Singapore Country Commercial Guide
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Strategic Technologies
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Overview

Singapore has emerged as a dynamic hub for critical and emerging technologies, attracting substantial investments and fostering innovation across various sectors. The nation’s strategic initiatives, robust infrastructure, and supportive policies have positioned it as a leading player in the global tech landscape.

The Singaporean government has been instrumental in driving the development of critical and emerging technologies. In 2024, the government announced a US$554 million investment over five years to enhance national artificial intelligence (AI) capabilities, cultivate a trustworthy AI ecosystem, and ensure secure implementation of the Singapore National AI Strategy 2.0 (NAIS 2.0). Additionally, the Infocomm Media Development Authority (IMDA) focuses on four key emerging technology domains: AI, communications and connectivity, digital trust, and green computing. 

The startup ecosystem in Singapore has seen a surge in activity, particularly in sectors like MedTech, Greentech, Agri-tech, and AI. In 2023, early-stage emerging tech startups raised US$402 million, a 59% increase from the previous year, indicating a growing appetite for innovation and investment. Organizations like SGInnovate play a pivotal role in nurturing deep-tech startups, co-investing in research-driven technologies and collaborating with academic institutions.
 
Singapore actively engages in international collaborations to advance critical and emerging technologies. The U.S.-Singapore Critical and Emerging Technology Dialogue, initiated in 2023, focuses on areas such as defense innovation, quantum information science, and climate technology. This partnership aims to foster open, accessible, and secure technology ecosystems grounded in mutual trust and a commitment to the rules-based international order.
 
The demand for next-generation technologies like 5G, internet of things (IoT), robotics, AI, and quantum computing is expected to continue growing in Singapore. As technology increasingly becomes intertwined with every facet of society, Singapore’s commitment to fostering innovation, attracting investment, and developing world-class talent will ensure that it remains a key player in shaping the future of emerging technologies.

Singapore’s proactive approach in investing in and developing critical and emerging technologies has solidified its position as a global leader in innovation. With continued government support, a thriving startup ecosystem, strategic international partnerships, robust investment in R&D, and world-class infrastructure, Singapore is well-equipped to navigate the evolving technological landscape, capitalize on emerging opportunities, and remain one of the world’s key technology hubs, providing ample opportunities for businesses and entrepreneurs. 


Leading Sub-Sectors

The leading sub-sectors in CET include the following: 

  • Advanced Gas Turbine Engine Technologies
  • Advanced Manufacturing & Advanced Materials
  • Advanced Nuclear Energy Technologies
  • Artificial Intelligence
  • Autonomous Systems, Uncrewed Systems, and Robotics  
  • Biomaterials in Healthcare
  • Biotechnologies  
  • Data Privacy, Data Security, and Cybersecurity Technologies
  • Financial Technologies
  • Quantum Technologies
  • Renewable Energy Generation and Storage
  • Space Technologies and Systems 
     

For more information about each sub-sector, please consult the “Opportunities” section below.
 

Opportunities

Advanced Gas Turbine Engine Technologies

PacificLight Power Pte Ltd (PLP), a Singapore-based power generation and electricity retail company, has been operating since 2014 and generates close to 10% of Singapore’s annual electricity demand. The company’s power generation facility at Jurong Island is one of the most efficient and reliable combined cycle power plants operating in Singapore. The 830 megawatts (MW) plant comprises of two blocks of natural gas fired, Combined Cycle Gas Turbine (CCGT) generating units.

PLP has announced that it has been awarded the right to build, own, and operate a hydrogen-ready CCGT facility on Jurong Island in Singapore by the Energy Market Authority (EMA). Scheduled to commence operations in January 2029, this will be the largest single, and most efficient, state-of-the-art H-class, CCGT in Singapore, with capacity of at least 600 MW. The new plant will play a critical role in strengthening Singapore’s energy security, enhancing grid stability and advancing the nation’s transition towards a low-carbon future. The new plant will be in addition to PLP’s existing 830 MW CCGT facility that has been operating since 2014, and 100 MW of Fast Start capacity that is currently under construction and due to commence operations in Q2 of 2025.

The plant, to be built on a greenfield site, will include a large-scale Battery Energy Storage System (BESS), fashioning the first CCGT unit integrated with BESS in Singapore. This underscores PLP’s commitment to adopting cutting-edge solutions that enhance system stability while reducing operational costs and environmental impact. The plant will be capable of using at least 30% hydrogen at inception and will have the ability to burn 100% hydrogen in the future. The greenfield site on Jurong Island is sufficiently sized to accommodate a second CCGT unit as well as potential for future integration of Carbon Capture, Utilization, and Storage (CCUS) technology, reinforcing PLP’s dedication to long-term decarbonization strategies. Advanced Manufacturing & Advanced Materials 

