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IDA boost for Israeli start-ups looking to expand to South-east Asia
IZMUS has signed a Memorandum of Intent (MOI) with Infocomm Investments (IIPL), the investment subsidiary of Infocomm Development Authority, to help Israeli startups expand into South-east Asia.
Israeli startups in industries such as medical technology, digital health, clean technology and cyber security will be able to leverage IZMUS to tap South-east Asia, starting with Singapore.
Interested startups can apply for the programme and will undergo a screening process where a bilateral advisory board - including IIPL - will select the most innovative technologies.
This will also help nurture Singapore's startup scene, highlighted IZMUS, which was founded by a Singaporean and Israeli duo.
At the MOI signing event, the First Secretary (Economic & Trade) of the Israeli Embassy in Singapore Ron Snir, Head of Infocomm Investments Alex Lin and IZMUS chief Rabea Bader have also discussed opportunities for Israeli startups in Singapore and greater Asean.
Joy Phua, co-founder of IZMUS, said: "This partnership with IIPL, which plays a central role in building a vibrant Singapore tech startup ecosystem, will enable us to help Israeli companies gain a solid foothold in the region. When considering the possibility of entering a new and unfamiliar market, entrepreneurs need to trust that deal flows are suitable and partnerships strategic."
Dr Lin added: "This cross-border partnership with IZMUS will bring about technologies that complement Singapore's Smart Nation vision, encourage pollination of ideas and experiences across cultures; and create a bridge that allows Singaporean and Israeli startups to access and immerse in each other's markets."