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SBF and IMDA renew commitment to drive digital transformation

Organisations highlight digital transformation as key means of remaining relevant and competitive in Covid-19 era.


The Singapore Business Federation (SBF) and Infocomm Media Development Authority (IMDA) have reaffirmed their joint commitment to drive digital transformation across the Singapore business community and promote the adoption of digital technologies.

The SBF and IMDA signed a Memorandum of Intent (MOI) at the fourth annual Future Economy Conference & Exhibition 2020 (FECE 2020).


Three areas of focus were highlighted in the drive to further transform the City State’s business landscape. This included how to help businesses adopt digital b2b technologies such as e-invoices and e-signatures. This closely aligns with the IMDA’s nationwide E-invoicing network drive launched last year to help businesses improve efficiency, reduce costs, enjoy faster payments and reduce the amount of paper used.


Also on the table was support for businesses to understand how to exploit Singapore’s digital economy agreements and initiatives such as the APEC Cross Border Privacy Rules and ASEAN Cross Border Data Flows Mechanism.

The collaboration aims to push boundaries and find new growth markets

An SME outreach programme was also announced to help these companies not only understand their current digital readiness but how to facilitate the adoption of appropriate digital platforms and solutions.


Lim Ming Yan, Chairman of SBF said: “The COVID-19 situation has highlighted the need for businesses to adopt digital transformation to remain relevant and competitive. This collaboration between SBF and IMDA seeks to provide relevant support to businesses in their digital transformation efforts, including efforts to push boundaries and explore new growth markets.”


Lew Chuen Hong, Chief Executive of IMDA, added: “Digital transformation is necessary for businesses to grow and thrive in this new economic reality. Companies that can quickly move to adopt digital technologies and leverage digital platforms, stand to benefit not only from operational efficiencies, but importantly, the potential to scale and reach more partners and customers beyond Singapore. As IMDA leads Singapore’s digital transformation, the collaboration we have with SBF underscores the importance of supporting our businesses to catalyse growth in our Digital Economy.”


Themed “Empowering People & Embracing Digitalisation for Resilience & Resurgence”, this year’s FECE was held online with registrations from over 1,000 business owners and leaders.


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