Government outlines its strategy to build up the country’s footprint as a global e-commerce hub, which focuses on strengthening key underlying infrastructures such as 5G, logistics, and payment.
Singapore has identified key underlying infrastructures that it believes will pave the way for the country to become a global and regional e-commerce hub. Its « five-pronged » strategy includes building out the local 5G networks, supply chain capabilities, and payment platforms. Fuelled by the COVID-19 pandemic, online transactions in Singapore accounted for 14.3% of total sales value last November, up from just 5.8% in January. With levels remaining high even after the country emerged from its lockdown measures mid-2020, consumer behavioural shifts towards online shopping was expected to be more permanent, said Minister for Trade and Industry Chan Chin Sing. « The borderless world of e-commerce presents fresh opportunities that are up for grabs by all who are willing to try. Technology is neutral. Businesses that can master it faster and better, win, » noted Chan, who was speaking at Amazon’s Southeast Asia Online Seller Summit 2021, held here Thursday. « Competition is no longer local, but regional and global. Since this is a phenomenon that we cannot stop, Singapore firms must position ourselves to make the most of it. » To facilitate the momentum, he said the government had outlined five focus areas that aimed to build up the country’s digital infrastructure, supply chain resilience, cybersecurity, and cross-border alliances. For instance, it had made investments in digital connectivity, data analytics, and payments, amongst others, to boost its digital infrastructure. Key to this was the nationwide 5G networks, which Chan said would « form the backbone » of Singapore’s digital economy.
