On October 11, 2023, Amazon Global Selling announced a new memorandum of understanding (MOU) with Nanyang Polytechnic’s Singapore Institute of Retail Studies, aimed at supporting around 800 Singaporean entrepreneurs and small and medium-sized enterprises (SMEs) in their efforts to expand internationally. This initiative seeks to enhance their online export capabilities by equipping them with essential skills and knowledge for the next three years.

The MOU was signed during the Amazon Global Selling Summit 2023 held at Marina Bay Sands Expo & Convention Centre. Anand Palit, Head of Amazon Global Selling for Southeast Asia, stated that there is immense potential within Southeast Asia and expressed confidence that the collaboration will act as a catalyst for the region’s entrepreneurial community. He noted that SMEs now contribute over 60% of sales on Amazon stores, highlighting that opportunities previously limited to large brands are becoming increasingly accessible.

Minister of State for Trade and Industry, Low Yen Ling, emphasized the importance of this collaboration in strengthening ties between tech leaders like Amazon and Singapore’s local ecosystem. She acknowledged that SMEs form the backbone of Singapore’s economy, accounting for nearly 50% of the country’s gross domestic product, 70% of its workforce, and 99% of all enterprises.

In addition to the MOU, Amazon introduced a six-month fee waiver for new sellers from Southeast Asia who plan to sell on its stores in North America. These new sellers can access Amazon’s professional selling plan for just US$1 for the first six months, significantly reduced from the standard US$39.99 per month. This plan provides sellers with a comprehensive suite of tools for product research and brand development.

Singapore has seen a surge in e-commerce success, with the global e-commerce market projected to exceed US$4 trillion by 2027. In 2022, Singapore’s business-to-consumer (B2C) e-commerce exports amounted to S$1.7 billion and are expected to reach S$3.9 billion by 2027, according to Access Partnership.

Russell Chan, Principal and CEO of Nanyang Polytechnic, remarked that the region is evolving into a significant player in the B2C cross-border market and that the collaboration with Amazon is set to make a substantial impact.