The Korea Technology Finance Corporation (Korea Technology Finance Corporation, Chairman Kim Jong-ho, hereinafter referred to as “KIBO”) announced that it held a test drive event for the autonomous driving bus of Autonomous A2G Co., Ltd. (CEO Han Ji-hyung, hereinafter referred to as “A2G”), a prospective unicorn company, in Singapore on Wednesday the 27th, in collaboration with the Embassy of the Republic of Korea in Singapore.
This test drive event took place from Singapore's One North MRT station to Grab's headquarters. Around 10 embassy officials, including A2G CEO Seong Dong-hyung, Ambassador Kim Min, and Land, Infrastructure and Transport Officer Kim Jun-gyeom, as well as representatives from Kibo Singapore Branch and KOTRA Singapore Trade Office, experienced the autonomous shuttle firsthand. This event was a meaningful opportunity to widely promote the autonomous driving technology of domestic innovative companies overseas and establish a global cooperation network between the two countries.
A2G, a self-driving company founded in 2018, became the first Korean company to receive approval for autonomous driving on Singapore's public roads in May. Furthermore, A2G was designated as a potential unicorn company last year, receiving a special guarantee from Kibo and securing direct investment. Kibo is currently reviewing overseas expansion guarantees for its expansion into Singapore and is also exploring various support measures in collaboration with embassies to help Korean innovative companies pioneer global markets.
This autonomous driving operation has also attracted significant attention in Singapore. The Straits Times, Singapore's leading daily newspaper, reported that the electric minibus manufactured by A2Z, equipped with 11 sensors including lidar, radar, and cameras, underwent over 100 hours of learning and training before being deployed on a route between Grab's headquarters and an MRT station. Furthermore, Singapore's state-run broadcaster Channel News Asia (CNA) reported that Grab has launched a dedicated autonomous shuttle bus service for employees connecting its offices and MRT stations, emphasizing that this project is a pilot case that can be linked to the Singapore government's future mobility policy.
Kibo is actively supporting the global expansion of companies with superior technology, including A2G, through its Singapore branch. Kibo also plans to expand its financial support and cooperative network to ensure continued growth after entering overseas markets.
Kwak Yong-ju, head of Kibo Singapore, said, “This test drive event is an opportunity for our innovative companies’ autonomous driving technology to be recognized on the global stage,” and added, “Kibo will continue to do its best to actively support the overseas expansion of companies with excellent technological prowess from overseas bases, including Singapore, and to elevate the status of Korean technology companies.”
Kim Min, Minister of the Embassy of the Republic of Korea in Singapore, said, “The fact that our companies are actively participating in the expansion of autonomous driving, which the Singaporean government is focusing on, is a good example of how cooperation between our two countries, which celebrates the 50th anniversary of diplomatic relations this year, is advancing into areas such as smart cities and future mobility.” He added, “The embassy, the Korea Technology Finance Corporation (KIBO), and other related organizations will continue to cooperate so that our startups can expand into large neighboring markets such as ASEAN, using the Korea-Singapore relationship, which is expected to be upgraded to a strategic partnership this year, as a stepping stone.”
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