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East Coast Plan unveiled
- Thread starter A Singaporean
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HSK met PRC's Ministar Of Foreign Affairs.
It was good to meet PRC State Councilor and Minister of Foreign Affairs Wang Yi today. State Councilor Wang’s visit is testament to the strength of our bilateral relations, which has progressed even during the pandemic.
We spoke about the importance of international cooperation in tackling COVID-19 and other global challenges. State Councilor Wang and I also discussed how we can further strengthen collaboration between our two countries, in areas such as the digital economy and in sustainable development.
I look forward to deepening the partnership between our countries at the 17th Joint Council for Bilateral Cooperation, which I will co-chair with PRC Vice Premier Han Zheng later this year.
Such regular exchanges between countries are all the more important as all of us navigate a more uncertain and complex future.
(MCI Photo by Chwee)
Heng Swee Keat
8 mins ·It was good to meet PRC State Councilor and Minister of Foreign Affairs Wang Yi today. State Councilor Wang’s visit is testament to the strength of our bilateral relations, which has progressed even during the pandemic.
We spoke about the importance of international cooperation in tackling COVID-19 and other global challenges. State Councilor Wang and I also discussed how we can further strengthen collaboration between our two countries, in areas such as the digital economy and in sustainable development.
I look forward to deepening the partnership between our countries at the 17th Joint Council for Bilateral Cooperation, which I will co-chair with PRC Vice Premier Han Zheng later this year.
Such regular exchanges between countries are all the more important as all of us navigate a more uncertain and complex future.
(MCI Photo by Chwee)
- Joined
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Keynote Address by Mr Heng Swee Keat, Deputy Prime Minister and Coordinating Minister for Economic Policies, at the Official Launch of the Asian Institute of Digital Finance (AIDF) on 3 September 2021
Professor Tan Eng Chye,
President of NUS,
Prof Duan Jin-Chuan,
Executive Director of the Asian Institute of Digital Finance,
Distinguished guests,
Ladies and gentlemen,
And all of you who are joining us virtually,
INTRODUCTION
1. A very good morning.
a. I am very pleased to officially launch the Asian Institute of Digital Finance.
2. Let me start by wishing all professors and industry mentors a happy teacher’s day.
a. On this day, we honour all teachers like you, who have made an enormous impact on the lives of students and learners.
b. Thank you for your passion and dedication, in nurturing and moulding our current and future generations.
FINTECH AND DIGITAL FINANCE
3. The global FinTech movement is attracting intense interest.
a. Some analysts are projecting the revenue of FinTech companies tripling in the next 5 years, to around US$240 billion by 2026.
b. In the first half of this year, the sector attracted a record US$98 billion, up from US$34 billion in the same period last year.
c. There is a very strong interest in FinTech today as it is seen as a new frontier in finance. But to realise the potential of this new frontier, it is important for the investments to be directed towards innovations that are valued eventually by businesses and consumers.
4. We are seeing a range of interesting developments in Fintech around the world. In developed and well-banked economies, we have seen FinTechs augmenting traditional financial institutions.
a. For example, FinTechs such as Riskified, use behavioural analysis and big data to help financial institutions detect and prevent fraud.
b. Analytic platforms, such as Pitchbook, use AI solutions to crawl market data and organise them into actionable insights for institutional investors.
c. Robo-advisors, such as EndowUs and Syfe, provide affordable and automated algorithm-based portfolio management to consumers.
5. The impact of FinTech is even greater in developing economies, in improving access to finance and lowering costs.
a. For example, M-Pesa’s in Africa, is providing financial services to millions of unbanked consumers who have mobile phones.
b. Paytm is likewise revolutionising payments in India.
6. These innovations around the world illustrates the potential of FinTech.
a. In Singapore, we are in a good position to contribute to global digital finance.
b. We have helped connect FinTechs with financial institutions to experiment with new ideas.
c. One key initiative is API Exchange, or APIX, a partnership between MAS, the ASEAN Bankers Association and the International Finance Corporation.
d. APIX has helped to connect more than 600 global FinTechs and financial institutions, to collaboratively design and deploy new solutions via the cloud sandbox environment.
e. For example, through APIX, Australian FinTech, Geniusto, and the Cantilan Bank, a rural bank in the Philippines, worked together to develop an omni-channel mobile banking and payments solution. And there are many other good examples.
