Singapore-based Sistema Asia has signed memorandum of understanding with state fund Russian Venture Company (RVC) to collaborate on the commercialisation of advanced digital technology innovations.
The partnership will leverage Sistema Asia’s Sales Jet platform to expand market opportunities for Russian technology companies in Singapore and Asia. RVC will help Singapore-based companies seeking partnership opportunities within Russia’s technology ecosystem.
Sales Jet is a business development platform for advanced technology companies from Russia and Singapore that are looking to expand their business across Asia. It was formed in 2019 by Sistema Asia, in partnership with Enterprise Singapore, the Skolkovo Foundation and Russian telco MTS.
Participants in the Sales Jet program currently include ICT companies from Singapore and Russia with market-ready commercial technological products who are seeking to expand their presence in both Asia and Russia, including top technology players in enterprise cybersecurity, computer vision, and visual search.
During Sales Jet’s three-month programme, companies receive expert insights on their target local markets. The companies also receive professional assistance on scaling their businesses, such as organising sales, improving engagements with local consumers, as well as expanding stakeholder and investor networks.
The first admission to the program took place in the third quarter of 2019. It is expected that at least 20 Russian and 20 Singapore companies will participate in the Sales Jet annually.
“Singapore is a strategic platform for businesses looking to expand in Asia and a good launch pad for Russian projects looking to grow globally,” said Alexander Povalko, general director of RVC. “Sistema Asia has become an important partner in the region that helps us identify and enable the export potential of RVC tech companies in the Asian market.”
As Sistema Asia’s new partner for Sales Jet, RVC will help in the search, initial selection, and participation of Russian companies for the program – namely via a vetting process that meets RVC’s stringent assessments, as mandated by Russia’s National Technology Initiative for 2018-2020.