This is a best prospect industry sector for this country. Includes a market overview and trade data.
Singapore is one of the most wired countries and technologically advanced ICT markets in the world. Singaporeans are highly connected, avid users of technology and voracious consumers of data. In December 2020, the wireless broadband penetration rate was 173.2% while mobile penetration reached 148.2%. Singapore is a mature market and an early adopter of new technologies, applications and solutions. It is forging ahead with its vision to have a world-class, secure, and resilient 5G infrastructure that will be the backbone of its digital economy. In June 2020, the Singapore government awarded two 5G licenses to Singtel and to Joint-Venture Consortium, a JV between Starhub and M1. The two licensees are expected to start deploying 5G services by 2021 and complete nationwide deployment by 2025.
Singapore views ICT investments as a source of economic and social development and aims to be a Smart Nation. The goal is to harness innovative technologies and solutions to make the city-state more energy efficient, clean and green, while addressing citizen engagement and governance and needs in healthcare, transportation, and housing. Singapore’s Smart Nation journey began in 2014 and initiatives underway range from autonomous vehicles to telehealth.
In addition to serving as the region’s trading center, Singapore is universally regarded as the #1 Tech hub in the Indo-Pacific, a key reason why 4,500 U.S. companies are in Singapore. It has built a world-class, globally competitive tech industry and continues to explore new frontiers in innovation such as cloud computing, artificial intelligence, quantum computing, data analytics and other technologies that span healthcare, security, fintech, energy, aviation, defense. To promote this tech-focused vision, Singapore actively markets itself as a sandbox for new product testing and development, often with financing.
The U.S. and Singapore have a Mutual Recognition Arrangement (MRA) on telecom equipment certification.
Best prospects include government projects, cyber security, artificial intelligence, cloud computing, internet of things, industrial automation, fintech, 5G and smart solutions in mobility, healthcare, energy, aviation, and defense.
Singapore is an advanced and high-value enterprise market where software and services spending are expected to drive continued growth in total ICT spending. The Singapore government has a Digital Government Blueprint that spells out its ambition to better leverage data and harness new technologies to drive its efforts to build a digital economy and digital society in support of its Smart Nation vision. It seeks to partner with ICT companies to develop innovative services and solutions to achieve that vision.
In February 2020, Singapore’s Finance Minister Heng Swee Keat announced that the country will set aside more than US$750 million (S$1 billion) over the next three years to build up the Government’s cyber and data security capabilities. It is preparing measures for the next level of cybersecurity requirements as technologies such as artificial intelligence and the Internet of Things are adopted and cloud computing becomes pervasive. The increased spending will help the Government accelerate digitalisation in Singapore during the COVID-19 pandemic and realise its ambition to become a Smart Nation.
Singapore continues to be a solid Health IT market, particularly among Asian countries. The Ministry of Health (MOH) is expected to increase its procurement of IT services and technologies over the next few years. The Integrated Health Information Systems (IHiS) (the technology arm for MOH) is investing in healthcare systems, mobile applications, a national electronic health record (NEHR), and a smart Clinic Management System. IHIS’s HealthLab focuses on research, innovation, enterprise and partnerships for Singapore healthcare. It seeks to work with partners with promising ideas and solutions to address Singapore’s healthcare challenges: an increasing aging population, growing chronic disease burden, and a shrinking workforce. U.S. companies with solutions that harness technology innovatively to transform healthcare or improve population health can work with IHIS to conduct trials, proof of concept and proof of value in a healthcare environment, and deploy clinically safe and cost-effective solutions across Singapore’s health ecosystem.
There are excellent opportunities for U.S vendors to supply advanced value-added solutions and services to their customers. U.S. companies interested in participating in government tenders should contact the Singapore Government CIO, GovTech Singapore and IHIS. In addition, they should register with GeBIZ, the Singapore government’s one-stop e-procurement portal where public sector invitations for quotations and tenders are posted. Both local and foreign suppliers can search for government procurement opportunities, download tender documents, and submit their bids online.
In Southeast Asia, a regional opportunity has emerged for U.S. vendors and smart solutions providers to participate in the ASEAN Smart Cities Network (ASCN) program that the Association of Southeast Asian Nations (ASEAN) countries have adopted during the East Asia Summit held in Singapore in November 2018. ASEAN is made up of 10 countries and the ASCN is a collaborative platform where currently 26 cities across ASEAN work towards the common goal of smart and sustainable urban development. The 26 smart city action plans can be found on ASEAN website.
Cloud Expo Asia
October 20-21, 2021
Singapore Fintech Festival
November 8-12, 2021
IOT Show Asia 2021
March 23-24, 2022
Black Hat Asia
2022 (Dates to be confirmed)
World Cities Summit
2022 (Dates to be confirmed)
Asia Tech x Singapore
June 8-10, 2022
Singapore Government Offices
- GovTech Singapore
- Smart Nation
- Infocomm Media Development Authority
- Cyber Security Agency of Singapore
- Integrated Health Information Systems (IHiS)
U.S. Commercial Service, Singapore Contact
Ms. Mishell Arwan, Commercial Assistant