Since the turn of the past decade, smaller lenders have taken the credit industry by storm – making giant, liquidity-filled strides all over the world.

These are essentially small banks and non-banking financial companies (NBFCs), that have capitalised on the limitless potential of technology to offer credit to sectors like agriculture, education and Small and Medium Enterprises (SMEs), where large banks haven’t managed to penetrate that well.

At the same time, umpteen NBFCs haven’t managed to gather a lot of capital to fund their credit offerings to modern customers. To bridge this gap, co-lending has come to the rescue.

Co-lending: What is it?

In essence an arrangement between cash-rich banks and non-deposit holding financial institutions (NBFCs) and housing finance companies (HFCs), co-lending has become extremely popular among many players in the market.

While the NBFCs would do the grunt work of loan origination and paperwork, banks would offer their liquidity strength to finance a majority of the loan. In co-lending, both parties share the risks and rewards throughout the loan lifecycle.

NBFCs have always benefited from their ability to pierce smaller, harder-to-reach geographical areas through the use of modern loan origination software and banking practices. This led to excellent growth rates, but with limited liquidity, there is only so far that NBFCs can get ahead in the market. Banks, on the other hand, have a bigger clientele, bigger wads of cash and bigger fee structures.

Co-lending is a give-and-take model by which NBFCs can improve their liquidity, profitability and client base, while banks can advantage of the market outreach, loan origination and servicing acumen of NBFCs.

How does a co-lending agreement work?

NBFCs and banks are obliged to enter a tripartite agreement with customers and play the co-lending game. The process is fairly simple but has to be executed to the T to ensure a streamlined arrangement.

Here are the three steps:

• First the NBFC performs loan origination activities through co-lending software and checks on the prospective client, after which it recommends him/her to the partner bank with the relevant documentation.
• The bank independently does requirement analysis and risk assessment of the client and vets him/her if found creditworthy.
• The lending parties enter into a three-way agreement with the client. The bank and NBFC pool their funds into an escrow account from which the loan shall be disbursed. Although both lenders will maintain the client’s accounts, they must share information and collaborate to generate a unified statement of accounts for the borrower for easier repayments.

Also Read: How will generative AI advance embedded lending

Features of the co-lending model

Ever since the Reserve Bank of India (RBI) announced the co-lending financial model, banks and NBFCs have embraced the ‘co-origination’ process that entails a bevvy of features targeted at mutually profiting both parties:

• Banks and NBFCs will usually take on an 80 per cent-20 per cent exposure limit in offering the loan to clients, with NBFCs mandated to maintain at least 20 per cent of the funding throughout the loan term.
• The portion of the loan given out by the NBFC cannot be funded by a partner bank. Loan provisioning will be done independently by the NBFC and the bank.
• Both parties’ funds must be collected and allocated in their agreed ratio at the time of funding and at the time of repayment collections, in such a way that neither party uses the funds that belong to the other.
• Both parties can charge their own interest rates, and the customer must pay the ‘blended’ interest rate.
• Loan origination will be done by the NBFC, with a risk assessment done by both NBFC and the partner bank.
• The repayment scheme for co-lending loans will follow the NACH mandate through ‘Standing Instruction’ debits from the customer account.
• Sometimes, NBFCs can also tie up with multiple banks for a distributed capital deployment; for example, the NBFC puts a 25 per cent stake, Bank A lends 40 per cent and Bank B gives 35 per cent of the loan amount.

Blended interest rate

As per the rules laid down by the RBI, co-lending warrants that the NBFC and bank together offer a blended or a weighted-average interest rate to their customer. Here’s a simple illustration of how it works:

Say NBFC A wants to offer a co-lending, loan product of ₹100,000 (US$1,222) to Mr. Vaibhav. NBFC A has a co-lending agreement with Union B Bank. The bank is ready to shell out ₹80,000 (US$978) at an interest rate of 10 per cent per annum and NBFC A pitches in ₹20,000 (US$244) at 12 per cent per annum. The weighted average interest rate that the customer gets is derived using the below formula:

Blended rate = [(₹80,000 (US$978) x 10 per cent)+(₹20,000 (US$244) x 12 per cent)]/(₹80,000 (US$978) + ₹20,000 (US$244)) = 10.40 per cent.

