A*Star, Sumitomo Mitsui Banking Corp ink deal on R&D works in Singapore

A sign board of Sumitomo Mitsui Banking Corporation is seen outside its branch in Tokyo on July 30, 2014. The Agency for Science, Technology and Research (A*Star) and Sumitomo Mitsui Banking Corporation (SMBC) have inked a framework agreement to
A sign board of Sumitomo Mitsui Banking Corporation is seen outside its branch in Tokyo on July 30, 2014. The Agency for Science, Technology and Research (A*Star) and Sumitomo Mitsui Banking Corporation (SMBC) have inked a framework agreement to support Japanese research & development (R&D) activities in Singapore for the next three years. -- PHOTO: REUTERS

SINGAPORE - The Agency for Science, Technology and Research (A*Star) and Sumitomo Mitsui Banking Corporation (SMBC) have inked a framework agreement to support Japanese research & development (R&D) activities in Singapore for the next three years.

The partnership will not only promote scientific and technological research activities in Singapore, but will also strengthen SMBC's value proposition to its Japanese customers who are looking to globalise their business, A*Star said in a statement.

SMBC managing director and head of Asia Pacific division Masayuki Shimura said Singapore is a choice location for companies aspiring to develop and optimise their products to cater to the expanding markets in Southeast Asia, India and Oceania.

"A*Star, as Singapore's lead R&D agency, has established a wide spectrum of world-class research capabilities and a strong base of talent. Its open innovation framework that actively supports its industry partners both locally and overseas is an ideal platform for our customers who wish to expand their interactions with the region," he noted.

" With the partnership, SMBC continues its strong support to customers on their global strategic efforts through the organising of seminars and the provision of timely information on R&D activities in Singapore," he added.

Given that Japanese companies are known to be among the most innovative in the world, the collaboration with SMBC is testament to the key role that A*Star plays in Singapore's innovation ecosystem where R&D is mission oriented for industry and economic impact, said Prof Raj Thampuran, managing director, A*Star.

A*Star provides the infrastructure for interactions and collaborations across institutes and disciplines through its activities centred in Biopolis and Fusionopolis, Singapore's twin research hubs for biomedical and engineering research.

The agency supports Singapore's key economic clusters by providing intellectual, human, and industrial capital to its partners in industry.