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MARKETS & INVESTING | Staff Reporter, Singapore
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3 in 5 Singaporean startups have gone global

Thanks to cloud-based software powering their businesses.

Cloud-based software is helping Singaporean startups move quickly into the international market, technology firm Stripe revealed.

According to its Startup Stack survey, there are already 60% of Singaporean startups that are able to sell their products internationally.

About 35% of startups that launched as soon as last year are also now selling internationally. Meanwhile, half of those not selling abroad intend to go global next year.

Stripe listed 157 business tools that are used across 10 business functions like accounting, analytics, and customer support.

About 63% of startups use six or more of these tools to run their businesses.

This has helped a fraction of the businesses to build their own servers, payments infrastructure, intra-communication tools, and anti-fraud systems.

About 94% believe that cloud tools make it easier to go global from Singapore, whilst 97% believe they make it easier to launch startups.

Moreover, more than half or 52% of the startups believe that the startup ecosystem will continue to grow rapidly.

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