Charting the next phase of growth for Singapore’s digital economy

In August 2023, the Tech For Good Institute hosted its Country Roundtable in Singapore with Advisor Mr Lim Siong Guan. The Institute’s Country Roundtables bring together thought-leaders from the public, private, academic and civil society sectors to discuss emerging and urgent topics on the future of the digital economy and digital society.

Front row (Left to right):

Professor Paul Cheung, Director of the Asia Competitiveness Institute and Professor (Practice) at the Lee Kuan Yew School of Public Policy; Mr. Lim Siong Guan, Advisor to the Tech for Good Institute; Dr. Ming Tan, Executive Director of the Tech for Good Institute; Dr. Lim Sun Sun, Vice President, Partnerships and Engagement and Professor of Communication and Technology, College of Integrative Studies at Singapore Management University (SMU); Jeannie Lim, Manager, Government Affairs of Grab

Back row (Left to right):

Mr. Lim Yew Heng, Group Managing Director, Public Affairs & Grab for Business of Grab; Ms. Gladys Chun, General Counsel of Lazada Group; Professor Walter Edgar Theseira, Associate Professor, Economics & Head, Master of Management (Urban Transportation) Programme at the School of Business of Singapore University of Social Sciences (SUSS); Ms. Lee Sue-Ann, Senior Fellow at ISEAS – Yusof Ishak Institute; Dr. Chew Han Ei, Senior Research Fellow at IPS Social Lab at the Institute of Policy Studies; Mr. Ang Wee Keong, Assistant Chief Executive, International Group of Infocomm Media Development Authority (IMDA); Regina Ng, Partnership Lead of Tech For Good Institute.

Singapore’s digital economy is estimated to reach USD 30 billion by 2025. This growth is driven by the e-commerce and online travel sector, which is projected to contribute about USD 11 billion and USD 9 billion respectively within this timeframe. Singapore’s modern physical and digital infrastructure, a strong digital talent base, and robust Intellectual Property (IP) regulations have often been cited as key factors to a robust digital economy. Innovation was central to the conversation at the Singapore Roundtable. Singapore ranks seventh in WIPO’s Global Innovation Index but fourteenth in innovation outputs. Maintaining a culture of innovation and entrepreneurship was seen as vital not just for Singapore to maintain its position as forerunner in the region, but also to enable prosperity and sustainable development across Southeast Asia through regional cooperation. Other issues such as inclusion and equity, skills, safety and security, and the polarising of the political sphere were also top of mind for participants. 

Attendees and discussants:

  • Mr. Lim Siong Guan, Advisor to the Tech for Good Institute 
  • Dr. Ming Tan, Executive Director of the Tech for Good Institute
  • Mr. Ang Wee Keong, Assistant Chief Executive, International Group of Infocomm Media Development Authority (IMDA)
  • Professor Paul Cheung, Director of the Asia Competitiveness Institute and Professor (Practice) at the Lee Kuan Yew School of Public Policy
  • Dr. Chew Han Ei, Senior Research Fellow at IPS Social Lab at the Institute of Policy Studies
  • Ms. Gladys Chun, General Counsel of Lazada Group
  • Ms. Lee Sue-Ann, Senior Fellow at ISEAS – Yusof Ishak Institute
  • Dr. Lim Sun Sun, Vice President, Partnerships and Engagement and Professor of Communication and Technology, College of Integrative Studies at Singapore Management University (SMU)
  • Mr. Lim Yew Heng, Group Managing Director, Public Affairs & Grab for Business of Grab
  • Professor Walter Edgar Theseira, Associate Professor, Economics & Head, Master of Management (Urban Transportation) Programme at the School of Business of Singapore University of Social Sciences (SUSS)

Key Insights from the roundtable

Singapore needs to foster a propensity to curiosity and courage to fail

How might Singapore be the innovation hub and business node for Southeast Asia? Singapore has the fundamentals, but innovation requires more than systems.

Innovation and entrepreneurship is catalysed through curiosity about opportunities in the region, approached with a creative frame of mind, openness to collaboration and appetite for risk.  

A friendly neighbourhood starts at home

As a small country, Singapore needs to continually foster a gracious and welcoming mindset to shape digitalisation in the service of society, future generations to come and the region. A network of interconnected relationships and a culture of mutual respect for individual differences are needed to build a trusted and conducive environment for cooperation and collaboration among diverse stakeholders from the private, public and civil societies, and within and across countries. Together, a coordinated effort can help to achieve impactful outcomes.

