Gaming giant Razer's co-founder and chief executive officer (CEO) Min-Liang has committed $10m SGD in funding to gaming and esports development in Singapore over the next 12 months.
The funds will support both esports teams as well as gaming/esports companies in Singapore or founded by Singaporeans.
This funding will also go, in part, to Team Singapore which Razer is supporting for the SEA Games (of which Razer is also the official esports partner) later this year where esports will be, for the first time ever, a medalled sport.
Min-Liang, in a statement, said: "I’m incredibly grateful for all the support we’ve had from the Singapore government and Singaporeans alike all these years. While I founded Razer in the US, I’m still a Singaporean citizen and we have an office in Singapore with about 500 staff (and currently building a new SEA HQ in Singapore to double our headcount over the next few years to over 1,000!)."
Esports is a lot in demand in the Southeast region with previously four leaders from South East Asia’s advertising, media and gaming industries coming together to build a business upon the rapid rise of esports and gaming marketing.
Furthermore, in 2019, competitive gaming, or esports, will have 454 million participants and revenues of $1.1bn – 26% growth, according to the latest Newzoo esports Report estimates. By 2022 the report estimates those figures will be 645 million participants with revenues as high as $3.2bn.