Manufacturing is the bedrock of Singapore’s economy, contributing a fifth of the country’s GDP. In addition, Singapore accounts for 10% of the global semiconductor chip market and 20% of semiconductor chip equipment production globally. The country is also currently facing an ageing population within the sector, which the government plans to tackle under the “Industry 4.0 Solution.” This strategy emphasizes intelligent machines (robotics and automation) to digitalize output while also reskilling the current workforce to adapt to these new technologies. Manufacturers that adopt the “Industry 4.0 Solution” can experience higher efficiency and lower production cost.  Singapore has no heavy manufacturing and has relied on light manufacturing for decades. As such, 3D printing and robotics processes are best prospects for many industry applications in Singapore. For example, 3D printing or additive manufacturing is being used in the aerospace and medical industries to produce sophisticated and high precision parts. Other industry applications can be found in the building & construction, food & beverage, and offshore maritime sectors.

In line with Singapore’s 10-year plan to grow its manufacturing sector by 50% by 2030, the government has taken steps to further advance the industry:

  • Committed a further US$3 billion to sustain research and development (R&D) initiatives in advanced manufacturing.
     
  • Establishing an advanced manufacturing training academy in the Jurong Innovation District advanced manufacturing hub.
  • Invited the foreign private sector to train 500 mid-career jobseekers for roles such as automation engineers and machine learning specialists.
     
  • Introduced recent funding and new initiatives for further R&D in areas such as semiconductors, nucleic acid therapeutics, robotics, and medical technology.
     
  • Strengthening business linkages across borders (such as the European Union Free Trade Agreement), as they see a lot of potential for collaborations.

Singapore is one of the world’s strongest economies with reliable internet connectivity, which is part of its focus on being a smart nation.  Companies with capabilities in AI, data analytics, and IoT will lead to the adoption of Industry 4.0 technologies for both big and small companies, accelerating the digital transformation of manufacturers in Singapore and internationally, especially where supply chains are concerned. As the regional powerhouse for advanced manufacturing technologies, Singapore provides an excellent platform for U.S. companies to enter the ASEAN region. Over 2,700 precision engineering firms supply critical products and expertise needed to manufacture complex components and equipment used in industries such as semiconductors, medical technology, maritime, offshore, and aerospace.  Singapore’s position as the premier regional trading hub for the Asia-Pacific, numerous R&D grants, and its highly skilled, English-speaking workforce are catalysts for U.S. companies to test and implement new technologies prior to further expansion within the ASEAN region.

The National Additive Manufacturing Innovation Cluster (NAMIC) is a national platform hosted by the Agency for Science, Technology and Research (A*STAR), supported by the National Research Foundation under the Prime Minister’s Office and the Ministry of Trade and Industry, together with Enterprise Singapore and the Singapore Economic Development Board. NAMIC aims to accelerate the adoption of hybrid and digital additive manufacturing technologies under Singapore’s Manufacturing and Economy 2030 Vision, helping industries transform towards innovation and high value-added manufacturing using sustainably sourced, nature-based designs and cradle-to-cradle on-demand manufacturing. NAMIC achieves this by focusing on value capture and creation through an industry sectorial engagement approach, leveraging on public-private partnerships and R&D investments, supporting translational research, and accelerating industry test-bedding towards commercial scale-up. NAMIC continues to grow its international outreach, identifying and supporting deep-tech companies incorporating advanced manufacturing technologies seeking capital injections either through project joint-funding or its investor networks.
 

Advanced Nuclear Energy Technologies

In 2022, Singapore announced that it would launch its national hydrogen strategy with a focus on using low-carbon hydrogen as a decarbonization solution. Singapore intends to use hydrogen to decarbonize sectors that cannot be easily electrified, such as using hydrogen as a feedstock in semiconductor plants and petrochemical processes or producing low-carbon sustainable fuels in the maritime and aviation sectors. Singapore believes that low-carbon hydrogen could potentially supply up to half of Singapore’s power needs by 2050, playing a key role in helping it achieve its net-zero emissions target by then. Singapore is currently experimenting with advanced hydrogen technologies that could soon be commercially ready and launched an expression of interest for a small-scale commercial project using low-carbon ammonia for power generation. The authorities are keen to assess the viability of ammonia as a hydrogen carrier and direct fuel before developing regulations and an ecosystem to support it. Additionally, Singapore is setting aside an additional US$70 million for research and development work to advance hydrogen technologies.

Singapore announced in October 2023 that it will investigate the possibility of adopting nuclear energy as part of the country’s green energy transition. It will also contribute towards energy security, sustainability, and resilience. In July 2024 Singapore and the United States signed the 123 Agreement to collaborate on nuclear energy issues including the feasibility of Small Modular Reactors (SMRs) for Singapore. A final decision to use SMRs is expected by the end of the decade.
 

