OTF signs MoU with Singaporean firm to support tech startups
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.