The city-state regards technology as a big part of how it retains its competitive edge in financial services and other areas, and cyber-security problems will not detract from that goal, a government minister says.

Cyber-security data breaches will not restrain Singapore from testing and investing in new technology as the Asian city-state pushes for “smart nation” status, a senior government figure says.

“We cannot go back to pen and paper,” Vivian Balakrishnan, the Singapore minister tasked with transforming the jurisdiction, was quoted by Bloomberg as saying. 

The government’s response to cyber-security attacks and human leaks has to be completely open, along with the corrective measures it would take, Balakrishnan told the news service during a trip to San Francisco, where he was attending Singapore-run tech conferences and visiting tech companies.

The report noted that a Public Sector Data Security Review Committee made up of Singapore ministers and non-government members met for the first time last week and reviewed past data incidents and ideas on how to bolster security.

Singapore is competing against wealth hubs such as Hong Kong, Zurich, London and New York at a time when modern technology, including developments such as artificial intelligence, aka AI, is producing new business models such as robo-advisors. Less glamorously, new ways to manage data can help wealth firms customise client offerings but in a way that’s scalable and profitable. 

Enthusiasm for modern tech can be hit by hacking attacks. A study in 2017 by MyPrivateBanking Research found that a significant number of firms fall short on security. (MyPrivateBanking Research has since been acquired by US-based firm Cutter Associates.)