Artificial Intelligence

Singapore is seeking to become one of the world’s leading AI-powered economies. The country’s innovative AI initiatives, such as the world’s first AI governance framework and the toolkit AI Verify, alongside its refreshed National AI Strategy (NAIS 2.0), demonstrate its ambition to be a global hub for AI. According to an Access Partnership report titled “Economic Impact Report: Strengthening Singapore’s AI Leadership with Google” (2024), Singapore expects AI to contribute approximately US$29.6 billion to its economy, representing about 30% of the nation’s GDP by 2030. There are also expectations for a tripling of AI exports between 2023 and 2026. 

According to Access Partnership’s 2024 Consumer Survey, generative AI is already widely utilized in Singapore. About 55% of consumers use generative AI tools in their everyday lives, with 60% of working individuals incorporating generative AI into their professional tasks. Furthermore, 84% of individuals aged 18-35 are currently using AI tools, including generative AI. A poll conducted by Ipsos in 2024 found that 78% of Singaporeans are eager to learn more about AI.

The Singapore Digital Economy Report 2024, published by IMDA, reveals that companies adopting AI have shown significant improvements in productivity and processes. For example, DBS Bank reported a notable economic impact of US$276 million in cost savings and added value from AI in 2023 alone. They utilized AI to enhance credit risk assessments for small and medium-sized enterprises (SMEs), facilitate career development planning for employees, monitor transactions in real time for irregularities and potential fraud, and employed their AI-enabled virtual assistant to manage and respond to customer inquiries more efficiently. Additionally, Coca-Cola’s Singapore plant harnessed AI and machine learning, achieving a 28% increase in throughput, a 70% boost in labor productivity, and a 34% reduction in Scope 2 emissions. 

In addition to major companies like OpenAI and Databricks selecting Singapore as their preferred base for regional headquarters, the city-state has seen a surge in AI-related initiatives, accelerators, hubs, centers of innovation, and collaborations. Notable examples include the US$31 million Lilly Digital Health and Lilly Centre for Clinical Pharmacology Digital Health Innovation Hub, which accelerates the research and development of AI-powered digital health technologies, and a strategic collaboration between Grab and OpenAI that focuses on enhancing accessibility, customer support, and mapping capabilities. Furthermore, Google Cloud’s AI Trailblazer Initiative supports organizations in developing generative AI solutions that address real-world challenges. The Tribe, Digital Industry Singapore (DISG), and Nvidia’s Ignition AI Accelerator offer a four-month curriculum to prepare startups for the market. IBM and the National University of Singapore (NUS) are set to launch an AI Research and Innovation Centre to provide NUS students with access to IBM’s advanced AI infrastructure and open-source models, thereby accelerating AI research and driving innovation. 

In 2024, government AI initiatives included the Generative AI Sandbox and the AI Verify Project Moonshot. The Generative AI Sandbox allows SMEs to access a variety of generative AI solutions to enhance their marketing, sales, and customer engagement efforts, featuring 13 generative AI solutions. Project Moonshot acknowledges the challenges surrounding AI system security and helps enterprises by providing a user-friendly testing toolkit designed to address common security and safety issues associated with large language models. It is noted as one of the world’s first open-sourced tools integrating red-teaming, benchmarking, and baseline testing in one platform. 

While AI holds tremendous potential for positive impact, it can also be misused to enhance scams, fraudulent content, malware, phishing emails, deepfake videos, and more. The rise of AI has introduced both new challenges and solutions in the fight against scams, requiring defenders to evolve AI-driven strategies to outsmart and stay ahead of attackers. Integrating AI into cybersecurity offers hope in the ongoing battle to protect users from online scams and data poisoning. 

Singapore has made significant efforts to harness the potential of AI while addressing its associated risks. A comprehensive approach has been adopted for the responsible management of AI development, involving nation-wide policies, industry-level initiatives, and enterprise-level guidelines. Key developments in 2024 include: 

  • Model AI Governance Framework for Generative AI (“GenAI”)
  • AI Playbook for Small States
  • Digital Enterprise Blueprint
  • Guidelines and Companion Guide on Securing AI Systems
  • Proposed Guide to Synthetic Data Generation
  • Advisory Guidelines on the Use of Personal Data in AI Recommendation and Decision Systems

The Monetary Authority of Singapore (MAS) published an information paper in 2024 titled “Cyber Risks Associated with Generative AI.” The purpose of this paper is to increase financial institutions’ awareness of the key cyber threats posed by generative AI, as well as the associated risks and appropriate mitigation measures. This publication is part of Project MindForge, a collaboration between MAS, financial industry participants, and technology partners aimed at developing a risk framework for the responsible use of generative AI in the financial sector.
 

Autonomous Systems, Uncrewed Systems (UxS), and Robotics

In recent years, Singapore has started using drones for many industry applications. The Civil Aviation Authority of Singapore (CAAS) is drafting rules and regulations which cover safety, security, and specifications. An ecosystem is being built around drones used for delivery and logistics, traffic management, and mapping. Another novel use for drones includes detection of chemical, biological, and nuclear matter.

