Developing a New Digital Trust Sector
CONTEXT
SGTech is the leading trade association for Singapore’s tech industry, whose mission is to catalyse a thriving ecosystem that powers Singapore as a global tech powerhouse. In an evolving global digital economy, the role of Singapore as a trusted digital hub will be critical in its next phase of digital transformation. SGTech’s Digital Trust Committee was keen to gain an appreciation of global developments in Digital Trust, understand emerging challenges and needs, and identify strategic drivers and future opportunities in Digital Trust for Singapore and the region, and commissioned Eden to perform a global landscape study to support its initiatives in Digital Trust.
APPROACH
To help SGTech spearhead the development of a new Digital Trust industry for Singapore, Eden:
- Conducted over 80 in-depth interviews and focus groups with local and global experts from multinational firms, technology providers, start-ups, consultancies, investors, industry associations, government, research institutions, and academia;
- Formulated a working definition for Digital Trust that we built industry consensus around;
- Mapped the global trends and opportunities in Digital Trust;
- Benchmarked Singapore against other leading countries in this space;
- Surfaced the key vulnerabilities in Digital Trust and the costs that these challenges incurred;
- Identified Digital Trust Enablers in Governance, Technology, and People to invest in, and developed customised recommendations and strategic roadmap for Singapore;
- Sized and forecasted the global and local market and job potential for Digital Trust;
- Conducted several deep-dive workshops and feedback sessions with SGTech’s Digital Trust Committee and Councillors to refine our findings;
- Presented our findings with various government agencies, as well as at SGTech’s inaugural Global Digital Trust Forum.
IMPACT
The study informed SGTech’s Budget Recommendations to Government, and catalysed the formation of various ongoing workgroups as well as SGTech’s Digital Trust Centre of Excellence with the Asian-Oceanian Computing Industry Organisation and Apec Business Advisory Council, to lead research and share best practices across the 21 economies under the Asia-Pacific Economic Cooperation (Apec) Forum. An executive summary of our full study has been published as a white paper, which may be downloaded here.
“Working with the Eden team on the Digital Trust Landscape Study was a joy. The Eden team was professional, reliable, capable, thorough and proactive in not only identifying the key parameters of the project, it also analysed and came up with important recommendations that were well-argued and justified on the key trends, priorities and focus areas, challenges and opportunities of digital trust to Singapore and its ecosystem of enterprises and consumers. Eden was also consultative and collaborative throughout the engagement, whereby it always sought to understand and meet the key and underlying concerns and objectives of the SGTech Digital Trust Committee and the committee's stakeholders. Doing so ensured that Eden's final report was of a high standard of quality as well as actionable in practice.”
Mr. Royce Wee
SGTech Study Lead and Head of Global Public Policy, Alibaba Group
- SGTech
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