Israel is one of the hottest startup ecosystems in the world today. The small country has consistently punched above its weight class by turning out consecutive startup hits – many in the Fintech sector. The highly educated, risk-embracing Israelis have taken the title of Startup Nation. The rest of the world is now trying to emulate the creativity and innovation of this small country. What Israel does not have is immediate market size so a company launched in Israel is soon looking to expand in Europe, the US and Asia.
IZMUS, an entity created as a bridge to bring promising Israeli startups to Singpaore – and then the rest of Asia, has announced the signing of a Memorandum of Intent (MOI) with Infocomm Investments (IIPL). This is interesting because Infocomm is a wholly owned subsidiary of the Infocomm Development Authority (IDA) of Singapore – a government entity. Singapore is another country that is quite small yet continues to drive solid economic activity. The Singaporean government has consistently supported a startup ecosystem so inking a deal to channel cool Israeli startups into the southeast Asian city-nation makes a lot of sense.
The MOI comes on the heels of a visit to Israel by Singaporean Prime Minister Lee – the first time Lee met with Benjamin Netanyahu. Lee stated during the visit;
“We have a long and deep relationship between Singapore and Israel. Our business-to-business ties are strong … We admire your technical prowess and ecosystem.”
The MOI was signed at an event where the First Secretary (Economic & Trade) of the Israeli Embassy in Singapore Ms. Ron Snir, Head of Infocomm Investments Dr. Alex Lin and IZMUS CEO Rabea Bader came together to discuss opportunities for Israeli start-ups in Singapore and the greater ASEAN market.
This partnership between IZMUS and IIPL is said to be the “first ground-up, private-sector led effort to provide a comprehensive bridge between both start-up ecosystems.” With offices in both Tel Aviv and Singapore, IZMUS will assist Israeli startups better understand market nuances in Asia to growth their business. Startups are said to be selected by a “bilateral advisory board” that can deliver the most viable and innovative technologies to meet the needs of the region.
“This partnership with IIPL, who plays a central role in building a vibrant Singapore tech start-up ecosystem, will enable us to help Israeli companies gain a solid foothold in the region,” explained Joy Phua, co-founder of IZMUS. “When considering the possibility of entering a new and unfamiliar market, entrepreneurs need to trust that dealflows are suitable and partnerships strategic. Born and raised in Singapore, I am also convinced that Israeli entrepreneurs who want to expand East will have a lot to learn from Singapore.”
Dr. Lin stated said the cross-border partnership will complement Singapore’s “Smart Nation” vision.
“At the end of the day, startups with product market fit will benefit from this partnership,” said Dr. Lin.
Snir described Singapore as a key strategic partner for regional expansion and a “soft landing” for Israeli entrepreneurs.
“I am certain this partnership between IZMUS and IIPL will facilitate greater exchange between entrepreneurs and investors of both nations and across ASEAN, and create strong value for all.”