Repayment schedule

There are three types of repayment schedules created at the time of loan agreement – one each for the NBFC, the bank and the customer. Using the above example, let’s explore how this works:

• The NBFC’s interest rate is 12 per cent and will levy a monthly EMI of ₹1,777 (US$21) every month for one year, with a total accumulated interest amount of ₹1,324 (US$16).
• Union B Bank will take ₹7,033 (US$86) monthly and will gather a total interest of ₹4,399 (US$53).
• The customer instead will follow the blended interest rate of 10.4 per cent and pay a monthly EMI of ₹8,810 (US$108).

NBFCs’ role in co-lending

Using the power of technology, NBFCs have powered ahead in the lending industry even in the tiniest of geographical areas. Due to this outreach and loan management software, they can quickly and efficiently onboard hordes of customers under the co-lending approach. NBFCs have to provide a pre-agreed volume of loan originations in a set time period to the partner bank under any form of agreement.

The onus is on these NBF companies to explain to customers the difference between their own product offerings and products under the co-lending category. Document sharing, customer service and grievance redressals also form part of the responsibility checklist of NBFCs.

How NBFCs will benefit by co-lending

Albeit in its nascent stages, co-lending can make some serious breakthroughs in the credit industry. NBFCs are touted to grab most of the spoils in the process – here’s how:

• No more funding constraints for NBFCs while targeting high-net-worth individual (HNWI) clients as their exposure is limited to about one-fifth.
• The framework from the central bank is very transparent – this helps NBFCs steer clear of any regulatory pressure.
• NBFCs can watch and understand best practices of loan origination and risk assessments from large banks, and implement some of these practices through co-lending software to improve operational efficiency.
• Since the NBFC and bank have to create a business continuity blueprint at the commencement of a co-lending partnership, the NBFC can offer unperturbed service to its customers.
• An opportunity for NBFCs to improve their Assets Under Management (AUM), with the backing of a big-name bank.

Also Read: Why digital lending is the future for SMEs in India

Present challenges in co-lending

Since its introduction in the market, co-lending has not gained the kind of traction expected with both NBFCs and banks. Some of these challenges are:

• Common credit approval standards
• Integration to a common IT infrastructure, which could potentially streamline many origination and disbursement processes.
• Constantly fluctuating lending policies with banks and NBFCs.
• Since co-lending is a new concept, NBFCs and banks alike could be faced with accounting challenges which can easily be tackled using co-lending software.
• Integration of credit and risk management systems (both digital and non-digital) of the two parties.
• Processing fees that banks and NBFCs charge are quite different, and this has led to many challenges in collaboration.

Since it is a very new concept, co-lending is targeted only towards the Priority Sectors. For it to gain traction, global markets need to stabilise and growth needs to start ticking up.

Digital drive in co-lending

As is the case with most NBFCs, going digital for all aspects of lending has become the norm. Some digital initiatives include automated onboarding of customers, document capture, online credit risk assessment using the customer’s credit history, EMI monitoring and regulatory compliance updates for both banks and NBFCs.

These days, time is of the essence. By incorporating a scalable IT infrastructure, co-lending partners can reduce loan origination and disbursement turnaround time from a few days to just a few minutes.

The future roadmap of co-lending

There is little doubt that co-lending will prove to become a holy grail of business for NBFCs in the coming years. Big banks like the SBI are making inroads to partner with tech-rich NBFCs to implement this concept. The rules of this game are still being formed and it remains to be seen if scenarios wherein multiple banks or NBFCs can get together in an arrangement.

In which case, what would be the credit risk requirement of each NBFC? But it’s only a matter of time before co-lending spreads its arms across mainstream sectors and becomes a success mantra for other economies.

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Artificial Intelligence has made a transformational impact in many industries, especially the financial services industry. For example, banks and lending institutions use AI models to provide customised financial advice and product recommendations, in addition to proactive fraud detection.

Singapore-based finbots.ai is working with organisations such as banks and lenders to provide credit modelling solutions, and it has already won many clients across Asia. finbots.ai, backed by the likes of Accel Partners, is now in expansion mode.

e27 had a chat with finbots.ai’s Founder and CEO Sanjay Uppal, who shares insights into credit modelling and discusses its importance and use cases in the lending sector and the role of AI in the financial services sector in the coming years.

Excerpts:

How does finbots.ai’s credit modelling solution utilise artificial intelligence, and what kind of data inputs does it use to make predictions?

