Singapore needs more comprehensive innovation and partnerships to accelerate global recovery: DPM Heng, Government & Economy

Singapore continues to be a bright spot for businesses and workers amid the economic downturn, so taking a more comprehensive and collaborative approach to deepening its technical capabilities will help restore the world You can contribute.

This is because the global pandemic has brought inequality to more serious relief in many societies, increased geopolitical tensions between major countries, and increased the risk of technical and economic segregation, Heng said. Deputy Prime Minister Swee Quiet said at the annual Singapore FinTech Festival x Singapore Week Monday’s Innovation & TeCHnology 2020.

At a virtual event, Heng said the pandemic brought “unification of goals” to start-ups and businesses from Silicon Valley to Shenzhen. These players have found new solutions to deal with Covid-19 and new technologies that form the post. -A pandemic world.

During the pandemic, the number of international cooperation and open access publications increased. This is a tendency for Singapore to participate.

“We must maintain this spirit of working together beyond this crisis. To build this momentum of change, we must continue to invest in innovation,” Heng said. Said.

“Singapore can contribute to the recovery of the world by continuing to invest in innovation and working in collaboration with Asia and the world.”

To avoid widespread inequality, the republic needs to reduce the time it takes for last-minute businesses and workers to access and profit from technology.

Many small and medium-sized enterprises (SMEs) do not use digital technology, much less train workers for the digital world, Hen said. “It is imperative that we incorporate them into the digital economy.”

Governments have helped SMEs access business-to-business platforms, but have found that the digital market for business-to-business transactions across regions is more restrictive.

That’s why the Business sans Borders (BSB) initiative was launched to digitally connect SMEs around the world and further expand their markets. The platform aims to give SMEs access to a much larger ecosystem of suppliers and buyers, connecting businesses to logistics and financial services providers. Using artificial intelligence, BSB will allow SMEs to discover prices and sales opportunities in a much larger global market, Hen said.

“Some of them will inevitably be confused by technology, but many others simply need some help to use technology to increase productivity and value proposition,” he said. Told.

Heng also emphasized that the foundation of a more comprehensive and sustainable post-pandemic future lies in the creation of a more resilient global commons. One of the key factors in this is stronger governance of the use of technology. He said that generally accepted fair and ethical rules will allow more people to trust and use technology.

Strong governance applies not only to how technology is used, but also to how many people share data as they trade daily with different platforms and businesses.

One such area is finance. People use banks at different institutions, trade on different platforms, and buy goods from different insurance companies. “This is often a hassle when we need to consolidate our finances,” Hen said.

To address this common issue, Singapore launched the Singapore Financial Data Exchange on Monday. This is the world’s first public digital infrastructure where you can sign in using your national digital ID, Singpass, and agree to obtain personal financial information from various accounts. Banks and government agencies.

This allows Singaporeans to view integrated financial information on a single platform and make more informed and comprehensive financial decisions. The data from each source is encrypted and sent through the system without being stored.

Such an approach to reliable data sharing involves both innovation and facilitating regulation, and may be applicable to other disciplines and jurisdictions, Heng said.

He also said that the local fintech scene is an important focus in Singapore’s quest to continue to develop as a global financial hub.

Last Friday, four digital banking licenses were issued with the aim of liberalizing the financial industry. “This will strengthen Singapore’s financial sector for the digital economy and improve access for companies and individuals who are currently underserved,” Heng said.

A new Asian Digital Finance Institute, hosted by the National University of Singapore and the Monetary Authority of Singapore, was also launched on Monday. One of the institute’s first projects is to build a data sharing platform that can train models to improve credit evaluation.

This will allow lenders to make better credit decisions, offer better interest rates, improve SME financing and enable a stronger recovery after a pandemic, Hen said.

Blockchain is another area where Singapore is deepening its capabilities. While the blockchain ecosystem here has grown significantly over the last few years, there are also known limitations such as the energy efficiency of blockchain processing and the ability to connect various blockchain systems.

Against this backdrop, the government has launched the Singapore Blockchain Innovation Program, which aims to expand blockchain research to the needs of the industry and investigate the scalability and interoperability of blockchain solutions. Mr. says.

Overall, the government invests about 1 percent of its gross domestic product in research and development each year. Heng said plans for the next five years will be announced later this week.

In addition to investing in innovation, Singapore is strengthening collaboration, including through an open innovation network that brings together startups and businesses to tackle common industry challenges.

Singapore will create a more inclusive future and must do so in a sustainable way, Hen said.

“As the economic recovery accelerates, we can see that emissions are beginning to recover. As a lowland city-state, if nothing is done, many parts of the country will be submerged by the end of the century.”

Within 10 years, the government plans to introduce at least 2 gigawatts of solar power (almost 3 percent of Singapore’s electricity demand) by 2030.

The government is also aiming to phase out all internal combustion engines here by 2040. He says he is exploring smart charging technologies that will accelerate the adoption of electric vehicles, help stabilize the grid, and enable higher solar adoption.

He said such sustainability efforts could in turn create opportunities for economic growth. For example, one of the reasons Hyundai decided to place a new electric vehicle manufacturing facility here, despite the lack of traditional car manufacturing in Singapore, is its commitment to the phasing out of internal combustion engines. was.

On a larger scale, Heng said Singapore could also contribute to the green recovery in Asia, and the government is exploring how the Republic can serve the region as a market for high-quality carbon credits, technology. He said he was considering providing a compliant verification system. Carbon solution.

“Growth and sustainability are inextricably linked, and we believe that technology and innovation can provide solutions to achieve both. More from this crisis, as we have innovated to address the pandemic. We need to use technology and innovation to be strong. ” Mr. Hen.

–For more information on SFFxSwitch 2020, please visit

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