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Singapore Data Center Market Set to Grow from USD 1.3 Billion in 2023 to USD 3 Billion by 2032, Driven by a 9.53% CAGR and Strategic Role as Asia’s Digital Hub | Credence Research Inc.

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PUNE, India, Jan. 23, 2025 /PRNewswire/ — Singapore Data Center Market Overview

The Singapore data center market is anticipated to expand from USD 1,296.79 million in 2023 to an estimated USD 3,039.16 million by 2032, demonstrating a robust CAGR of 9.53% from 2024 to 2032. Singapore’s strategic position as a data hub in Asia, coupled with its advanced infrastructure and excellent connectivity, makes it an ideal location for supporting digital transformation and growing cloud computing needs. Government initiatives, such as sustainable policies and data-driven frameworks, further enhance market growth.

Global players like Google, Microsoft, and Amazon Web Services, alongside local operators like SingTel and Keppel Data Centres, dominate the competitive landscape. Their investments in hyperscale and colocation facilities underpin the market’s dynamism. The demand to adopt cutting-edge technologies like AI, IoT, and edge computing also drives data center development in the region.

However, challenges such as land scarcity and rising energy costs could impede growth. Despite this, Singapore’s innovation-driven ecosystem and strategic centrality ensure its long-term potential as a leading data center hub.

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Singapore Data Center Market Drivers

The Singapore data center market thrives on a confluence of factors propelling its expansion and evolution. Foremost among these is the surging demand for cloud services and ongoing digital transformation. Businesses are increasingly shifting to cloud-based models to enhance efficiency and scalability; as regional cloud storage needs skyrocket, Singapore emerges as a preferred hub. For instance, a significant portion of businesses in Southeast Asia are adopting cloud adoption strategies, reflecting increasing reliance on robust data infrastructure.

Government policies and initiatives play a critical role in shaping the market’s growth trajectory. Programs like the Infocomm Media Development Authority’s (IMDA) Data Center Development Blueprint prioritize energy efficiency, land optimization, and industry collaboration. Singapore’s stringent cybersecurity framework further builds trust among data center operators and global corporations looking for secure environments to host their operations.

The city-state’s strategic location amplifies its importance. Positioned at the heart of Asia, Singapore serves as a gateway to several thriving economies in the region, enabling quick and seamless distribution of data services. It is linked to over 20 submarine cable systems, providing high-capacity, low-latency connections that facilitate global accessibility. This connectivity is critical as the Asia-Pacific region generates a significant share of the world’s data traffic. Domestically, Singapore’s internet penetration exceeds 90%, driving robust local demand for data-intensive services.

The rapid advancement of 5G networks and the growing e-commerce industry significantly influence the market. E-commerce revenues in Singapore are estimated to reach billions of US dollars annually, requiring scalable, dependable data storage and computational capabilities. Furthermore, with 5G technology rolling out across the Asia-Pacific, innovations in IoT, AI, smart devices, and autonomous systems demand faster, smarter data infrastructure.

Lastly, sustainability remains an essential driver. With the government pushing for greener operations, data center operators are adopting energy-efficient solutions such as liquid cooling and renewable energy integration into their facilities. Not only do these measures address environmental concerns, but they also align with broader corporate strategies aimed at cost optimization.

These drivers establish Singapore as a premier data center location, combining connectivity, innovation, and government support to meet both regional and global demands. However, challenges like high operational costs highlight the need for innovative practices to sustain growth.

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Growth Opportunities in the Singapore Data Center Market

The Singapore data center market offers significant growth opportunities, driven by technological advancements and strategic positioning. Edge computing is emerging as a key area, enabling low-latency data processing for high-demand applications like AI, IoT, and augmented reality. This shift pushes operators to develop decentralized infrastructure closer to end-users.

The rise of AI and IoT is further amplifying the demand for advanced data analytics and processing capabilities. Businesses require high-performance solutions that seamlessly scale to accommodate increasing data loads. Sustainability has also become a critical growth driver, with operators investing in energy-efficient technologies like liquid cooling and striving for renewable energy adoption.

