Singapore, 21 September 2022 – This week Singapore will host a leading delegation of 24 cutting-edge UK companies seeking growth opportunities in the Asia Pacific region. They are working on projects ranging from self-driving cars, low-tech, cybersecurity, deep-tech, and more.
They will spend a week in Singapore hosted by the British High Commission and work with Singapore government agencies, including the Cyber Security Agency. Defense Science and Technology Agency; Government Technology; Infocomm Media Development Authority and Ministry of Justice.
These activities will promote the benefits of digital trade, deepen partnerships at both government and business levels, and form the first UK-Singapore digital economy, a forum to ensure regulation keeps pace with the pace of innovation. form a dialogue.
Visiting businesses will use the all-new UK-Singapore Digital Economy Agreement (DEA) to support their expansion into the Asia-Pacific region.
The DEA is the world’s most innovative trade agreement and the first digital economy agreement between European and Asian countries. UK-Singapore trade is already worth more than £17 billion a year.
Tech Nation, the UK’s leading growth platform for tech companies, is co-leading this week by organizing a delegation and creating a program of 90 meetings with corporate partners and investors.
Lawtech: A bright spot for future growth
Ten low tech companies from the UK are visiting Singapore to explore business opportunities in the Asia Pacific region.
“Lowtech” is generally used to describe technology that supports, supplements, or replaces traditional methods for the provision of legal services or legal transactions by law firms or attorneys.
The UK-Singapore Digital Economy Agreement is the world’s first trade agreement to include specific commitments on low-tech. The UK’s low-tech sector is valued at her £11.4 billion, according to a Tech Nation study. The UK has the largest legal services market in Europe and is second only to the US in the world.
DEA connects two major countries in legal services, making it easier for companies to identify opportunities for collaboration in both markets.
There are certain provisions that facilitate electronic contracts and signatures. Secure international data flow. Confidently protect sensitive proprietary information.
The DEA will give businesses greater confidence and assurance about traffic rules for current and future digital transactions between the UK and Singapore.
Kara Owen, British High Commissioner to Singapore, said:
We are delighted to host 24 British technology companies at the British High Commission in Singapore. They want to use the all-new UK-Singapore Digital Economy Agreement to support their expansion into Singapore and the region.
This agreement demonstrates our ambition to break down trade barriers in areas such as low-tech, data flows and cybersecurity. UK-Singapore trade is already worth more than £17 billion a year and this is only growing.
Natalie Black of Her Majesty’s Asia Pacific Trade Commission said:
We are pleased to welcome a cohort of leading 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, where the digital economy is projected to reach $1 trillion by 2030. The region has the demographics and openness that scaling up demands.
The UK-Singapore Digital Economy Agreement maximizes this opportunity and unites the two tech nations in a living agreement that keeps up with the pace of digital innovation.
Gabriel Lim, Undersecretary (Trade Industry), Ministry of Trade and Industry, Government of Singapore, said:
We welcome the visit of UK tech start-ups to Singapore in conjunction with the first Digital Economy Dialogue under the UK-Singapore Digital Economy Agreement. It brings together industry stakeholders to explore how this state-of-the-art agreement can be leveraged to explore new growth opportunities across businesses, especially the digital market where start-ups and small businesses are consolidating and growing. It’s an opportunity to help you seize
Samantha Evans, International Director of Tech Nation, said:
Tech Nation is thrilled to bring to Singapore the third cohort of leading UK tech companies participating in the International Growth Programme. While here, both companies will meet with over 90 companies and investors as they seek partnerships and opportunities to land and expand in this exciting market.
As part of the UK Government’s Digital Trade Network, we already support over 300 UK technology scale-ups, de-risking and accelerating growth into Asia Pacific.
Given the demand for UK technology to grow in the region, we look forward to working with the UK and Singapore governments to help further scale our success here.