The Singaporean government has been stepping up its initiatives to expand the ever-growing talent pool for technology as it further fortifies the sector.
In fact, it recently launched Tech Pass, which is a visa designed to attract more foreign talent, business leaders, and experts in the technology sector into the country.
The Minister for Trade and Industry noted it was the right move because the country might be left behind if it will not attract more tech talents. Why? The government official said that Singapore is not the sole country pursuing to build up a top-tier talent pool in technology.
The likes of Thailand, China, and France have already made their proposals to bring in highly skilled technology professionals, the Minister for Trade and Industry said. In addition, the government noted that both France and Thailand launched special visa programs to make the transition of the tech talents into their countries easier.
With these kinds of development, Singapore found it imperative to level up its game when it threw its hat into the ring. Amid the digital shift, the country positions itself to be at the top of the class.
Why is Singapore Eager to Have More Tech Talents?
Allowing more foreign tech talents and entities into the country brings in more capital. At the same time, the government said that it would create more opportunities for the residents, too. It is a win-win situation.
According to a study by Temasek, Google, and consultancy firm Bain & Company, the technology sector appears to be the next big thing for Singapore as well. And it is obvious that the country is preparing itself for the eventual boom in the industry.
To be more specific, the research showed that the said sector would be a significant growth driver for Singapore. This, as they think tanks expect the Internet economy to reach as much as US$22 billion or S$29.7 billion by 2025.
In the same report, it was noted that the country is a haven for the headquarters of companies with over $1 billion in valuation. Singapore has the highest number of regional offices for several e-commerce platforms, including Lazada and Shopee, in the Southeast Asian region.
It is no wonder that the government is also relying on the technology sector to revive the economy currently facing challenges because of the coronavirus pandemic. To be fair, the digital space has been proving itself to be the go-to place now for different transactions. It has generated greater demand as people are restricted to go out.
More studies claim that the current change in consumer behaviour amid the remarkable digital shift is seen to remain even after the lockdown measures are lifted. This is a scenario that tech firms and e-commerce platforms can take advantage of.
Applying for Tech Pass
The government is set to open the applications for the Tech Pass in January next year. There are 500 slots allotted for the work pass.
While Singapore wants to attract a big number of talents, it has set requirements to make sure that the Tech Pass holders are vetted carefully. Here they are:
- Must have at least a fixed monthly salary of $20,000 in the past year
- Must have at least five cumulative years of serving in a leadership role at a tech company
- Must have at least five years of experience in the development of a tech product
If you meet at least two of the criteria, you are eligible to apply.
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