Teams spearheading Singapore’s post-COVID-19 financial plans announce new concepts

Groups spearheading Singapore's post-COVID-19 economic plans announce new ideas

SINGAPORE: Seven industry-led alliances fashioned to create and execute concepts to assist Singapore because it makes an attempt to steer the financial system out of the COVID-19 disaster have developed options that embrace launching autonomous shuttles on the street and creating seamless procuring experiences to assist the retail sector.

The seven teams, referred to as the Singapore Collectively Alliances for Motion, had been arrange in June beneath the Rising Stronger Taskforce, itself a committee introduced in April with the aim of exploring methods to assist the Singapore financial system bounce again from the COVID-19 pandemic. 

The duty drive is co-chaired by Minister for Nationwide Growth Desmond Lee and PSA Worldwide Group CEO Tan Chong Meng and consists of the heads of a number of massive organisations similar to DBS, CapitaLand and Changi Airport Group.

“There’s no returning to the outdated norms that existed previous to COVID,” Mr Lee mentioned throughout a press convention on Thursday (Nov 19) as he gave an replace in regards to the job drive’s actions.

He pointed to what the duty drive has recognized because the six methods the virus has reshaped the world – a altering world order; rebalance between effectivity and resilience in provide chains and manufacturing; accelerating digital transformation and innovation; adjustments in client preferences; an elevated give attention to environmental and social sustainability, each environmental and social; and accelerating {industry} consolidation.

Mr Lee additionally famous the 2 key themes underpinning Singapore’s future financial system – which the duty drive has been guided by all through its discussions; these are, a Singapore that’s related to the remainder of the world and one that’s constructed on environmental sustainability and inclusivity.

The alliances have due to this fact been tasked to take a look at key areas of financial development: Sustainability, enabling protected and progressive customer experiences, facilitating sensible commerce, digitalising the constructed setting, digitalising provide chains, robotics and instructional know-how.

The options the alliances have give you embrace creating extra tie-ups between corporations in order that buyers are engaged each on-line and offline, and launching two autonomous transport shuttles by the tip of this yr, the Ministry of Commerce and Business (MTI) mentioned individually on Thursday in a press launch. 

This comes amid the growing recognition of e-commerce and a better demand for personalisation and engagement, in addition to the necessity to tackle the nation’s manpower crunch, the ministry mentioned. 

Different ideas within the works embrace a carbon market the place carbon credit are exchanged and a system for corporations to measure, mitigate and offset their carbon footprint.

“By constructing a carbon hub for Singapore, it could generate financial worth, create jobs and additional improve Singapore’s position in commodities buying and selling,” Mr Lee mentioned.

READ: Business-led teams to develop, execute concepts for post-COVID-19 financial development in ‘three-month dash’

A brand new medical technology-focused alliance can also be being developed to look into tapping on in-vitro diagnostics for illness preparedness, containment and management. 

Dr Bathroom Choon Yong, a member of the medical know-how alliance and the co-founder of Raffles Medical Group, mentioned the {industry} had the potential to develop right into a US$100 billion enterprise that might create 4,000 new jobs, of which 2,000 could be on the govt stage. 

One other alliance on how Singapore might create “win-win partnerships” with its Southeast Asian counterparts may additionally be within the works, MTI added.

“The Rising Stronger Taskforce actually views the identification and the give attention to a variety of key markets inside ASEAN an necessary job,” mentioned PSA Worldwide’s Mr Tan.


MTI mentioned the alliances took a “start-up” method of their work, the place they got here up with prototypes whereas participating greater than 600 folks from the likes of presidency companies and commerce associations on the similar time.

Deputy Prime Minister Heng Swee Keat, who introduced the duty drive in April, mentioned through the press convention that such a “swift method” of rapidly testing out concepts was the best way ahead.

Sometimes in earlier committees, they might maintain discussions and publish a report earlier than implementing any suggestions, he mentioned.

“Now the tempo of change is so speedy that on this spherical, what (they’ve) executed is one thing I’d say very artistic and progressive, which is to prototype options … and on the similar time, have a look at how if these prototypes are profitable, this may be scaled throughout the financial system, and even past the shores of Singapore,” mentioned Mr Heng.


DBS chief govt and a member of the duty drive Piyush Gupta mentioned that Singapore’s capability to work “horizontally” would reap long-term rewards for Singapore.

“One of many huge alternatives we’ve got in Singapore which distinguishes us is to work horizontally between the general public sector, the personal sector, academia and civil society, in ways in which massive nations discover troublesome,” he mentioned.

“I feel this (alliance) method actually permits us to convey a number of components of the system collectively so we are able to actually suppose horizontally as an alternative of vertically. And if we are able to institutionalise this … I feel it has a whole lot of penalties for Singapore within the long-term.”

READ: New financial job drive stored small ‘to maneuver nimbly’, plans to interact extra Singaporeans: Desmond Lee

MTI additionally introduced that the preliminary 17-member job drive group has been expanded to 23. 

The duty drive was beforehand criticised for its lack of ladies, minorities and deprived people amongst its members. 

Representatives from 36 not-for-profit organisations, social enterprises and humanities teams together with former Nominated Members of Parliament Yip Pin Xiu, Anthea Ong and Walter Theseira, signed a letter to the duty drive in June calling for extra variety to make sure the wants of susceptible teams are addressed.

Opposition Member of Parliament Sylvia Lim additionally famous in June that there was an inadequate variety of girls – simply two then – on the panel in a Parliamentary speech throughout a time when girls have needed to bear the brunt of the virus, in addition to the absence of Malay members and people from small- and medium-sized companies. 

In response to the open letter, Mr Lee mentioned in June that the duty drive would search views from Singaporeans and stakeholders exterior the group.

Mr Lee mentioned on Thursday that the duty drive has engaged greater than 250 folks from the likes of civil society teams and commerce associations in three Rising Stronger Conversations for the Financial system and different engagements. 

He dismissed claims that the extra members was in response to the flak, saying that the duty drive’s “particular goal” was to guage the disaster, its alternatives and its dangers.

“Whereas we hoist on board folks’s ideas that the Rising Stronger Taskforce must be extra numerous, I feel we develop our variety with a view to obtain the outcomes that we search to realize,” he mentioned.

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