Singapore is currently moving into a knowledge and technology-driven economy and society in their Smart Nation Journey. It is an initiative to move Singapore into a digital government, economy and society that harnesses technology to effect transformation in health, transport, urban living, government services and businesses. Technology will be so seamlessly integrated that it will transform the way people work, live and play.
This itself is a large-scale transformation for the nation towards endless possibilities and opportunities. Below are 5 technology-driven sectors that are fast growing in 2022.
Banking & Finance: Singapore is digitalizing its banking and finance sector by improving cashless payment methods and increasing the number of top foreign talents in wealth management. In its effort to be the top financial hub in Asia and maintain this position, Singapore has to ensure better processes and services in this sector so it is easier for business owners and investors to come to Singapore. Singapore also has seen an increase in high net worth individuals moving to the country to set up businesses and family offices and invest in Singapore.
Software & Technology: To ensure Singapore’s foothold in the future economy, they are upgrading their technology infrastructure in all sectors, for both public and private entities. This is to improve all business operations and client services to increase efficiency at all levels. Singaporeans are also being taught to adapt to new technologies via various training and upskilling courses for their personal and professional development.
With Singapore’s digital advancement, comes another problem. Cybersecurity is a top priority due to the high number of scam cases the country has fallen victim to, where residents lose millions of dollars and personal data are being illegally sold online when businesses get hacked. Recently, the Singapore Police Force (SPF) has launched an anti-scam app to help block scam calls and messages from reaching the people of Singapore. Businesses that do not adhere to data protection and cybersecurity guidelines will be fined for data breaches.
Artificial Intelligence: AI can potentially reinvigorate Singapore’s economy and add up to US$215 billion in gross value across 11 industries by 2035. Technologies such as chatbots and robo-advisors, facial recognition, and automated marking systems in schools are being ramped up in Singapore. Being one of the new frontiers in technology, demand is on an upsurging trend globally.
Described as the next step in Singapore’s Smart Nation Journey, Singapore is ready to deploy AI at a national scale as the government has committed more than S$500 million to fund AI activities under the Research, Innovation and Enterprise 2020 (RIE2020) plan. Singapore is currently embarking on 5 national projects covering the areas of transport and logistics, smart cities and estates, healthcare, education, as well as safety and security.
Digital & Internet Marketing: Businesses have started to embrace the power of digital marketing in Singapore, especially since the pandemic caused offline businesses to suffer while online businesses proper. However, digital marketing has seen an upward trend since at least the past 5 years. Digital marketing courses and jobs increased quickly in Singapore within this time.
One of the main reasons for this boom is likely due to Singapore’s advancement in technology that affects lifestyles such as the use of e-commerce platforms. Online payment systems make it easy for consumers to make purchases online and get them delivered. With products and services easily available on the internet, especially on mobile devices, advertisements need to be there as well. There are more than 4.3 million active mobile social Singaporeans – this 75% of the total population. With more and more sectors going online, digital marketing is projected to continue seeing an upward trend.
Data Science & Analytics: Businesses that want to build an efficient and goal-oriented business environment need to establish data analysis in its data value chain, data collection, data management, and data governance, amongst others. Due to the boom of e-commerce in recent years, businesses around the world are going digital and predicting consumer spending is easier now than ever.
Set up tech businesses in Singapore
Established business owners or tech industry leaders should set up businesses in Singapore to ride on Singapore’s booming sector growth in technology. Contact [email protected] for more information and consultation.
[email protected] (IASG) is a leading immigration consultancy firm in Singapore offering various immigration services to cater to individuals and businesses. Services include Singapore Permanent Residency application, Singapore Citizenship application, Work Pass application, Singapore Business Incorporation, Single Family Office set up, and Global Investor Programme application. Not only can IASG help business owners set up companies in Singapore but they can also help them migrate to the country. Offering end-to-end service, IASG ensures hassle-free processes that people can trust.