Counsellor of Science and Technology Office of the Embassy of the People’s Republic of China in Singapore, Ms Yu Hai Ying,
President of Singapore-China Science and Technology Exchange Promotion Association, Professor Guo Yong Xin,
Executive Director of the International Science Techonolgy and Innovation Forum of Boao Forum for Asia, Mr Li Guang Tao
Director of Zhuhai City Investment Promotion Centre, Mr Liu Gao Lu
Experts, academics, business leaders and media friends from Singapore and China,
1. Good morning, everyone! Today, I am very pleased to participate in the 2nd International Science Techonolgy and Innovation Forum of Boao Forum for Asia – Singapore Promotion Meeting as we jointly promote exchanges and cooperation in science and technology innovation.
2. The digital future is imminent. With the increasing virtualisation of business functions and the adoption of emerging technologies, artificial intelligence (AI), big data, 5G, cloud technology, and the Internet of Things in the global economy will unlock new business potential and lots more job opportunities in the economy.
3. At the same time, however, digitalisation has also introduced new risks to global development. Data breaches, cyber-attacks and identity theft have become increasingly common. If Singapore is to be one of the world’s leading technology centers, it needs to ensure a safe and reliable business environment. Good governance and appropriate preventive measures will help manage the ever-evolving risks and uncertainties.
4. For example, people are becoming more sensitive to the reliability of autonomous technologies. Therefore, a closer partnership between the public and private sectors is required to promote the responsible use of technology.
5. Singapore has been in close consultation with the industry to develop practical guidelines for the use of AI in a credible manner. In 2019, Singapore launched Asia’s first AI governance framework, providing private institutions with detailed and easy-to-implement guidelines, teaching how to develop credible AI. These best practices are also adopted by local and multinational companies such as Google, Microsoft and DBS Bank. In addition, Singapore is developing a testing and certification programme to assist businesses to objectively verify AI systems, thereby improving their level of the transparency.
6. There is a relatively young population in Southeast Asia, and the middle-income group is growing. Conducive to innovation and consumption, the market potential of this region cannot be ignored. As a major driving force of the regional market, the digital economy also brings investment opportunities for enterprises. What’s more, the region is relatively neutral and combines the advantages of the East and the West, thus attracting the attention and investment of many companies.
7. Singapore, located in Southeast Asia, is also actively moving towards a digital future. The Singapore government has taken a multi-pronged approach to promote the digitalisation process, and strives to develop Singapore into a global hub for technology and innovation. Here, let me briefly share the four advantages of Singapore：
8. First, Singapore is in a leading position in areas such as digital infrastructure. It is frequently recognised as the country in Asia that has been most successful in digital transformation, ensuring that corporate businesses can meet the challenges brought about by this rapidly changing era. Its infrastructure includes the provision of comprehensive data protection and intellectual property policies, such as the Nationwide E-Invoicing Network, the Data Protection Trustmark, and the Workforce for IP- Savvy Enterprise，building business and consumer confidence while strengthening competitiveness.
9. Second, as global trade becomes increasingly digital, we also need new rules and regulations, such as cross-border data flows and transactions, to support trade. Singapore is the first to introduce the Digital Economy Agreement (DEA) that promotes end-to-end seamless digital trade and interconnectivity of the digital market, building trust in digital systems. To this end, Singapore has established digital economy agreements with Australia, Chile and New Zealand. Negotiations with South Korea and the United Kingdom are also ongoing.
10. Third, the Singapore government has also adopted a series of measures to support technological innovation. For example, the Monetary Authority of Singapore has adopted a “regulatory sandbox” system to simplify financial technology market access standards and thresholds within a limited scope of business, allowing financial technology companies to innovate in a relatively relaxed but secure environment. Furthermore, the Singapore government has also implemented some projects to promote the development of local financial technology. This includes the Global Trade Connectivity Network for the digitisation of trade finance, as well as the research on distributed ledger technology (Distributed Ledger Technology) and blockchain technology called “Project Ubin”. Based on Project Ubin’s experience in developing central bank digital currency, the Monetary Authority of Singapore has cooperated with seven international organisations such as the International Monetary Fund, the World Bank, and the Asian Development Bank to address the international challenges of retail central bank digital currency (CBDC). 15 companies were shortlisted to assist in the development of retail central bank digital currencies.
11. Fourth, Singapore is also actively cultivating digital technology talents and enhancing the existing talent pool to meet the needs of the evolving technology innovation industry. In 2020, the then Minister of Communications and Information, S. Iswaran, debated the government’s policy in Parliament. It was mentioned that in the previous three years, there were 1,000 IT graduates in local public universities each year. Today, there are about 2,800 students, and the number is constantly increasing. The number of graduates from the polytechnics and technical education colleges in this field is about 4,500 each year. This shows Singapore’s emphasis on education to support the demand for scientific and technological talents. At the same time, we will continue to maintain favorable policies to introduce high-quality talents to fill the demand for talents in new enterprises.
12. To cultivate a technological innovation ecosystem, a common platform to communicate and showcase is indispensable. The International Science Techonolgy and Innovation Forum of Boao Forum for Asia provides an excellent platform to discuss related issues and promote the development of global scientific and technological innovation. I am very happy to be able to participate in this conference on behalf of Business China and communicate with you all. Business China was established in 2007 by the founding prime minister of Singapore, Mr Lee Kuan Yew, and the then Chinese prime minister, Mr Wen Jiabao, through the three strategic goals of cultivating bilingual and bi-cultural talents, building a high-quality network of Singapore and China relations, and promoting in-depth exchanges between Singapore and China.
13. Singapore is a global technological and digital hub. I believe that we can be a bridge that connects and promotes the exchange and development of technology. I wish the 2nd International Science Techonolgy and Innovation Forum of Boao Forum for Asia – Singapore Promotion Meeting a complete success. Thank you!