Our credit modelling solution creditX utilises advanced Artificial Intelligence and Ensemble Machine Learning algorithms to analyse vast amounts of data to develop credit risk scorecards, providing lenders with a faster and more efficient way of assessing credit risk.

creditX can connect to any data source using APIs and develop credit scorecards using various forms of data, including historical data, bureau data, open banking data, or alternative data such as social media and invoicing data. Thus, each of our clients can develop its own custom scorecards in a matter of hours and days instead of six-plus months taken using legacy methods and technologies.

Can you provide examples of how finbots.ai has helped financial institutions make better lending decisions through its AI-powered credit modelling solution?

Our clients span banks, non-finance companies, fintech lenders, e-commerce players, digital banks, and credit bureaus, and each has seen tremendous results with creditX.

One of our first clients, an IFC-backed B2B BNPL fintech lender in Africa with over 200,000 MSMEs on its platform, faced challenges in scaling up profitable lending to its base. creditX enabled it to rapidly build high-accuracy credit scorecards and process thousands of credit applications in a day. This helped it increase the number of applications processed daily by 10x while reducing the loss rates by 5 to 10 per cent.

Another client, a digital bank in APAC, saw its loss rates decline by 50 per cent with minimal impact on loan approvals and revenues, thereby enabling it for faster profitable growth in its lending businesses.

What sets finbots.ai apart from other predictive AI startups in the financial industry, and what competitive advantages does it bring to the table?

In the predictive AI space, most solutions are in the form of AI toolkits that have high skill dependency on data scientists, data modellers, analytics specialists and domain experts for the development of high-quality models. The complexity, skill dependency, and required vendor support results in significant time requirement and an overall high cost of ownership. Additionally, organisations often have to expose their confidential data to get the desired models.

Also Read: How Transparently.AI uses Artificial Intelligence to detect accounting manipulation, fraud

finbots.ai has built a vertical AI product creditX which pioneers predictive AI for the credit modelling use case, taking into account all regulatory, data privacy, security and risk management challenges the industry faces.

In comparison, building a model that takes weeks with an AI toolkit takes less than an hour on creditX.

Today, only the largest 5 to 10 per cent of lenders can afford sophisticated credit modelling solutions. We are democratising credit modelling, making creditX affordable for even the smallest lender, with a pricing model that scales as a lender grows. Hence, our clients range from small start-up lenders to mid-to-large-sized banks.

Our credit modelling solution, creditX, allows organisations to perform a rapid Proof-of-Concept (PoC).

How does finbots.ai ensure the accuracy and reliability of its credit modelling algorithms, and how often are they updated?

We have a rigorous process to ensure the accuracy and reliability of our credit modelling algorithms, including extensive testing and quality control measures for a variety of scenarios. We are also constantly evolving our models to incorporate new advances in Data Science.

In fact, finbots.ai is amongst the first companies to complete ‘AI Verify’ – the world’s first AI governance testing framework and toolkit developed by Singapore’s Infocomm Media Development Authority (IMDA) and the Personal Data Protection Commission (PDPC).

The AI Verify framework enables companies to objectively validate the performance of their AI systems, ensuring that they are fair, explainable, and responsible.

What are some of the biggest challenges that you face when working with financial institutions, and how does the company address them?

For financial institutions, the process to develop and deploy a credit model has evolved little over the past three decades and takes six to 12 months. Only a small fraction of lenders today have access to and affordability of the technology and skills required to develop sophisticated credit scorecards.

creditX delivers higher quality credit scorecards with the entire process completed in hours. This requires a significant paradigm shift in credit management and transforms parts of the credit risk management process.

To facilitate this shift, we offer clients access to sandbox environments to test our solution and bring their own data for Proof of Concept (PoC) testing, which can be completed in 3 to 5 days. After all, seeing is believing.

How has finbots’s client base evolved since its inception, and what are its plans for expanding its reach in the future?

We launched version 1.0 of creditX in early 2020, with our first client deployment in Dubai. Soon after that, COVID-19 hit, and we focused our energies to accelerate product development. Our current version was originally envisioned for Q4 2024.

Since completing our Series A funding round in April 2022, we have expanded our client base to institutions across Asia, Africa, the Middle East, and most recently Australia. Our clients span the full breadth of lending organisations from banks, fintech lenders, mortgage lenders, credit bureaus, e-commerce lenders, loan marketplaces, SME lenders, and agri finance lenders.

We continue to deepen our market presence in Asia Pacific, Africa, APAC, the Middle East and India throughout the year and will expand to North America later this year.

How does finbots.ai’s approach data privacy and security, especially given the sensitivity of financial data?