7. Besides connecting companies together, we are also strengthening connectivity across borders, including the linking of national payment systems.
a. For example, we recently linked up Singapore’s PayNow system with Thailand’s PromptPay.
b. A person can now transfer funds from Singapore to Thailand almost instantaneously through his or her mobile phone.
c. And we look forward to connecting with other national payment systems.
8. Singapore’s FinTech ecosystem has grown by leaps and bounds.
a. We have more than 1,400 FinTechs firms today, up from just 50 firms five years ago.
b. Our local FinTech sector attracted US$1billion, in equity funding and M&A last year. This is 34% higher than in 2019, despite COVID-19.
c. Singapore became the first country in Southeast Asia to issue digital banking licences last year, another major step in the liberalisation of our banking sector.
9. There is potential to do much more, especially with the digital economy in Southeast Asia projecting to triple to US$300billion by 2025.
a. A burgeoning middle class and a fast-growing internet population will contribute to this growth.
b. As a key node in the region, there is much more Singapore can do to improve the lives of people and enhance the vibrancy of economies in the region.
10. This is why we announced the setting up of the Asian Institute of Digital Finance at SFF X SWITCH last year.
a. This Institute is a collaboration between NUS, the Monetary Authority of Singapore and the National Research Foundation.
b. Nine months on, the new baby is born. And I am glad to be here to officially launch the new Institute!
c. How can the Asian Institute of Digital Finance make a lasting impact in the fast growing FinTech and digital finance arena?
d. Let me share three ways they are doing so, as they seek to tackle challenges from the past, in the present, and in anticipation of the future.
PAST
11. Let me start with challenges from the past. The Institute is working on a number of exciting areas to tackle the legacy challenges that are hindering progress.
a. One legacy challenge is the hesitance by financial institutions to share microdata with one another, due to commercial and competition reasons. Often, there are also restrictions from data protection rules and banking secrecy laws.
b. This inability to share and learn collectively leads to a much less efficient banking system. The resulting inefficiencies are paid for by lenders and borrowers alike. Lenders would need to take on a higher credit risk. As a result, borrowers would be charged higher interest rates, or be denied credit facilities.
c. Over the past few months, the Institute has partnered the industry to develop a federated learning initiative to address this legacy challenge.
12. Their first use case is in credit assessment, with a collaboration called the SME Credit Analytics Consortium.
a. The efficacy of today’s credit assessment models is limited, as each financial institution only draws on its own datasets to train algorithms.
b. Federated learning does not aggregate the data centrally. Instead, using machine learning, the algorithms are optimised using datasets from multiple institutions, without the microdata actually leaving each financial institution.
c. Through this Consortium, financial institutions can learn from the collective experience to develop better assessment models, particularly for defaults and debt recovery.
d. This will result in more optimized credit assessments – reducing the risks for the banks, and lowering interest rates for SMEs with strong fundamentals.
e. With more targeted interest rates, firms with good potential will also be better able to expand, by unlocking more working capital to drive growth.
13. This Consortium is Singapore’s first federated learning platform for the finance sector.
a. I hope this is the start of the next big step for data sharing in the industry, and a new paradigm for collaboration.
b. A number of financial institutions – including several AI-driven ones such as Funding Society, FundOn, and GreenArc – have committed to join the Consortium. I look forward to more doing so.
c. The Consortium will be launched by the end of the year. And we hope to expand this collaboration to other parts of Southeast Asia, where there are huge unmet SME financing needs.
PRESENT
14. Having outlined how the Institute can address challenges from the past, let me now touch on how the team can tackle the big challenges in the present.
a. COVID-19 is the clear and present danger, although it will fade at some point. The pandemic has also provided a wake-up call for the world to deal decisively with the other global challenges ahead.
b. No challenge is more existential to the world than climate change. As we seek to emerge stronger from the crisis, I am glad that there is a renewed emphasis on sustainability. And finance can be a key catalyst for a green recovery.
