Acceleration Program for Lithuanian Fintech Startups in Singapore

Date

2019 02 04

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Singapore is considered to be one of the richest world economies and the fastest growing region in South-Eat Asia. According to the World Bank's "Doing Business 2018" index, the business environment and economic freedom in Singapore have been ranked second among 190 countries (Lithuania – 16th and 19th place respectively).

The Agency for Science, Innovation and Technology Agency (MITA) together with the Ministry of Economy and Innovation and in close cooperation with the LATTICE80 held an acceleration program in Singapore on May 28 – June 3, 2018. The Lithuanian startups developing business in the field of FinTech, cybersecurity, artificial intelligence and blockchain had an opportunity to innovate, improve their business ideas and get inspiration in Singapore: Accurro (Monetha), Kilo grupė, Elektromobilių sprendimų centras, Legal Balance (Mark ID), Dealoyal, MIFX Asset Management (Welltrado), Scorify, Safein Management, DealLink.

„Singapore is a country open for new technologies and innovations, where innovative companies are highly welcome.  The innovative Lithuanian companies have been convinced of that and established new useful contacts for further cooperation. After completion of the acceleration program, the startups have continued cooperation and have already started to seriously consider opportunities to establish their subsidiaries abroad and which products and services could be offered", - said Kęstutis Šetkus, MITA director.

During the stay in Singapore, the Lithuanian companies had a chance to learn about the peculiarities of the Singaporean innovation landscape, regulation system, main actors, as well as acquire the knowledge about the specifics of the local market.

Representatives of the companies emphasized that the startup acceleration program operated by MITA exceeded their expectations, as it provided an opportunity to learn about the specifics of the local market and establish valuable contacts with local actors. Some of the companies even signed the Memorandum of Understanding with potential investors (Legal Balance (Mark ID), Dealoyal, MIFX Asset Management (Welltrado)).

In the framework of the program, the companies received product and business development consultations, pieces of training and mentoring, as well as were assisted in finding relevant partners in the region. Moreover, they were provided with information on successful participation in international programs on innovation and product development. In addition, the Lithuanian companies had an opportunity to meet with various advanced innovative companies, such as PayPal, Amazon and similar.

The program was finalized by the "Demo night", where representatives of the companies had a unique possibility to showcase their brands to a target audience of potential investors, partners, and customers.

About LATTICE80

MITA agreement with the Singapore accelerator was signed in 2017, after the official Governmental visit to Singapore, organized by the Ministry of Foreign Affairs of the Republic of Lithuania.  The two partners agreed to cooperate in organizing acceleration programs of Lithuanian startups in Singapore.

LATTICE80 is a Singapore headquartered Fintech Hub. LATTICE80 prides itself on creating an ecosystem for fintech startups, corporates/financial institutions, governments, and the public to collaborate, learn, and co-create. The mission of the hub is to help all its stakeholders connect globally.