Singapore is quietly building one of Asia’s most complete capital stacks. But founders and investors are being reminded that discipline, not hype, will determine who makes it from pre‑seed to exit.

That was the core message from a Craft Stage panel at the FM Singapore Summit 2026. Venture capital, public markets and secondary‑liquidity specialists mapped out how the city‑state competes with London, New York and San Francisco across the full lifecycle of funding.

The discussion brought together Vidushan Premathiratne, the Founder of 8 Circle / Techt Labs, Zongxi Sia, the Partner at Cocoon Capital, Luca Zorzino, the General Partner and Head of Singapore Illuminate Financial, and Thom Abbott, the Head of SE Asia Primary Markets, London Stock Exchange.

Singapore’s Appeal, and Its Limits

Moderator Premathiratne set the tone by contrasting Singapore’s reputation as a safe hub with the “sophisticated ecosystem” behind it, spanning sovereign capital from Temasek and GIC, a growing family office base, specialist VC funds and the Singapore Exchange.

• “When AI Is a Black Box, Traders Either Distrust It Completely or Trust It Far Too Much”: Insights from FM Singapore Summit 2026
• “Bullion Should Not Be Treated as Just Another CFD Product”: Insights from FM Singapore Summit 2026
• FM Singapore Summit 2026 Day 1 Wrap-Up: A Strong Debut in Asia’s Leading Financial Hub

Yet the panel was clear that the market’s depth must be seen in context: “If you look at venture dollars raised in Q1 this year in SF, you’re talking about $170 to $180 billion; here in Singapore, two to three billion,” said Zorzino.

For Zorzino, Singapore works best when founders use its advantages: regulatory clarity, specialist talent and early‑stage capital, while accepting a different risk‑capital flavor than Silicon Valley.

More from the event: “When AI Is a Black Box, Traders Either Distrust It Completely or Trust It Far Too Much”: Insights from FM Singapore Summit 2026

That means building leaner, more capital‑efficient companies, getting to profitability sooner and treating Singapore as a Southeast Asia gateway or a regulatory beachhead for global fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term, rather than a copy‑paste of a US model.

Building Exit-Ready Companies from Day One

Pre‑seed investor Sia focused on how governance and structure can de‑risk failure for LPs and future investors. Cocoon insists that IP, founder employment and corporate value be housed in a Singapore entity: “There has to be as much value as possible housed in a safer region or more predictable region,” he said, arguing that this makes later US or European investors more comfortable with due diligence and corporate governance standards.

Sia noted that most founders he backs are first‑timers, often “techies” who are strong on product and sales but “have no idea what a balance sheet is.” He described venture funding as a “double‑edged sword”. “I give you money, but you have to give me an exit as well”, and stressed the need to professionalize management over time, sometimes bringing in a CEO or CFO to handle conversations with Series A, pre‑IPO and eventual exit counterparties.

London’s Bid to Plug the Funding Continuum

On exits, Abbott argued that London can offer Singapore‑grown companies both public and private pathways to deeper pools of capital. He emphasized that his role is not to “drag companies kicking and screaming over to London” but to help when there is a strategic rationale, such as sector expertise, acquisition Acquisition Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There Read this Term plans or access to Europe, Africa and the Middle East.

Abbott highlighted LSEG’s new private secondaries platform, designed for companies that are staying private longer but need to meet institutional investors or offer liquidity to early staff and backers. “We are trying to be… agnostic as to whether a company is public or private,” he said, positioning the platform as a way to extend the funding continuum between early rounds, secondary sales and a possible IPO.

On dual listings, he warned that they only work when there is a clear strategic rationale and a willingness to absorb the additional costs, rather than as a flagging we’re there branding exercise.

Investment ‘Winter’ and the AI Arms Race

The panel pushed back on headlines about a prolonged investment winter in Asia, while acknowledging a stark K‑shaped recovery in global venture markets.

Zorzino said that while San Francisco’s downturn “has been very much over for a while now” and capital is “essentially unlimited” for firms such as Anthropic and OpenAI, smaller players in Singapore still face a tougher fundraising environment and widening disparity between “the haves and the have‑nots.”

On AI, both investors agreed the wave is not about to end, but will evolve. Zorzino predicted more scrutiny of unit economics as model providers shift from “all‑you‑can‑eat” to usage‑based pricing: “People are going to start recognizing that actually this workflow… automated with Claude… actually cost me $4,500 just for this specific workflow,” he said, arguing that some tasks may be cheaper in low‑cost human locations than through an LLM.

Keep reading: “Singapore Banks Remain Cautious and Selective”: Web3 Firms Face Higher Compliance Demands

Sia added that Cocoon saw roughly 2,100 deals last year and “about every quarter was about 300 or so AI companies,” rising to roughly 450 AI decks in the first quarter alone, evidence, he said, of a bubble that “is just going to keep being around,” even as investors shift their focus from wrappers and app layers to more defensible innovation and data‑level moats.

Geopolitics, safety and the case for discipline

Geopolitical risk surfaced mostly as a constraint on deep‑tech and cross‑border exits rather than a brake on early‑stage enterprise software. Sia said early enterprise tech companies in Southeast Asia are still largely insulated as they chase regional product‑market fit, while deep‑tech founders must now confront whether they can serve both US and China or must pick a side.

Zorzino pointed to banks’ desire to host open‑source models in‑house, many originating from Chinese research labs, while weighing security and capital‑controls risks, especially after enforcement actions like the crackdown on Manis.

Abbott argued that IPOs still rely on “a bit of stability and less volatility” and cited a delayed flotation by Love Holidays, which had heavy exposure to Dubai, as an example of how specific geopolitical flashpoints can upset listing timetables.

But he said secondary‑market activity remains robust and that both London and Singapore can benefit from being seen as relatively neutral venues that investors use to express their own geopolitical preferences in sectors such as resources and AI‑critical supply chains.