Start-ups seek Budget support in upskilling and digitalisation

They also want help to expand into markets abroad and in attracting talent

- Timothy Goh

Singapore's start-ups are seeking more government support in the light of global challenges and rapid technological advancements that may render workers obsolete.

They hope Budget 2024, to be delivered on Feb 16, will have initiatives to support them in digitalisation, upskilling and expanding into overseas markets.

Mr Kelvin Tan, chief executive of fintech start-up audax, noted that digital transformation in banking has advanced at an unprecedented rate in the past few years.

To keep abreast of the developments, 2024's Budget should have initiatives aimed at improving the open banking ecosystem and facilitating digital transformation for traditional banks, he said. He added that he would also like to see more opportunities for the upskilling of the fintech workforce.

"Singapore has established itself as a leading fintech hub in the region. To maintain this position, the Government needs to continue providing funding and support to the sector with readily available courses subsidised with SkillsFuture Credit and course fee relief from Iras (Inland Revenue Authority of Singapore)," he said.

"By providing support to Singaporean individuals who are acquiring in-demand skills in the digital sector, the Government can nurture and promote innovation in the fintech workforce, enabling Singapore to scale more nascent businesses and ensure its long-term growth in the industry."

Backed by SC Ventures, the investment arm of Standard Chartered Bank, audax operates as a digital banking technology solutions provider for banks and financial institutions. It is seeking to complete a Series A funding round by the first half of 2024.

Mr Tan also highlighted that workers in fintech are cautiously navigating the artificial intelligence (AI) landscape, as they are aware of the technology's potential impact on their roles.