Singapore is launching a $50 million program to advance research on AI and cybersecurity

cnbc2021-07-13

KEY POINTS Singapore plans to invest around $50 million in a program to support advanced communications and connectivity research, Deputy Prime Minister Heng Swee Keat announced. As part of the ...

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2021-07-13
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Many new technologies, such as self-driving cars, are underpinned by rapid developments and global deployment of 5G networks. For its part, Singapore plans to havefull island-wide standalone 5G coverage by 2025.\nThe program will “support AI and cybersecurity research for next-generation communications infrastructures,” Heng said at theAsia Tech x Singapore conference.\nIt will “support testbeds for innovative pilots, and provide scholarships for those seeking to pursue research in communications.”\n\n Just as globalization drove decades of economic growth around the world, I believe the fast-growing digital economy can propel us to a better future.Heng Swee KeatSINGAPORE’S DEPUTY PRIME MINISTER\n\nThe program will also aim to buildinternational partnerships andstrengthen cross-border collaborations,according to Heng, who is also Singapore’s coordinating minister for economic policies.\nDigitalizing the supply chain\nSingapore will also be launching a digital exchange known as the Singapore Trade Data Exchange, or SGTraDex. It will allow multiple stakeholders — such as logistics players, shippers and buyers — to share valuable information like real-time cargo locations. The information is said to be encrypted and transmitted, without being stored.\nThe initiative is expected to stamp out significant inefficiencies around the movement of goods along the supply chain. For example, logistics and shipping companies would be able to optimize cargo handling and operations.\n“From the pilots so far, SGTraDex has the potential to unlock more than $150 million of value annually for the supply chain ecosystem,” Heng said. It would also speed up the processing of customs clearance, trade financing, insurance and other related activities, he added.\nSGTraDex is similar to another initiative launched last year called theSingapore Financial Data Exchange, or SGFinDex.It allows users to sign in with their national digital identity to access their consolidated financial data — such as deposits, credit cards, loans and investments — from participating banks and relevant government agencies on a single platform.\nUnlocking the full potential\nHeng pointed out that having the ability to allow data to flow securely and seamlessly can help countries unlock the full potential of digitalization.\nSoutheast Asia’s digital economy is fast-growing and its internet sectors are expected to cross $300 billion by 2025, according to anindustry report from Google, Temasek Holdings and Bain & Company.\nThe coronavirus pandemic accelerated the push toward digitalization asmany businesses, big and small, had to shift their presence onlinein the face of social restrictions and lockdowns.\n“Just as globalization drove decades of economic growth around the world, I believe the fast-growing digital economy can propel us to a better future,” Heng said.","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":142512327,"gmtCreate":1626160921269,"gmtModify":1633929521027,"author":{"id":"3586311073884660","authorId":"3586311073884660","name":"WangMeiLi","avatar":"https://static.tigerbbs.com/e42c8291e5033a92ae3c00b91053172b","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3586311073884660","authorIdStr":"3586311073884660"},"htmlText":"Small country but modern and innovative.","listText":"Small country but modern and innovative.","text":"Small country but modern and 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