SINGAPORE -- Singapore's Action Community for Entrepreneurship, or ACE, a social movement aiming at fostering innovation and enterprises, announced Wednesday its collaboration with China's Tsinghua University to provide China-bound Singapore entrepreneurs better access to resources and opportunities in Beijing and the entire China.

The Letters of Intent was signed between ACE's Beijing Chapter and one of Tsinghua University's member companies, Houde Capital Co Ltd, as well as the university's technology partner Coway International TechTrans Co Ltd.

"China is a fast-growing market and there are many opportunities for collaborations. However, the business practices and environment are different from Singapore. Hence, the best way to help entrepreneurs get a foothold in an overseas market is by leveraging resources and connections already on the ground, and this collaboration facilitates that," the ACE said in a statement.

Houde Capital represents the operator of Tsinghua University Science Park and has invested in innovative technology companies, while Coway International TechTrans manages Tsinghua University's International Technology Transfer Centre and commercializes the university's technologies, according to the ACE's press release.