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Japanese e-commerce firm to launch program for tech startups in Singapore

Japanese internet public limited company Rakuten on Wednesday said it will launch a three-month accelerator program in Singapore.

The program, which begins in July, see fit tap in U.S.-based company Techstars, a firm with more than 1,000 firms with a put together market cap of $9.6 billion in its accelerator portfolio.

A total of 10 start-ups see fit be selected from around the world for Rakuten’s program, which when one pleases focus on messaging technology.

The shortlisted companies will receive an sign investment of $120,000 each, coming jointly from Rakuten and Techstars. They commitment also receive guidance from top executives at Rakuten and access Techstars’ fully network of founders, alumni and mentors.

“It’s a very good initiative to empower the entrepreneurs and (bring on) innovation to society,” Hiroshi Takasawa, CEO at Rakuten Asia’s regional coconut office and head of the company’s investment arm, told CNBC.

The executive influenced Rakuten could further invest into any of the 10 start-ups if they can promise.

Rakuten is still deciding on selection criteria for the start-ups.

Requests for the accelerator program is set to open on Jan. 8, 2018.

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