UK, Singapore sign 3 MOUs for cybersecurity, digital trade, digital identity verification
The deals will impact global supply chains and enhance cybersecurity.
To supplement their digital economy agreement, the UK and Singapore signed three memoranda of understanding (MOUs) that will impact the creation of secure global supply chains, improve their cyber cooperation, and promote digital identity verification.
In an announcement, the Ministry of Trade and Industry said the first MOU, called Digital Trade Facilitation, will allow the two nations to share the implementation of pilot projects including electronic trade documents and electronic invoicing.
Through sharing best practices, the UK and Singapore will influence the creation of secure global supply chains and digital ecosystems.
To do this, the two markets advised an establishment of a pilot project to share information and urge the adoption of e-invoicing that will allow businesses to transact with overseas partners effectively.
The second MOU, Digital Identities Cooperation, seeks to develop mutual recognition and interoperability between digital identities.
“The MOU lays the foundation for a roadmap towards mutual recognition of digital identities between the UK and Singapore, based on the principle of mutual interest and benefit,” read the statement.
Also, the two nations signed the Cyber Security MOU which will help maintain a secure cyberspace by building strong existing cyber cooperation through collaborating in areas such as Internet of Things (IoT) security, promoting cyber resilience, and capacity building.
Aside from the MOUs, the two countries exchanged two side letters including the FinTech cooperation to revitalise the UK-Singapore Fintech Bridge and the customs cooperation, which will formally create a Working Group between Singapore Customs and UK government’s HM Revenue and Customs.
The agreements and side letters were signed following the implementation of the UK-Singapore Digital Economy Agreement on 14 June.