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Chongqing and Singapore Tech Firms Collaborate to Expand in Asia-Pacific Market | Insights

By RAN ZHENG|Jun 04,2024

Chongqing - The Asia Tech x Singapore (ATxSG) concluded on May 31 at the Singapore Expo, featuring 22 Chongqing enterprises. Bridging News engaged with Singaporean enterprises and experts, discussing information and communications technology (ICT) trends, potential collaborations between Singapore and Chongqing tech companies, and the global ambitions of Chongqing's tech firms.

Chongqing Pavilion at Asia Tech x Singapore 2024. (Photo/Chongqing Big Data Development Bureau)

Alice Chan, Vice Chairwoman of DEPA International Centre (Singapore) (DEPA IC in short, DEPA represents DEPA Economy Partnership Agreement), shared insights from her interactions with Chongqing's tech leaders. "Our discussions have underscored the significant market potential and collaborative opportunities within the digital economy across the Asia-Pacific, especially Southeast Asia," Chan said.

Alice Chan, Vice Chairwoman of DEPA International Centre (Singapore). (Photo/Alice Chan)

She explained how advanced technologies like generative AI, blockchain, big data, e-commerce, Greentech, and Web3 shape market applications in China, Singapore, and ASEAN. She highlighted the dual challenges and opportunities in cross-border digital trade and the prospects for industrial digitization.

Chan emphasized Chongqing enterprises' advanced technology and strong algorithms suitable for various applications. She suggested that partnering with Singaporean companies could leverage their experience in the Asia-Pacific and Southeast Asian markets, aiding market expansion and sharing expertise in the international digital economy and trade regulations.

Chan also highlighted the mutual benefits of digital and industrial cooperation, pointing to the large markets and populations in Chongqing and Western China, paired with Singapore's cutting-edge technology and international networks.

The DEPA IC, an independent think tank in Singapore, fosters policy research, cross-border digital innovation, and technology transfer among member countries. It aims to encourage more digital collaboration among governments and industries following the digital framework.

Boon Siong Wee, CEO of Aeterni.eco, emphasized Chongqing's strategic importance in developing China's western region and the Belt and Road Initiative (BRI), uniquely positioning it for global engagement.

"Chongqing is vigorously developing its digital economy, leveraging its strong manufacturing base to integrate with the global economy," Wee said. He also introduced Aeterni.eco, a firm dedicated to integrating sustainability in business strategies, enhancing ESG values, and attracting green finance.

Reflecting on his personal journey, Wee shared his deep connection with Chongqing since starting his previous company there in 2002. "I've witnessed its rapid transformation firsthand and look forward to fostering long-term partnerships with local enterprises, hopefully with increased governmental support in policy and taxation to facilitate business expansion," he said.

Discussing Chongqing's global market aspirations, Chan emphasized the need for thorough market research, strategic planning, localization, and precise budgeting for successful international expansion. She outlined effective localization marketing stages: creating a product-driven brand, penetrating specific markets, and ultimately achieving user-centric brand internationalization.

Chan predicted significant changes in the ICT sector, driven by the integration of smart manufacturing, 6G, the industrial Internet, and quantum computing. She highlighted the growing importance of the Southeast Asian market in smart manufacturing and anticipated that technologies like Web3 and AI would boost SME competitiveness, enhance customer experience, and drive rapid industry transformation.


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