I don't know about Singapore. But I have to constantly write grant proposals to the National Science Foundation (US) to fund my work (Energy2D is one of the products developed in a $2.2M NSF grant). Funding from a federal agency allows us to release our software in free and open-source form that benefits everyone. Believe it or not, even in the US, schools do not have funding to buy software. Many rural and urban schools have computers that we will call antiques.
I have been trying to work with some Chinese partners to see if they are interested in investing in educational software. The Chinese system is very different from the US system and there are capitals that are actively looking for safe harbors to park their money. Considering the centrality of the Chinese education system, commercialization may be more viable.