21 September 2022, Singapore – This week, Singapore will host a delegation of 24 ambitious British companies exploring growth opportunities in the Asia Pacific. They work on a variety of projects including driverless vehicles, lowtech, cyber security and deep technology.
Hosted by the British High Commission, they will spend a week in Singapore and meet with Singapore government agencies, including the Cyber Security Agency. Defense Science and Technology Agency; GovTech; Infocom Media Development Authority and Ministry of Law.
These activities will form the first UK-Singapore Digital Economy Dialogue, a platform to promote the benefits of digital business, strengthen our partnership at both government and business level, and ensure that regulation keeps pace with the pace of innovation.
Visiting companies intend to use the all-new UK-Singapore Digital Economy Agreement (DEA) to support their expansion into the Asia Pacific.
The DEA is the most innovative trade agreement in the world, and the first digital economy agreement between a European country and Asia. UK-Singapore trade is worth more than £17bn a year.
TechNation, the UK’s leading growth platform for technology companies, is taking the lead this week by organizing a delegation and creating a program of 90 meetings with corporate partners and investors.
Lautech: A bright spot for future growth
Ten lowtech companies are visiting Singapore from the UK to explore business opportunities in the Asia Pacific.
‘Lawtech’ is commonly used to describe technology that supports, supports or replaces legal services or legal transactions by legal practitioners or lawyers.
The UK-Singapore Digital Economy Agreement is the first trade agreement to contain specific commitments on lowtech. The UK’s legal technology sector is valued at £11.4bn, according to research by TechNation. The UK has the largest legal services market in Europe – and is second only to the US globally.
DEA brings together two leading countries in legal services and helps companies easily identify opportunities for cooperation in both markets.
It has special provisions that encourage electronic contracts and signatures; reliable international data flows; and ensure the protection of key proprietary information.
It will give DEA businesses more confidence and assurance about the rules of the road when it comes to doing business digitally between the UK and Singapore now and in the future.
British High Commissioner to Singapore Cara Owen said:
I am delighted to host 24 UK technology companies at the British High Commission, Singapore. They want to use the new UK-Singapore Digital Economy Agreement to support their expansion into Singapore and the region.
The agreement is a demonstration of our commitment to break down trade barriers, including lowtech, information flows and cyber security. UK-Singapore trade is worth over £17 billion a year and is only set to grow.
Her Majesty’s Trade Commissioner Natalie Black said:
I am delighted to welcome the best UK technology companies to Singapore to meet new partners, customers and investors and identify growth opportunities in the region.
Singapore is the gateway to the rest of Southeast Asia, whose digital economy is projected to reach $1 trillion by 2030. The region has the demographics and openness that scalpers need.
Our UK-Singapore Digital Economy Agreement makes the most of this opportunity – bringing together two high-tech countries in a living agreement that will keep pace with digital innovation.
Gabriel Lim, Permanent Secretary (Trade and Industry), Ministry of Trade and Industry, Government of Singapore;
We welcome UK tech startups to visit Singapore in conjunction with the Digital Economy Dialogue launched under the UK-Singapore Digital Economy Agreement. It is an opportunity to bring industry stakeholders together to explore how we can leverage this great deal and help our businesses, especially startups and small enterprises, seize new growth opportunities in our integrated and growing digital markets.
Samantha Evans, Global Director at TechNation, said:
TechNation is delighted to bring the third cohort of UK tech companies to Singapore as part of our global growth programme. While here, the companies will meet with more than 90 corporations and investors looking for partnerships and opportunities to expand into this exciting market.
As part of the UK Government’s Digital Business Network, we’ve supported over 300 UK tech startups and accelerated their growth into the Asia Pacific – many of which are looking to enter Singapore first.
Given British technology’s desire to grow into this region, we look forward to continuing to work with the UK and Singapore governments to build on this success.