15. The Asian Institute of Digital Finance is contributing to green finance. It has established a Green FinTech collaboration with MUFG, two Singapore-based FinTechs – iAPPS and CriAT, and a few NGOs including the Zoological Society of London.
a. This collaboration seeks to develop evidence-based approaches to measure green initiatives in agricultural supply chains, using IOT and satellite maps.
b. Take palm oil for example. Many palm oil companies are vertically integrated. Historically, investors will rely primarily on the voluntary ESG disclosures made by these companies. But the data available is often not as robust.
c. In some cases, there are concerns about greenwashing – where a firm creates a false impression of sustainable practices. This penalises firms which are committed to and have invested in sustainability practices.
d. This collaboration takes a bottom up approach – relying on technology to collect trusted, quality, timely and verifiable data from the farmers, and right across the value chain.
e. From the insights gathered, the Institute can then build predictive models, which can be applied to other stakeholders who did not use tracking technologies to monitor their ESG practices.
f. Banks would then have a practical way of providing concessional loans to support firms which are adopting sustainable practices. This would in turn spur further investment in the environment and sustainability.
16. This collaboration that I have just highlighted is very much in line with our goal to catalyse a green recovery through finance, and position Singapore as a key node for green finance and Green FinTech.
a. I hope to see more of such collaborations in the future, as the Institute builds stronger partnerships with the industry and academia to tackle sustainability and other global challenges.
FUTURE
17. I have talked about tackling challenges from the past and the present. These are important, but they are not enough. We must also prepare the sector to tackle challenges of the future, some of which may have yet to manifest themselves.
a. We do so by nurturing a pipeline of talent, and imbue in them the foundational skills and the adaptability to tackle challenges that might arise in the future.
b. The task of nurturing future cohorts of FinTech workers is all the more pressing, given the surge in demand for individuals with such skills and experience.
18. I am glad that the Asian Institute of Digital Finance has made it one of its core missions to train future FinTech talents.
a. Partnering close to 20 leading banks, FinTechs, Big Techs and other industry players, the Institution has put together compelling Master’s and PhD programmes in Digital Financial Technology. The flagship PhD programme is Singapore’s first doctoral programme in FinTech.
b. I am pleased to welcome the inaugural batch of 56 Master’s and PhD students, who only recently matriculated. This pioneer batch come from universities in different parts of the world.
c. Inclusive education is also core to the Institute’s agenda. For example, both Master’s and PhD programmes are open to graduates from any discipline. This way, the knowledge of FinTech can be made accessible to mid-careers from other sectors, as well as people from different backgrounds.
d. I look forward to the impact that the pioneer and future cohorts of students will make in tackling challenges of the future and in improving lives in Singapore and Asia.
CONCLUSION
19. Let me conclude.
a. The Asian Institute of Digital Finance can only succeed if they have the fullest support from all stakeholders.
b. Sitting in the audience today and online include banking veterans, technology experts and leading academics. You will collectively drive the next bound of digital growth and new breakthroughs.
c. We must use digital finance in a way that will make a positive difference to the lives of people and to our environment.
d. We must use FinTech to drive innovation and help transform companies and industries.
20. With all of our support, I am confident that the Asian Institute of Digital Finance will rise to the challenge of using digital finance to build a better and brighter future.
a. I wish all of you a fruitful rest of the day ahead.
21. Stay safe, stay healthy and help to change the world to be a better place. Thank you.
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from straitstimes.com:
SINGAPORE - Chinese Foreign Minister Wang Yi called on Deputy Prime Minister Heng Swee Keat and met Foreign Affairs Minister Vivian Balakrishnan in separate sessions on Monday (Sept 13).
At their meetings, the leaders noted the strong ties and cooperation between the two countries amid the pandemic.
Mr Wang is in Singapore on a two-day working visit.
In a statement on Monday night, Singapore's Ministry of Foreign Affairs (MFA) said DPM Heng and Mr Wang noted the excellent relationship between Singapore and China, and the progress made in deepening cooperation, even amid the disruptions caused by the Covid-19 pandemic.
They also looked forward to the upcoming 17th Joint Council for Bilateral Cooperation this year, which will be co-chaired by Mr Heng and Chinese Vice-Premier Han Zheng.
