Companies in Singapore Seize Digital Opportunities Amid COVID Landscape

Last updated: 15 September 2020

Published on: 15 September 2020

  • More than 30 organisations are participating in the Virtual e-Exhibition and 17 MOUs signed as part of Smart China Expo Online, as business gains traction
  • China-Singapore (Chongqing) Joint Innovation Development Fund saw robust participation by S’pore and Chongqing companies

SINGAPORE – 15 September 2020: The COVID-19 pandemic has emphasised the need for rapid digital transformation and robust digital connectivity around the world. As the global economy comes to terms with doing business during the pandemic, companies are turning to technology to revamp their offerings and seize digital opportunities.

17 Memoranda of Understanding (MOUs) between Singapore and Chongqing businesses were signed on the side lines of the Smart China Expo (SCE) Online, as businesses continue to explore opportunities amid the pandemic restrictions. The MOUs ranged from collaborations in built environment and manufacturing, to logistics and tourism for markets in Chongqing, Western China and Singapore.

“Chongqing is a key node into Western China, Singapore is likewise, a gateway into South East Asia. It is heartening to see that business engagements have continued, despite COVID restrictions, enabled by moving from the physical onto the Digital domain,” said Mr Lew Chuen Hong, Chief Executive, Infocomm Media Development Authority (IMDA).

The annual SCE is Chongqing’s most significant platform for tech leaders and the digital community to promote innovation and forge partnerships.

32 Singapore companies and organisations participated in this year’s virtual exhibition, the first time the SCE has gone completely digital amid COVID restrictions. This was made possible by the International Dedicated Connectivity (IDC), launched in September last year, allowing for the live streaming of the conference.

The IDC provides high quality and low latency digital connectivity between Chongqing and Singapore, enabling new business opportunities and digital projects between Western China and Southeast Asia.

To further seed innovative collaborations, Singapore and Chongqing companies jointly submitted more than 30 joint proposals to the initial tranche of the Joint Innovation Development Fund (JIDF) over the past year. 14 joint proposals were subsequently endorsed by the Joint Evaluation Committee comprising industry and academia from Chongqing and Singapore.

Launched in 2019, the JIDF is an RMB$40M initiative by IMDA, Enterprise Singapore and Chongqing Application Development Administration Bureau to promote the joint development of innovative products and solutions. The fund aims to catalyse projects that have the potential to bring about substantial economic benefits for the respective companies and countries.

Resources:

Annex A:  Speech by Minister for Manpower Josephine Teo at the Opening Ceremony of Smart China Expo 2020 (178.98KB)

Annex B:  Summary List of MOU Highlights (217.15KB)

 


ISSUED BY THE INFO-COMMUNICATIONS MEDIA DEVELOPMENT AUTHORITY


The Infocomm Media Development Authority (IMDA) leads Singapore’s digital transformation with infocomm media. To do this, IMDA will develop a dynamic digital economy and a cohesive digital society, driven by an exceptional infocomm media (ICM) ecosystem – by developing talent, strengthening business capabilities, and enhancing Singapore's ICM infrastructure. IMDA also regulates the telecommunications and media sectors to safeguard consumer interests while fostering a pro-business environment,  and enhances Singapore’s data protection regime through the Personal Data Protection Commission.

For more news and information, visit www.imda.gov.sg or follow IMDA on Facebook IMDAsg and Twitter @IMDAsg.


For media clarifications, please contact:

Patrick LIM (Mr)

Assistant Manager, Communications & Marketing, IMDA

(DID): (65) 6202 4469

Email: Patrick_John_LIM@imda.gov.sg

 

Angelia CHIA (Ms)

Senior Manager, Communications & Marketing, IMDA

(DID): (65) 6202 4321

Email: Angelia_CHIA@imda.gov.sg