Singapore Digital Trust Technologies

Singapore’s Trust Technologies: Building a Global Digital Hub
Singapore aims to become a trusted global digital and data node, further solidifying its position as an international business hub. The nation sees potential for nearly threefold growth in its digital trust sector, from S$1.7 billion (US$1.2 billion) in 2022 to S$4.8 billion (US$3.4 billion) by 2027. To this end, a virtual APEC Digital Trust Centre of Excellence has been established in Singapore for research and best practice sharing.

A study by SGTech, “Digital Trust: Unlocking the Next Wave of Growth in the Digital Economy,” identifies five key trends:
1.    The proliferation of misinformation and its harmful impacts.
2.    Growing expectations for privacy and responsible data use.
3.    An increase in cybercrime across the Asia Pacific region.
4.    The rise of data localization and sovereignty, leading to challenges in cross-border data flows.
5.    Increasing demand for digital trust skills and risk management solutions.

Identified Opportunities:
•    The use of Privacy-Enhancing Technologies (PETs) to safeguard data.
•    Embedding privacy into products and services through “privacy by design.”
•    Building cybersecurity resilience for large enterprises and “cyber-as-a-service” offerings for SMEs.
•    Expanding cyber insurance options for businesses of all sizes.
•    Harmonizing data-sharing standards internationally and recognizing Data Trust certificates across borders.
•    Adopting digital identity and permission-based Distributed Ledger Technologies (DLTs) for smoother cross-border interactions.
•    Developing new skills for a digital trust workforce, including among consultants, lawyers, trainers, and certification agencies.
•    Utilizing Governance, Risk, and Compliance (GRC) software.

Singapore’s Trust Technologies:
Singapore has developed its own suite of Trust Technologies, adhering to globally accepted standards and frameworks that connect governments and businesses to a public blockchain. One solution is TradeTrust, a comprehensive platform that streamlines paper-based cross-border trade by enabling trusted interoperability of electronic trade documents. TradeTrust’s legal recognition extends to Singapore, the UK, New York, and Delaware.

Model AI Governance Framework for Generative AI:
Singapore recently introduced its Model AI Governance Framework for Generative AI (“GenAI Framework”), building upon its existing model. This framework addresses emerging principles and concerns in generative AI, emphasizing accountability, transparency, fairness, robustness, and security. The government continues to engage stakeholders in developing guidelines and resources for a balanced approach that fosters innovation while ensuring proper safeguards.

For More Information: Contact Amelia Yeo