Social Mixer 2024 Singapore
marketing interactive Content360 Singapore 2024 Content360 Singapore 2024
Digital Trust sector in SG expected to double to SG$765bn in 5 years

Digital Trust sector in SG expected to double to SG$765bn in 5 years

share on

To support Singapore’s vision as a global node for Digital Trust, SGTech also launched the regional Digital Trust Centre of Excellence at the global forum which aims to further build Singapore’s position and reputation as a trusted global tech hub.

This comes as SGTech anticipates that the Digital Trust sector offers a whopping global market-segment opportunity of SG$385 billion and an expected double growth of SG$765 billion over the next five years.

Aside from the sizable opportunity, the sector is expected to increase employment in the country by up to 34,000 people by 2027, more than double the current 15,000.

The new hub is supported by regional associations the Asia Pacific Business Advisory Council (ABAC) and the Asian-Oceanian Computing Industry Organisation (ASOCIO). It will focus on knowledge-building activities such as undertaking education and research activities, including surveys, publications, and reports, among many others. It will foster a policy hub through roundtable sessions to stimulate discussions on improving policy landscape, standards, emerging issues, among others.

SGTech chair Wong Wai Meng, said Digital Trust will be a game-changer for Singapore to secure its place as a global digital and data node. To fully capitalise on this opportunity will require an acceleration in capabilities building and skills development that demands the collective will and vision of the government, businesses, and individuals. “Our aim is to provide early thinking and chart a game plan for the community to drive, and collectively position Singapore as a Global Digital & Data node built on trust, thereby securing Singapore’s future in the Digital economy,” said Wong.

In a whitepaper also unveiled by SGTech, Wong outlined that with the increasing merging of the physical, digital, and biological worlds, it has created huge opportunities but also challenges for the way people live and work. The advent of technologies such as blockchain, artificial intelligence, big data, internet of things, and the likes has accelerated the pace of innovation in business. Internal resources alone are no longer sufficient for addressing the dynamic needs of markets; companies must adopt innovation strategies by collaborating with external stakeholders.

“The push to digitalise and innovate has opened a can of challenges for companies, who must consider new privacy, security, and information-control issues as they collect and store more data. These concerns are exacerbated by increasingly polarised views on important topics, the spread of misinformation, and cybercrimes. SGTech believes that building digital and data systems based on trust is key to surmounting these challenges,” he added.

Five key trends and opportunities were also identified in this study: 

#1 Misinformation is becoming more widespread and affecting everyday people

Consumer awareness and education to enable a more discerning population is essential

#2 Expectations on privacy and responsible use of data have grown and become mainstream

The use of Privacy Enhancing Technologies (PET) could help adhere to the letter and spirit of the law, while generating the benefits that come from data sharing and analysis. Embedding privacy in products and services through privacy by design enhances transparency and accountability in an organisation’s systems, and helps to increase confidence and loyalty in consumers and businesses they transact with

#3 Cybercrimes continue to grow unabated, especially in the Asia-Pacific
Large companies will need to build up resilience capabilities, while small and medium enterprises (SMEs), that are generally under-resourced, should consider cyber-as-a-service offerings. Both large companies and SMEs should consider cyber insurance.

#4 Data localisation, sovereignty and cross-border data flow issues are high on the agenda for many countries

There is a strong need for data-sharing standards to be harmonised across countries, and there are opportunities to mutually recognise certificates that relate to Digital Trust; facilitation bodies such as APEC Business Advisory Council (ABAC) are important players that can drive these efforts.  Adoption of technologies, such as Digital Identity and permission-based Distributed Ledger Technologies, can also assist with more seamless and efficient cross-border interactions

#5 Growing demand for Digital Trust skills and risk management solutions
A more sophisticated Digital Trust workforce will need new skills, as well as related services such as consultants, lawyers, training providers, and certification agencies. Software solutions in Governance, Risk and Compliance (GRC) can also help companies better manage organisational risk and requirements for continuous compliance.

Related articles: 

SG digital-first Trust Bank goes on massive launch marketing blitz
Building brand trust: Digital experiences outweigh in-person experiences

share on

Follow us on our Telegram channel for the latest updates in the marketing and advertising scene.
Follow

Free newsletter

Get the daily lowdown on Asia's top marketing stories.

We break down the big and messy topics of the day so you're updated on the most important developments in Asia's marketing development – for free.

subscribe now open in new window