Innovation must be inclusive and fit for purpose

Singapore’s mandate of the “digital-first” approach is held up as a role model for other countries, especially for public services such as welfare programmes, assistance grants, and healthcare. Yet, the digital gap exists amongst vulnerable populations such as the elderly. A survey by the Ministry for Communications and Information (MCI) showed that 34% of Singaporeans in their 60s do not know how to pay using their smartphones. Among those aged 70 and above, the proportion rises to 60%. A commitment to inclusive adoption is essential, to ensure that no one is excluded from an increasingly digitalised society. This requires more than whole-of-government coordination; Singapore needs a whole-of-society effort. 

Meaningful progress also means aligning innovation with national and regional goals. Driving adoption for economic productivity must be balanced with consideration on the impact of technology and technology-enabled business models on citizens with different skills. For example, does technology that reduces a worker’s runway to productivity erode the returns on experience for another? Ultimately, meaningful participation in the digital economy needs to benefit workers in the long run, offering a path for personal and professional advancement. 

The “people-element’ in digital trust

Trust is about earning the social licence to operate. In the ever-changing landscape of the digital economy, the notion of trust in the digital realm is more important than ever, transcending technical security of systems to ensuring safety of individuals and communities. For example, Tech for Good Institute’s research in the digital financial services space showed trust is granted to the institutions using these technologies, not to the technologies themselves. 

Beyond the critical realm of cybersecurity lies a deeper and equally pivotal facet – the relational element of trust. As Singapore charts its next phase of growth, it is imperative to recognise and nurture the interpersonal dynamics that foster a sense of reliability and confidence in digital interactions. Such trust is particularly vital in the political sphere, in which the polarising effect of social media and use of technology to amplify narratives have had a profound impact on ideology and political outcomes. Meaningful progress also means aligning innovation with national and regional goals.

Incorporating the relational-element approach to digital trust means not only safeguarding sensitive data and systems but also cultivating robust relationships between individuals, organisations, and digital platforms. This encompasses transparent communication, ethical data handling and flow, and a mutual commitment to shared digital values. By fostering an environment where trust is nurtured through meaningful engagements, Singapore can play a part in ensuring that the digital landscape for Southeast Asia remains resilient, adaptable and grounded in the confidence of its people.

To read more about our Malaysia Roundtable on the Digital Economy, please click here.

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Mouna Aouri

Programme Fellow

Mouna Aouri is an Institute Fellow at the Tech For Good Institute. As a social entrepreneur, impact investor, and engineer, her experience spans over two decades in the MENA region, South East Asia, and Japan. She is founder of Woomentum, a Singapore-based platform dedicated to supporting women entrepreneurs in APAC through skill development and access to growth capital through strategic collaborations with corporate entities, investors and government partners.

Dr Ming Tan

Founding Executive Director

Dr Ming Tan is founding Executive Director for the Tech for Good Institute, a non-profit founded to catalyse research and collaboration on social, economic and policy trends accelerated by the digital economy in Southeast Asia. She is concurrently a Senior Fellow at the Centre for Governance and Sustainability at the National University of Singapore and Advisor to the Founder of the COMO Group, a Singaporean portfolio of lifestyle companies operating in 15 countries worldwide.  Her research interests lie at the intersection of technology, business and society, including sustainability and innovation.

 

Ming was previously Managing Director of IPOS International, part of the Intellectual Property Office of Singapore, which supports Singapore’s future growth as a global innovation hub for intellectual property creation, commercialisation and management. Prior to joining the public sector, she was Head of Stewardship of the COMO Group and the founding Executive Director of COMO Foundation, a grantmaker focused on gender equity that has served over 47 million women and girls since 2003.

 

As a company director, she lends brand and strategic guidance to several companies within the COMO Group. Ming also serves as a Council Member of the Council for Board Diversity, on the boards of COMO Foundation and Singapore Network Information Centre (SGNIC), and on the Digital and Technology Advisory Panel for Esplanade–Theatres on the Bay, Singapore’s national performing arts centre.

 

In the non-profit, educational and government spheres, Ming is a director of COMO Foundation and Singapore Network Information Centre (SGNIC) and chairs the Asia Advisory board for Swiss hospitality business and management school EHL. She also serves on  the Council for Board Diversity and the Digital and Technology Advisory Panel for Esplanade–Theatres on the Bay, Singapore’s national performing arts centre.

 

Ming was educated in Singapore, the United States, and England. She obtained her bachelor’s and master’s degrees from Stanford University and her doctorate from Oxford.