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Digital Economy Framework for Action

last updated 21 November 2018

framework

Our goal as a nation is to be the leading digital economy. Key plans, centred around collaborations with partners and platform enablers, were announced by Minister for Communications and Information S Iswaran on 21 May 2018. And driving these plans, are the three strategic priorities of the SG:D framework of action and programmes.



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1. Accelerate — Digitalising Industries

To digitalise every industry and every business, raising productivity and efficiencies to grow the economy.

In 2017, the Government rolled out 23 Industry Transformation Maps (ITMs). And supporting these ITMs, are Industry Digital Plans to facilitate digitalisation in every industry.

SMEs in particular will get step-by-step support for every stage of their digital transformation, while businesses that are already digitalising can expect aid to push boundaries and explore new growth areas.

At the same time, digital platforms such as e-invoicing will help save costs, speed up transactions and reduce mistakes – all so businesses stay competitive in this rapidly digitalising marketplace.

 

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2. Compete — Integrating Ecosystems

To sharpen Singapore’s competitive edge by supporting companies to leverage digital technology.

Digitalisation opens up whole new growth opportunities. From helping local players evolve their business models for the ecosystems that define today’s economic activities, to identifying new opportunities for companies to scale up easily and expand internationally, our focus is on helping businesses sharpen their digital edge.

More than that, we will groom the digital champions among us, welcome new talents and innovations to step up, and even bring companies and ICM problem solvers together to address real business problems.

 

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3. Transform – Industrialising Digital

To transform the Infocomm Media (ICM) industry to be a key growth driver of Singapore’s digital economy.

Digital economies are opening up around the world. And our infocomm media sector, already slated to add 13,000 new jobs by 2020, is taking the lead to help position Singapore as the digital technology hub of Asia.

IMDA will continue its work of transforming the ICM sector to create digital companies and capabilities of the future. For instance, companies that are digital by design will get the nudge to expand globally by tapping on our connectivity, infrastructure and Singapore’s trusted brand name. Find out more with Infocomm Media Industry Transformation Map.

As a nation, we are also building deep capabilities in four frontier technologies - Artificial Intelligence (AI) and Data science, Cybersecurity, Immersive Media, as well as Internet of Things (IOT) and Future Communications Infrastructure.

Find out more about the SG:D Framework for Action.

 

Critical enablers that make the SG:D framework a reality

Our three strategic priorities of the SG:D Framework can be realised with four key enablers in place:

1. Manpower Development: Continued upskilling and reskilling to train and groom ICM professionals as well as raise the digital literacy of the workforce to take on the challenges of the digital economy.

2. Research & Innovation: Giving companies the competitive edge to keep abreast of the latest trends in technology through roadmaps which aim to inform and anticipate new developments.

3. Physical & Digital Infrastructure: Continued investment to boost Singapore’s infrastructure and enhance digital connectivity as technology evolves.

4. Governance, Policies and Standards: Robust data privacy laws, cybersecurity and data protection, as well as continued efforts to calibrate governance of data policy and related activities like AI.

Learn more about the SG:D Framework for Action.

 


Singapore: Poised for digital success

Beyond strategic priorities and enablers, Singapore is building from a position of strength – one rooted in factors beyond our stable government, world-class digital infrastructure, it's strategic position as Asia’s Asia’s financial hub, and highly-educated workforce.

Singapore was ranked 3rd worldwide in Bloomberg’s 2018 Innovation Index based on our focus on research and development and the many high-tech players here. In Asia, we are ranked No. 2, with some of the world’s brightest talent drawn to Singapore’s vibrant start-up scene.

Put together, we have much reason to believe Singapore can indeed become a leading digital economy:

Beyond strategic priorities and critical enablers, Singapore is building from a position of strength. With its strong and stable Government, world-class infrastructure and institutions (ranked second in the 2017/2018 World Economic Forum’s Global Competitiveness Index) and highly educated and trained workforce, it is poised to become the leading digital economy of the future. The nation was also ranked third in Bloomberg’s 2018 Innovation Index, based on the strength of its tertiary research institutions. This has contributed to a burgeoning start-up scene, attracting some of the brightest talents and biggest tech companies in the world.