Singapore-based EDBI has announced a partnership with Royal Philips, a diversified health and well-being company, to make joint investments in innovative companies in the digital health sector in Asia.

The alliance aims to help companies in this space to build technological capabilities to innovate, scale and expand regionally and globally, in order to address the pressing healthcare needs of an ageing Asian population. The partnership will also strengthen the local and regional healthcare ecosystem through collaborative innovation between local companies and multinationals.

Singapore-based CXA Group, an employee benefits and wellness marketplace platform, is the first company to receive funding from the joint alliance.

Also Read: Artificial Intelligence can democratise healthcare access in India, says Manish Singhal of Pi Ventures

CHOO Heng Tong, Executive Vice President (Investments) at EDBI, said: “While there is significant value in harnessing data as a digital asset to better personalise health and wellness decisions for individuals, the Asian healthcare sector operates differently from the West, where digital health solutions have taken root. We will continue to identify key game-changers which are capable of transforming Singapore’s healthcare sector with their disruptive technologies.”

“We have a proven track record of working with healthcare partners across the world to deliver health programmes with positive clinical outcomes for patients and economic benefits for our partners,” said Caroline Clarke, CEO, Philips ASEAN Pacific. “It was therefore a logical  next step for us to join forces with EDBI and use our expertise and capabilities to support high-potential digital health businesses and entrepreneurs in this way.”