Singapore and China will embark of 14 new projects spanning, amongst others, e-commerce, cross-border data exchange, fintech, and green tech. These are part of the Singapore-China (Shenzhen) Smart City Initiative, a joint programme launched in 2019 that aims to build stronger digital and business links between the two Asian markets.
Eight agreements covering the 14 projects were announced Friday, marking the start of the third year of their bilateral smart city agreement. The number of new projects also doubles that of the previous year and will further drive both countries' collaboration in digital transformation and "policy innovation", according to Singapore's Ministry of Communications and Information and industry regulator, Infocomm Media Development Authority (IMDA).
in addition, there will be new opportunities for local businesses and population in research, trade, sustainability, and skills development.
Amongst the 14 new initiatives, key projects will explore the use of advanced technologies and artificial intelligence (AI) for the green economy and sustainability, such as cutting carbon dioxide emissions and improving battery management for electric vehicles.
Some 29 projects have been deployed since the launch of the joint smart city initiative.
The third year of implementation will see new collaborations through further digitalisation, including a Shenzhen-Singapore Joint Innovation Call to fuel and fund support for research and development projects between businesses in both markets, specifically, in key areas such as smart cities, green tech, and digital economy.
There also will be joint initiatives to establish an e-commerce ecosystem comprising platform partners, trade associations, and ancillary service providers.
In addition, a cross-border big data platform will facilitate the exchange of trade data to improve the efficiency of cross-border trade as well as a "demonstration zone" to look at business opportunities in financial, logistics, and IT services.
Plans for a Shenzhen-Singapore New Energy Vehicle Smart Platform will look to develop an AI deep learning model on battery health for electric vehicles, while the NUS - CIMC CCUS (Carbon Dioxide Capture, Utilisation and Storage) Research initiative will develop a means of capturing carbon dioxide emissions from a ship's engines.
Libraries in both cities also will exchange best practices in library development and technology.
Singapore's Permanent Secretary for Communications and Information Joseph Leong said: "Singapore and Shenzhen will actively promote a conducive business environment for companies to innovate and conduct cross-border transactions safely and smoothly, as we strengthen our economic recovery and resilience."