Last updated: 13 March 2023
Published on: 22 June 2018
5 MINS READ
The Digital Economy Framework of Action will help companies raise their digital capabilities and position Singapore as a leading global node for technology and innovation.
By Janice Lin
While there is much to be gained from the digital economy, going digital can be a challenge for some companies – particularly smaller ones that lack access to resources needed for this.
In a push to accelerate the digitisation of local businesses, fuel Singapore’s digital economy growth and build its competitive edge, the Infocomm Media Development Authority (IMDA) launched the Digital Economy Framework of Action at its inaugural SG:Digital Industry Day on 21 May. This plan, which is aligned with Singapore’s Smart Nation vision, outlines concrete steps to be taken to help companies increase productivity, achieve greater scale and serve their customers better by raising their digital capabilities.
By working closely with industry partners, it seeks to assist local companies in expanding their footprint in Asia and beyond, as Singapore positions itself to become a leading global node in the digital economy.
“We want to help all our companies succeed in (their digital) transformation, and that's why we are ramping up our efforts to accelerate the adoption of digital technologies,” explained Communications and Information Minister S Iswaran at the framework’s launch.
He added that for the country to maximise the benefits of the digital economy, “digitisation must be pervasive, cutting across all sectors so as to raise the capacity and competitiveness of the entire Singapore economy”.
A living framework
The Digital Economy Framework of Action consists of three main thrusts: To help local companies accelerate their digitisation journeys; to strengthen Singapore’s global competitive edge by encouraging open innovation and fostering new ecosystems; and to transform the infocomm media industry by deepening capabilities in frontier technologies and nurturing the next generation of globally competitive digital champions.
A raft of initiatives has been launched in support of these three thrusts. They are:
1. The nationwide adoption of the Pan-European Public Procurement On-Line (PEPPOL) standard. IMDA is the first national PEPPOL authority outside of Europe and the first national authority in Asia to adopt the e-invoicing standard.
2. A federated lockers network to boost last-mile delivery for the e-commerce sector
3. The Digital Project Management Services initiative, launched under the SMEs Go Digital programme, to provide a pool of project managers upon which companies can tap to help with the implementation of their digital plans
4. The Open Innovation Platform, a virtual crowdsourcing platform that will connect and match companies and sectors with experts to co-create and develop innovative solutions to solve their business problems and challenges
5. Support for four digital platforms offering artificial intelligence and data services, which will serve as aggregators and make these services more accessible to businesses
6. The Future of Media Strategy, which will help local media enterprises and professionals gain new digital capabilities, as well as partnering enterprises with a shared interest in creating content driven by data insights
7. Support for the digitalisation of the construction sector through the use of immersive media
8. The GoSecure programme to strengthen the cybersecurity capabilities of local information and communications technology companies
Speaking at the launch, IMDA Chief Executive Tan Kiat How stressed that the Digital Economy Framework of Action was not meant to be a master plan, but a living document subject to refinement and recalibration in partnership with industry as the digital economy evolves.
More importantly, he added, the framework’s creation marks the start of a plan to begin taking real action in an increasingly digitised world.
“It sets out a clear goal for Singapore to be a leading digital economy that continually reinvents itself, underpinned by a belief that every business, regardless of size, the sector it is in, or the stage of its development in terms of digitalisation, can be a more digital business and seize opportunities.”
For more information about the Digital Economy Framework of Action, please go to https://www.imda.gov.sg/sgdigital/digital-economy-framework-for-action.
And to enjoy more snapshots of the SG:Digital Industry Day, please visit the IMDA Facebook photo album.