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AEvice Health, FOMO Pay and XM Studios are the top three winners of Emerging Enterprise Awards 2018

Each winner to receive the coveted Emerging Enterprise Winner title and prizes comprising professional and consultancy services, executive educational programs and support in capability development offered by the respective EE 2018 partners.

Singapore, 21 September 2018 – AEvice Health, a biomedical startup that develops wearable devices to better manage respiratory-related diseases; FOMO Pay, which provides QR code payment solutions and XM Studios, which produces hand-crafted luxury art collectibles, have emerged as the top three winners of the Emerging Enterprise Awards 2018 (EE 2018). 

This year, the Best Innovation Award was also presented to three companies – Endomaster, a medical robotics startup which has developed a robotic-assisted surgical system that can effectively remove gastro-intestinal tumors endoscopically without the need for surgical incisions; Engine Biosciences, a biotech company that is accelerating drug discovery through the use of genomics and artificial intelligence and Whizpace, which provides communication solutions by harnessing underutilised TV White Space spectrum.  

Big Tiny and Mighty Jaxx International were the recipients of the Most Promising Startup Award. Big Tiny is known for manufacturing eco-friendly, prefabricated tiny houses on wheels while Mighty Jaxx International conceptualises and develops original content in collaboration with artists and personalities to produce collectible consumer products.

The EE2018 Gala Dinner and Award Ceremony was held at The Ritz Carlton Millenia Singapore this evening. Senior Minister of State, Ministry of Trade and Industry Dr Koh Poh Koon was the guest-of-honour.


Into its 11th year, EE2018 is Singapore’s only business award that reaches out to SMEs with annual sales turnover of up to S$20 million per annum. The Award acknowledges promising startups and aspiring small and medium enterprises (SMEs) that have been outstanding in their respective fields and provides these deserving businesses with the needed resources to build on their capabilities for further growth. 

This year’s awards feature submissions from a myriad of industries such as healthcare to collectible consumer products to fintech and biotech. The finalists were shortlisted based on the sustainability of their business models and growth plans, as well as the viability of their business strategies in taking on the challenges and opportunities in their various industries.

Each of the top three winners – AEvice Health, FOMO Pay and XM Studios – will receive the following:


  • S$200,000 interest-free Business Overdraft facility from OCBC Bank  
  • S$20,000 credit in the OCBC Business Debit Card and a Mastercard Priceless Surprise package worth S$30,000, totaling S$50,000 per winner 
  • Strategic Research Consultancy Package from Acorn Marketing & Research Consultants worth S$30,000 per winner 
  • Open Enrolment Programme Package worth up to S$30,000 per winner  
  • Consulting Package for Growing Businesses from RSM worth S$30,000 per winner  
  • Support from Enterprise Singapore for capability development and internationalization



The Best Innovation Award recognises the spirit of innovation and originality in business concepts. The three winners, Endomaster, Engine Biosciences and Whizpace received an Information and Communications Technology (ICT) business solutions package from Singtel worth up to S$30,000 and a S$50,000 interest-free business overdraft facility from OCBC Bank.  

The two recipients of the Most Promising Startup Award, Big Tiny and Mighty Jaxx International, walked away with the Most Promising Startup Title and trophy, as well as S$50,000 worth of digital consultancy services from Wavemaker. This award was introduced in 2014 to give recognition to young businesses below three years old and with turnover of less than $1 million per annum. 

EE 2018 is jointly organised by The Business Times and OCBC Bank and the Award is supported by Mastercard, Acorn Marketing and Research Consultants, INSEAD, Enterprise Singapore, Singtel, Wavemaker and the official auditor, RSM.

Quotes from co-organisers and partners: 

Mr Wong Wei Kong, Editor of The Business Times, said: “The finalists this year have really been impressive and competition was admittedly tough. Yet once again, the winners of this year’s Emerging Enterprise Awards have proven themselves to be well-deserving. They have set themselves apart from the competition and excelled in their respective industries with passion, tenacity and ingenuity. With the support from the EE partners, these companies will receive the critical resources to help them mature and thrive in this challenging economic environment. Congratulations to all the winners!”

Ms. Christie Chu, Head of Emerging Business, Global Commercial Banking, OCBC Bank, said: “Many dream of starting their own businesses but driving continuous growth can be challenging. This year's winners have been able to do just that thanks to technology and innovation, which has helped them understand the needs of their customers, differentiate themselves from competitors and build sustainable business models. We believe in these businesses' potential and are confident that they can continue adapting and thriving in the digital age. We look forward to partnering them as they leverage the Emerging Enterprise Award platform to grow in Singapore and also regionally.”


