SINGAPORE (5 June 2018) — Asian Development Bank (ADB) President Mr. Takehiko Nakao met with Singapore Minister for Communications and Information Mr. S. Iswaran, Monetary Authority of Singapore (MAS) Managing Director Mr. Ravi Menon, and senior business leaders in a 2-day visit to Singapore. They talked about how digital technologies can be used to improve public service delivery, promote inclusive economic growth, and make business practices more effective and efficient.
“Singapore has been a leader in promoting technological innovation and adaptation in Asia and the Pacific,” said Mr. Nakao. “ADB and its developing member countries can draw many lessons from Singapore’s example.”
During his visit to Singapore, Mr. Nakao and Mr. Iswaran discussed how the Singapore government partners with the private sector to foster a digital economy and digitally-ready society.
In his meeting at the MAS, Mr. Nakao and Mr. Menon discussed how the central bank is using digital technologies to upgrade staff skills and provide better services in terms of supervision, settlement systems, and statistics. They also discussed what the impact of new technologies would be on financial inclusion, the landscape of financial industries, regulations (e.g., on privacy, cybersecurity, fraud, and anti-money laundering), monetary policy, and financial stability.
Mr. Nakao met with private sector leaders from Citi, DBS Bank, technology advisory services company Gartner, and Microsoft. They discussed best practices in enterprise digital transformation and use of IT technologies for businesses.
ADB, through its Office of Information Systems and Technology, is improving its business processes through a large-scale upgrading of internal technologies to respond more effectively and efficiently to its clients. ADB is also promoting digital technology in its projects and programs in such areas as financial inclusion, health services, education, and climate resilient agriculture. In March 2018, ADB established a new Digital Technology for Development Unit within the Sustainable Development and Climate Change Department.
ADB, based in Manila, is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration. Established in 1966, it is owned by 67 members—48 from the region. In 2017, ADB operations totaled $32.2 billion, including $11.9 billion in cofinancing.