Singapore: partnering start-ups. File Image / Pixabay.
Singapore's commitment to maritime start-ups has led to a partnership between Enterprise Singapore (ESG) and the Maritime And Port Authority (MPA) and six technology firms.
Behind the move is the distribution of S$50 million ($35m) to the start up sector which the partners will help to facilitate.
"Supported by ESG and the MPA, this latest initiative by SEEDS Capital [ESG's investment arm] aims to drive the growth of the maritime sector through technology and innovation," the MPA said in a joint statement with Enterprise Singapore.
Among the partnership firms are KSL Maritime Ventures, which is focused on renewables, fintech and vessel technologies and Tecpier which aims to improve efficiency and transparency in areas such as ship operations and maintenance.
In May, the authority awarded grants to 12 Singapore-based start up firms to enable them to further develop their products.