French and Singaporean companies share a strong innovation culture and complement each other in several key areas; both countries invest in deeptech and have built robust ecosystems to support research and development (R&D) and entrepreneurship.
While Singaporean firms often look to international markets early in their development, French start-ups traditionally focus on their domestic market before expanding, according to Arnaud Caudoux, deputy CEO of Bpifrance. “This is changing — deeptech start-ups are increasingly engaging in international R&D collaborations from the outset, accelerating their growth and global reach.”
Speaking to The Edge Singapore, Caudoux says both countries excel in sectors such as artificial intelligence (AI), aerospace, biotech, cybersecurity and the energy transition. By working together, joint projects can benefit from shared expertise, faster development cycles and access to new markets, he adds.
“France offers deep knowledge of the European regulatory landscape and access to a market of 450 million consumers; Singapore provides strategic access to the Asean region and a highly dynamic innovation ecosystem,” says Caudoux, who has spent more than 21 years with what is now France’s export agency.
‘One-stop shop’
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Bpifrance, also known as the Banque publique d'investissement, is a French public sector investment bank. Founded in 2012 as a joint venture of two state owned enterprises, Bpifrance now markets itself as a “one-stop shop for entrepreneurs” from France.
According to Caudoux, start-ups often face several difficulties, such as identifying the right R&D partner, scaling from prototype to market, accessing international customers and securing growth-stage funding. “As France’s export agency, we provide tailored support for international expansion, including soft loans, guarantees and insurance. We also foster an ecosystem of potential buyers — tech buyout funds, crossover funds and large corporates — to help early investors monetise their stakes and ensure long-term growth.”
For example, Bpifrance offers non-dilutive financing such as innovation soft loans, which allow start-ups to fund their projects without diluting equity. For start-ups with fewer than 250 employees, Bpifrance co-funds advisory services to help them find partners, structure projects and negotiate agreements.
Caudoux may be based half a world away, but he believes start-ups in Asia face the same challenges as their counterparts from France. “Start-ups in Southeast Asia face similar issues, particularly when expanding into Europe. That’s why cross-border cooperation is key.”
According to Caudoux, French start-ups expanding into Southeast Asia are primarily focused on services for financial institutions and markets, rather than traditional B2C or B2B models.
Southeast Asia offers a compelling environment, he adds, with “fast-growing markets, expanding financial sectors, political and economic stability and a strong innovation culture”. “Singapore, in particular, stands out for its openness to talent, capital and entrepreneurship. Its regulatory clarity, IP protection and shared values, [such as] rule of law, decarbonisation [and] innovation — make it a trusted entry point.”
2030 strategy
Bpifrance unveiled in October its 2030 strategy, which involves a plan to deploy nearly EUR35 billion ($52.80 billion) over five years to re-industrialise the French industry, with the aim of creating 100 new industrial sites per year.
“This effort is designed to strengthen domestic production capabilities, reduce strategic dependencies and position France as a leader in advanced manufacturing and sustainable industry,” says Caudoux.
While the strategy is focused on France, Asia remains “indirectly involved”, says Caudoux. “Bpifrance continues to support French companies expanding into Asian markets via export financing, credit insurance and institutional partnerships with [public consulting firm] Business France, French chambers of commerce and local banks.”
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Asia is also part of Bpifrance’s “International Capital Development” framework, which helps French firms grow abroad through targeted investment and strategic alliances.
For example, Bpifrance International Capital acts as a minority investor alongside sovereign wealth funds and other institutional investors, and it may invest in regions outside France in order to support French companies in their international development.
Inspire & Connect
“Southeast Asia remains a key region for our international support mechanisms, especially for companies seeking to scale globally,” says Caudoux. “That’s why we’ll be hosting the fifth edition of ‘Inspire & Connect’ on Nov 17 in Singapore — the first ever in Asia — bringing together hundreds of entrepreneurs and inspiring speakers.”
Marking Bpifrance’s 10th anniversary in Asia, Inspire & Connect Asia will gather over 500 entrepreneurs and investors at Andaz Singapore. ‘We will bring together public decision-makers, global executives, major investors and innovation leaders to address global challenges such as investment, AI, green mobility, cybersecurity and geopolitics,” says Caudoux.
“It’s a celebration of a decade of building bridges between our ecosystems,” he adds. “The goal is clear: [to] accelerate ambitious economic cooperation between Europe and Asia and position France as a key partner in the major transitions reshaping the global economy.”
Registration is free and speakers include Taimur Baig, chief economist at DBS Bank; Bertrand Stoltz, STMicroelectronics’ executive vice-president of corporate finance and Asia public affairs; Ng Boon Teck, assistant vice-president of PSA Ventures; Vijay Iyengar, executive chairman of Agrocorp International; Crypto.com president and COO Eric Anziani; and Pradyumna Agrawal, managing director, investment at Temasek.
Temasek International co-CEO Chia Song Hwee will close the one-day event with a fireside chat alongside Bpifrance CEO Nicolas Dufourcq.
Focus areas
Four themes will feature heavily at Inspire & Connect Asia on Nov 17: fintech, energy, health and digital assets.
Caudoux says fintech and financial markets are at the heart of two “powerful transforming waves”: AI and distributed ledger technologies (DLT). “These innovations promise lower transaction costs and better capital allocation, especially in private markets where barriers to entry are high. We expect convergence between AI and DLT to create paradigm shifts in financial services.”
Digital assets are another strategic pillar for Bpifrance, says Caudoux. “We’ve committed over EUR250 million to support this ecosystem and maintain an open strategy, including permissionless blockchains. We believe this sector will play a key role in reshaping financial infrastructure globally.”
Case in point, Bpifrance is also leading a delegation of 11 French tech companies at the Singapore Fintech Festival (SFF) 2025, happening Nov 12 to 14. This is Bpifrance’s sixth consecutive year at SFF.
Caudoux believes the energy transition is both an environmental necessity and a business opportunity. “While short-term challenges exist, long-term gains are clear. Public regulation and incentives should be built at the largest scale reasonably achievable so a Euro-Asian consensus [can] be sought.”
These four areas are central to both French and Southeast Asian innovation agendas, says Caudoux. “Collaboration can accelerate progress, scale solutions and create shared value.”
Register now for Inspire & Connect Asia.
Photo: Bpifrance
