge for global investors seeking exposure to Asia.

This dual access - emerging market scale on one side, developed-world capital on the other - is a rare combination. For venture studios looking to create startups that can expand regionally and scale globally, Singapore offers the perfect launchpad.

Why Founders Are Choosing Singapore

It’s not only investors and policymakers driving this momentum. Founders themselves increasingly see Singapore as the best place to build. The city offers one of the most connected startup communities in Asia, access to a deep pool of talent, and a cosmopolitan culture that values experimentation.

Entrepreneurs also appreciate the reduced risk profile that venture building offers. Instead of going it alone, they join studios that provide initial capital, expert support, and access to networks, dramatically improving their odds of success. For many, especially in capital-intensive sectors like biotech or climate tech, this support is the difference between a promising idea and a real company.

Looking Ahead

As venture building matures globally, Singapore is uniquely positioned to lead its adoption in Asia. With strong government support, growing investor participation, and an ecosystem of studios producing measurable results, the city-state has built the foundations of a venture building hub that rivals the best in the world.

The next chapter will depend on whether these studios can consistently produce companies that scale to unicorn status or become regional champions. If they do, Singapore won’t just be a hub for venture building - it will be the place where Asia’s most important startups of the next decade are born.

For founders, the message is clear: if you want to test bold ideas in Asia with a higher chance of survival, Singapore is the place to start. For investors, the message is equally strong: the most interesting stories in venture building are not just being written in Silicon Valley - they are unfolding right here, at the crossroads of the East.

From Payment Rails to Embedded Finance: What VCs Are Betting on in Fintech

The fintech revolution has evolved far beyond simple payment apps and digital wallets. As we advance through 2025, venture capitalists are recalibrating their strategies, moving away from traditional fintech plays toward sophisticated infrastructure and embedded financial services that promise to reshape how businesses and consumers interact with money.

The Great Fintech Reset: Where the Smart Money Is Going

The numbers tell a compelling story of transformation. While overall VC investment in fintech remains near six-year lows, strategic investors are doubling down on specific segments that demonstrate exceptional growth potential. The embedded finance market, valued at $104.8 billion in 2024, is projected to explode to $690.39 billion by 2030, a staggering 36.4% compound annual growth rate that has captured the attention of sophisticated investors worldwide.

This isn't just another tech trend. It represents a fundamental shift in how financial services are delivered, consumed, and integrated into daily life. Smart VCs recognize that the future belongs to companies that can seamlessly weave financial functionality into existing platforms rather than building standalone financial products

Payment Rails: The Infrastructure Play That's Paying Off

The backbone of modern finance is undergoing a radical transformation, and investors are taking notice. FedNow, the Federal Reserve's instant payment system, is processing $190 million in payments daily, while Real-Time Payments (RTP) networks reported a remarkable 94% increase in transaction volume throughout 2024. This explosive growth has tripled participation in instant payment rails over the past year, with over 1,200 financial institutions now connected to these systems.

For VCs, this represents more than just impressive statistics, it signals a massive opportunity in payment infrastructure. Companies building the pipes that enable instant, seamless transactions are attracting significant investment because they're positioned to capture value from every transaction flowing through their systems. The shift from traditional payment processing to instant settlement creates entirely new revenue streams and business models that savvy investors are eager to fund.

Embedded Finance: The Trillion-Dollar Opportunity

The embedded finance sector is where VCs are placing their biggest bets, and the data supports their enthusiasm. Multiple market research firms project the sector will reach between $570.9 billion and $1.73 trillion by 2033, depending on adoption rates and regulatory environments. These aren't just optimistic projections, they're backed by real market momentum.

Consider the rapid expansion beyond traditional sectors. Healthcare, construction, and hospitality, industries previously slow to adopt financial technology, are now integrating tailored financial services directly into their platforms. This expansion is driving what investors call the "invisible finance" trend, where financial services become so seamlessly integrated that users barely notice they're engaging with sophisticated financial products.

The retail sector alone demonstrates the power of this shift. Fintech companies have grown from handling 22% of personal loan originations in 2019 to approximately 39% in 2024. This isn't just market share displacement, it's evidence of a fundamental change in how consumers prefer to access financial services: embedded within the platforms and services they already use.

The AI Wild Card: Intelligent Financial Services

Artificial intelligence has emerged as a bright spot in an otherwise cautious investment environment. VCs are particularly excited about AI applications that enhance embedded finance platforms, enabling real-time credit decisions, personalized financial products, and predictive analytics that can anticipate user needs before they're explicitly expressed.

The convergence of AI and embedded finance is creating opportunities for companies to offer hyper-personalized financial services at scale. For investors, this represents the holy grail of fintech: technology that can increase conversion rates, reduce risk, and create sticky customer relationships simultaneously.

Geographic Hotspots: Where the Action Is

The global nature of fintech investment is creating interesting regional dynamics. China's embedded finance market is expected to grow at a remarkable 32.8% CAGR through 2030, driven by tech giants like Alibaba and Tencent integrating financial services into their ecosystems. Meanwhile, India is witnessing significant growth with a 19.5% CAGR, fueled by a massive underbanked population and supportive regulatory environment.

These geographic variations are creating opportunities for VCs to invest in region-specific solutions that can later be adapted for global markets. The most successful fintech companies are those that can navigate diverse regulatory environments while maintaining their core value propositions.

The Regulatory Reality Check

Smart investors are also paying close attention to the regulatory landscape. Increased regulation, predicted as one of the top fintech trends for 2025, isn't necessarily a headwind, it's an opportunity for well-positioned companies to create competitive moats. Firms that can navigate complex compliance requirements while maintaining user experience advantages are attracting premium valuations.

The regulatory environment is actually accelerating the embedded finance trend, as companies seek to partner with established financial institutions rather than navigate licensing requirements independently. This creates opportunities for B2B fintech companies that can serve as bridges between traditional financial institutions and technology platforms.

The Investment Thesis: Infrastructure Over Apps

The most successful fintech VCs are shifting their focus from consumer-facing applications to the infrastructure that powers them. The companies receiving the largest funding rounds are those building the rails, APIs, and platforms that enable other businesses to offer financial services seamlessly.

This infrastructure-first approach reflects a mature understanding of the fintech ecosystem. While consumer apps can achieve viral growth, infrastructure companies build sustainable, defensible businesses with predictable revenue streams and strong network effects.

Looking Forward: The Next Wave

As we move deeper into 2025, the fintech landscape is being reshaped by three key forces: the maturation of instant payment rails, the explosive growth of embedded finance, and the intelligent application of AI to financial services. VCs who understand these dynamics and invest accordingly are positioning themselves to capture outsized returns in what promises to be the most transformative period in financial services history.

The message is clear: the future of fintech isn't about building better banking apps, it's about making finance invisible, instant, and intelligent. The companies and investors who embrace this reality will define the next decade of financial innovation.

Final Thoughts

The fintech evolution we're witnessing today represents more than just technological advancement, it's a fundamental reimagining of how financial services integrate into human and business experiences. For venture capitalists, this moment presents both unprecedented opportunity and significant risk. 

The data overwhelmingly supports one conclusion: the age of standalone fintech products is ending, and the era of invisible, embedded financial services has begun. The question isn't whether this transformation will happen, it's whether investors will have the vision to back the companies that make it reality.