Singapore's top university commits $116m for deep-tech startups
TSUBASA SURUGA
SINGAPORE -- The National University of Singapore, the city-state's top university, is launching a 150 million Singaporean dollar ($116 million) program aimed at investing in startups that work in robotics, autonomous driving and other deep-tech fields.
Over the next three years, the NUS VC Program will pour SG$50 million into venture capital (VC) firms with track records in early-stage deep-tech investments and provide support for the university's tech startups, NUS announced on Tuesday. It will set aside another SG$100 million for a separate fund focused on NUS-affiliated firms, with plans to invest alongside the selected VCs.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Mainichi
3 days ago
- The Mainichi
Visa told by Japan antitrust watchdog to reform credit info system
TOKYO (Kyodo) -- Japan's antitrust watchdog said Tuesday it had told Visa Worldwide Pte Ltd. to reform its business practices after concluding that the firm restricted and pressured card companies to use its credit information system. It marks the first administrative action taken by the Japan Fair Trade Commission against a credit card company. The commission said global credit card brand Visa Inc.'s Singaporean unit, which manages the Asia-Pacific region including Japan, had charged higher fees to other credit card firms that did not use its network to check credit information. The commission said the Visa unit has submitted plans to improve its practices, adding that it has accepted the plans. The company was exempted from facing fines or other punitive measures under the antimonopoly law. Visa Worldwide said in a comment "the plans will be fulfilled and a structure based on strong compliance will be maintained." According to the Japan Consumer Credit Association, as of 2020, the Visa credit card brand accounted for about half of the market share in Japan. The total amount of credit card transactions in the country in 2024 stood at 116 trillion yen ($785 billion). Credit card transactions involve an issuing company and management company, which both utilize a trusted reference system when a transaction is made, according to the watchdog. Interchange fees, typically set by global brands, are paid by the management company to the issuing company during a transaction, while the issuing company pays a service charge to a different company -- in this case Visa Worldwide -- providing the reference system. While Visa Worldwide had applied preferential rates under certain requirements, it altered the conditions from no later than November 2021 to necessitate the use of its network, leading some companies to switch to the system under Visa despite it costing more than others. Visa's practice is believed to have been aimed at increasing revenue by excluding competitors from the market. Japanese authorities had been investigating allegations the practice violated the antimonopoly law, which prohibits companies in a dominant position from imposing unfair trading terms on firms with a weaker standing. Tuesday's administrative action against Visa Worldwide does not mean that the practice "violated" the law. Under the plans submitted to the commission, the Visa unit will restore conditions for preferential rates to previous iterations. A third-party entity, approved by the watchdog, will also check for improvements and report to the commission over the next five years.
Kyodo News
4 days ago
- Kyodo News
Kyodo News Digest: July 23, 2025
TOKYO - The following is the latest list of selected news summaries by Kyodo News. ---------- Trump says Japan agrees to 15% reciprocal tariff under "massive" deal WASHINGTON - U.S. President Donald Trump said Tuesday that he has struck a "massive" trade deal with Japan, under which the Asian country has agreed to a so-called reciprocal tariff of 15 percent. "There has never been anything like it," Trump said on social media, adding that Japan will open its markets for cars, trucks, rice, certain farm products and other goods. ---------- Survey to start for 1st new nuclear reactor since Fukushima disaster OSAKA - Kansai Electric Power Co. said Tuesday that it plans to begin a geological survey to replace a nuclear reactor on the premises of its Mihama nuclear power plant on the Sea of Japan coast, in what would be the first new reactor since the 2011 Fukushima disaster. Currently, the No. 3 unit is the only reactor in operation at the Mihama station in Tsuruga, Fukui Prefecture, while the other two units are set to be decommissioned. ---------- Support for PM Ishiba Cabinet hits record-low 23% after election loss TOKYO - The approval rating for Japanese Prime Minister Shigeru Ishiba's Cabinet dipped to just under 23 percent, the lowest level since he took office in October, a Kyodo News poll showed Tuesday, underscoring his continuing plight following his ruling coalition's major setback in the weekend House of Councillors election. Although Ishiba is facing growing calls from within his Liberal Democratic Party to step down to take responsibility for Sunday's election drubbing, respondents of the survey were divided on the issue, with 51.6 percent demanding his resignation and 45.8 percent thinking otherwise. ---------- PM Ishiba faces resignation calls from within