CapitaLand inks S$10-million innovation partnership with EDB to build a future-ready workforce and new proptech-enabled capabilities
Corporate venture arm C31V partners SGInnovate as new coinvestor
Singapore, 7 December 2017 – CapitaLand is accelerating its innovation push with a S$10-million partnership with the Singapore Economic Development Board (EDB). Named CapitaLand ELEVATE, the programme aims to upskill CapitaLand’s staff and develop technology-enablers for the company to seize opportunities to build real estate of the future. This is part of CapitaLand’s two-pronged approach to enhance strategic capabilities by building depth internally through training and test-bedding, while building breadth externally through partnerships and corporate venture networks.
CapitaLand ELEVATE was launched today by Guest of Honour Mr S Iswaran, Minister for Trade and Industry (Industry), and Mr Lim Ming Yan, President & Group CEO, CapitaLand Limited at Funan Showsuite. They were joined by Ms Sim Ann, Senior Minister of State for Trade and Industry; Mr Ng Kok Siong, Chief Corporate Development Officer, CapitaLand Limited; and Mr Ralph Foong, Executive Director, Strategic Growth Partners, EDB.
The programme will focus on developing CapitaLand’s employees in areas such as data analytics, digital marketing and digital product management. It will also explore new technologies that will enable CapitaLand to create people-centric products, services and experiences.
Mr Lim Ming Yan, President & Group CEO of CapitaLand Limited, said: “CapitaLand strongly believes in the importance of enabling our employees with training and tools to be future-ready. Leveraging the S$10-million partnership with EDB, CapitaLand ELEVATE will shore up our innovation capabilities through the upskilling of staff and test-bedding of the latest technologies to expand our product and service offerings. This ensures that we stay ahead of the demands of tomorrow’s consumers, and are in a strong position to contribute to the transformation of the real estate industry for Singapore’s future.”
Dr Beh Swan Gin, Chairman of the Singapore Economic Development Board, said: "We are delighted that CapitaLand is embarking on its new digital innovation programme, CapitaLand ELEVATE. This is aligned with EDB’s effort to support Singapore-based businesses to strengthen their digital competencies and leverage the growth opportunities brought about by digitalisation. Through this programme, CapitaLand will also look to cocreate a spectrum of new products and services with external partners."
Besides building its internal capabilities, CapitaLand’s corporate venture arm, C31 Ventures (C31V), has invested S$10 million in startups. Its portfolio companies include omni-channel retail enabler Ace Turtle; customer insights platform Mobikon; homegrown premium coworking operator The Great Room; and online table reservation company Chope. Eighteen proptech initiatives have also been piloted at CapitaLand properties since C31V was set up in July 2016.
In addition, C31V has been selected as one of SGInnovate’s coinvestment partners under the Startup SG Equity scheme. SGInnovate will be managing a portion of the funds under this scheme, which involves identifying and coinvesting in deep tech startups focusing on technologies such as artificial intelligence, cybersecurity and blockchain. Startup SG Equity aims to stimulate private-sector investments in innovative, Singapore-based technology startups with intellectual property and global market potential.
Mr Lim added: “C31V’s investments have provided us keen insights into disruptive businesses and allowed us to address them pre-emptively. We work together with our portfolio companies to test-bed these technologies and business models at our properties to better engage our customers and tenants, increase productivity and to scale up faster. Our inclusion as a choice coinvestor by SGInnovate, coupled with earlier funding from the Singapore National Research Foundation’s Early Stage Venture Fund III, attest to C31V’s position as a well-regarded corporate venture fund. Through these efforts, we are reinventing our processes as well as advancing our products and services with new capabilities to create seamless offline and online experiences for our customers. This is essential as CapitaLand continues to leverage our strengths in building connected, inclusive and sustainable smart precincts with spaces that are well-used and loved by the community.”
CapitaLand’s partnership with EDB and its progress with C31V follow the Group’s recent collaborations with leading Chinese startups to accelerate the digitalisation of its real estate offerings. CapitaLand sealed a Memorandum of Understanding with Han Hai Holdings to expand C31V into China. It partnered Megvii to roll out its Face++ facial recognition technology at CapitaLand offices and malls in China. The Group also renewed a tripartite partnership with IE Singapore and coworking space operator UrWork to explore the integration of CapitaStar1 and UrWork’s digital platforms to enhance the experience for members of both CapitaStar and UrWork in China. IE Singapore will also support CapitaLand’s set-up of innovation centres in China to incubate selected Singapore companies and to test-bed their technologies in the Group’s properties in China.
1 CapitaStar is CapitaLand’s cardless rewards programme with close to five million members in Singapore, China, India, Japan and Malaysia. In China, CapitaStar has close to four million members.