The council will facilitate discussions on cooperation in areas such as trade and investment, finance, the digital economy, public health, and sustainable development, and chart the way forward for new areas of cooperation, said MFA.
Meanwhile, at the meeting between the two foreign ministers, Dr Balakrishnan and Mr Wang reaffirmed the strong ties between their countries and discussed ways to further strengthen relations.
These included sustaining high-level exchanges; advancing cooperation on Singapore's government-to-government projects with China in Suzhou, Tianjin, and Chongqing; and exploring new areas of cooperation such as the digital economy.
Both ministers also looked forward to the early entry into force of the Regional Comprehensive Economic Partnership (RCEP), which has been ratified by both Singapore and China.
The RCEP is the world's largest trade pact, and brings together all 10 Asean members as well as the grouping's key partners Australia, China, Japan, South Korea and New Zealand.
Dr Balakrishnan also welcomed China's interest in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership. The trade pact brings together 11 countries from both sides of the Pacific, seven of which are also in the RCEP.
The ministers also exchanged views on regional and international developments, including ways to deepen cooperation between Asean and China, in conjunction with the 30th anniversary of Asean-China dialogue relations this year.
Mr Wang will also call on Prime Minister Lee Hsien Loong on Tuesday.
The visit is part of Mr Wang's six-day trip to four countries in the region that started last Friday. He was in Vietnam and Cambodia, and will travel to South Korea next.
Chinese Foreign Minister Wang Yi meets DPM Heng, Vivian during working visit to Singapore
SINGAPORE - Chinese Foreign Minister Wang Yi called on Deputy Prime Minister Heng Swee Keat and met Foreign Affairs Minister Vivian Balakrishnan in separate sessions on Monday (Sept 13).
At their meetings, the leaders noted the strong ties and cooperation between the two countries amid the pandemic.
Mr Wang is in Singapore on a two-day working visit.
In a statement on Monday night, Singapore's Ministry of Foreign Affairs (MFA) said DPM Heng and Mr Wang noted the excellent relationship between Singapore and China, and the progress made in deepening cooperation, even amid the disruptions caused by the Covid-19 pandemic.
They also looked forward to the upcoming 17th Joint Council for Bilateral Cooperation this year, which will be co-chaired by Mr Heng and Chinese Vice-Premier Han Zheng.
The council will facilitate discussions on cooperation in areas such as trade and investment, finance, the digital economy, public health, and sustainable development, and chart the way forward for new areas of cooperation, said MFA.
Meanwhile, at the meeting between the two foreign ministers, Dr Balakrishnan and Mr Wang reaffirmed the strong ties between their countries and discussed ways to further strengthen relations.
These included sustaining high-level exchanges; advancing cooperation on Singapore's government-to-government projects with China in Suzhou, Tianjin, and Chongqing; and exploring new areas of cooperation such as the digital economy.
Both ministers also looked forward to the early entry into force of the Regional Comprehensive Economic Partnership (RCEP), which has been ratified by both Singapore and China.
The RCEP is the world's largest trade pact, and brings together all 10 Asean members as well as the grouping's key partners Australia, China, Japan, South Korea and New Zealand.
Dr Balakrishnan also welcomed China's interest in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership. The trade pact brings together 11 countries from both sides of the Pacific, seven of which are also in the RCEP.
The ministers also exchanged views on regional and international developments, including ways to deepen cooperation between Asean and China, in conjunction with the 30th anniversary of Asean-China dialogue relations this year.
Mr Wang will also call on Prime Minister Lee Hsien Loong on Tuesday.
The visit is part of Mr Wang's six-day trip to four countries in the region that started last Friday. He was in Vietnam and Cambodia, and will travel to South Korea next.
- Joined
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HKS wants us to work together.
We had a long debate in Parliament yesterday that stretched to midnight on how we can secure the jobs and well-being of Singaporeans. The commitment of this Government has and always will be to create opportunities for Singaporeans. But as a small nation with no natural resources, we need to stay open and connected to the world.
Especially during a crisis, Singaporeans are understandably more anxious about their jobs and competition from foreigners. We have done all that we could to preserve jobs during the crisis, and even support the creation of new ones. We are investing in our people, supporting those who are at-risk or have been displaced, and addressing the downsides of being an open economy. At the end of the day, whatever we do, the well-being of Singaporeans is our end goal.