Singapore uses an autonomous drone ship to regularly update a digital twin of the harbor. Uncrewed aerial systems (UAS) technologies can help the port of Singapore become more productive and efficient. Another area being explored is the movement of maritime logistics between ship and shore. Traditionally, this is a labour-intensive, time-consuming process, with higher risks and a sizeable carbon footprint. With drones, essential supplies can be transported safely and securely and in a more cost effective and less carbon-intensive manner. Trials have already been completed, including ship-to-shore use-cases by various shipping and logistics companies.

Reservoir inspection is also another recent industry application. The project, launched by the Public Utilities Board (PUB), Singapore’s National Water Agency, at the end of May 2021, saw the deployment of Beyond Visual Line of Sight (BVLOS) drones to conduct monitoring at six reservoirs. The unmanned aircraft is equipped with remote sensing systems and cameras that help monitor water quality, identify overgrown aquatic plants and algae.  PUB plans to have one drone deployed at each reservoir. At MacRitchie and Marina reservoirs, the drones are housed in an automated pod, capable of taking off and landing autonomously. It will embark on pre-programmed flight paths within the reservoir compound, monitored remotely by an operator. 

PUB officers will be able to monitor the statistical data and live-video feed from the drone via an online dashboard and receive near real-time alerts via their mobile phones. By integrating UAS technologies into its processes, PUB can save thousands of ‘man-hours’ each year and significantly reduce the carbon footprint associated with traditional means of completing these tasks. A senior PUB official remarked: “With 17 reservoirs – which are an important water supply source for Singapore – under our care, it can be a challenge manpower-wise to effectively monitor what goes on at each reservoir and ensure the reservoirs are in optimal condition. With the drones, we can channel manpower to more critical works such as the inspection and maintenance of reservoir gates, as well as pump and value operations.”

All drones weighing more than 250 grams must be registered in Singapore. Recreational pilots operating drones weighing between 1.5 and 7 kilograms must complete UA Basic Training. A permit is not required to fly a drone that weighs less than 7 kilograms (15 pounds) and is flown at a height of 200 feet or less, but a permit is required if the drone weighs more than 7 kilograms (15 pounds) or is flown above 60 meters (200 feet). Other restrictions to take note of:

  • Drones are not permitted to fly over people or crowds.
  • Drones cannot be flown within an airport’s 5-kilometer (3.1-mile) radius.
  • Drones must avoid interfering with emergency response personnel or flying over vehicles where their presence could distract the driver.
  • Drones are permitted to be flown only during daylight hours. You may fly your unmanned aircraft (UA) at night if you can always maintain a visual line of sight with your UA. You must ensure enhanced lighting on your UA for greater visibility when flying at night.
  • Drone pilots must always maintain visual contact with their drones.
     

In 2024, CAAS announced new measures to further support the use of UAS and UA industry development while ensuring public and aviation safety and security. As of February 2025, CAAS removed the current limit on the number of UAS weighing above 250g, which a company or individual can register in Singapore. Those who wish to register additional UAS weighing more than 250g will need to seek special approval from CAAS. It is also worth noting that, from December 2025, all UAS weighing above 250g, except where the operator has been granted an operator permit, will need to be equipped with Broadcast Remote Identification (B-RID). 

CAAS will also allow commercial UAS operators to conduct operations of up to 400 feet above mean sea level (AMSL) in designated areas on all days of the week and shorten the waiting time for activity permit approval. The designated areas are generally more than 6 km away from aerodromes where CAAS says operations can be conducted safely without impacting manned aircraft operations at these altitudes. This measure also came into play in February 2025. CAAS currently allows, upon permit approval, commercial UAS operations of up to 200 ft AMSL on weekdays and weekends. Flights above 200 ft AMSL are only allowed on weekends, to better manage competing airspace use on weekdays. 

Companies that use UAS for applications such as infrastructure inspections have told CAAS that allowing such operations on weekdays could help increase operational flexibility and reduce labor costs compared to weekends. About 25% of UAS operation applications in 2024 were for operations between 200 ft AMSL and 400 ft AMSL. The time for approval of permits for UAS commercial operations up to 400 ft AMSL over the designated areas will be reduced from five to three working days. UAS operations above 400 ft AMSL in the designated areas, or UAS operations above 200 ft AMSL outside of the designated areas, will continue to be allowed at weekends only, upon permit approval. In 2024, more than 2,300 UAS users registered their system with CAAS.

In addition, CAAS will streamline the real-time airspace clearance processes to expedite approvals. Currently, operator permit holders are required to call CAAS and/or the Republic of Singapore Air Force (RSAF) first to seek airspace clearance before commencing their UAS operations and then notify the agencies at the end of their operations. This is on top of using the Centralized Flight Management System (CFMS) FlyItSafe mobile application to indicate the start and end of UAS operations. As of February 2025, operator permit holders can perform these two functions digitally through the CFMS FlyItSafe mobile application with a new “Call Approval” feature. They no longer need to call CAAS and/or RSAF at the start and end of the UAS operations. For certain areas, depending on operational height and location of operations, and at certain times, which have been pre-identified and pre-cleared by CAAS and RSAF, operator permit holders can also get immediate clearance which can help them save time and increase productivity of operations.
 

