Smart Nation Singapore's Facebook post of DPM Teo's speech at the Smart Nation Innovations Week Opening Symposium

05-06-2018 / Media Releases

Deputy Prime Minister and Coordinating Minister for National Security Teo Chee Hean delivered a speech on "Building a Smart Nation - Empowering Citizens, Energising Businesses, Engaging Internationally" at the Smart Nation Innovations Week Opening Symposium on 5 June 2018.

DPM Teo said the digital domain has offered new ways for us to interact, collaborate and form new partnerships, with exciting opportunities to grow our future economy and improve the lives of all our citizens. A Smart Nation also means that Singapore collaborates with our international partners and other Smart Cities to deliver digital solutions that link and benefit people and businesses across boundaries, he said.

"For instance, businesses can access trade finance instruments digitally to reduce time-to-market and save on transaction fees," he said.

Singapore is also working on a blockchain-based cross-border trade and trade financing project with Hong Kong to enable trade-related digital transactions across borders. "This will provide traders, banks and clearing facilities a common view to enable trusted transactions, and execute contracts faster," said DPM Teo.

The blockchain-based cross-border trade and trade financing project, known as the Global Trade Connectivity Network (GTCN), aims to make cross-border trade and financing cheaper, safer and more efficient by connecting Singapore Customs' National Trade Platform with the Hong Kong Trade Finance Platform. It is jointly developed by the Monetary Authority of Singapore and the Hong Kong Monetary Authority.

Read more about the GTCN here: http://www.mas.gov.sg/News-and-Publications/Media-Releases/2017/Singapore-and-Hong-Kong-launch-a-joint-project-on-cross-border-trade-and-trade-finance-platform.aspx

[Shared] Smart Nation Singapore's Facebook post
DPM Teo Chee Hean announced the Digital Government Blueprint at the Smart Nation Innovations Week Opening Symposium today. The Blueprint outlines how the Government is reorganising and transforming to deliver public services better through the use of technology.

Read the DGB here to find out what it means for you:
https://www.smartnation.sg/dgb

#SmartNation

 

Smart Nations FB Post 1