What we must not do is to sow fear and discord amongst Singaporeans. The approach of the PSP is to draw lines and divide. Their position is based on misinformation about our FTAs, and a strong undertone of racism and xenophobia. So we took a strong stand in Parliament yesterday, to deplore the PSP’s actions.
Our strength as a society has always been based on how we can work together, in a constructive way, to build a brighter shared future. Let’s keep it this way.
Heng Swee Keat
13 hrs ·We had a long debate in Parliament yesterday that stretched to midnight on how we can secure the jobs and well-being of Singaporeans. The commitment of this Government has and always will be to create opportunities for Singaporeans. But as a small nation with no natural resources, we need to stay open and connected to the world.
Especially during a crisis, Singaporeans are understandably more anxious about their jobs and competition from foreigners. We have done all that we could to preserve jobs during the crisis, and even support the creation of new ones. We are investing in our people, supporting those who are at-risk or have been displaced, and addressing the downsides of being an open economy. At the end of the day, whatever we do, the well-being of Singaporeans is our end goal.
What we must not do is to sow fear and discord amongst Singaporeans. The approach of the PSP is to draw lines and divide. Their position is based on misinformation about our FTAs, and a strong undertone of racism and xenophobia. So we took a strong stand in Parliament yesterday, to deplore the PSP’s actions.
Our strength as a society has always been based on how we can work together, in a constructive way, to build a brighter shared future. Let’s keep it this way.
- Joined
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HSK visited the Singapore Institute for Clinical Sciences.
Here’s a question for parents of young children. At mealtimes, do you urge your children to eat quickly? Or slowly? I’ll share the answer at the end of this post.
During my recent visit to the Singapore Institute for Clinical Sciences, I met researchers from the GUSTO (Growing Up in Singapore Towards Healthy Outcomes) project who have been researching how conditions in early childhood influence the health and development of children.
One set of studies focus on how children eat, rather than what they eat. This is important, as 13% of children in Singapore are overweight, and the prevalence will increase as they grow older. If children are taught good eating behaviours early, we can limit the onset of obesity later in life.
This is exactly what we hope to see scientific research will lead to — constructive, actionable steps that can help people lead better, healthier lives.
Now, on the question of eating speed, when children eat faster, they tend to eat more, which can lead to excessive weight gain. Ideally, take smaller bites and chew your food thoroughly to manage your eating speed. So do take time to savour your makan times together!
Heng Swee Keat is with Agency for Science, Technology and Research (A*STAR).
12 hrs ·Here’s a question for parents of young children. At mealtimes, do you urge your children to eat quickly? Or slowly? I’ll share the answer at the end of this post.
During my recent visit to the Singapore Institute for Clinical Sciences, I met researchers from the GUSTO (Growing Up in Singapore Towards Healthy Outcomes) project who have been researching how conditions in early childhood influence the health and development of children.
One set of studies focus on how children eat, rather than what they eat. This is important, as 13% of children in Singapore are overweight, and the prevalence will increase as they grow older. If children are taught good eating behaviours early, we can limit the onset of obesity later in life.
This is exactly what we hope to see scientific research will lead to — constructive, actionable steps that can help people lead better, healthier lives.
Now, on the question of eating speed, when children eat faster, they tend to eat more, which can lead to excessive weight gain. Ideally, take smaller bites and chew your food thoroughly to manage your eating speed. So do take time to savour your makan times together!
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Heng Swee Keat
12 hrs ·Dr Evelyn Law from Singapore Institute for Clinical Sciences shared with me their study on the effect of media exposure on young infants’ eventual cognitive and attention capabilities. Infants learn poorly from 2D screens and sensory information from screens can overwhelm the brain at such ages. This finding also provided the basis for the Health Promotion Board, Singapore’s new screen time recommendation of no more than one hour per week of unsupervised passive screentime for children aged 1.5 to 3 years.
(MCI Photo by Chwee)
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Heng Swee Keat
13 hrs ·Professor Chong Yap Seng (left), Chief Clinical Officer at Singapore Institute for Clinical Sciences, shared more about the Whole Child Panel, which is a holistic approach to understanding children’s social-emotional skills, executive functions (self-control), theory of mind, language, and general knowledge. The Whole Child Panel has been used in early childhood settings within the Singapore community since July 2021.