Ms. Deborah Heng, Country Manager, Mastercard Singapore, said: “Technology has been a great enabler and not just in the fintech and payment space, but also in sectors such as healthcare and biotechnology as can be seen from this year’s finalists. Year on year, the Emerging Enterprise Awards sees the true spirit of entrepreneurship with innovations and solutions that aim to deliver impact in a variety of industries and Mastercard is pleased to support this meaningful initiative.”

Mr Simon Lim, Executive Director, Capability Programmes & Policy, Enterprise Singapore, said: “Whilst this year’s finalists feature businesses across a wide range of sectors, they share a common attribute that makes them distinct with a strong potential for future growth. They have the ability to detect and respond quickly on opportunities while keeping an eye on the long term sustainability of their business.  Enterprise Singapore looks forward to supporting these companies in their journeys of growth.”

Mr Kwan Chong Wah, Founder/CEO, Acorn Marketing and Research Consultants, said: “Every year, it gets harder to pick the winners. Finalists come from a broad spectrum of disciplines - we have the ‘traditional’ alongside the biotech, the fintech, the medtech; We have creative solutions to business needs, medical needs, and for the social good; We have serious applications, some very practical devices, and we also have some ‘fun’ stuff. All these signal a thriving entrepreneurial spirit in Singapore, and we are most gratified to be able to showcase them, and in some small way, contribute to their future success. Congratulations to all the finalists”.

Ms Mary Kwan, Regional Director Asia Pacific of Executive Education at INSEAD said: “On behalf of INSEAD, I wish to extend my congratulations to each of this year’s finalists of the Emerging Enterprise Awards. We have been truly impressed by the showcase of talent and innovation this year. At INSEAD, we recognise the importance of Singapore’s promising SMEs and we are delighted to be a part of this prestigious award for the sixth year running. As the education partner for EE 2018, we are proud to offer this year’s winners a place on our Executive Education programmes. We look forward to welcoming them to INSEAD to help nurture their passion for innovation, cultivate key business skills, and help drive their businesses toward future success.”

Mr Zachary Lim, Deputy Managing Director of Wavemaker, said: “It is heartening to be able to witness the vast potential of budding firms amidst tough market challenges and competition. We, at Wavemaker, are especially proud to be a part of the startups’ journey towards success as they continue to tap on innovative solutions to drive their businesses forward. No business is completely future-proof, but we’d like to ensure that with our support they are adaptive and agile in this increasingly technologically-centric world.”

Mr Andrew Lim, Managing Director, Business Group, Group Enterprise at Singtel said: “We are pleased to present this year’s Best Innovation Award to Endomaster, Engine Biosciences and Whizpace for accelerating their growth and positioning themselves as potential disruptors in their respective industries. We look forward to partnering them and other home-grown companies to deepen their transformation through technology solutions such as cloud computing and cyber security that will allow them to scale their businesses in the digital economy. Congratulations and keep innovating!”

For more information about EE2018, please visit

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Liew Aiqing 
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Ms Rebecca Chee
Corporate Communications & CSR 
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About The Business Times 

The Business Times, a member of the Singapore Press Holdings group, is South-east Asia's leading financial daily. BT brings to its readers daily corporate, financial, economic and political news, analysis and commentary on print and digital platforms. It provides readers with in-depth coverage of Singapore and Asian business and economic developments, as well as global trends that impact Singapore business. BT's lifestyle journalists bring busy executives the latest in recreation, entertainment, the arts, design, food and shopping. 

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About OCBC Bank

OCBC Bank is the longest established Singapore bank, formed in 1932 from the merger of three local banks, the oldest of which was founded in 1912. It is now the second largest financial services group in Southeast Asia by assets and one of the world’s most highly-rated banks, with an Aa1 rating from Moody’s. Recognised for its financial strength and stability, OCBC Bank is consistently ranked among the World’s Top 50 Safest Banks by Global Finance and has been named Best Managed Bank in Singapore by The Asian Banker.

OCBC Bank and its subsidiaries offer a broad array of commercial banking, specialist financial and wealth management services, ranging from consumer, corporate, investment, private and transaction banking to treasury, insurance, asset management and stockbroking services.

OCBC Bank’s key markets are Singapore, Malaysia, Indonesia and Greater China. It has 580 branches and representative offices in 18 countries and regions. These include over 310 branches and offices in Indonesia under subsidiary Bank OCBC NISP, and more than 100 branches and offices in Hong Kong, China and Macao under OCBC Wing Hang.

OCBC Bank’s private banking services are provided by its wholly-owned subsidiary Bank of Singapore, which operates on a unique open-architecture product platform to source for the best-in-class products to meet its clients’ goals. 

OCBC Bank's insurance subsidiary, Great Eastern Holdings, is the oldest and most established life insurance group in Singapore and Malaysia. Its asset management subsidiary, Lion Global Investors, is one of the largest private sector asset management companies in Southeast Asia.


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