Innovation in cooling systems and renewable energy integration presents new business prospects, especially as Singapore focuses on minimizing the environmental impact of data centers. Additionally, its status as a regional hub offers opportunities for collaboration with international tech companies entering the Asia-Pacific market.

Regulatory support and cutting-edge technological advancements remain pivotal for driving long-term growth and ensuring industry sustainability.

Singapore Data Center Market Segmentation Analysis

Based on Type

Enterprise: These data centers specifically serve individual businesses, offering dedicated infrastructural solutions for secure and tailored data management. Enterprises rely on them to ensure operational continuity and data security.Edge: Positioned closer to end-users, edge facilities facilitate low-latency services essential for IoT, AI, and gaming applications. Their role has grown with the increasing demand for real-time data processing.Colocation: Colocation centers provide shared spaces for companies to host IT infrastructure. They are cost-effective and popular among SMEs and large businesses looking to reduce capital expenses and enjoy high reliability.Hyperscale: Focused on scalability, hyperscale facilities support large businesses and cloud operators. Given the accelerated adoption of cloud computing, these centers lead the charge in meeting massive data processing and storage requirements.Managed: These centers provide end-to-end IT management, resonating with businesses aiming to outsource complexities while focusing on core operations.Modular: Quick to deploy and expand, modular centers cater well to fluctuating storage needs. Their flexibility reduces downtime and minimizes infrastructure costs.

Based on Compound

Hardware:Power Systems like UPS and generators ensure consistent energy supply and system stability.Cooling Systems including advanced liquid cooling technologies help maintain operational efficiency while using less energy.Racks and Servers form the backbone of data centers, ensuring optimal resource utilization.Networking Devices enable seamless connectivity, crucial for effective data transmission.Others include monitoring tools, fire suppression systems, and alarms integral to functionality.Nigeria Data Centre Infrastructure Management Software:Cloud-based solutions allow remote management and scalability, meeting diverse business needs.On-premises systems offer local control and security for organizations handling sensitive data.Service:Professional Services ensure streamlined setup through consultation, integration, and execution.Support & Maintenance focuses on equipment reliability and uptime.Managed Services offer outsourced operations, ensuring businesses get expert management without in-house resources.

Based on Size

Small: Designed for startups and businesses with limited IT needs, offering basic yet effective solutions.Mid-Sized: These cater to mid-tier businesses, balancing cost efficiency and scalability.Large: Supporting hyperscale players and enterprises with extensive operations, these facilities handle massive workloads.

Based on Tier

Tier 1 & 2 provide basic redundancy and lower-cost solutions for non-critical workloads.Tier 3 ensures high reliability and fault tolerance, widely favored by enterprises for production environments.Tier 4 delivers the highest uptime guarantees, essential for mission-critical and high-security operations.

Based on Industry

IT & Telecom: This sector leads the market due to its constant need for connectivity and vast data storage demands.BFSI: Financial institutions depend on data centers for secure storage and rapid processing of sensitive financial data.Manufacturing: Supports real-time inventory management and IoT-enabled smart factory solutions.Healthcare: Requires reliable storage and processing capacity for patient records, medical research, and telemedicine.Government: Hosts sensitive national data and aligns with security and compliance mandates.Others include innovative fields like gaming, education, and media which are leveraging data centers for enhanced operations and consumer experiences.

Each segment demonstrates its own unique role in meeting the diverse needs of businesses, establishing Singapore as a thriving hub for data center innovation and operation.

Singapore Data Center Market Segmentation

Segmentation

Based on Type

EnterpriseEdgeColocationHyperscaleManagedModular

Based on Compound

HardwarePower SystemsCooling SystemsRacksServersNetworking DevicesOthersNigeria Data Centre Infrastructure Management SoftwareCloud-basedOn-premisesServiceProfessional ServicesIntegration & ImplementationConsultingSupport & MaintenanceManaged Services

Based on Size

SmallMid-SizedLarge

Based on Tier

Tier 1Tier 2Tier 3Tier 4

Based on Industry

IT & TelecomBFSIManufacturingHealthcareGovernmentOthers

Based on Region

Central Business District (CBD)JurongWoodlands

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Regional Analysis of the Singapore Data Center Market

Singapore plays a vital role as a key data hub in Asia, bolstered by its strategic geographical location and cutting-edge connectivity infrastructure. The city-state boasts over 70 operational data centers, supported by an extensive network of more than 20 submarine cable systems. This connectivity infrastructure fortifies its position as a regional gateway, facilitating rapid and reliable data transfers between the Asia-Pacific region and global markets. These high-capacity submarine cables ensure ultra-low latency, making Singapore a preferred choice for data-heavy applications and international enterprises.

