More tech innovations, collboration needed to drive recovery: DPM Heng

In his remarks to SFF x SWITCH attendees, DPM Heng also called for more financial inclusivity and sustainability.

Singapore's Deputy Prime Minister Heng has highlighted the need for more technological investments and innovation, and collaboration across markets, in order to spur global recovery following the pandemic.

Speaking to as many as 60,000 virtual and satellite event attendees of this year's edition of the Singapore FinTech Festival x Singapore Week of Innovation and TeCHnology (SFF x SWITCH), Heng recognized the great disruption caused by the pandemic and heightened economic and technological risks, and noted the role of technology alongside innovation and collaboration as driving forces for recovery.

“COVID-19 might have thrown the world a curveball. But it has been an opportunity for people to show resilience in the face of adversity, innovation in the midst of necessity, and the determination to build back better from the crisis,” Heng said in the conclusion of his speech. “Just as we innovated to cope with the pandemic, we must also use technology and innovation to emerge stronger from this crisis.”

The second edition of the Singapore FinTech Festival x Singapore Week of Innovation and TeCHnology (SFF x SWITCH) officially kicked off with over 60,000 participants from 107 countries in attendance via virtual and satellite events. Running from 7 to 11 December, it features more than 600 sessions over five days, with 1,400 speakers, more than 1,000 exhibitors, 27 international pavilions, 7,000 companies represented globally, the Monetary Authority of Singapore (MAS) and Enterprise Singapore said in a joint statement.

Earlier in his speech, Heng highlighted the role Singapore could play in driving global recovery, sharing that the local government invests about 1% of its GDP on research and development each year. As part of their commitment to continue investing on innovation, Heng unveiled new initiatives, including the Blockchain Innovation Programme, the country’s first major blockchain research and translation programme.

Heng also announced the launch of the Singapore Financial Data Exchange (SGFinDex), a system enabling SingPass users to access their financial information across government agencies and partner financial institutions.

Financial inclusivity, sustainability
Heng noted the need for more financial and technological inclusivity, especially for small and medium enterprises (SMEs), in order to bridge gaps in competition amongst businesses and in skills in the workforce.

“To avoid widening inequality, we must recover from this crisis in a manner that is inclusive. We must speed up the time that it takes for the last company and worker to access and benefit from technology,” Heng said, adding that small and medium enterprises account for 90% of businesses worldwide and 50% of global employment. “Many SMEs are not making use of digital technologies, much less training their workers for the digital world. It is imperative that we bring them on board the digital economy.”

He touted Singapore’s various initiative to help SMEs adopt tech solutions for invoicing and payments, and for accounting and payroll, as well as their Business sans Borders initiative that connects SMEs to buyers globally.

Heng also touched upon the topic of sustainability, calling COVID-19 a "wake-up call" and a reminder to be better prepared for big problems such as climate change.

“We believe that growth and sustainability can go hand in hand, and technology and innovation can offer solutions to achieving both,” he said, noting that climate change is an existential threat for Singapore, a low-lying city state, and that many parts of the country will be submerged by the end of the century if they do nothing.

As part of their green initiative, Singapore plans to deploy at least 2 gigawatts of solar or almost 3% of the country’s electricity needs by 2020. The country also plans to phase out phase out all internal combustion engine vehicles by 2040.

Heng also called for a “more resilient global commons,” empathizing that emphasise that the foundation for a more inclusive and sustainable post-COVID future lies in this. This includes greater collaboration in harmonizing standards globally such as in the areas of digital trade and stronger governance in the use of technology.

Heng ended his speech by calling SFF x SWITCH 2020 a “good example” of Singapore’s response to the pandemic, praising the organisers for having put together the purported world’s first week-long round-the-clock hybrid digital and physical event despite challenges.

“The valuable connections and business activities from this gathering will help drive pandemic recovery and provide insights on the new possibilities post-COVID. A big thank you to the organisers, to all contributing partners, and to all of you for joining us this week,” he concluded.