Biomaterials in Healthcare

Biomaterials is a best prospect sub-sector in healthcare and aligns closely with Singapore’s rising healthcare expenditure, which is projected to reach up to 9% of GDP by 2029. According to the World Economic Forum, the global market for biomaterials was valued at US$7 billion in 2021 and is expected to experience significant growth in the coming years. Biomaterials are gaining popularity due to their adaptability to a wide range of medical applications and their cost-effectiveness compared to conventional materials. They are used in the Singapore healthcare market to grow fresh tissue or organs for transplantation. This aims to also help solve the shortage of donor organs.  

Examples of biomaterial applications include hydrogels and specialized dressings that promote wound healing and reduce infection risks. In dentistry, biomaterials are used in dental implants to enhance aesthetics and restore functionality. Furthermore, biomaterials are increasingly being engineered for targeted drug delivery, improving treatment outcomes while minimizing side effects.

The growing adoption of biomaterials in Singapore is supported by advancements in material science, biomedical engineering, tissue engineering, and regenerative medicine. To drive this expansion, the Singapore government has made substantial investments in biomaterials research and development through agencies such as A*STAR. This includes close collaboration with hospitals, local enterprises, and multinational companies. The Health Sciences Authority (HSA) serves as the regulatory body responsible for ensuring that biomaterials used in healthcare are safe, high-quality, and effective, thereby fostering a robust and innovative biomedical ecosystem in Singapore.
 

Biotechnology 

The Singapore biotechnology sector is expected to grow 8.0% yearly. There are approximately 52 biotech companies, and this number is forecasted to increase to 84 firms by 2032.   Human Health and Potential is one of the four strategic domains under the US$18.4 billion in funding that Singapore has committed to public sector research. The five key therapeutic areas that align to Singapore’s national healthcare needs are cancer, cardiovascular, diabetes, neurological and sensory disorders, and infectious diseases. The current Research, Innovation & Enterprise (RIE) 2025 Plan supports Singapore’s national Precision Medicine research program. 

Biotech start-ups are a key engine of innovation and Singapore has tripled the number of companies in biotech-related areas from a decade ago. Approximately 140 companies are involved in therapeutic diagnostic drug delivery, drug delivery tools or supporting the vibrant growth of this sector. The biotechnology sector can be broadly classified by application - bio-pharmacy, bio-industrial, bio-services, bioinformatics, and bio-agriculture.  

The Singapore government has its strategic investment vehicle, Economic Development Board Investment (EDBI), which is instrumental in fostering the development of the country’s life sciences sector, investing both domestically and internationally.  EDBI recognizes “high potential growth” and targets late-stage companies, ranging from biotech, diagnostics, and MedTech companies. Areas of interest include cell and gene therapy, genomics, precision medicine, digital therapeutics, and increasingly, AI and technology-driven medical devices. Public research is mainly conducted by A*STAR, which oversees Singapore’s research institutes.
 

Data Privacy, Data Security, and Cybersecurity Technologies

Singapore aims to establish itself as a trusted global digital and data hub, further solidifying its status as an international business center. However, the Thales Digital Trust Index 2025 reported an overall decline in trust across all sectors in Singapore. 22% of consumers indicated a decrease in trust, attributing this to personal data breaches experienced over the past year. As a result, 85% of customers in Singapore have abandoned a brand in the last 12 months. 

In 2024, Singapore ranked 8th globally as a threat source destination, rising from 12th place in 2022. Kaspersky’s findings indicated that attack numbers have surged over the past three years, escalating from 11.1 million in 2022 to 21.9 million in 2024.

Verizon’s 2025 Data Breach Investigations Report (DBIR) found that in the Asia-Pacific (APAC) region, system intrusions now account for 80% of all breaches, reflecting a 39% increase. This highlights the rapidly evolving threat landscape faced by organizations in Singapore and the broader region. Notably, the presence of malware surged to 83% in 2025, with ransomware accounting for 51% of breaches, while hacking incidents dropped slightly to 67%. The most common breach method involves stolen credentials, which are present in 55% of cases. This pattern, characterized by hacking using stolen credentials and followed by the installation of ransomware, remains prevalent. 

Despite the technological sophistication of many attacks, the human element continues to be a significant vulnerability. Social actions contribute to 25% of breaches, with 40% of those involving pretexting and 34% involving prompt bombing, a new threat variety.  The threat actor profile in APAC is predominantly external, with nearly 100% of breaches attributed to outside actors. Among these, 80% are categorized as organized criminal groups, while 33% involve state-affiliated actors. Global trends identified in the report are particularly relevant for organizations in Singapore, including a 34% increase in vulnerability exploitation, particularly focusing on zero-day exploits that target perimeter devices and virtual private networks (VPNs). Furthermore, the involvement of third parties has doubled, underscoring the risks associated with supply chains and partner networks, disproportionately impacting small and medium-sized enterprises (SMEs). 
 
