Singapore may be a tiny island nation in Asia, but it occupies a very high rank among developed countries.With a ranking of 11 out of 189 nations, Singapore has an HDI of 0.938, reflecting how advanced and developed it is. Singapore’s economy is knowledge-based, with finance, banking, and trading among the topmost economic sectors. Singapore has always faced a resource crunch that proved to be a barrier in its attempt to catch up with the world’s leaders.
Things are changing now, with the small city-state in Southeast Asia attracting top tech talent worldwide. Things were not so rosy till a few years ago. Today, Singapore has become the favorite destination of the top tech talent. What has changed, and why so many qualified and experienced software engineers making a beeline to migrate to Singapore? Let us find out.
Singapore Rolls Out Red Carpet for Tech Talent
Top technology companies like Facebook and Google have chosen Singapore for setting up their data centers in Asia. The government of Singapore, realizing the resource crunch for these tech giants, introduced a new Tech.Pass Singapore to attract talented migrants. This program aims to attract qualified tech personnel to Singapore by providing them lots of facilities. Candidates applying for a Tech Pass will get a 2-year visa to Singapore, with the liberty to set up a tech company. Tech Pass holders can be investors or mentors in startups in Singapore. It is terrific news for tech companies desirous of setting up operations in Singapore. Earlier, these companies had to sponsor employment passes for inviting top tech talent from around the globe.
Top Tech Firms Shifting to Singapore Turned the Tide
The present trend of extraordinary tech talent rushing to Singapore can be traced to the moves made bysocial media giant Facebook and search engine giant Google. While Facebook has already set up a data center in Singapore with an investment of nearly SGD 1.38 billion, Google is also working on its plans to open its third data center in this county touted as the Heart of Asia. Grab, the biggest ride-sharing platform had already shifted its headquarters here way back in 2014.
Another big company to move headquarters to Singapore is Lazada, the retail e-commerce king. It is a digital transformation of Singapore’s landscape that created hundreds of thousands of jobs for qualified software and hardware engineers. Today, there are endless opportunities for talented and ambitious tech personnel in Singapore. If you think you have it to excel in Singapore’s landscape, you can apply under this scheme to become a permanent resident.
Singapore Is Trying to Fulfill the Goal of a Smart Nation
In addition to big tech companies and startups shifting their operations to Singapore, the country is also making efforts to become a Smart Nation soon. It is a big dream to create more than 50,000 jobs for IT professionals in cybersecurity and data analytics. Cloud computing, data mining, web architecture, and user interface designing are some other fields requiring top talent from across the world. Singapore’s government realized that it would not be possible to fulfill these lofty goals without tapping top tech talent.
It is why Prime Minister Lee unveiled the ambitious Tech Pass program under the aegis of the Economic Development Board to attract the cream de la cream in the world of IT. The government hopes to issue close to 500 passes under the program to fulfill the shortage of talented tech personnel needed by Singapore companies.
Extension of a Similar Program Launched in 2019
The government of Singapore has endeavored to attract talented individuals in IT for a long time. It realizes that the dreams to transform the present-day country into a smart nation would not be possible without plugging the gap between demand and supply of talented tech personnel. Tech Pass may be a revolutionary scheme for some people, but it is an extension of a similar project introduced by EDB in 2019. EDB, which works under the Ministry of Manpower, had then launched a program called Tech@SG, which aimed at attracting foreign talent in the field of IT by giving reassurance to companies operating in the country.
In the end, it would not be incorrect to dub Singapore as the future Asian hub of finance, tech, and IT if the efforts of the present government and Prime Minister Lee fructify. How the government has made tapping tech talent worldwide easy for big companies is getting a big thumbs up from the entrepreneurs, and IT wizards worldwide. The government’s current initiative should have a flywheel effect on Singapore’s ambitious goals for its future as Asia’s technology hub.
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