Pre-Budget 2019 Perspectives
How smart will this year’s Budget be in taking us closer to being a Smart Nation? And what must it budget
With a far-sighted government, conducive total environment and well-educated workforce, Singapore is well-equipped and placed to thrive amidst a challenging world economy. There are opportunities to seize in many fields.
More specifically, Singapore’s Smart Nation initiative sets its digital ambitions apart from other aspiring smart cities. Unlike others, this island-state can marshal a whole country’s resources and attention to one holistic end: To harness the possibilities of technology to enhance all aspects of quality of life.
2019 could see inflection points in more than one industry sector, where Singapore can leverage its plus points to take its Smart Nation journey decisively into the next phase of growth. And key to this move forward, is Singapore Budget 2019.
KPMG in Singapore’s proposals for Budget 2019 aim to present the potential and promise of new disciplines and technologies that Singapore can exploit across the many dimensions of public and private life.
Our proposals compile points of view and recommendations from our sector leaders and subject matter experts. We have chosen to focus on specific industry sectors that are key to taking Singapore closer to its Smart Nation vision:
- Financial services, through fintech, is poised to reach the next level of digitalisation.
- Real estate, with green buildings, can make Singapore more concretely sustainable.
- Healthcare and life sciences can still do so much to enrich the longer lives of our ageing population.
- Consumer retail, through e-commerce, can add comfort and fulfilment to life.
- Technology can power up medicine, transport and other areas with the Internet of Things.
Over and above this sectoral focus, such prospects for growth can only thrive in an operating environment that is secure, reliable and trusted. At the national level, Singapore also needs to look into ways to boost cyber security – a key must-have to build and sustain a base of security to underpin all the other identified industry areas.
The next phase of development is poised for take-off, with the catalyst of policy refinements and incentives that might find a place in Singapore’s Budget 2019.