The Singapore Police Force’s “Mid-Year Scams and Cybercrime Brief 2024,” published in August 2024, revealed an 18% increase in scams and cybercrime incidents during the first half of the year, totaling 28,751 cases compared to the same period in the previous year. Scams made up 92.5% of these cases, with 26,587 incidents, marking a 16.3% increase in the first half of 2023. The total monetary loss due to scams rose by 24.6%, reaching at least US$287.8 million in the first half of 2024 in the same period the previous year. 

According to Statista, the Singapore cybersecurity market is estimated to be worth US$574.4 million in 2025 and is expected to grow to US$773.2 million (+34.6%) by 2029. Revenue is projected to experience a compound annual growth rate (CAGR) of 7.72% between 2025 and 2029. Cyber solutions will hold the largest market share, with a projected volume of US$321.1 million in 2025. 

Companies interested in entering the Singapore cybersecurity market should be aware of the laws and guidelines introduced or published in Parliament in 2024. These focus on security, data protection, online criminal activities, digitally enabled scams, and the use of emerging technologies. They include:

  • Operational Technology Cybersecurity Masterplan
  • Cybersecurity (Amendment) Act
  • Safe App Standard
  • Advisory Guidelines on Children’s Personal Data in the Digital Environment
  • Online Criminal Harms Act
  • Protection from Scams Bill

The MAS has released notices and guidelines promoting responsible cyber management, including the Notices on Cyber Hygiene (FSM-N06) and the Notices on Technology Risk Management (FSM-N21) in 2024. The Notices on Cyber Hygiene establish mandatory requirements for entities and individuals providing financial services, such as operators of designated payment services, merchant banks, and insurance agents. They also outline best practices, including the application of appropriate security patches, the implementation of adequate security standards, the use of malware protection, and the execution of multi-factor authentication.
 
The Notices on Technology Risk Management require financial service providers to make reasonable efforts to maintain high availability of their critical systems. Specifically, the maximum unscheduled downtime for each critical system should not exceed four hours within any 12-month period. Additionally, providers must notify MAS within one hour of discovering an IT security incident that significantly impacts their operations or services.

Institutions should consider implementing the following measures: 

  • Adopt a Service-Centric Approach: Strengthen operational resilience by focusing on service delivery. 
     
  • Implement an End-to-End Strategy: Enhance the availability and continuity of digital services through comprehensive measures.
     
  • Diversify Disaster Recovery Drills: Move beyond routine, scripted IT disaster recovery exercises by incorporating unscripted elements into regular drills. 
     
  • Maintain a Comprehensive IT Inventory: Keep an updated inventory of IT components and map third-party dependencies to mitigate potential supply chain risks. 
     
  • Inventory of Cryptographic Solutions: Track cryptographic solutions utilized across operations to prioritize replacements, especially as they are vulnerable to quantum attacks.
     
  • Develop a Multi-Layered Scam Response: Address emerging scam campaigns by using AI for fraud detection, implementing phishing-resistant authentication, and fostering greater information sharing regarding new scam typologies.
     
  • Enhance Customer Education: Invest in customer education to improve awareness, gain trust and protect data and privacy.
     

Financial Technologies

Singapore is the leading financial services hub for Asia, excluding China. Approximately 150 foreign banks operate within Singapore, alongside six local banks. Additionally, Singapore is home to many non-bank financial institutions, both domestic and foreign, including firms in financial advisory, asset management, insurance, and capital markets. 

Singapore has a local FinTech industry with over 1,300 companies, US$4.1 billion worth of investment, and over 50 innovation labs. According to Mordor Intelligence, the fintech market in the country has a transactional value of US$42.8 billion and is projected to grow to US$69.6 billion by 2030. Of these companies, 19.3% are involved in payments, 12.6% in regulatory technology (Regtech), and 11.8% in wealth management (Wealthtech). The landscape includes a diverse range of businesses, from startups to established international corporations. The e-Conomy report on digital financial services indicates strong growth in digital wealth management (17%), digital lending (11%), and digital payments.  The leading sectors for funding are banking technology (21%), blockchain in financial services (20%), and investment technology (18%). 

This market is continually reinventing itself to adapt to geopolitical events and economic shifts. In a recent FinTech survey, “Fintech’s State of Play 2.0,” 46% of those aiming for profitability anticipate breaking even within the next 12 months. An increasing number of fintech companies are generating over US$74.6 million in annual revenue. In addition, the survey found that 78% of firms have recalibrated their business models over the past three years. This adjustment includes introducing new products and services, changing target markets, and enhancing operational efficiency to maintain their competitive edge and profit margins. Recently, companies have increasingly turned to emerging technologies and integrated innovations into their service offerings.  The survey also indicates that 43% of FinTech companies recognize the need to prioritize the adoption of AI, blockchain, and other emerging technologies in the near future, with plans to focus on AI technology within the next 3 to 5 years. 

