Singapore launches program to fund startups expanding into Indonesia
The Singaporean government has launched a funding program to help local startups expand into Indonesia, according to Global Indonesian Voices.
In 2010, Singapore launched iSTART, a financing program design for local startups. This program came after the Indonesian government released the Negative Investment List. The iSTART@Indonesia will focus on companies in the telecommunication, mobile app development, social media, and similar sectors, the report detailed.
The program also provides Indonesia investors an opportunity to expand their telecom business and lure in the most competent Singaporean firms. In addition, the ISTART program will contribute to the country's e-commerce and telecom progress, the report said.
In 2007, the Indonesian government began an Investment Law, which included a Negative Investment List in its provision. This law allowed the government to open previously restricted sectors to foreign investment. The law also allowed other countries like Singapore to invest in Indonesia's telecom and IT sectors, the report explained.
The iSTART financing program can prove to be beneficial to the IT sectors of Singapore and Indonesia if right steps are taken to allow both foreign and local companies to have equal business opportunities, Global Indonesian Voices reported.