Credit risk is a highly complex area with demands from both regulators and boards for model development, explainability of AI, data security and data privacy.

Our leadership team brings deep global experience in financial services that we have harnessed in our product design that ensures our product meets these stringent requirements of regulators and boards.

Also Read: From human to AI: Embracing change and thriving in the new world of work

finbots.ai is ISO27001 certified and recognised as SOC2 Type 2 compliant, ensuring the highest levels of data security & privacy in our product and operations, thereby giving our clients the required confidence.

creditX is designed to comply with regulatory standards across markets and is evidenced by our presence in 8 markets, and growing more.

How does finbotsAI see the role of AI evolving in the financial industry over the next five to ten years, and how does it plan to stay at the forefront of these developments?

AI will have a transformational impact on financial services across areas of services, customer service, process efficiencies and risk management.

The approach we have taken towards AI is to build solutions that enable rapid time-to-value for clients, and this remains core today.

We have a well-defined roadmap over the next five years, including launching other products that transform areas of financial services that have remained relatively unchanged for the past 30 years.

The company has clients across India, Dubai, Singapore, Australia and Mongolia.

We also have a growing client presence in Southeast Asia and Africa. In addition to these regions, we have also tested the suitability of our product in North America, South America and Europe. We have plans to expand to these markets later in the year.

We believe our AI-powered credit modelling solution can help financial institutions across the globe, and we are committed to bringing it to as many markets as possible to drive financial inclusion and help lenders mitigate risk.

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Echelon Asia Summit 2023 is bringing together APAC’s leading startups, corporates, policymakers, industry leaders, and investors to Singapore this June 14-15. Learn more and get tickets here.

Echelon also features the TOP100 stage, where startups get the chance to pitch to 5000+ delegates, among other benefits like a chance to connect with investors, visibility through e27 platform, and other prizes. Join TOP100 here.

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Picture this: Indonesia pre-pandemic. The financial services industry remains largely centred around banks while alternative digital services offered by tech firms such as mobile wallets or P2P (peer-to-peer) lending are still developing.

According to Google, Temasek, and Bain & Company’s joint study in 2019, there were around 92 million unbanked and 47 million underbanked adults in the country. In the following year, cash also still accounted for 77 per cent of POS (point of sale) purchases as well. 

However, things have changed drastically since then. Post-pandemic, Indonesia’s financial sector has since undergone an unprecedented digital transformation.

A 2022 report by Google, Temasek, and Bain & Company revealed that the country’s digital economy has grown from US$41 billion in 2019 to US$77 billion in 2022 and is expected to surge further to around US$130 billion by 2025.

The digital financial services industry has experienced similar growth during this time, and I foresee digital payments, investment, remittance, and lending continuing to maintain this growth momentum.

The driver behind digital transformation 

Being actively involved in Indonesia’s growing fintech industry both before and during the pandemic, I have observed that the increasing prominence of the API (application programming interface) economy is driving the rapid digital transformation of Indonesia’s financial services sector.

Through the widespread use of APIs via the open banking system, it’s easier now for organisations to share their digital services, assets, and data with external parties to facilitate secure, seamless integration across platforms.

As a result, both financial and non-financial institutions in Indonesia have been able to collaborate and offer a wider range of digital services more efficiently and at lower costs. This revolution is expected to catalyse financial inclusion across Indonesia (particularly in remote areas).

Also Read: In Indonesia, the problem is lack of insurance accessibility, not affordability: Qoala CEO

Looking back, how has the API economy successfully driven the digital transformation of Indonesia’s financial services sector throughout the pandemic? From my perspective, there are three critical factors at play: 

Strong backing by regulatory bodies

Indonesia’s regulatory bodies, Bank Indonesia (BI) and the Financial Services Authority (OJK) have been promoting open banking and standardising Open APIs for years, but in my view, their efforts to digitise financial and payment systems have intensified during the pandemic. One key initiative is the QRIS payment system, which now has over 22 million registered users and has streamlined payment processes for micro, small, and medium-sized enterprises (MSMEs).

In 2021, BI also launched BI-FAST, a real-time and cost-effective payment system, and introduced a legal framework for APIs through SNAP. Meanwhile, OJK has increased its efforts in monitoring the fintech industry, constantly updating information on licensed P2P digital lending institutions on its website for public awareness.

