SGTech has announced the formation of a Digital Trust Committee, with the aim of rallying the industry to come together to develop a framework for digital trust and enable companies to provide products and services using data, that are compliant with data regulations. It also aims to educate and raise awareness of the importance of digital trust among businesses and consumers.
The announcement of the formation of the Digital Trust Committee was witnessed by Deputy Prime Minister Heng Swee Keat, at the inauguration ceremony for TÜV SÜD @ IBP, the new regional hub of SGTech member TÜV SÜD, held on 8 September 2021.
Speaking at the event, Deputy Prime Minister Heng Swee Kiat said that the rapidly growing digital economy presents a generational opportunity to propel the world into a better future. But the digital revolution can only succeed if there is digital trust. There is a huge amount of digital data being generated daily, and we must ensure that these data are adequately protected and appropriately used. This requires us to build up digital trust capabilities.
The Digital Trust Committee will be chaired by Mr Philip Heah and initial members of the Digital Trust Committee include Alibaba, Credence Lab, Drew and Napier, Eden Strategy Institute, Experian, IBM, KPMG, Totally Awesome TV and TÜV SÜD.
“Companies engaging with consumers are leveraging customer data to provide services. The web of partners and suppliers in the digital economy also means that practices must be in place to safeguard sensitive data throughout the value chain. Digital trust will play an increasing role in ensuring that businesses demonstrate top-notch accountability and governance," said Digital Trust Committee Chairman Mr Philip Heah.
The Digital Trust Committee’s mission is to drive ground-up initiatives to place Singapore and the region on the global map for digital trust, including establishing internationally recognised standards and practices and creating products and services built on digital trust.
The Committee will work closely with like-minded groups such as SGTech’s Data Protection Committee and stakeholders such as Singapore’s Personal Data Protection Commission to raise the awareness of the importance of digital trust.
To provide guidance for the Committee, a Digital Trust Council comprising prominent business leaders from around the world will be set up. Minister of State for Communications and Information, Tan Kiat How has also accepted an invitation to be Patron of the Committee.
“I am honoured to be the Patron of SGTech’s newly-formed Digital Trust Committee. The Committee represents two of my beliefs. One, it is important for Singapore’s technology ecosystem to build a reputation of trust internationally as this will be one of our key competitive differentiators in the digital economy. Two, the building of trust requires the close partnership of all players in the ecosystem, particularly the Government and industry. I encourage more of such ground-up industry initiatives to nurture a vibrant digital trust ecosystem in Singapore, so that our businesses and people can seize exciting new opportunities. I also look forward to working closely with like-minded partners from around the world to build up a network of trusted nodes for the global digital economy,” said Mr Tan Kiat How, Minister of State for Communications and Information.
The founding members of the Digital Trust Council are Mr Ishan Palit (Member, Board of Management, TÜV SÜD AG), Mr Chun Li (CEO, Lazada Group) and Mr Tham Sai Choy (Independent Board Director).
“In an increasingly digital world, trust is a major issue. I am glad that the industry in Singapore recognises this challenge and is taking on the mantle of leadership. This ability to shape developments will benefit all stakeholders,” said Mr Tham Sai Choy, member of the SGTech Digital Trust Council.
"The Digital Trust Committee will be a significant pillar powering SGTech's objective to accelerate Singapore's digital transformation, grounded on trust as a strategic differentiator. Bolstered by the Singapore government's vision of unlocking digital's full potential and commitment to develop Singapore's digital trust capabilities, we must catch this window of opportunity to be the first movers to make Singapore and the region a key node for global digital trust," said SGTech Chairman Mr Wong Wai Meng.
"We invite forward-looking organisations to join us to co-create and facilitate the conditions that allow firms in Singapore and the region to lead and thrive on digital trust."
The SGTech Digital Trust Committee's mission is to spearhead ground-up initiatives that will position Singapore and the region as global leaders in digital trust. Please contact [email protected] if you'd like to find out more about the Chapter.