LDP after election loss TOKYO - Japanese Prime Minister Shigeru Ishiba on Tuesday faced a barrage of criticism and calls from within his own Liberal Democratic Party to resign after the ruling coalition's bruising setback in the House of Councillors election. Ishiba, who has expressed his intention to stay on as Japanese leader, is arranging to meet with former Japanese prime ministers, including Taro Aso and Fumio Kishida as early as Wednesday, sources with knowledge of the plan said. The LDP heavyweights may discuss the next course of action. ---------- Visa told by Japan antitrust watchdog to reform credit info system TOKYO - Japan's antitrust watchdog said Tuesday it had told Visa Worldwide Pte Ltd. to reform its business practices after concluding that the firm restricted and pressured card companies to use its credit information system. It marks the first administrative action taken by the Japan Fair Trade Commission against a credit card company. The commission said global credit card brand Visa Inc.'s Singaporean unit, which manages the Asia-Pacific region including Japan, had charged higher fees to other credit card firms that did not use its network to check credit information. ---------- Trump says Philippines agrees to 19% tariff WASHINGTON - U.S. President Donald Trump said Tuesday he has reached a trade deal with the Philippines that includes a tariff of 19 percent on imports from the Southeast Asian country. Trump announced the deal on social media shortly after concluding his talks with Philippine President Ferdinand Marcos Jr. at the White House. He added the Philippines will open its market to the United States without tariffs. ---------- U.S. Treasury chief hints at extending 90-day tariff truce with China WASHINGTON - U.S. Treasury Secretary Scott Bessent said Tuesday he will meet with a Chinese delegation next week in Sweden, suggesting that a 90-day tariff truce with China, set to expire Aug. 12, could be extended as negotiations have entered a "new level." Bessent said in a Fox Business interview that his third round of trade talks with senior Chinese officials is scheduled for next Monday and July 29 in Stockholm. ---------- Nobel committee chair stresses "nuclear taboo" during Hiroshima visit HIROSHIMA - Jorgen Watne Frydnes, chair of the Norwegian Nobel Committee, during a visit Tuesday to Hiroshima stressed that the "nuclear taboo" must not be confined to the atomic-bombed city but spread worldwide. Frydnes' trip to Japan comes after Nihon Hidankyo, Japan's leading group of atomic bomb survivors, was awarded the Nobel Peace Prize last year, with him praising the group for its efforts to achieve a nuclear-free world through witness testimony. ---------- Video: Gion Festival in Kyoto
Nikkei Asia
4 days ago
- Nikkei Asia
Visa told by Japan antitrust watchdog to reform credit info system
TOKYO (Kyodo) -- Japan's antitrust watchdog said Tuesday it had told Visa Worldwide to reform its business practices after concluding that the company restricted and pressured card issuers to use its credit information system. It marks the first administrative action taken by the Japan Fair Trade Commission against a credit card company. The commission said global credit card brand Visa Inc.'s Singaporean unit, which manages the Asia-Pacific region, including Japan, had charged higher fees to other credit card companies that did not use its network to check credit information. The commission said the Visa unit has submitted plans to improve its practices, adding that it has accepted the plans. The company was exempted from facing fines or other punitive measures under the antimonopoly law. According to the Japan Consumer Credit Association, as of 2020, the Visa credit card brand accounted for about half of the market share in Japan. The total amount of credit card transactions in the country in 2024 stood at 116 trillion yen ($785 billion). Credit card transactions involve an issuing company and a management company, which both utilize a trusted reference system when a transaction is made, according to the watchdog. Interchange fees, typically set by global brands, are paid by the management company to the issuing company during a transaction, while the issuing company pays a service charge to a different company -- in this case Visa Worldwide -- providing the reference system. While Visa Inc. had applied preferential rates under certain requirements, it altered the conditions from no later than November 2021 to necessitate the use of its network, leading some companies to switch to the system under Visa despite it costing more than others. Visa's practice is believed to have been aimed at increasing revenue by excluding competitors from the market. Japanese authorities had been investigating allegations that the practice violated the antimonopoly law, which prohibits companies in a dominant position from imposing unfair trading terms on firms with a weaker standing. Tuesday's administrative action against Visa Worldwide does not mean that the practice "violated" the law. Under the plans submitted to the commission, the Visa unit will restore conditions for preferential rates to previous iterations. A third-party entity, approved by the watchdog, will also check for improvements and report to the commission over the next five years.
