Covid-19 has created unprecedented momentum for digital adoption among businesses and individuals in Singapore, and the country may create new opportunities in the virtual, post-pandemic realm if it leverages its strengths.
In a report released yesterday, the Emerging Stronger task force suggested delivering digital services in areas that leverage Singapore’s strengths in systems-level trust, speed, consistency and coordination.
“We have always found ways for our economy to transcend our physical borders – as a major airline hub, international maritime hub, financial and professional services hub, and trusted gateway to Asia. We must now do the same in the virtual world. kingdom, ”he said.
The task force envisions Singapore expanding its Smart Nation aspirations globally to open up “virtually limitless opportunities” for businesses and talent, as well as cities.
Drawing up the plans, he said companies need to act quickly to sell their products and services overseas so they can expand and create new markets.
These digital services may include the provision of business-to-business professional services such as security and diagnostics to digital businesses.
There are also opportunities for physical retailers and e-commerce platforms to work together through partnerships, said Lee Chee Koon, Managing Director of the CapitaLand Group, who co-leads the Alliance for Action (AfA) on the smart trade facilitation.
He cited a collaboration between CapitaLand and Sea Shopee’s e-commerce platform, where CapitaLand’s IMM mall debuted in February as Shopee’s first virtual mall in Singapore. This has allowed IMM retailers to reach a wider audience and they have had good sales results, Mr. Lee said.
From the perspective of a global remote workforce, training institutions in Singapore, such as higher education institutes and corporate academies, as well as technology players and start-ups, can also expand their markets by providing a virtual training service globally.
For example, corporate academies offering industry-relevant training may scale up their operations to meet the needs of local small and medium-sized businesses and foreign learners, where appropriate.
“This would allow Singaporean companies to identify and attract regional and global talent, and equip Singaporean SMEs to go international,” the task force said.
EMERGING STRONGER WORKING GROUP REPORT
• Create new virtual borders
• Seize opportunities for growth in sustainability
• Activate world champions, develop a strong Singapore core
• Institutionalize the model of alliances for action
• Strengthen international partnerships
In addition, Singapore can also redefine itself as a safe and smart city for commerce, business, work and leisure by harnessing technology to lay the groundwork for a safe travel recovery. In doing so, it can gain the trust of governments, industries and consumers, thus enhancing its relevance to the world.
For example, the AfA on Enabling Safe and Innovative Visitor Experiences worked on solutions to facilitate the gradual resumption of activities in the tourism sector, which has been hit hard by travel restrictions.
This includes developing a web application as a one-stop resource that can help travelers and industry manage pre-arrival procedures and post-arrival itineraries.
Singapore Hotel Association president Kwee Wei-Lin, who co-chairs the alliance, said the AfA, which is made up of public agencies, private companies and unions, is helping the industry to remain fast and agile in their approach to transformation.
The task force said Singapore must resist the forces of anti-globalization and protectionism by remaining open, especially to global talents and skills, in order to realize this vision of drawing new virtual frontiers for the economy.
“(This is) so that businesses can access the best ideas and understand consumers and businesses beyond our shores, and Singaporeans can continue to learn from the best in the world.”