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Why technology in Singapore is booming and will continue to thrive

Dr Biz • Dec 18, 2020

For a number of years technology in Singapore has been a strong and thriving sector, bolstered by long standing support from the government that continues to attract businesses big and small to the city-state, which is fast becoming South-East Asia’s technology hub. These businesses include one of technology’s heaviest hitters, Microsoft, which in December announced it would be offering up to 1,000 training and placement opportunities to Singaporeans.

The initiative is part of the SGUnited Jobs and Skills Package, which will support close to 100,000 jobseekers affected by the economic impact of Covid-19 by providing skills training opportunities for new graduates and mid-career professionals alike. The Microsoft initiative, dubbed #GetReadySG, will be a huge boost for Singapore’s technology-skills base as participants will be trained for in-demand tech roles including full-stack developer, data engineer and data analyst.

Microsoft is by no means the only big-tech company interested in Singapore’s tech-savvy workforce, either, with IBM also announcing a partnership with Singapore’s Infocomm Media Development Authority (IMDA) to hire and train 300 Singaporeans. The recruits will be trained between now and 2025, with the programme aiming to meet demand for deep technical skills needed to support the acceleration of digital transformation across all sectors and industries.

Cutting edge technology in Singapore

IBM has also been heavily involved in the development of blockchain technology in Singapore, founding its groundbreaking Blockchain Innovation Centre here, where it is developing security innovations for the finance and logistics sectors based on blockchain technology. The blockchain sector, in-fact, is becoming one of Singapore’s fastest growing tech sectors, with a report published in December ranking it in 1st place among ASEAN nations for blockchain research and 15th in the world.

Such is the fervour in the blockchain sector that it has also gained a further boost from a S $12 million investment from Singapore’s National Research Foundation (NRF). The funding is part of a programme jointly launched by the NRF, Enterprise Singapore (ESG) and the Infocomm Media Development Authority (IMDA). It will engage 75 diverse companies in order to come-up with 17 blockchain projects that can provide solutions for areas such as trade and logistics that will support technology in Singapore over the next three years.

Singapore also has a fast growing gaming sector, with players spending a total of US $327.2 million on games in 2019, making it a key player in South East Asia’s games market. The sector is well supported by games giant Sea Ltd: now South East Asia’s most valuable company with a market valuation of over US $100 million. Sea shot to fame thanks to a mobile battle game called Free Fire, which attracted tens of millions of players with its gameplay is now one of YouTube's most-watched features. The firm, which recently raised an extra US $2.57 billion from markets, is also the owner of the Shopee e-commerce platform and is set to move into digital banking.

A Smart Nation for the future

The Smart Nation initiative, first announced by Prime Minister Lee Hsien Loong in 2014, has been a driver of Singapore’s ascendance as a technological and digital leader in South East Asia. With an aim to make Singapore “an outstanding city in the world… for people to live, work and play in, where the human spirit flourishes”, the Smart Nation initiative has attempted to take a 360 degree view of Singapore’s infrastructure. This is in order to prepare it for the “fourth industrial revolution”, in which more menial tasks are expected to be automated, leaving more time for citizens to undertake “enriching activities”.

This forward thinking take on our technological future has been pivotal for Singapore’s adoption of technology, not least in government. From digital payments to digital solutions for traditional “wet-ink” services, Singapore’s government has aimed to move the bulk of its services online while targeting at least 75% user satisfaction. Digital solutions rolled out for areas like death registration and automated meter reading infrastructure that enables near real-time information on water consumption patterns have also significantly improved services.

Continued financial support provided by the government is also likely to further propel the development of technology in Singapore into the future. In addition to the initiatives outlined above, the Research, Innovation and Enterprise Council has announced a S$25 billion plan entitled RIE 2025 to invest in research, innovation and enterprise in science and technology over the next five years. With such a strong focus on creating opportunities for Singaporeans in cutting-edge technology coming from both government and business, there seems little doubt that Singapore will emerge stronger and more economically resilient in a post-Covid world.

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