FINANCIAL SERVICES | Staff Reporter, Singapore

EY set to launch startup incubator programme in Singapore

Up to five startups in the fintech, legal tech and regulatory tech space will be offered a six-month rent-free residency at the EY wavespace.

Professional services firm Ernst & Young (EY) unveiled its incubator program EY Foundry which is geared towards early stage startups in the accounting, tax, fintech, legal tech and regulatory tech space in Singapore, an announcement revealed.

Up to five startups will be offered a six-month rent-free residency at the EY wavespace in Singapore which was opened in H2 2018. “Over the course of the residency, participants will benefit from a tailored learning program based on EY industry insights and wealth of experience in helping startups accelerate their business growth and develop their technology,” the firm said, adding that participants will also be given $120,000 worth of Microsoft Azure credits.

Singapore is the second location to host the EY Foundry program, following its run in Sydney, Australia in 2018. “Singapore has a vibrant startup ecosystem and is well-connected with other innovation hubs in the region,” Soh Pui Ming, Singapore Head of Tax at Ernst & Young Solutions LLP, commented.

The official launch of the program is slated for June 2019, wherein successful applicants will be announced. Applicants must have a working prototype or working towards a prototype that is scalable and can be used internationally, and have a headcount of four individuals or less.

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