Smart Nation

Building for the future

Creating a smart city for all requires effort, focus and an inclusion-oriented mindset. The Singapore of the future must keep this in mind.

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Local AI firm Taiger wins $34 mil from investors

SINGAPORE (July 10): Taiger, an artificial intelligence startup whose clients include Bank of America Corp, AIA Group Ltd. and Banco Santander SA, has raised US$25 million ($34.0 million) of funding for its expansion.

The company’s valuation will reach US$110 million after the investment, according to a statement from the Singapore-based startup. The series B funding round has been led by PacificBridge Asset Management, an affiliate of US buyout firm TPG Capital, and Hong Kong-based merchant bank and asset manager MCM Investment Partners.

IMDA launches initiatives to drive Singapore's digital economy

SINGAPORE (June 27): Singapore’s Infocomm Media Development Authority (IMDA) has launched a series of initiatives to spearhead the city-state’s efforts to become a leading digital economy.

The initiatives were announced by Minister for Communications and Information, S Iswaran, at the Innovfest Unbound, an anchor event of the Smart Nation Innovations Week.

First, IMDA and the National Research Foundation (NRF) will set aside $40 million to build an open and inclusive 5G innovation ecosystem.

Singapore's emergence as a 'Smart Financial Centre'

SINGAPORE (May 22): In 2015, the Monetary Authority of Singapore (MAS) announced the “Smart Financial Centre” plan as part of the Smart Nation vision for Singapore, designating the financial sector to lead innovation and the implementation of new technology.

Since then we have witnessed many developments including progress towards a conducive regulatory environment, which has resulted in Singapore’s flourishing fintech ecosystem.

For the plan to be effective, the MAS devised several initiatives, including:

Data breaches won't derail Singapore's tech push

SINGAPORE (Apr 22): Recent data breaches, including one where details of HIV patients were leaked, won’t hold back Singapore’s efforts in testing and investing in the latest technology to build what it termed as a “Smart Nation.”

“We cannot go back to pen and paper,” said Vivian Balakrishnan, the Singapore minister tasked with transforming the city-state into a Smart Nation. “If people lose confidence in the integrity and security of the system, then all these aspirations cannot be fulfilled.”

Singapore will invest $724 million in technology transformation

(Mar 28): Singapore will allocate $724 million under a current plan to transform its economy into one that relies more on fields such as research and on companies that create new markets and jobs.

The additional investment includes $500 million for digital technologies such as artificial intelligence, super-computing and robotics under the five-year plan ending 2020, a government advisory panel on research and innovation said in a statement Wednesday. The amount includes $300 million announced by Minister for Communications and Information S. Iswaran earlier this month.

Advance SCT to buy 40% stake in M&E firm for $3.5 mil in pursuit of smart city ambitions

SINGAPORE (Jan 29): Advance SCT has entered into a conditional sale and purchase agreement to acquire 40% stake in N&T Engineering Enterprises for up to $3.5 million.

The purchase price will be fully satisfied via the issuance of new shares at 0.1 cent each.

The initial $2.8 million will be paid upon completion of the deal, while the remaining $0.7 million is to be paid when N&T Group – comprising N&T and newly-incorporated N&T Smart Engineering – achieves net profit after tax of at least $1.2 million for the full year ending Feb 28, 2019.

4 main considerations when re-engineering government IT systems for Smart Nation drive: PM Lee

SINGAPORE (Oct 2): Prime Minister Lee Hsien Loong highlighted four main areas that the government will focus on as it works on several projects to renew its IT systems amid Singapore’s Smart Nation drive.

How the next step in literacy can make Singapore a Smart Nation

SINGAPORE (Sept 7): Hundreds of years ago, literacy was rare. The invention of the printing press resulted in more people reading as printed materials became available to a bigger part of the population. However, it wasn’t until books became widely available that literacy became widespread.

Singapore says risks of cybersecurity breaches won’t go away

SINGAPORE (Sept 6): Singapore will continue monitoring risks of cybersecurity breaches and data hacks as those threats won’t go away, a senior government official said.

Risks need to be managed but won’t prevent the government from building the city state into a technology-advanced one under its “Smart Nation” plan, Janil Puthucheary, senior minister of state for communications and information, said on Thursday at Bloomberg’s “Sooner Than You Think” technology summit in Singapore.

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