Singapore is one of the world’s fastest-growing economies with the 6th highest GDP in the world. According to the World Bank, the GDP growth rate has been among the world’s highest. The country has a highly developed and successful free-market economy due, in part, to a remarkably open and corruption-free environment, stable prices, and a very low unemployment rate. As an island nation with the competitive advantage of its location in the heart of Southeast Asia, Singapore has an excellent transportation system, a highly-educated workforce, and a high standard of living.
Singapore releases the Smart Nation Programme focused on five key domains: transport, home and environment, business productivity, health and enabled aging, and public sector services. The Programme includes the following ICT initiatives:
- An open-data portal and a Smart Nation Platform that allows for the consolidation and sharing of government data.
- Investments in research and development (R&D).
- Laboratories for the development and piloting of technological solutions
- Start-up accelerators to nurture creative start-ups and innovations.
- Cybersecurity measures for the safeguarding of data, systems, and networks
- Building computational capabilities among citizens through educational programs at various levels.
Singapore has positioned itself as a centre of innovation and Research&Development at the heart of the world’s most dynamic economic region. Start-ups armed with powerful digital tools are challenging incumbents across a wide swathe of industries, from healthcare to financial services. Singapore is succeeding in creating an environment to attract innovative international start-ups to its shores both ICT companies and firms from traditional industries that adopt new technologies to stay relevant within the data-rich environment.
Sitting at the heart of this dynamic region, Singapore-based companies are well-positioned to ride on Asia’s growth. Over the past few decades, Singapore develops its innovation ecosystem, made up of high-quality infrastructure, a growing pool of dynamic start-ups, well-trained talent and strong government support. As a result, investors looking to ride on the region’s dynamism would do well to consider using Singapore as a springboard to the rest of Asia and beyond.
Technology (ICT) Singapore’s total market value in IT was SG$10 billion in 2015 with a steady forecast CAGR growth rate of 2.8% by 2021. The Government is actively investing in a Smart Nation initiative (from wearables, contactless payment to assistive technology). Financial Technology is the fastest-growing ICT sector in Singapore. There are 18 Innovation Hubs in Singapore, all with strong government support across IT market segments including cloud computing and smart services.