$100 million fund for Singapore digital media companies
Companies and industry associations from Singapore and China have collaboratively signed 18 business deals and memoranda of understanding (MOUs) in Shanghai on the sidelines of the World Expo.
These include an agreement between the Media Development Authority (MDA) of Singapore and a China-based venture capital firm, Gobi Partners, to set up a S$100 million fund.
This fund will provide support for companies entering the Chinese market, as well as for China companies aiming to venture into Singapore, in hope that there will be a booming exchange of digital media content.
Speaking at the China-Singapore Media Industry Exchange, Dr Christopher Chia, CEO of MDA, said that the target is to support about 1,000 Singapore companies over the next few years.
One project already in development is a game based on the legendary Three Kingdoms era. It will be presented on the China International Broadcast Network, which is a major network reaching up to 53 million subscribers.
Chairman of MDA, Dr Tan Chin Nam, said, “In recent years, we have revitalized our media ties with China, including the carriage of CNA International in China and since 2007 a series of government-to-government MoUs. That set the stage for more media collaborations, including the forthcoming China-Singapore Drama Golden Melodies Concert and a slate of TV co-productions announced last month. Bilateral media relations reached new heights two weeks ago with the signing of the China-Singapore Film Co-production Agreement, paving the way for more partnerships in content creation between the two countries.”
“As China’s media industry makes tremendous strides and Singapore ramps up the development of its media sector, we believe there are many opportunities for companies from both countries to gain new ground through mutually beneficially partnerships, such as the line-up of digital media partnerships announced today.” added Dr Tan.