1. Good morning everyone! I am delighted to participate, through video conferencing, in the inaugural “China-Singapore Young Entrepreneurs (Hangzhou) Forum” where we will be discussing the new economy brought about by digital cooperation between Singapore and China.
2. The theme of the forum is “A New Era of Digital Intelligence, Cooperating to Chart our Future”. The Covid-19 pandemic has brought about drastic changes to the world, with digital transformation emerging as one of the major trends. The rapid development of emerging technologies such as Artificial Intelligence (AI), big data, 5G, cloud technology and the Internet of Things (IoT) has accelerated industry transformation, thereby bringing new opportunities for global economic development and corporate transformation.
3. This year marks the 30th anniversary of ASEAN-China dialogue relations. As one of the ASEAN countries, Singapore has been seeking new opportunities over the years to deepen future cooperation. Among them, the digital economy is one of the key areas of cooperation between the two countries. Let me talk about the three areas in the digital economy where Singapore and China can expand their cooperation.
4. First, Singapore and China can strengthen their cooperation in cross-border trade to help companies in both countries discover new business opportunities. In September 2020, the Singapore government launched OneSME, a digital trading platform, to assist Small and Medium Enterprises (SMEs) in Singapore and China by simplifying and speeding up the process of buying and selling. The website is jointly developed by the Singapore’s Infocomm Media Development Authority (IMDA) and OneConnect Singapore. It will connect about 4 million Chinese companies on OneConnect’s “One Enterprise” with the 50 Singapore companies on eezee.sg to establish a mutually trusted ecosystem comprising of buyers, sellers, logistics service, financing and digital solutions providers. This will help small businesses be plugged into cross-border trade and reduce the cost of due diligence process. This helps companies in both countries to leverage on technology to sell products and services even if cross-border travel faces restrictions.
5. Second, with the rapid development of technology, Singapore and China can strengthen the connection and interaction between their people and enterprises in the fields of innovation and technology, such as FinTech and cross-border data. The People’s Bank of China (PBOC) and the Monetary Authority of Singapore (MAS) signed a FinTech cooperation agreement in November 2019 for digital and mobile payments, blockchain and distributed ledgers, big data, and flexible platforms through application programming interfaces (APIs), as well as joined hands to innovate and research other new technologies and projects. Singapore’s Smart Nation and Digital Government Office (SNDGO) have also signed a Memorandum of Understanding (MoU) with Shenzhen, China to promote cross-border data exchange between the two cities and accelerate trade cooperation. Both parties will develop personal digital identities and ensure the security of digital information. The cooperation will focus on legal frameworks, digital identities, technical standards for data exchange, and encouraging enterprises and individuals to adopt digital identities for digital transactions.
6. Third, talent development is also areas an area where Singapore and China can cooperate. In recent years, Singapore and China have continuously expanded the coverage of digital infrastructure, cultivated a pool of digital technology professionals, which, together, enables the rapid development of the digital economy. The governments of and institutions in Singapore and China are actively promoting exchanges between enterprises, research institutions and institutes of higher learning on both sides to promote the development of the digital economy. For instance, Singapore and China signed the Youth Interns Exchange Scheme (YES) in 2019. It is a scheme implemented by Business China, where youths from Singapore will have the opportunity to intern and exchange in China and vice versa. Despite the current pandemic, Business China has conducted the scheme in a hybrid format, allowing interns to continue their internships in emerging industries, thereby deepening their understanding of the digital economy in Singapore and China.
7. As the supporting organisation of the inaugural “China-Singapore Young Entrepreneurs (Hangzhou) Forum”, Business China has always been committed to promoting communication and exchanges in the fields of economy, culture, and technology between Singapore and China. In November 2007, the founding Prime Minister of Singapore, Mr. Lee Kuan Yew, and then Chinese Premier, Mr. Wen Jiabao, jointly launched Business China. Business China is a Non-Profit Organisation aimed at nurturing an inclusive bilingual and bicultural group of Singaporeans through extensive use of the Chinese language as the medium of communication, so as to sustain our multi-cultural heritage, and to develop a cultural and economic bridge linking the world and China. Over the past 14 years, Business China has established a number of exchanges and cooperation platforms for companies, professionals, and youths, where hot-buttoned issues centered around Singapore and China are discussed in order to achieve mutual benefits and deepen Singapore-China relations. This is achieved as we fulfill our three strategic objectives of cultivating Singapore-China savvy talents, growing a premium Singapore-China network of influencers, and developing deep & wide-ranging relationships.
8. As Singapore and China are leaders in digital technology, I believe the strong collaboration between both sides will open a new chapter for digital economic cooperation for both countries. Finally, I wish the inaugural “China-Singapore Young Entrepreneurs (Hangzhou) Forum” a success. Thank you!