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Sopnendu Mohanty, chief fintech officer, Monetary Authority of Singapore, talks about insights gained after wrapping up the biggest edition of the Singapore Fintech Festival to date.
Many SMEs face challenges in navigating the business landscape and finding the right local partners when expanding overseas. To ease some of these initial challenges, companies can make use of IE Singapore’s Plug and Play Network (PPN). Currently, there are 9 PPN partners providing pre-market entry advisory, business matching, in-market consultations and co-working spaces in key cities in China, Southeast Asia and India.
When going into a market, leasing an office space can be challenging due to regulatory requirements and high overhead costs. Processing time for office rental may also take quite long depending on the market. By using a PPN partner’s co-working space as a start, companies can set up easily and quickly without the hassle of business registration, renovation and rental agreements. A plus point is that these PPN co-working space partners have business mentors and advisors on hand to guide companies on set-up and business issues.
Another common challenge is in finding business leads. By using some of our partners on the PPN, companies can tap into their search and business matching services for overseas business partners.
For more details about the Plug and Play Network, visit https://www.iesingapore.gov.sg/PPN .