Technology plays a significant role in economic development. While many countries are focusing on their digital future, Singapore is yet another country with its rapid digital transformation. The success of the National Computerisation and Growth of the info-communications industry of Singapore stands as a certification for its national digitalization efforts. Taking a step ahead while keeping in mind the future challenges concerning resource constraints, rising aging urban population and to attain the comparative advantage for Singapore, it launched the ‘SMART NATION’ initiative in November 2014 with a vision to provide a fulfilling and meaningful life for their people.
However, a core part of the Singapore success story and the value of the Singapore brand is its underlying good governance and core systems. Singapore’s continuous emphasis on integrity, confidence and trust is made material in the form of an established governance structure and its embodying system. Back in 2006, Lee Kuan Yew said that Singapore was a known brand name and other countries wanted to adopt its systems. As recently as 2014, the Singapore government pledged to uphold good governance, which is said to be a key pillar to Singapore’s success. If Singapore has no skyscrapers and no clean streets but it retains its well-known good governance system, chances are it would still do better than vice versa. Many see this as the true lasting legacy of Singapore’s founding father Lee Kuan Yew and one of Singapore’s core values and attractions.
The role of technology as the enabler for a Smart Nation is not surprising and harnessing technology to improve Governance is more evolutionary than revolutionary. Governance as a concept is not difficult, but so much is built of so many varying components that sometimes people feel that it is like a castle in the air. While the outcome is clear, the tangible form of a governance structure is not. The Code of Corporate Governance 2012 helped to provide clear guidelines and references for the Board of Directors and is a great example of how such a structure could take form. Governance for a business goes broader and deeper. It needs to take into account strategic, financial, operational and regulatory aspects while being able to meet its stakeholders’ requirements and manage its value drivers and associated risks.
The success of Singapore, a well-governed nation as evidenced in the past and present ranking of the Corruption Perception Index cannot be taken for granted. Beyond SG50, Singapore is still very much in its continuous journey of maintaining and improving its brand position in the regional and global landscape. It has already established itself to be a trusted place to do business, where the infrastructure & governance system is good and there is an existing knowledgeable workforce and an envious safety and security record.
A good governance system is one of the smart city’s keys. In your opinion, in what year do you think our country can follow Singapore’s step in building a smart nation? Let us know your opinion, Smart People!
Author: Mia Patricia | Illustrator: Rizky Sabilurrasyid
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