The alliance will enhance cross-border innovation and sharing of technological knowledge as well as collaborate and encourage innovative and tech companies.

An industry alliance to facilitate cross-border innovation and research development between Singapore and China, (especially Shanghai) has been founded in Shanghai, Shanghai Daily learned today.



The Sino-Singapore Innovation Alliance will enhance cross-border innovation and sharing of technological knowledge as well as collaborate and encourage innovative and technological companies. The alliance will also work on a scientific and technological talent database as part of long-term projects under a framework agreement signed in Shanghai by Shanghai Singapore Business Association , Elna Chin Foundation, QTUM Foundation and Shanghai ChuangPai Investment Management (INNOSPACE).

Singapore and China have great potential to cooperate in the service industry, especially in “consumption upgrade” and “vibrant technology transform” opportunities, said Alexious Lee, head of capital access at CLSA China, adding that the finance and capital market strongly supports IT innovation.

The new alliance will also benefit from China's Belt and Road initiative, according to industry observers.

China and Singapore have maintained close relations in economics and trade, scientific and technological innovation, and cross-cultural exchanges in past decades, according to SSBA.

Shanghai has invested heavily and unveiled special policies to welcome IT professionals to help with visa and tax, said an official at Zhangjiang, a national innovation demonstration zone.