Digitization digitalization digital transformation

SINGAPORE: More than S$500 million of the Fortitude Budget will be allocated to support the digital transformation of businesses, including support for e-payments, adopting digital solutions and deepening digital capabilities, announced Deputy Prime Minister Heng Swee Keat on Tuesday (May 26). “Those who are willing to transform will not be left behind,” said Mr Heng, speaking in Parliament on Tuesday. READ: S$33b Fortitude Budget aimed at providing jobs, supporting workers and firms through 'difficult period' of COVID-19 READ: Fortitude Budget: Additional S$800 million set aside for COVID-19 Support Grant; S$100 one-off utilities credit Noting that the take-up rate of e-payments among businesses has “risen sharply”, with 50,000 more businesses adopting PayNow Corporate since April, Mr Heng said this Budget will support those who have not begun using digital tools. "We will help them to get on board with digital transformation, building on current momentum," he said. … [Read more...] about Fortitude Budget: More than S$500m allocated to support digital transformation of businesses amid COVID-19 outbreak

SINGAPORE: A ministerial committee will be formed to oversee and coordinate Singapore’s digitalisation push which has been ramped up in light of challenges from the COVID-19 pandemic, said Minister for Communications and Information S Iswaran. He will co-chair the new ministerial committee for digital transformation with Minister for Trade and Industry Chan Chun Sing. Key priorities of the committee include helping people to learn new skills and seize technology-related jobs, as well as getting more small businesses, especially those battered by the pandemic, to go digital. It will also be looking at how to boost digital adoption among hawkers and the elderly – segments in the society which have been seen by some as “the most challenging in terms of digitalisation”, Mr Iswaran said in a virtual interview on Thursday (Jun 11). READ: COVID-19: Singapore to spend S$3.5 billion on information and communications technology to support businesses He noted that this push to go … [Read more...] about Iswaran, Chan Chun Sing to chair new ministerial committee on digital transformation

SINGAPORE: As digital banks look set to make their debut here later this year, observers say it may be an uphill task for them to build a customer base against more established conventional banks. While digital banks may find success in appealing to a digitally savvy customer base, traditional banks - which already have advantages such as a strong brand and an established customer base – have already started their own process of digital transformation, they noted. Last year, the Monetary Authority of Singapore (MAS) announced it would issue up to five digital banking licences to non-bank players. Of these, up to two of the licences will be for digital retail banking, which will allow firms to provide a range of financial services as well as take deposits from customers. Another three will be issued for digital wholesale banking, which allows licensees to serve small-and-medium enterprises, as well as other non-retail sectors. MAS announced earlier this year that it had … [Read more...] about Companies vying for digital bank licence may face uphill battle, say experts

SINGAPORE: Singapore must master major trends reshaping the global economy and speed up the structural transformation of its own economy to emerge with a stronger one post-COVID-19, Deputy Prime Minister Heng Swee Keat said on Saturday (Jun 20). The minister was speaking about building a more cohesive society, in the sixth and final speech in a series of national ministerial broadcasts on Singapore’s post-COVID-19 future. READ: Singapore will emerge from COVID-19 crisis a stronger society, with renewed sense of identity and values: DPM Heng Mr Heng acknowledged that many could still lose their jobs despite the Government’s efforts to create 100,000 jobs and training opportunities under the SGUnited Jobs and Skills Package. “All countries, including us, are providing immediate support, to provide a cushion,” Mr Heng said. “But we are going further, investing to give everyone a springboard, to bounce back from this even stronger.” Near the end of May, the Ministry of … [Read more...] about Singapore must master global trends, speed up transformation for stronger economy post-COVID-19: DPM Heng

TOKYO: Japanese Prime Minister Yoshihide Suga defended on Friday (Dec 4) a travel subsidy campaign that some medical groups and experts say has fuelled a third wave of COVID-19 cases, and said he would finalise the size of an economic stimulus package next week. Opinion polls show Suga's approval ratings have dipped, with many people unhappy with his handling of the pandemic since he became prime minister in September, after his predecessor, Shinzo Abe, stepped down because of ill health . Giving his first news conference since a surge in coronavirus cases last month, Suga said the "Go To Travel" campaign to revive domestic tourism was designed to help small businesses in the hospitality sector get through tough times. "The government moved to promote the domestic travel campaign, seeing that they would not be able to continue their businesses as things were," Suga said. READ: Commentary: Japan has taken care of two COVID-19 waves so how bad can this third one be? But … [Read more...] about Japan’s Suga defends boost for domestic tourism amid COVID-19