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Singapore, Malaysia Foster Co-operation in Digital Transformation

The Joint Committee Meeting (JCM) on Information and Communications Co-operation between the Government of the Republic of Singapore and the Government of Malaysia had a strong digital theme. Both countries discussed digital transformation efforts and explored areas where bilateral digital cooperation could advance post-pandemic recovery.

Both parties discussed issues relating to enabling trusted data flows between the two countries, and to better connecting the respective innovation and technology ecosystems to support businesses and start-ups. In addition, both are committed to implementing projects to demonstrate the benefits of cooperation in this rapidly developing digital domain to support the recovery of our respective economies.

In addition, the JCM also discussed how media production, distribution and consumption are being disrupted by technologies and online platforms, including growing volumes of information and the rapid spread of falsehoods.

The JCM is a platform of increasing importance, to deepen the bilateral cooperation between Singapore and Malaysia. The pandemic has driven many companies to digitally transform and seize new opportunities. Through the JCM, we have initiated meaningful digital cooperation projects to increase the adoption and interoperability of digital technologies in both countries. Our collaboration will serve as a springboard to enhance connectivity between our businesses and people and to support our recovery from the pandemic.

– Yong Ying-I, Permanent Secretary, Ministry of Communications and Information of Singapore

Malaysia continues to embrace digital technology and develop unique technologies and business models to assist the country in establishing new development engines. With the growth of the digital economy, the Fourth Industrial Revolution, and ever-evolving technology, Malaysia looks forward to exploring potential collaboration in this sector in the future. Malaysia is stepping up efforts to assist Micro, Small and Medium-Sized Enterprises (MSMEs) and business owners in adopting digital technology, and will continue to advance plans to establish an inclusive and progressive digital economy for all.

Malaysia has a sustainable and solid economic foundation, comprehensive business-ready environment and dynamic skilled workforce. As an attractive cost-competitive investment location in the region, she is fast becoming a preferred centre for shared services and leading technology industries. Singaporean companies who are looking to expand into Malaysia should pay attention to the launch of the Future 5 Strategy, and evaluate how their businesses can fit into this plan in order to anchor a foothold into the market.

The five industry sectors that have been identified as key drivers are AgTech, HealthTech, Islamic Digital Economy and FinTech, CleanTech and EduTech. These industries are based on the strategic national industries for digitalisation and have also been mapped to Malaysia’s national priority sectors.

As reported by OpenGov Asia, Singapore and the Republic of Korea (ROK) have also launched negotiations on a new Korea-Singapore Digital Partnership Agreement (KSDPA) last year. The agreement seeks to deepen bilateral cooperation in new emerging digital areas, such as in personal data protection and cross-border data flows, digital identities, fintech, as well as Artificial Intelligence (AI) governance frameworks. It also aims to support and foster greater collaboration between both countries’ SME communities in the digital economy.

Recently, Singapore and ROK have concluded negotiations on the Korea-Singapore Digital Partnership Agreement (KSDPA). The KSDPA will be Singapore’s fourth Digital Economy Agreement (DEA), and the first with an Asian country. The agreement will deepen bilateral cooperation in the digital economy between both countries, by establishing forward-looking digital trade rules and norms to promote interoperability between digital systems. This will enable more seamless cross-border data flows and build a trusted and secure digital environment for our businesses and consumers.

The KSDPA is part of a series of DEAs that Singapore has embarked upon. These agreements are an inter-agency effort led by the Ministry of Trade and Industry, Ministry of Communications and Information, and the Infocomm Media Development Authority, to advance collaboration in the digital economy and enhance digital connectivity.

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