OJK is also committed to resuming executing its “Indonesian Financial Services Sector Master Plan 2021-2025,” with open banking being a top priority. This involves fostering innovation and driving digital transformation in the financial sector through various measures, as outlined in the master plan. Indeed, I am looking forward to the impact that these efforts will have on Indonesia’s financial landscape in the future.

Increased collaboration for innovation and growth

With the regulatory bodies driving open banking and digitalisation in the financial industry, traditional financial institutions such as banks, are collaborating positively with non-traditional institutions like e-commerce and digital lending providers.

These partnerships have resulted in the emergence of numerous alternative digital financial services, providing new value propositions that weren’t previously available before. As the popularity of these services continues to rise in demand amongst Indonesian consumers, I see an ongoing need to develop more API solutions to meet this demand.

Some popular examples are lending startups supported by traditional banks that offer digital micro-loans for MSMEs and e-commerce platforms that provide buy-now-pay-later (BNPL) options.

Also Read: MeetUp with Indonesia’s most exciting tech entrepreneurs!

Alternatively, banking apps now also integrate digital wallet features, offering customers more convenience and flexibility. The P2P lending sector has also experienced remarkable growth, with a 95 per cent year-over-year increase in loan disbursements in December 2021, enabling easier access to alternative individual lending.

In my assessment, the increasing penetration of tech firms in the financial sector has led to a higher willingness among customers to explore novel offerings from these players. This trend is backed by the findings of EY’s “NextWave Global Consumer Banking Survey,” which indicates that 91 per cent of respondents from Indonesia “completely or mostly trust their primary financial relationships.” 

This figure is notably higher than the global average of 82 per cent. As the market continues to seek out innovation, ease of use, and greater inclusivity, I anticipate that the demand for API-driven solutions will persist.

Access to more consumer segments

With the emergence of alternative financial services, made possible by API, some financial institutions can target more niche market segments, such as those with specific business sizes and needs, with lending for MSMEs as an example.

Other companies are honing in on particular market segments, like agritech firms offering fintech solutions for key players in domestic agriculture or insurtechs providing smaller to micro retail insurance plans. 

The presence of API has allowed businesses to offer these customised financial services without having to build them from scratch and make them available in a timely manner. On the other hand, among the niche market segments that rely on traditional financial services, the pandemic has accelerated the adoption of digitised financial services.  

Having been in Indonesia’s fintech startup scene since the early 2010s, I have witnessed firsthand the country’s rapid digital transformation. What began as simple online marketplaces has evolved into super-apps that have become integral to people’s daily lives, providing not only e-commerce services but also a wide range of financial services such as bill payments or insurance purchases. 

This transformation has been made possible by APIs, and I believe it is only the beginning of the API economy in Indonesia. As challenges are overcome, the API economy will continue to grow at an unprecedented pace, eventually reaching every corner of the nation.

–

Editor’s note: e27 aims to foster thought leadership by publishing views from the community. Share your opinion by submitting an article, video, podcast, or infographic

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Siam Cement Group (SCG) today announced that it had acquired Indonesian home service marketplace Seekmi for an undisclosed sum.

Following the acquisition, Seekmi will continue to use its brand while Founder and CEO Clarissa Leung will have the role of Advisor.

In a press statement, SCG said that with the acquisition, its subsidiary Q-Chang, can immediately gain a foothold in the service industry in the market with nearly 300 million people and one of the fastest-growing middle-class populations in the world.

SCG has been eyeing to expand its Q-Chang business into Indonesia in recent years after experiencing rapid adoption of its platform in Thailand.

According to the group, the Bangkok-based subsidiary has become one of the fastest-growing home service platforms in the country, since its founding in 2018. They offer similar services to Seekmi and share many of the same core values, such as providing consumers with high-quality, affordable home services that can be ordered on-demand through an app or website.

Also Read: News Roundup: Seekmi partners Tokopedia, Lazada to launch on-demand disinfectant service

Founded in 2015, Seekmi was known as the first home service marketplace in Indonesia and has grown to over eight cities in Indonesia with tens of thousands of service providers and hundreds of thousands of household customers.

The company is most well-known for its HVAC, handyman, electrical, cleaning, and laundry services for the home. In 2018, it expanded through its partnerships with top global brands such as IKEA, Samsung, Coca-Cola, Panasonic, Daikin, Toshiba, and JYSK to offer installation, assembly, repair, maintenance, and even delivery services to their respective customers.

SCG was first established in 1913 following a royal decree by His Majesty King Rama VI to produce cement and has since grown into one of the largest conglomerates in Southeast Asia and the second largest in Thailand.