The government’s proactive policies and incentives contribute significantly to the market’s regional strength. Initiatives like the Green Data Centre Programme from the Infocomm Media Development Authority (IMDA) focus on sustainable innovation and energy-efficient technologies, critical for maintaining the nation’s competitive edge amidst land and energy constraints. Strategic zoning plans have been introduced to optimize land use, while strong cybersecurity measures guarantee safe and compliant operational frameworks for global businesses.

Major tech giants, including Google, Microsoft, and Amazon Web Services, continue to expand their presence in Singapore, alongside prominent local players like SingTel and Keppel Data Centres. This robust presence highlights Singapore’s role in supplying advanced cloud and colocation services to regional businesses. The country’s operational reliability and scalability appeal to industries ranging from IT and finance to healthcare and manufacturing.

Regional digital transformation trends further heighten Singapore’s influence in Asia. With internet penetration exceeding 90% domestically and the Asia-Pacific contributing the largest share to global data traffic, Singapore remains indispensable for managing digital demands. Digital advancements like 5G are driving innovations in IoT and AI, which further amplify the need for strong, scalable data center infrastructure.

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Top Companies –

Net Singapore Pte Ltd (Mediacorp)Air Trunk Operating Pty LtdCyxtera TechnologiesDigital Realty Trust Inc.Empyrion DCEquinix Inc.China Mobile International LtdPhoenixNAPPrinceton Digital GroupRackspace Technology Inc.STT GDC Pte Ltd

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Latest Developments:

September 2024: Blackstone, a global asset management company, announced the acquisition of AirTrunk for A$24 billion. This transaction marks Blackstone’s largest investment in the Asia Pacific region.November 2023: Cyxtera successfully navigated its Chapter 11 proceedings, reaching an agreement to be acquired by Brookfield Infrastructure Partners for $775 million. This acquisition, expected to close in early 2024, includes Brookfield ending some of Cyxtera’s leases and buying out leases on data centers in Singapore and Frankfurt.April 2021: Digital Realty extended its data center operations in Singapore by opening its third data center, a 50-megawatt facility named Digital Loyang II or SIN12. With this opening, Digital Realty has made significant investments of over US$1 billion in Singapore4.April 2023: Empyrion DC, a data center operator focused on sustainable infrastructure, announced plans to explore opportunities in Singapore for developing green data centers. While specific projects haven’t been publicly disclosed, the company aims to address the increasing demand for eco-friendly and energy-efficient data solutions in the region.June 2023: Equinix unveiled plans for its ninth International Business Exchange™ (IBX®) data center in Singapore, named SG9. With an initial investment of approximately $100 million USD, SG9 is strategically located in the Tanjong Kling data center park. This facility is designed to meet the surging demand for interconnection and colocation services, supporting businesses in their digital transformation journeys across the Asia-Pacific region.March 2023: Equinix completed the expansion of its SG5 data center, adding significant capacity to support the growing needs of enterprises and cloud service providers. The expansion enhances connectivity options and provides advanced solutions for hybrid multicloud deploymentsAugust 2023: China Mobile International (CMI) launched its second data center in Singapore, bolstering its network infrastructure to better serve global and regional customers. The new facility enhances CMI’s capabilities in providing high-speed connectivity, cloud networking, and integrated communication services, facilitating enterprises in their international expansion and digitalization efforts.July 2023: PhoenixNAP announced the expansion of its Singapore data center offerings by introducing new cloud and bare-metal server solutions. This initiative aims to meet the increasing demand for secure, scalable, and compliance-ready infrastructure services in Southeast Asia. The expanded services include advanced cybersecurity features to support businesses dealing with sensitive data and regulatory requirements.May 2023: Princeton Digital Group (PDG) revealed plans to develop a new 100MW data center campus in Singapore, named SG3. This hyperscale facility is designed to cater to major cloud providers and large enterprises, addressing the skyrocketing demand for digital infrastructure. SG3 will incorporate sustainable design principles, focusing on energy efficiency and reduced environmental impact.January 2023: PDG secured a $500 million equity investment led by Mubadala Investment Company. The funding is set to accelerate PDG’s expansion across Asia, including significant developments in Singapore. This investment underscores PDG’s commitment to scaling its operations to meet the demands of the rapidly growing digital economy.

