Why Singapore tech firms think Africa is the next big thing
Africa has become the new frontier for Singapore’s startup movement, as more technology and venture capital firms eye the continent’s largely untapped market for the next wave of growth despite the challenges it presents, experts say.
From ride-hailing and ecommerce to trade finance and infrastructure, companies from the city-state have in recent years been drawn by the sheer size of the African market – 1.2 billion people – and the opportunities it presents as it seeks to keep pace with Asia and the rest of the world.
One such budding firm is Gozem, a Singapore-based transport company with ride-hailing services in West African nations Togo and Benin that plans to enter 15 more African markets within five years.
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