Key trends in the sector include the rising adoption of artificial intelligence (AI) and the potential comeback of robo-advisers; the emergence of single-currency stablecoins, bolstered by a new regulatory framework proposed by Singapore’s regulator and central bank; a heightened focus on consumer protection; and the implementation of stricter regulatory safeguards to combat scams and ensure accountability for losses.  In 2024, MAS enhanced the existing AI and data grant scheme under the Financial Sector Technology and Innovation (FSTI) 3.0 program by allocating up to US$74.6 million to support developments in quantum and artificial intelligence capabilities within the financial sector. 

AI is increasingly transforming how financial institutions operate, automating investment strategies, and enhancing fraud detection. Examples include AI-driven robo-advisors offering tailored financial advice, AI-powered fraud detection systems monitoring transaction patterns to block suspicious activities in real-time, enhanced identity verification using machine learning for electronic Know Your Customer (eKYC), and AI-driven chatbots improving customer service. According to a survey by PwC, 69% of senior executives plan to use generative AI for cyber defense in the next 12 months, with platforms incorporating their large language models alongside their cybersecurity solutions. Additionally, 25% of executives surveyed in PwC’s 27th annual global CEO survey intend to reduce their workforce by 5% or more in 2024, attributing this decision to the impact of generative AI. 

In February 2024, MAS issued an advisory to all financial institutions in Singapore regarding the risks associated with quantum computing. A quantum track has been established within the Financial Sector Technology and Innovation Scheme (FSTI 3.0), consisting of grants to support technology centers, innovation, security, and talent development. Quantum computing can optimize investment portfolios through faster and more accurate predictive models, develop quantum-resistant encryption algorithms crucial for securing future financial transactions, enhance cryptography for cryptocurrencies to withstand decryption attempts and prevent fraud and money laundering by analyzing vast amounts of data and identify anomalies that may indicate risks associated with anti-money laundering and combating the financing of terrorism (AML/CFT). 

Blockchain technology continues to evolve as a key driver of innovation in the FinTech sector. Its decentralized nature allows for more secure and efficient financial transactions, making it particularly beneficial for cross-border payments, digital identity verification, and decentralized finance (DeFi) solutions. Asset tokenization represents a significant advancement, potentially enabling a broader range of financial products to be available to a wider audience of investors. 

Innovations like DeFi and asset-backed tokens are expected to enhance value propositions further, attracting both individual and institutional investors. While blockchain, generative AI, and quantum computing have immense potential to transform FinTech, their combined capabilities serve as an equally powerful catalyst. Together, these technologies can address key challenges in financial services while unlocking new opportunities for enhanced security, improved fraud detection, and optimized financial operations. The integration of these three technologies will push the boundaries of financial services, resulting in faster, more secure, and more intelligent solutions than ever before. Digital assets are becoming increasingly significant within the FinTech space. The growth of Web3 companies, which has risen from 5% to 16% of the ecosystem between 2022 and 2024, underscores the growing importance of digital assets. Regulatory clarity from MAS has been a crucial driver of this sector’s expansion.
 

Quantum Technologies

Singapore is actively working to develop its quantum market with the goal of becoming a leading industry hub. This effort is driven by the National Quantum Strategy (NQS), which has been allocated US$223.9 million in funding from Singapore’s Research, Innovation, and Enterprise 2025 plan. The NQS builds upon Singapore’s previous investment of US$298.5 million in quantum research over the past two decades. The strategy aims to enhance scientific research, develop engineering capabilities, foster a strong talent pipeline, and promote partnerships within the industry. 

According to the Boston Consulting Group, the quantum sector is projected to generate between US$450 billion and US$850 billion in economic value globally by 2040. Several U.S. organizations are involved in the quantum sector in Singapore, including Quantinuum, Keysight, IBM, AWS, Google, and JP Morgan. Additionally, U.S. investors such as IQT, Shasta Ventures, and 500 Startups are active in the region.  State investor Temasek has invested in U.S. startup PsiQuantum, which aims to build the world’s first utility-scale commercial quantum computer by 2027, as well as in French startup Pascal. Moreover, there are ten local quantum startups focused on areas such as communication, simulation, photonics, and sensors. 

