OTF signs MoU with Sin­ga­porean firm to sup­port tech star­tups

Muscat Daily - - NATION -

Oman Tech­nol­ogy Fund (OTF) has signed a mem­o­ran­dum of un­der­stand­ing (MoU) with Tribe Ac­cel­er­a­tor, the Sin­ga­pore gov­ern­ment sup­ported blockchain ac­cel­er­a­tor, that will help tech star­tups in the sul­tanate reach mar­kets across Asia.

OTF stated that the MoU ‘will en­able Omani tech star­tups to ex­pand into Asian mar­kets and fa­cil­i­tate the launch of Sin­ga­pore tech­nol­ogy star­tups to the re­gion via the sul­tanate'.

Through the pact, OTF seeks to make Oman the pre­ferred des­ti­na­tion for emerg­ing tech com­pa­nies in the re­gion, and an at­trac­tive and stim­u­lat­ing des­ti­na­tion for ven­ture cap­i­tal.

The OTF op­er­a­tions fo­cus on defin­ing the fu­tur­is­tic ideas in the tech­nol­ogy sec­tor, and amongst en­trepreneur­s who have high po­ten­tial tech­nol­ogy and tech­ni­cal in­no­va­tion ideas/projects, within a geo­graphic area cov­er­ing Oman and the Middle East, through a phased plan that in­cludes in­vest­ment, guid­ance and co­op­er­a­tion.

The OTF has three in­vest­ment projects, in­vest­ment in the early stage of ideas, un­der the in­vest­ment pro­gramme Tech­ween, the ac­cel­er­a­tion stage Wadi Ac­cel­er­a­tor and growth phase Ja­soor Ven­tures.

OTF had also signed an MoU with Bri­tish ven­ture cap­i­tal and pri­vate eq­uity com­pany Ham­bro Perks (HP) to es­tab­lish Bri­tishO­mani Tech­nol­ogy Gate­way in 2018. Ac­cord­ing to OTF, the gate­way will fa­cil­i­tate the ex­pan­sion of Omani tech­nol­ogy star­tups into the Bri­tish mar­ket as well as it will help re­duce the cost of en­ter­ing new mar­kets.

Tribe Ac­cel­er­a­tor cham­pi­ons to be a neu­tral plat­form in driv­ing col­lab­o­ra­tion and growth of the blockchain ecosys­tem.

(Sup­plied photo)

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