New Fund to Aid Partnership between Singaporean and Chinese firms in Blockchain and Media Technology

Businesses in Singapore and Chongqing, China, operating in the info-communications and media (ICM) space are set to receive a boost with the announcement of a new fund to aid collaboration. 

MOU on Third-party Market Collaboration

For projects to be mutually developed and implemented in either country; the China-Singapore ICM Joint Innovation Development Fund, has been mooted as one of the initiatives under an MOU signed between the Enterprise Singapore and Infocomm Media Development Authority of Singapore with the Chongqing Economy and the Information Technology Commission. The fund covers firms operating in areas such as artificial intelligence, Internet-of-Things, blockchain technology and more. It also covers other areas of collaboration which allows Singaporean ICM firms to enter Chongqing and develop smart districts in the city.

The MOU is one of several documents signed at the FutureChina Global Forum and Singapore Regional Business Forum 2018 on Tuesday, August 28, 2018, between various organisations under the China-Singapore (Chongqing) Connectivity Initiative (CCI) for partnership in belts such as ICT, financial services, tourism and healthcare. Other MOUs covered, for instance, the establishment of a Chongqing innovation center for ICM small and medium enterprises, providing a landing point for Singapore firms entering the city.

At the meeting, both entities, being represented by Singapore’s Minister for Trade and Industry, Chan Chun Sing and the Mayor of Chongqing, Tang Liangzhi, on his first official visit to Singapore since his appointment as Mayor of Chongqing in January, re-established the satisfactory progress achieved by the CCI since its launch in 2015. There were discussions on ways to better facilitate the seamless movement of goods between China, Singapore and the rest of the world using the CCI-Southern Transport Corridor. They also acknowledged the growing cooperation between Singapore and Chongqing in areas such as tourism and healthcare.

At the forum, Mr Chan also took part in a plenary luncheon focusing on China-Asian Connectivity. The Connectivity he noted, used to be thought about in just three dimensions: air, land, and sea. Currently, Singapore is making it a priority to consider the additional dimensions of finance, data, talent, and technology, he added.
Responding to other panellists’ comments on how the Asian countries are at different stages of development, Mr Chan postulated that this “can be an opportunity as well,” allowing the different markets to complement each other and adding that “Each of us must appreciate our respective strengths.”

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