In Singapore, there are currently 200 quantum researchers and 150 PhD candidates contributing to the field. Their work centers on developing quantum sensors for applications in positioning, navigation, timing, remote sensing, and biomedical sensing and imaging.  Key initiatives in the quantum sector include: 

  • Hybrid Quantum Classical Computing (HQCC) 1.0
  • National Quantum Computing Hub (NQCH)
  • Financial Sector Technology & Innovation Scheme (FSTI) Quantum Track
  • Quantum Engineering Programme (QEP)
  • National Quantum Scholarships Scheme
  • National Quantum Safe Network (NQSN)
  • National Quantum Sensor Programme (NQSP)
     

Renewable Energy Generation and Storage

In June 2022, Singapore started importing up to 100 megawatts of hydropower from Laos, via Malaysia and Thailand, and in July 2022, issued a request for proposals to import additional renewable and low-carbon energy, with a target to import up to 4 gigawatts (GW) by 2035 (since increased to 6 GW).  The conditional approvals that EMA has granted so far for 1 GW from Cambodia, 2 GW from Indonesia, 1.2 GW from Vietnam, and 1.75 GW from Australia have paved the way for Singapore to progress towards this goal.  These projects also support a broader ASEAN power grid, a key regional initiative to enhance interconnectivity, energy security, and sustainability through existing and future electricity interconnections.

In April 2023, the United States and Singapore announced the start of their joint Feasibility Study on Regional Energy Connectivity led by the U.S. Department of Energy.  The initial findings from the first phase of the joint study were announced in October 2024.  The second phase of the study focuses on evaluating the legal, technical, and governance frameworks as well as financing arrangements needed to facilitate regional energy connectivity, and deepening the analysis of grid impacts.  Subsea telecom cables are very common and have been around for a long time, but subsea power cables transmitting electricity from renewable energy sources across international borders are relatively new for the Southeast Asia region, especially with Singapore having a small land mass.

Singapore’s solar capacity has increased by more than nine times since 2015, and panels can now be found on many rooftops, including on Housing Development Board (HDB) flats and commercial and industrial buildings.  One initiative to increase the use of solar panels is the SolarNova program, which was introduced in 2014.  Under this program, which involves various government agencies and is co-led by HDB and the Economic Development Board (EDB), the aim is to accelerate the deployment of solar photovoltaic (PV) systems in Singapore and drive the growth of Singapore’s solar industry.  

Solar energy is used to power common services such as lifts, lights, and water pumps in HDB estates during the day.  Excess energy is then channeled to the electrical grid.  HDB said it is on track to meet the target set in 2019 to install a total solar capacity of 540 megawatt-peak (MWp) by 2030, which could potentially generate enough green energy to power the equivalent of 135,000 HDB four-room flats. Solar panels also occupy water bodies, such as the Tengah Reservoir which spans 45 football fields, making it one of the world’s largest inland floating systems. In addition, Singapore announced plans in October 2022 to ramp up its solar capacity by more than seven times to produce 2 GWp of solar energy by 2030, which would constitute 3% of the country’s total electricity demand.

Currently, natural gas accounts for 95% of the country’s electricity generation and will continue to do so for the next decade. Natural gas is currently piped in from neighboring countries and liquefied natural gas (LNG) is shipped here from further afield.  Singapore seeks to become an LNG bunkering hub. A second LNG terminal, which will be a floating terminal, is being planned to complement the first terminal that has been in operation for more than a decade. The ship that will serve as a floating terminal is already being built and converted. Since Shell purchased Pavilion Energy, a new state-owned company, Gasco, has been set up to source and purchase LNG for Singapore with the intent to diversify and secure longer-term supplies, presenting opportunities for U.S. exporters.
 

Space Technologies and Systems

 The Space Technology Development Program (STDP) is a comprehensive initiative designed to foster innovation, support research and development, and accelerate the growth of Singapore’s satellite technology ecosystem.  In 2024, the Office for Space Technology and Industry (OSTIn) secured an additional US$60 million to advance technological innovation. From 2025 onwards, STDP 2.0 will continue to support the development of space technologies that are important to national imperatives and/or economic interest. The STDP comprises three distinct funding archetypes, each tailored to address specific stages of technological development and industry needs:

  • Technology development for niche components or advanced payloads.
  • Validation & experimentation for feasibility studies and rapid prototyping.
  • Space Access Program for accelerating technology development cycle.

These schemes aim to offer focused and expeditious support to enable more flexible, efficient and targeted actions that nurture a thriving space technology sector in Singapore.

Singapore is also building an advanced small satellite, the size of a mini refrigerator weighing 100 kg, that will fly very close to earth to trial new technologies and test the emerging space of flying satellites at low altitudes. Unlike conventional satellites that soar between 500 km and 800 km, the micro satellite will fly some 250 km above the Earth, being the first satellite in Singapore to do so. The satellite is expected to be launched into space in 2025. Since the satellite will be half the distance from the Earth compared with a conventional one, its remote sensing abilities will double, meaning the satellite will be able to capture images of damage caused by natural disasters at a higher resolution. Telecommunication will also improve, as a satellite closer to the Earth will reduce network delays. While flying satellites at very low earth orbit (VLEO) is still an emerging area, the Singapore project will collect data to fuel the development of future commercial VLEO satellites with multiple uses, from communications to imaging to climate and weather monitoring.

Resources

For resources regarding the CET sub-sectors, please consult the relevant leading sector resources sections above. For more information about CET, please reach out to office.singapore@trade.gov