Singapore and the UK have wrapped up negotiations on a digital economy agreement that encompasses various initiatives that include establishing interoperable systems for digital payments, trusted data flows, digital identities, and cybersecurity.
Singapore and the UK have wrapped up negotiations on a digital economy agreement that focuses on digital trade, data flows, and cybersecurity. Under the pact, both nations will look to establish, amongst others, interoperable systems for digital payments, secured data flows, and digital identities, as well as collaborate on cybersecurity. When formally inked, the digital economy agreement would be Singapore’s third following two others it signed with Chile and New Zealand as well as Australia. The UK agreement included „binding disciplines“ of the digital economy such as data, and cooperation in emerging areas including artificial intelligence, fintech, digital identities, and legal technology. Common digital systems, for instance, would be put in place to facilitate e-payments, e-invoicing, and other electronic documents such as bills of lading. The goal here was to drive faster and cheaper transactions, reducing costs for businesses in both markets. intern The two countries also would look to enable trusted data flows and data protection for various functions, including financial services.
