Singapore, South Korea, Taiwan, Indonesia, Malaysia and Singapore all announced Tuesday that they will invest $200 million in fu-based ventures to bring entrepreneurship to developing countries.
The Singapore-based fiu initiative is being supported by Singapore’s Ministry of Economic Development and Industry and the Singapore Foundation for Entrepreneurship and Innovation.
“The investment will help Singapore develop the technology, talent and business practices to foster entrepreneurship in developing countries,” said Deputy Minister of Economic Affairs and Investment and Trade S.L. Chan.
“Fiu is a technology platform that provides innovative and creative solutions for business.
It is an open platform that can enable businesses to grow in a sustainable way and create sustainable wealth in countries that lack the technology and skills to do so.”
Fiu, which has been incubating in South Korea since 2015, is also part of the Singapore Initiative for Engagement in Entrepreneurships (SEES), a project that seeks to encourage the use of fiu technology and business models in countries with limited access to technology.SEES has been in existence since 2012.
The investments come after Singapore launched its first fiu hub in the United Arab Emirates in 2016.
The UAE launched fiu hubs in India and Malaysia last year.