Reasons to Purchase this Report:

Gain a comprehensive understanding of the market through qualitative and quantitative analyses, considering both economic and non-economic factors, with segmentation and sub-segmentation details provided in terms of market value (USD Billion).Identify regions and segments expected to experience the fastest growth or dominate the market, with a detailed analysis of geographic consumption patterns and the factors driving or hindering market performance in each region.Stay informed about the competitive environment, with rankings of major players, recent product and service launches, partnerships, business expansions, and acquisitions from the past five years.Access detailed profiles of major market players, including company overviews, insights, product benchmarking, and SWOT analysis, to understand competitive advantages and market positioning.Explore the present and forecasted market landscape, with insights into growth opportunities, market drivers, challenges, and constraints for both developed and emerging regions.Benefit from Porter’s Five Forces analysis and Value Chain insights to evaluate various market perspectives and competitive dynamics.Understand the evolving market scenario, including potential growth opportunities and trends expected in the coming years.

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Singapore Data Centre Construction Market – https://www.credenceresearch.com/report/singapore-data-centre-construction-market

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Singapore Data Center Storage Market – https://www.credenceresearch.com/report/singapore-data-center-storage-market

Singapore Data Center Colocation Market – https://www.credenceresearch.com/report/singapore-data-center-colocation-market

Singapore Hyperscale Data Center Market – https://www.credenceresearch.com/report/singapore-hyperscale-data-center-market 

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Miami Startup BOB Raises $5.5M To Build An AI-Powered Banking Platform

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The Miami-based company is building the most useful small business finance agent and banking platform in the world, with participation from Codie Sanchez, Mark Pincus,  and others.

MIAMI, Oct. 23, 2026 /PRNewswire/ — BOB AI Holdings Corp. (“BOB”), the AI finance employee for small business, today announced it has raised $5.5 million in seed funding. The round was led by Mischief (founder of Plaid, Zak Perret), with funding from Peter Thiel and participation from Codie Sanchez, Mark Pincus, Karman Ventures, and a group of additional investors and operators. BOB will use the capital to expand its product, grow its team in Miami, and bring a free AI finance agent to more of the small business owners who keep the American economy running.

The seed round brings together investors who share a conviction that small businesses deserve the same caliber finance department g that large companies take for granted. Mischief led the round, and Peter Thiel joined as a backer alongside Codie Sanchez, the investor and operator known for championing Main Street business ownership.

The funding follows BOB’s private beta launch in September 2026 and will support three priorities: deepening the product’s financial capabilities, scaling customer onboarding, and growing BOB’s team in Miami.

BOB is an AI finance employee that works alongside small business owners to handle the annoying but necessary financial work that usually eats their nights and weekends. Owners talk to BOB the way they would talk to a trusted bookkeeper or CFO, over WhatsApp, text message, Slack, Microsoft Teams, email, or the BOB app. BOB keeps the books, sends invoices, accepts payments, holds funds in a deposit account, and helps owners see where their cash is headed so they can make decisions with confidence.

BOB’s long-term goal is to be the most useful banking product in the world, and a banking product specifically built for this new world of AI agents, robots, and drones. But they are getting started by building the most useful and safe financial agent for small business owners. And instead of handing owners another dashboard to learn, BOB just does the work for them and communicates in plain language.

BOB’s wedge has been particularly effective because the company is laser-focused on small business owners who have largely been underserved by the wave of financial technology built over the last five to ten years. Many of those products were designed for the general market or for enterprise finance teams, and they assume the owner has time, training, or staff to run them. BOB starts from the opposite assumption. The owner of a roofing company, a restaurant, or a local services firm should be able to get real financial help without hiring a department to get it.

