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Developing a digital business ecosystem in Singapore

In recent years, the aim to transform into a smart nation together with the drive towards ubiquitous digitalization of the economy has provided the hope and conduit to launch the economy into a new phase of growth and sustain competitiveness. In this paper, we trace the evolution of Singapore’s journey in digital transformation of the economy. Starting from encouraging greater use of ICT in industries and computerization drive in the civil services to increase labour productivity and service quality, the many national IT plans launched over the years had laid a solid foundation for the establishment of a SMART nation and digital economy. The paper considers the challenges faced in digitalizing the economy and developing the digital business ecosystem to sustain economic vibrancy and competitiveness. In particular, we consider the various schemes, incentives and action plans that are crafted to help the small and median enterprises which made up 99% of total enterprises in the economy, to transform their business models into one that make best use of digital technologies. Digitalization is part of Singapore game plan to be a Global-Asia node for technology, innovation and enterprise.