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Economy

How Singapore is going from trade hub to innovation hub

City-state looking to compete with Silicon Valley

Having built its fortune on global trade, Singapore is now looking to establish itself as the world’s leading center for innovation. (Photo by Ken Kobayashi)

SINGAPORE -- Nyha Shree and Joe Tusin are each drawing up plans to expand their businesses in an office opened by U.S. digital payment platform PayPal in Singapore's Marina Bay area.

Joe Tusin and Nyha Shree have set up shop in PayPal's Innovation Lab. (Photo by Shinya Sawai)

Both run companies that make use of artificial intelligence -- Tusin's to detect illegal remittances and Shree's to point social media users in the direction of companies that sell items they like. Moreover, both get to work in a space where they can seek help from and collaborate with PayPal employees.

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