“Small business owners have been an afterthought for most of the financial technology built over the last decade,” said Adam Wininger, CEO of BOB. “They are running the business, doing the work, and then staying up late trying to make sense of their books. We built BOB to take that work off their plate entirely. Our goal is simple: to be the most useful banking platform in the world, and this funding lets us put our free CFO agent, BOB, in the hands of many more owners.”

“We invest in infrastructure that becomes indispensable, and a financial layer for autonomous agents is one of the clearest examples we’ve seen,” said Dustin Moring, General Partner at Mischief. “BOB is attacking an immense market at the exact moment AI is moving from advising on transactions to executing them. We’re proud to lead this round and back Adam and the team as they build the foundation agent banking will run on.”

About BOB

BOB AI Holdings Corp. is a Miami-based company building BOB, the AI finance employee and banking platform for small business. BOB handles bookkeeping, invoicing, payments, and cash flow for small business owners through the channels they already use, including WhatsApp, text message, Slack, and Microsoft Teams. BOB’s mission is to build the world’s most useful banking product in the world. Learn more at joinbob.ai. Disclaimer: BOB AI Holdings Corp is a financial technology company, not a bank.

Media contact

Joel Strauss – joel@strausscomms.com 

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Union Home Mortgage unveils AI and automation advancements during 2026 Annual Partner Celebration

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The mortgage lender continues to make major technology investments going into 2027

STRONGSVILLE, Ohio, Oct. 23, 2026 /PRNewswire/ — Union Home Mortgage (UHM), a high-growth independent mortgage banking company with a world-class culture, recently unveiled an array of AI and automation-driven technological achievements during the company’s 2026 Annual Partner Celebration held Oct. 16-17 in Cleveland, Ohio. This world-class event brought over 850 UHM employees, known internally as Partners, together to highlight the lender’s year-to-date business results, set goals to multiply business success, and foster connection between colleagues. Most notably, technology took center stage, highlighting advancements made in 2026 and a sneak peek at what is coming next.

Attendees were given an inside look at the next phase of technology shaping the business, with demonstrations of both newly implemented tools and future-focused prototypes. These innovations, ranging from conversational voice agents for enhanced customer support to the elimination of tedious manual document review, showcased the transformative potential of technology and underscored the lender’s ongoing investment in smarter, more efficient workflows.

“What makes this event so meaningful is the chance to celebrate our Partners and the impact they have on our business and culture,” said Bill Cosgrove, CEO of Union Home Mortgage. “By creating opportunities for open dialogue and idea-sharing, we’re able to strengthen our culture and identify new ways to move our business forward. As we look ahead to 2027, we remain focused on our 3X initiative, empowering our Partners with the resources, technology, and support they need to achieve more while continuing to deliver a world-class experience for our borrowers. Technology will be the key to UHM’s future, and I can’t wait to see what new solutions are developed in time for our next Annual Partner Celebration.”

While this year’s Annual Partner Celebration was heavily focused on technology, the event also featured senior leadership across all departments and business channels taking the stage to share updates on critical areas such as sales performance, servicing, benefits, employee recognition, and more. UHM Partners also took part in a panel discussion and Q&A with CEO Bill Cosgrove and Sr. Vice President of Business Development Al Blank. In addition to those attending in-person, the rest of the mortgage lender’s 2,300 Partners streamed the event virtually across the country. Following the event, attendees were invited to attend a celebratory carnival featuring casino-style games, a golf simulator, Family Feud, a custom t-shirt press, and more – earning raffle tickets to win high-value prizes. The lender also raffled off tickets to the MLB American League Championship Series being played at Progressive Field, as Union Home Mortgage is the Official Mortgage Partner of both teams that played in the series – the Tampa Bay Rays and the Cleveland Guardians.

Throughout the week, Partners also attended individualized leadership summits specific to their department or role within the company, as well as a Hard Stops Summit aimed at examining existing hard stops in the loan process to streamline operational efficiency.

