BUSINESSES will soon be able to easily retrieve their corporate information through the Singpass app, including business registration, shareholder data and information on awarded government contracts.

The move aggregates the data on one platform instead of having businesses access various sources, and is aimed at increasing convenience for users - for instance when applying for corporate banking and financial products.

Updates to the Singpass app will be rolled out by the end of March, and will apply to individuals with valid Corppass accounts. It is expected to benefit business owners and authorised employees of over 550,000 businesses and entities, such as non-profit organisations and associations.

The move was announced by Minister-in-charge of Smart Nation and Cybersecurity Josephine Teo, who highlighted the "sea change" that digitalisation has created for Singapore businesses.

"Good jobs have been created for Singaporeans, from product managers to algorithm engineers and UI/UX designers. A new wave of entrepreneurs has taken centre-stage, from home-based bakers to live streamers," she said in Parliament on Wednesday (Mar 2).

Digital payments are also on the rise. More than half of all hawkers have adopted e-payments, and more than S$200 million in PayNow transactions were made every day last year.

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The government is also looking to further develop GovWallet, an e-wallet feature that public agencies can use to disburse monies and credits to citizens. The monies and credits can then be used at 164,000 registered merchants by scanning an SGQR code with PayNow.

Even as digitalisation happens at a faster pace, Singapore "must be ready to tackle challenges such as digital inclusion and cybersecurity", said Teo.

Teo, who is also Minister for Communications and Information, pointed out that the pace of digitalisation can feel daunting and steps have been taken to make digital services more accessible.

In recent weeks, she has also spoken about government efforts to combat scam websites in the wake of the OCBC phishing attacks that resulted in S$13.7 million in losses.

But apart from the challenges that come with rapid digitalisation, maturing technologies such as 5G and autonomous systems create opportunities in the areas of sustainability, finance, education, healthcare and smart cities, said Teo.

A Smart Nation Ambassadors Co-Creation Group was launched in January to involve the community in the development of digital government policies and services.

The group is made up of community leaders representing diverse groups, including persons with disabilities, low-income families, clan associations and small and medium enterprises. They will work with government engineering teams to develop tech services addressing social and economic issues.