In its statement, the MTI noted that while Singapore accounts for about 22% of Nvidia’s revenue, the Nasdaq-listed company stated in its regulatory filing that “most shipments associated with Singapore revenue were to locations other than Singapore, and shipments to Singapore were insignificant”.
MTI adds that Singapore is an international business hub with major US and European companies having “significant operations” in the city-state.
“Nvidia has explained that many of these customers use their business entities in Singapore to purchase chips for products destined for the US and other Western countries,” reads the statement. “Nvidia has also stated that there is no reason to believe that DeepSeek obtained any export-controlled products from Singapore.”
MTI also stressed that the country has always “upheld the rule of law, and acted decisively and firmly against individuals and companies that flout the rules”.
