Building the digital economy of the future
The importance of strong digital infrastructures
To create a truly efficient and inclusive digital economy, people must be placed at the heart of innovation, by creating end-to-end digital solutions that will purposefully improve their lives. The Monetary Authority of Singapore (“MAS”) has suggested in its report earlier this year the concept of foundational digital infrastructures - systems that allow different users, different solutions, and different devices to seamlessly interact with one another. To this end, the public and private sectors must come together to co-create common digital infrastructures, and avoid the pitfalls of isolated technology solutions.
Authorities in the United Kingdom (“UK”) and Hong Kong have examined similar themes in their digitisation journeys, with the UK emphasizing the need for public-private partnership in its Kalifa Review of UK Fintech and the Hong Kong Monetary Authority exploring the same as part of its Commercial Data Interchange project.
Building on the findings of the MAS report, we have conducted a comparative study of the three jurisdictions to understand how the benefits of foundational digital infrastructures may be unlocked.