Singapore has the potential to grow its Digital Trust sector nearly three-fold by 2027, from S$1.7 billion to S$4.8 billion, according to a study released by SGTech, a trade association body catering to the tech industry in Singapore.
The study titled, Digital Trust: Unlocking the Next Wave of Growth in the Digital Economy, said the Digital Trust sector in Singapore could provide employment opportunities to around 34,000 people by 2027, more than double the current 15,000.
It added that if Singapore continued to grow its privacy-enhancing technologies (PETs), distributed ledger technologies (DLTs) and digital identity solutions, the sector’s employment demand could grow even further - up to 45,000 in the same period.
SGTech Chair, Wong Wai Meng, said that the “promise of the global digital economy” hinges on whether there is “trust” among economies, companies and individuals to transact with one another.
“Singapore has a unique opportunity to position itself as a global digital and data node built on trust, further strengthening our hub status for global businesses,” he added.
The head of SGTech’s Digital Trust Committee, Philip Heah, said the study also “identifies five key trends” shaping the landscape.
These include:
- Widespread misinformation and its ill effects on people;
- The growth and mainstreaming of expectations towards privacy and the responsible use of data;
- An increase in the number of cyber-crimes in Asia Pacific;
- The rise of data localisation, sovereignty, and challenges to cross-border data flows; and
- The growing demand for Digital Trust skills and risk management solutions.
SGTech also announced a global forum on Digital Trust that is organising at Resorts World Sentosa Convention Centre, Singapore, on October 28, 2022.
