SINGAPORE – Singapore is setting up a network of digital economy agreements to help professional services companies access overseas markets digitally. “Sometimes it`s too complicated to get everyone on board at the same time. We`re moving forward with those who are best placed to do it first, and that`s going to catalyze the rest to get on board on time. This is how we imagine the model of the development of digital economic agreements. This is the second Digital Economy Pact signed by Singapore after the Digital Economy Partnership Agreement with Chile and New Zealand in June. The developments have attracted the attention of other countries eager to use the means to create new digital and physical trade relationships in a world where demonbalization, US-China trade tensions and Brexit are disrupting supply chains. As ASEAN`s digital economy appears to be booming, Chan welcomed digitalization, which has been instrumental in harnessing the region`s potential and participating more effectively in the global economy. Digital IDs (for example. B CorpPass in Singapore) provide data from state-verified sources to create a digital user profile. Digital identifiers, among others, significantly optimize business processes, including business registration and opening bank accounts for businesses. Complicated processes such as know-how verifications and invoicing (KYC) can also be carried out quickly. Through AEDs, we hope to work with partners to support initiatives that promote compatibility between different digital identity regimes. The primary goal is to work with other countries to accelerate digital innovation around the world.
Chan said: “The agreement will facilitate the digitalisation of business processes and make it easier and cheaper for Singaporean companies to conduct cross-border business with Australia. With Covid-19 forcing businesses to consider innovative ways to reach customers and adapt to a new type of business activity, agreements such as the Singapore-Australia Digital Economy Agreement will enable our businesses to seize the opportunities offered by the digital economy and use new technologies to create new digital products and services. The protection of personal data is the key to maintaining trust in the digital economy and developing cross-border trade. Since companies carry out electronic transactions across borders, personal data is transferred as part of these transactions. . . .