I am seeing a trend of Singapore startups that found PMF in the global market decided to exit serving the Singapore market altogether given the poor risk-reward of serving the local market. Singapore offers a small market size yet have extremely burdensome and kafkaesque regulation comparable to the EU innovation killing level. Another health tech startup, MitoHealth, which I angel invested, made a similar decision one year ago to forego Singapore market and focus on US have seen their growth accelerated after this decision. Ironically the local investors who put their capital in to support these startups in the beginning ended up not being able to use these products and services!(Arthur)