A focus on foundational digital infrastructure in developing the digital economy - Singapore, Hong Kong and the UK

To create a truly efficient and inclusive digital economy, people must be placed at the heart of innovation, by creating end-to-end digital solutions that will purposefully improve their lives. 

Understanding the importance of and unlocking value in the digital economy requires a strong digital infrastructure. To realise this opportunity, a trusted digital identity framework must be established at the heart of the digital platform where individuals, businesses and public end-users can find, access, act interoperably, and transact digitally.

Foundational digital infrastructures

The Monetary Authority of Singapore outlined in its report earlier this year the concept of foundational digital infrastructures - systems that allow different users, different solutions, and different devices to seamlessly interact with one another. 

The Report aims to help public sector agencies and players in the financial sector and technology community better understand the key value drivers of strong digital infrastructures; and inspire them to explore the digital infrastructure potential for cross-border use. 

Comparative analysis

Authorities in the United Kingdom  and Hong Kong have examined similar themes in their digitisation journeys, with the UK emphasizing the need for public-private partnership in its Kalifa Review of UK Fintech and the Hong Kong Monetary Authority exploring the same as part of its Commercial Data Interchange project.

Building on the findings of the MAS report, we have conducted a comparative study of Singapore, the UK and Hong Kong  to understand how the benefits of foundational digital infrastructures may be unlocked.

The need for public-private partnerships

Singapore, along with Hong Kong, the UK and many other jurisdictions, is at an early stage of establishing and transforming its digital infrastructure. 

As an analogy to physical infrastructures, while governments can play an enabling and facilitative role to support the development of such infrastructure, the sheer massiveness of the undertaking will also require private enterprise to innovate and contribute, and individual users of the infrastructure to access, use and provide continuous insights to the ongoing development of such infrastructure