It is majority owned by King Vajiralongkorn of Thailand and has been hugely successful in growing its cement, building materials, chemical, construction, packaging, solar, and logistics businesses globally. The company is consistently ranked as Thailand’s top graduate employer and has over 54,000 employees.

e27 has reached out to Seekmi to find out more details about their post-acquisition plans.

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Echelon Asia Summit 2023 is bringing together APAC’s leading startups, corporates, policymakers, industry leaders, and investors to Singapore this June 14-15. Learn more and get tickets here.

Echelon also features the TOP100 stage, where startups get the chance to pitch to 5000+ delegates, among other benefits like a chance to connect with investors, visibility through e27 platform, and other prizes. Join TOP100 here.

Image Credit: Seekmi, SCG

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Collaboration between startups in different countries can be a game-changer for the growth and success of these companies. In this regard, the partnership between startups in New Zealand and Singapore is worth noting due to the similarities between the two markets.

In an interview with e27, New Zealand Trade Commissioner Maggie Christie reveals the similarities between tech startup communities in the two countries, starting from their geographical characteristic and market size.

“Because both Singapore and New Zealand have the need to export. We need to export to grow, and there’s a lot of government support for Singapore and New Zealand companies,” she explains.

The New Zealand Trade and Enterprise (NZTE) has been instrumental in helping grow New Zealand businesses getting into Singapore and Southeast Asia. The organisation’s primary role is to help New Zealand companies understand the Singapore market better and connect them with potential partners. It has been working closely with Enterprise Singapore to facilitate the expansion of Singaporean companies into New Zealand, particularly in the tech industry.

For New Zealand startups, popular sectors include foodtech, cleantech, and health tech–and there are already several collaborations between startups in these sectors with Singapore.

Also Read: French accelerator ZEBOX opens APAC hub in Singapore

One of the existing collaborations between startups in New Zealand and Singapore is the MOU signed between Foodbowl – SIT– Food and Plant Ltd. It was forged to allow multi-project cooperation between the parties to accelerate Singapore and/or New Zealand business enterprise outcomes within specific food innovation and manufacturing areas.

There are also other New Zealand companies that collaborate with businesses and organisations in Singapore in various sectors. For example, medical software The Clinician partners with SingHealth to improve communication between the doctor and patient.

In the greentech sector, Cogo allows banks to provide customers with carbon tracking associated with their spending, raising awareness and helping people to reduce their carbon footprint.

Then there is also Xero, the cloud-based accounting software.

“Our tech ecosystem is very tight, much smaller than Singapore. We are spread out throughout the country, but about fifty per cent of that is focused in Auckland, our largest city,” Christie says.

“The ingenuity that gets started by one company or one entrepreneur then starts getting connected within that broader ecosystem. So, there’s a lot of sharing and collaboration. And I do see that in Singapore as well. I think the slight difference is that in New Zealand, it is generally Kiwis working together, whereas, in Singapore, you tend to get lots of different nationalities working together.”

Also Read: Going solo: Legal considerations for starting a small business in Singapore

Beyond technologies

The partnership between Singapore and New Zealand is not limited to the tech industry. They have also been working together to create sustainable initiatives, such as green lanes for flights powered by sustainable fuels between the two countries and a platform for offsetting carbon emissions. The focus is on creating something to help each other and the world.

This can be seen in the statistics itself:

• New Zealand is Singapore’s closest/most important strategic economic partner, largest trading partner in Southeast Asia, and 4th largest trading partner globally.
• The two countries saw a total of NZ$10,407 million in two-way trade in the year ended December 2022, contributing to their 4th place in two-way trade rank.

In the future, the areas of health and wellness, creative services, and edutech are identified as potential areas for growth in Singapore.

Networking and promoting events in a post-COVID-19 world has been challenging for many organisations, including New Zealand tech companies that are looking to enter Singapore. This stresses the importance of keeping the dialogue going and showcasing new companies.

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Echelon Asia Summit 2023 is bringing together APAC’s leading startups, corporates, policymakers, industry leaders, and investors to Singapore this June 14-15. Learn more and get tickets here.

Echelon also features the TOP100 stage, where startups get the chance to pitch to 5000+ delegates, among other benefits like a chance to connect with investors, visibility through e27 platform, and other prizes. Join TOP100 here.

Image Credit: New Zealand Trade and Enterprise

The post How New Zealand and Singapore are working together to build a great future with tech appeared first on e27.