SEA's digital economy a bright spot for Singapore: DPM Heng

Singapore

SOUTH-EAST Asia's fast-growing digital economy is set to create more business and job opportunities for Singapore and its people, said Deputy Prime Minister and Finance Minister Heng Swee Keat.

Speaking at the launch of e-commerce firm Shopee's new headquarters, Mr Heng said the growth of the digital economy will be driven by the greater spending power of a rapidly-growing middle class, coupled with higher internet usage. He cited a study by Google and Temasek that projected the South-east Asian digital economy to triple in value to US$240 billion by 2025.

"Hence, even though consumer confidence is expected to weaken in the near term due to the global economic slowdown, the longer-term outlook for South-east Asia is still bright," said Mr Heng.

"The rise of South-east Asian and Asian economies brings opportunities, and we must position Singapore well to harness them. We have to constantly strive to ensure that companies like Shopee, doing business across the region, will continue to see Singapore as an ideal base for serving the region."

Singapore is taking steps to tap the growing digital economy. For instance, it is negotiating agreements with countries that establish common standards in e-invoicing, e-payments, digital identity and artificial intelligence.

Ultimately, investments into the digital economy "must translate into good jobs for our people", said Mr Heng. In turn, the Government, companies and employees must work together to help workers build the skills needed to access these jobs, he said.

Mr Heng highlighted the infocomm and media (ICM) sector as an area of strength. "The demand for ICM professionals is projected to grow, not just in Singapore, but across the region."