Technology is the key to global competitiveness for New Zealand and Singapore

As most of us experienced, this year’s Singapore FinTech Festival was a radically different event. The hybrid event that ran from 7th to 11th December was proof that, even in the extraordinary times like this, technology is key to connecting people and businesses, no matter where they are in the world.  

It’s a concept that New Zealand tech companies know well!

This message was supported by New Zealand Prime Minister Jacinda Ardern, who delivered a keynote address celebrating the important steps that are being taken by New Zealand and Singapore to advance regulatory alignment in the digital economy. You can watch the full address here

These efforts are set to have a transformational impact on digitalization for small and medium enterprises - the building blocks of many economies.

A point that stuck with me in the Prime Minister’s address was the importance of the digital economy for “maintaining and enhancing our global competitiveness as we all come to grips with our new trading environment and new ways of doing business.”

Faced with COVID-19, the need for advanced for digital solutions to solve problems across sectors has accelerated. Finding the right partners to achieve these solutions, no matter where they are in the world, is essential to support technological advances and share capabilities. At the Singapore FinTech Festival, I’ve seen how New Zealand tech companies and their counterparts in Singapore are stepping up to this challenge.

Resilience in the face of COVID-19

2020 has been an unprecedented year for New Zealand’s tech exports, which have remained resilient in the face of COVID-19. According to the latest TIN (Technology Investment Network) Report, which analyses New Zealand’s top 200 tech exporting companies, our technology exports were valued at over S$8.5 billion (NZ$9.4 billion) for 2020. That’s an increase of 10.6% on the previous year. We’ve seen a surge in demand from Asian markets, which have registering 19.2% growth in technology exports in the past year.

FinTech continues to stand out as New Zealand’s fastest-growing sector for the fifth consecutive year with a 5-year CAGR of 31%. 

A focus on Singapore

Singapore is consistently ranked among New Zealand’s top export partners, and technology has a growing role to play in this export trade. In the last 5 years, technology service exports from New Zealand to Singapore have almost doubled to reach a value of NZ$31 million. 

At New Zealand Trade and Enterprise, we work with New Zealand technology exporters to enhance their profile and help them to establish sustainable business partnerships in Singapore and Southeast Asia.

This year, I’ve been thrilled to work with some of New Zealand’s most innovative tech players as they look towards entering or expanding their operations in this dynamic market. The virtual New Zealand Pavilion at the Singapore FinTech Festival brought together Capital Preferences, Finnapster, RIP Global, 9Spokes, TradeWindow and Sharesies. In addition, the FinTech Accelerate Webinar Series 2020 provided a platform for Singapore business leaders to share their insights on the sector with NZ tech companies. Topics included scaling innovation capability, fundraising, and attracting tech talent in Singapore’s FinTech market.

COVID-19 has created a rapid acceleration in digital adoption, particularly here in Singapore. New Zealand companies’ global outlook and capacity for collaboration mean that our technology exports are very much open for business on the global stage. I’m excited to see how New Zealand’s cutting-edge innovations can help support Singapore’s digital acceleration and create new opportunities for mutually-beneficial recovery and growth.

What are your thoughts? Leave a comment below and let’s chat!