On a two-day official visit to Singapore, the president of the Asian Development Bank (ADB), Takehiko Nakao, met leaders from both the public and private sectors to discuss best practices for digital transformation, IT technologies for business, and inclusive economic growth.
Nakao met Singapore minister for communications and information S. Iswaran and Monetary Authority of Singapore (MAS) MD Ravi Menon, where they discussed how digital technologies can be used to not only improve public service delivery but also promote inclusive economic growth and make business practices more effective and efficient.
In the private sector, Nakao held meetings with Citi, DBS Bank, technology advisory services company Gartner, and Microsoft, where they discussed best practices in enterprise digital transformation and use of IT technologies for businesses.
"Singapore has been a leader in promoting technological innovation and adaptation in Asia and the Pacific,” said Nakao. “ADB and its developing member countries can draw many lessons from Singapore’s example."
Singapore continues to have success in its public-private partnerships, enabling fast infrastructure upgrading, a central component of the country’s smart nation vision.
Partnerships that implement such a model usually result in a faster completion, a better return on investment and better solutions overall for the project.
How the Singapore government partners with the private sector was a discussion point Nakao raised with S. Iswaran, particularly around how it relates to fostering a digital economy and digitally-ready society.
In his meeting with Menon at MAS, Nakao discussed financial inclusion and how the central bank is using digital technology to upgrade staff skills and provide better services in terms of supervision, settlement systems, and statistics.
The central bank's approach on matters of privacy, cybersecurity, fraud, and anti-money laundering, and their regulation were also discussed, in addition to monetary policy, and financial stability.
ADB is in the process of upgrading its systems and improving its business processes and promotes digital technologies for such areas as financial inclusion, health services, education, and climate resilient agriculture.
In a recent announcement, a new digital technology for development unit was established for ADB, within the sustainable development and climate change department.
ADB was established in 1966 with the mission to reducing poverty in Asia and the Pacific region through inclusive economic growth, environmentally sustainable growth, and regional integration.