Singapore and the U.S. have signed a memorandum of understanding (MOU) to forge a stronger technology partnership as Singapore positions itself as a gateway to the growing Association of Southeast Asian Nations (ASEAN) market.
The MOU “establishes a United States-Singapore Collaboration Platform that will focus on opportunities in the infrastructure sector, which includes smart city solutions as well as the digital infrastructure that supports the e-commerce and Financial Technology (FinTech) sectors,” said the Ministry of Trade and Industry Singapore (MTI) in a statement.
The two countries will also work together on capacity-building initiatives for U.S. and Singapore companies in the areas of project structuring and procurement.
They will likewise “exchange information on access to financing with a view to promoting collaboration between U.S. and Singaporean industries in infrastructure projects.”
“Together, these initiatives enhance the international competitiveness of both Singapore and U.S companies,” MTI said.
The MOU was signed August 2 by Singapore’s Deputy Secretary of Trade Luke Goh and Arun Kumar, director general of the U.S. and foreign commercial service and assistant secretary for global markets of the U.S. Department of Commerce.
Goh said, “This MOU deepens the economic collaboration between Singapore and the U.S. It facilitates partnerships to spur value creation in infrastructure development, by bringing together our companies’ strengths in market knowledge, technology and regional networks. ”
MTI added, “Through this MOU, U.S. companies can take advantage of Singapore’s position as a gateway to Southeast Asia and leverage our companies’ familiarity with the SEA markets to access the region.”
As an example, it said, “Singapore’s vibrant financial center, favorable ranking among the leading FinTech ecosystems in the world, and formal partnerships with other global hubs makes us a natural destination for U.S. FinTech companies looking to expand to Asia.”
The U.S. can also offer Singapore companies its organizational capabilities as well as access to new technologies.
“For example, the U.S. announced its ‘Smart Cities’ initiative in September 2015 and its intention to invest US$160 million into research to tackle local challenges and improve city services. This MOU will allow Singapore companies to participate collaboratively with U.S companies to cocreate innovative solutions for these challenges through stronger technology partnerships, which can eventually be deployed in ASEAN and beyond,” it explained.
International Enterprise (IE) Singapore will be the implementing agency for the MOU. Lee Ark Boon, CEO of IE Singapore, said “this MOU paves the way for us to exchange best practices and technologies, thereby unlocking new opportunities and value for companies from both our countries” when it comes to planning and developing infrastructure.
Photo: Kentaro Iemoto
