Out-Law / Your Daily Need-To-Know
Singapore’s government will launch five measures to build up Singapore as a global and regional e-commerce hub, according to trade and industry minister Chan Chun Sing.
Singapore will continue to build up its digital infrastructure and encourage more firms to adopt digital solutions such as PayNow Corporate and E-Invoicing Network.
Singapore will also continue to develop its supply chain capabilities. In this regard, Enterprise Singapore and other government agencies will work with the logistics sector to value-add to areas like cold-chain management, retail and pharmaceutical logistics. A data infrastructure foundation will be built up for sharing secure data across supply chains.
A secure and trusted digital environment will be built up in line with the current process of economy digitalisation. Singapore will continue to protect business through improving cybersecurity and tighten digital connectivity by enabling cross-border data flows by Digital Economy Agreements (DEAs), which have been concluded with Australia, New Zealand and Chile.
Singapore will take more measures for local businesses to gain e-commerce capabilities and maximise their growth opportunities from the digital economy.
The Singapore government will continue to ensure that policies remain effective in order to make sure that businesses are able to continue operations with minimal disruption given current pandemic.
Mark Tan of Pinsent Masons MPillay, the Singapore joint law venture between MPillay and Pinsent Masons, the law firm behind Out-Law, said: “The five measures being rolled out by the Singapore government appears to be part of their ongoing strategy to help promote and enhance Singapore’s status as a regional and global e-commerce hub. Based on this initiative, it appears that the Singapore Government has recognized and identified e-commerce as a potential area of growth for businesses in this region, and it looking to encourage and enable businesses based here to plug in and take up the growth and business opportunities presented by e-commerce swiftly, so as to gain the maximum amount of benefits available by being amongst the early adopters in this regard.”
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