Internal loan officer coaching program Partners Coaching Partners (PCP), which pairs each participating loan officer with a high-performing mentor and an accountability partner at their production level, also held their Fall PCP Impact event on October 14-15. The group aims to equip members with the skills and knowledge to increase productivity, generate leads, finetune the origination process, improve teambuilding, and increase profit margins. Next year, the PCP program will celebrate its twentieth consecutive PCP Impact event, cementing its status as a pillar of Partner development at UHM.

About Union Home Mortgage
Union Home Mortgage Corp. (UHM) is a high-growth, full-service retail, wholesale, and consumer direct independent mortgage banking company with branches across the U.S. in 49 states + D.C. UHM is an in-house loan servicer offering world-class customer service through high touch communication & technology. A privately held family business, with a collaborative culture that stands out in the mortgage industry, UHM Partners (employees) are guided by a Code of Conduct that emphasizes respect, open communication, and accountability. All these principles translate to industry-leading customer retention and satisfaction. Some honors include being a Six-Year USA TODAY Top Workplace and a Twelve-Year Northeast Ohio Top Workplace. Learn more at www.uhm.com.

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SOURCE Union Home Mortgage

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Pew Funds 4 Biomedical Research Partnerships in Latin America

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Scientists will team up on interdisciplinary explorations

WASHINGTON, Oct. 23, 2026 /PRNewswire/ — The Pew Charitable Trusts announced today that four pairs of researchers from Latin America will receive funding to pursue collaborative biomedical research projects.

These eight esteemed scientists, all independent investigators in Latin America, will team up on interdisciplinary explorations that span plant biology, genetics, immunology, and more. Recipients will receive a combined $180,000 per pair—$90,000 annually over two years.

The Partnership Award was created to help advance scientific collaboration and networking among the biomedical research community in Latin America. Recipients include four alumni of Pew’s Latin American Fellows Program in the Biomedical Sciences, which has funded nearly 350 scientists from across the region since 1991. The Partnership awards were made possible by a grant from Biohub.

“Pew is proud to support these exceptional scientists from Argentina, Brazil, and Chile,” said Donna Frisby-Greenwood, Pew’s senior vice president for Philadelphia and scientific advancement. “Their creative ideas and pioneering approaches will undoubtedly lead to important discoveries that advance biomedical research across Latin America and the world.”

Recipients of this year’s Partnership Award are:

Luis F. Larrondo, Ph.D., Pontificia Universidad Católica de Chile, 2004 Pew Latin American Fellow

Gerardo Cárcamo-Oyarce, Ph.D., Pontificia Universidad Católica de Chile

Larrondo and Cárcamo-Oyarce will establish a new, light-based platform for studying the formation of biofilms by the bacterium Pseudomonas aeruginosa.

Priscilla Olsen, Ph.D., Universidade Federal do Rio de Janeiro (UFRJ), 2016 Pew Latin American Fellow

Beatriz Patricio, Ph.D., Universidade Federal do Estado do Rio de Janeiro (UNIRIO)

Olsen and Patricio will develop and test a new strategy to overcome antimicrobial drug resistance.

Paulo José P. L. Teixeira, Ph.D., Universidade de São Paulo, Escola Superior de Agricultura Luiz de Queiroz, 2013 Pew Latin American Fellow

Antonio Camargo, Ph.D., Universidade de São Paulo

Teixeira and Camargo will examine plant immune receptor specificity.

Marcelo Yanovsky, Ph.D., Fundación Instituto Leloir – CONICET, 2000 Pew Latin American Fellow

Esteban Beckwith, Ph.D., Instituto de Investigación en Biomedicina de Buenos Aires – CONICET – Partner Institute of the Max Plank Society

Yanovsky and Beckwith will study how organisms regulate gene expression in response to environmental stress.

Founded in 1948, The Pew Charitable Trusts uses data to make a difference. Pew addresses the challenges of a changing world by illuminating issues, creating common ground, and advancing ambitious projects that lead to tangible progress. Learn more at pew.org.

Press contact: Liz Lowe, 215-575-4812, elowe@pewtrusts.org

https://www.pew.org/en/about/news-room/press-releases-and-statements/2026/10/22/pew-funds-4-biomedical-research-partnerships-in-latin-america

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SOURCE The Pew Charitable Trusts

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