To strengthen cybersecurity, the Cyber Security Agency of Singapore (CSA)and the National Cyber Policy Office (NCPO) of New Zealand inked an agreement on information sharing, cybersecurity and capacity building in the region. A new Cyber Security Arrangement will support greater information exchange, including through an annual cybersecurity dialogue between the two countries. The aim of the agreement is to increase information exchange, prevent incidents and threats and follow best practices on data, infrastructure, and systems protection.
Commenting on the announcement Ecosystm Principal Advisor, New Zealand-based Jannat Maqbool, said, “Engaging internationally on cybersecurity research and initiatives is fundamental given the trans-boundary nature of the cyberspace. As both nations become more digitised and connected, a collaboration will enable each to leverage strengths in key areas to develop a multi-pronged approach to cybersecurity. Both countries will also be in a better position to weigh in on the development of rules-based international order for cyberspace.”
Echoing these comments, Ecosystm Board Advisor, and former Global Head, Digital Development Unit at the World Bank, Randeep Sudanexplains how cybersecurity is critical to the growth and development of the digital economy. “Mitigating cyber risks will require coordinated action by multiple stakeholders, including governments, the private sector, academia, and non-governmental organisations,” Sudan says. These bilateral and multilateral G2G partnerships are, therefore, an essential piece in tackling cyber threats. “Given that Singapore and New Zealand are leading players in cyberspace, a G2G collaboration between them will offer learnings of immense value to other governments,” Sudan continues.
Due to Ecosystm’s own close ties with New Zealand, and considering that we are headquartered in Singapore, we are ourselves actively engaged in promoting the dialogue between New Zealand and Singapore. Ecosystm CEO Amit Gupta and Chief Operating Officer, Ullrich Loeffler are in New Zealand this week to participate in Techweek New Zealand (an annual initiative to promote and build awareness for new technologies and innovation in New Zealand) to meet key stakeholders and attend industry events.
Commenting on the sidelines of Techweek, Amit Gupta gave his thoughts on the agreement, “Both New Zealand and Singapore are in hyper-innovation mode at the moment. With the advent of Blockchain and AI especially spurring the growth of the Fintech ecosystem in New Zealand, there is strong potential gains in engaging with the already thriving Singapore Fintech ecosystem.”
New Zealand and Singapore are not only model free markets, but also have been key proponents of data privacy over the years, an area that requires a serious look, as we start to apply new emerging technologies such as AI. “There is an opportunity for these two forward-looking nations to take it a step further to build an actionable Data Privacy Corridor to streamline the Fintech collaboration between them,” Gupta added. “With New Zealand being an export economy and Singapore, a strong services economy, this would enable a much more seamless collaboration between these two countries.”
The collaboration does not end at cybersecurity and Fintech. As part of the partnership, a joint work programme is being negotiated, starting with two flagship collaborations – an advanced data science research platform to build New Zealand’s data science capability; and a food and nutrition cooperative science programme with a focus on ‘future foods’. Both countries have different areas of expertise, and collaborative measures such as these, give them an opportunity to share best practices that will prove mutually beneficial.
Mr. Heng conveyed that more than S$500 million is set-aside to shape up the artificial intelligence systems and to fulfill the nation’s cyber-security requirements. The fund will also improve Singapore’s supercomputing capabilities and the deployment of automation and robotics.
A further $144 million will be allocated towards food research to increase sustainable urban food production, and another $80 million will be contributed to the cell-therapy research in the biopharmaceutical sector.
How Singapore will benefit in terms of technology from this announcement?
The Government has clearly spent a lot of time to determine how to get Singaporean companies to invest in research that can benefit the country, and identifying areas that the industries can benefit in return.
Investment in Digital Technology
The Government believes that it is important to invest in the areas of Artificial Intelligence, Supercomputing and Robotics and hope that there will be more success stories for these industries. The S$500 million set aside will aim to increase the funding already set back in the RIE 2020 for the Digital Intelligence.
Speaking on the subject,Mervyn Cheah, Principal Advisor ,Ecosystm, says that “The Government aims to entice more Industry to invest in R&D in Singapore. PM Lee has mentioned that the industry today is investing just 1.2 to 1.4 of Singapore’s GDP in R&D in Singapore, and he wants the Industry to do more. It is a bit like playing roulette you place your bets on many numbers and hope that one of them will blossom and give you the returns and success. It is not possible that all R&D will come to fruition practically.”
Scenario for Businesses
The RIE 2020 is an initiative taken by the Singapore Government to make the nation a hub for R&D. By setting aside funds for both local industries and MNCs the government hopes that the industries will be able to invest and grow.
“There are a number of new start-ups being created as Singaporeans start to recognise that the government is putting in more R&D funding. At the same time, existing businesses will expand to take advantage of this announcement” says Cheah.
What to Expect – RIE2020
Currently, the local Industries in Singapore do not have a large appetite for investing in R&D in Singapore although there is a 50% spike from 2016 to 2018. The government’s aim is to invest in the Science, Engineering, and Biomedical fields industries, with the intent that they can increase their revenue.
Cheah says “the Government is looking at getting Multi-national Corporations (MNCs) to invest in Singapore for their R&D and believes that the industry can do better. So, the Government (National Research Foundation under the Prime Minister’s Office) is pushing the Industry to do more, and on their pro-active part, they have announced setting aside another S$700 million R&D funding to A*STAR, to the Singapore Food Agency, and other R&D agencies, with the hope that the Industries will further spend R&D in Singapore.”