On the afternoon of April 1, 2023, the "Metaverse and Artificial Intelligence" themed forum of the Inaugural Emerging Countries Media Forum was successfully held. This forum was jointly hosted by the Emerging Countries Media Forum Organizing Committee, Real Image Media,China Foreign Languages Bureau Cultural Communication Center Digital Culture Promotion Department, China Cultural Industry Association Cultural Metaverse Special Committee, and
Mask Network. The Singapore forum was exclusively hosted by Mask Network, with Ms. Germaine Jiang, the General Manager of Mask Singapore, presenting the theme "Singapore's Unique Advantages in the Web 3 Domain and Its Implications for Emerging Countries."
Singapore offers many unique advantages for Web 3 companies. Firstly, the Singapore government has committed to building a digital economy and innovation ecosystem, encouraging businesses to innovate and create value. Singapore is also one of the world's leading smart cities and digital nations, with the fastest and most reliable internet connections and actively promoting the application of 5G and IoT technologies. Additionally, Singapore is very active in researchand development in artificial intelligence, blockchain, and cryptocurrencies and has top-notch technology talent and research institutions.
Singapore's Web 3 policies are also favorable for the development of Web 3 companies. For example, the Singapore government has proposed a series of policy measures to support the digital economy and blockchain technology through documents such as the "Digital Economy Blueprint" and "Blockchain Action Plan," promoting industry development and innovation. Furthermore, Singapore's regulatory authorities have adopted a series of strict and open measures to protect consumer interests and maintain market stability.
Moreover, Singapore is a place with abundant talent resources. With first-class universities and research institutions, numerous technology experts and entrepreneurs, Singapore has a vibrant entrepreneurial ecosystem and a high-quality talent pool. The government also encourages companies to collaborate with higher education institutions, creating conditions for talent development and technological research, and the gathering of high-quality, diverse local and
international talents helps drive the success of Web 3 companies. Singapore's strategic location and close connections with other regions make it an ideal place for Web 3 companies. Located in the heart of Asia, Singapore can easily maintain contact with Europe, the Americas, and other Asian countries, enabling Web 3 companies to expand their business seamlessly in Singapore and establish close partnerships with international collaborators.
The Singapore government has also established numerous innovation funds to provide financial support for Web 3 companies while offering tax incentives, lowering market entry barriers, and providing talent training programs. These measures have effectively promoted the growth of Web 3 companies in Singapore. The entrepreneurial ecosystem in Singapore provide multi-faceted support for Web 3 companies, with the government launching initiatives like the Startup SG plan to provide funding, technology, talent, and market support for start-ups."We chose to settle in Singapore because it offers an extremely attractive business environment, a very clear and stable legal and regulatory framework, as well as excellent infrastructure and technological capabilities. In this thriving Asian city-state, we see the potential and innovative opportunities for Web 3 technology while enjoying the many benefits of Singapore's superior business environment," concluded Mask founder Suji Yan.
What insights can Singapore's success offer emerging countries, and how can they gain a first-mover advantage in the Web 3 wave? Web 3 technology is centered on decentralization, transparency, and security. Emerging countries can leverage these features to drive digital transformation and improve the efficiency of finance, education, healthcare, and other sectors. To achieve this goal, emerging countries need to strengthen cooperation with other countries, attract foreign investment, provide technical support for local companies, and enhance R&D on Web 3-related technologies. Additionally, emerging countries need to cultivate professional talent and raise public awareness of Web 3 technologies to ensure that talent does not become a limiting factor in technological development.
For other emerging countries to gain a first-mover advantage in the Web 3 wave, the following points can be considered:
1. Technology and talent: Invest more resources in cultivating and attracting outstanding technical talent, promote the development of local technology companies, strengthen the construction of local research institutions and innovation centers, and improve local technical capabilities and innovation capacity in the Web 3 domain.
2. Legislation and regulation: Formulate appropriate laws and regulations, establish sound regulatory mechanisms, provide strong support for the development of Web 3 technology, and attract more investors and businesses to develop locally.
3. Financial support: Governments can support local Web 3 companies' development through various means such as funding, tax incentives, and stimulating the growth of the local Web 3 market to enhance the competitiveness and influence of local Web 3 companies.
“Web 3 technology will have a widespread impact on society, and emerging countries should actively respond to these effects, formulate appropriate policies and measures to ensure the healthy development of Web 3 technology, and promote the development of the local digital economy.Singapore's support and cooperation in the Web 3 domain have given it a competitive advantage in the field, setting an example for the Asia-Pacific region and emerging countries.
By sharing Singapore's successful experience, we hope to provide valuable insights for everyone and jointly promote the development and innovation of the Web 3 domain,”concluded Germaine.