Singapore digest news (21.08-25.08)

Singapore professionals are the world’s fastest in adopting AI skills

According to a recent study, workers in Singapore are the world's fastest when it comes to mastering artificial intelligence and neural networks. The share of specialists adding AI skills to their CVs grew 20 times from January 2016.
HR-managers point out that Singapore has long been a “fertile ground” for a breakthrough in the field of artificial intelligence. They believe success can be achieved thanks to “the country's robust digital infrastructure, a strong framework for the protection of intellectual property, and a thriving ecosystem of venture capital firms and angel investors”.

Kenya-Singapore Bilateral Investment Treaty comes into effect

The Bilateral Investment Treaty (BIT) between Singapore and Kenya, aimed at driving greater investment flows in the two countries, was signed back in 2018, but did not enter into force until August 20, 2023, as reported by the Ministry of Trade and Industry of Singapore. Under the BIT, investors from both countries are guaranteed fair and equitable treatment and full protection and security based on customary international law.

Central Banks of Indonesia and Singapore begin trial on cross-border payments

On August 17, 2023, Indonesia’s central bank announced the start of a trial of cross-border QR code payments. The tests are being carried out jointly with the Monetary Authority of Singapore.
Both parties have set an objective of integrating the system by the end of 2023. This innovative solution is designed to enable individuals and businesses to conduct cross-border trade more competently. Moreover, the system will support the growth of tourist flows between the two countries, as it will be easier for travelers to pay for their expenses.

Singapore is about to host world’s largest transport, logistics, air cargo expo

Transport Logistics Southeast Asia & Air Cargo Southeast Asia will be held in Singapore from November 1 to 3. Speaking at a press conference on August 17, Michael Wilton, managing director of MMI Asia, said the expo would focus on logistics, IT, and supply chain management in Southeast Asia. Over 100 exhibitors and approximately 5000 specialist visitors are expected to participate in the event.

India is in talks to establish grid interconnection with Singapore and the UAE

On August 16, Raj Kumar Singh, India’s Minister of Power, mentioned that India is negotiating the creation of grid connections with Singapore and the United Arab Emirates, aiming at the facilitation of the cross-border transmission of electricity. These discussions have been prompted by India’s initiative called “One Sun, One World, One Grid”, which sets out to create a global solar grid for transmitting electricity across the globe.