CeECs also include the obligation to work towards mutual recognition of digital identification systems and to allow access to data to promote the development of new digital products, services and solutions. «The agreement builds on Australia and Singapore`s leading role in negotiating new international rules on e-commerce in the WTO to better facilitate the growing volume of digital trade around the world.» Singapore is putting $352 million on digital transformation to help businesses cope with the consequences of the pandemic, Assistant Secretary for Financial Services and Financial Technology Senator Jane Hume said she was studying how the «fintech bridge» agreement with the UK could be extended to Singapore. Alex Ellinghausen To support these agencies, Singapore and Australian agencies will identify specific projects as part of the seven Memorandums of Understanding signed (MOUs) in March this year, creating tangible benefits and opportunities for businesses if implemented. These include initiatives such as connecting National Single Windows; Electronic certification for the import and export of goods; Sharing and verifying electronic business documents using Distributed Ledger technology; cross-border data-sharing projects. «Given that Covid-19 requires companies to consider innovative ways to reach customers and adapt to a new type of business, agreements such as Sadea will enable our companies to seize the opportunities offered by the digital economy and develop new technologies to create new digital products and services,» Chan said. In 2018, Australia signed a similar agreement with the UK to help fintechs obtain a licence and facilitate closer cooperation between the Australian Securities and Investments Commission and the Australian Securities Commission. British Financial Conduct Authority. Senator Birmingham said the agreement would be an important part of promoting Australia`s economic recovery from the coronavirus pandemic. Singapore and Australia have officially signed an agreement on the digital economy after months of negotiations. This is the second pact of its kind, after a first pact with New Zealand and Chile, which the Singapore government has coloured in several areas of cooperation, including cross-border data flows, digital payments and artificial intelligence (AI). They are also part of the efforts that began in 2018 and are partly led by Australia to define a set of international rules on digital commerce.
Its agreement with Australia includes the signing of seven Memorandums of Understanding (MOUs) in which government authorities on both sides will address various projects and initiatives, such as the combination of National Single Windows, electronic certification for the import and export of goods, and the sharing and verification of electronic trade documents with Distributed Ledger technology. Negotiations on the agreement – which will become an additional chapter in the existing free trade agreement between Singapore and Australia – were concluded in March by the Department for Foreign Affairs and Trade. The agreement between Singapore and Australia (Sadea) builds on strong bilateral trade and investment flows from Singapore and Australia to improve digital economic opportunities, according to the joint statement from the Department of Trade and Industry, the Department of Communication and Information and the Infocomm Media Development Authority.