Excellent article by Issac Souweine, GM of Pollenizer South East Asia:
So yes there are opportunities to invest in Singapore, but I believe the bigger opportunity is outside of Singapore, i.e., in Bangkok, Jakarta, Manila and HCMC, where the funding scene is weaker at every stage and the market size and growth rates are faster. The downside of these markets – besides the pollution, traffic and lack of transparent business practices – is that the startups are also less mature. But I think this will change, and in general an angel investor or venture capitalist can have a bigger impact both in terms of financing and mentorship. The valuations will also be much more attractive. If you do go this route, having a trusted local partner or advisor is highly recommended.