(MCI Photo by Chwee)
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Heng Swee Keat
13 hrs ·Thanks for the interesting visit!
(From left: Frederick Chew, CEO, A*STAR; Chan Lai Fung, Permanent Secretary of National Research Foundation Singapore; Prof Chong Yap Seng, Chief Clinical Officer and Immediate Past Executive Director of SICS, A*STAR; Prof Ng Huck Hui, Assistant Chief Executive, Biomedical Research Council, A*STAR)
(MCI Photo by Chwee)
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— with Agency for Science, Technology and Research (A*STAR).
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HSK opened the SingHealth Duke-NUS Scientific Congress.
Did you know that 25% of drugs used in medicine come from rainforest plants? And that 70% of cancer drugs are natural or inspired by nature?
Earlier today, I was delighted to open the SingHealth Duke-NUS Scientific Congress, and launch the new SingHealth Duke-NUS Institute of Biodiversity Medicine. The new Institute will study how nature can contribute to human health and wellness. It will also develop 12,000 square metres of garden spaces in SingHealth’s hospitals, contributing to research and benefiting patients.
This is one example of how we are pushing the frontiers of medicine by exploring new domains. The Scientific Congress this year will bring together the health and science communities to discuss other frontiers, such as precision medicine, and the use of AI. This is timely — we should build on the strong momentum of scientific collaboration sparked by COVID-19, to tackle longer-term challenges such as ageing demographics and chronic diseases.
I wish all participants a fruitful Congress!
(Received some essential oils made from local plants distilled by the Institute’s research team. Mine is for stress-relief but others are helpful for patients suffering from anxiety and insomnia. / MCI Photo by Lim Sin Thai)
Heng Swee Keat
9 hrs ·Did you know that 25% of drugs used in medicine come from rainforest plants? And that 70% of cancer drugs are natural or inspired by nature?
Earlier today, I was delighted to open the SingHealth Duke-NUS Scientific Congress, and launch the new SingHealth Duke-NUS Institute of Biodiversity Medicine. The new Institute will study how nature can contribute to human health and wellness. It will also develop 12,000 square metres of garden spaces in SingHealth’s hospitals, contributing to research and benefiting patients.
This is one example of how we are pushing the frontiers of medicine by exploring new domains. The Scientific Congress this year will bring together the health and science communities to discuss other frontiers, such as precision medicine, and the use of AI. This is timely — we should build on the strong momentum of scientific collaboration sparked by COVID-19, to tackle longer-term challenges such as ageing demographics and chronic diseases.
I wish all participants a fruitful Congress!
(Received some essential oils made from local plants distilled by the Institute’s research team. Mine is for stress-relief but others are helpful for patients suffering from anxiety and insomnia. / MCI Photo by Lim Sin Thai)
- Joined
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- 113
from straitstimes.com:
SINGAPORE - The Covid-19 pandemic has shown what can be achieved when there is a concerted and determined global effort to tackle a serious public health issue, said Deputy Prime Minister Heng Swee Keat on Friday (Sept 17).
But this momentum needs to be sustained to tackle longer-term healthcare issues, he said at the opening of the SingHealth Duke-NUS Scientific Congress 2021 virtual event.
Noting that Covid-19 has been "one of the greatest challenges that modern medicine has ever faced", with a human toll of more than 4.5 million deaths globally so far, Mr Heng said one silver lining is that the crisis brought about an unprecedented level of international scientific collaboration.
"The challenge is how we can ride on the momentum catalysed by Covid-19 to galvanise the same dedication and commitment to push new frontiers and revolutionise medicine."
The acute phase of the pandemic will eventually fade, but other longer-term challenges such as ageing populations and chronic diseases will not.
Moreover, chronic diseases are no less a crisis than Covid-19, causing an estimated 40 million deaths annually, Mr Heng said.
With rapidly ageing populations in many countries, healthcare systems everywhere will have to rethink how to deliver holistic and sustainable manner.
The minister outlined three ways to tackle the challenges ahead.
First, interventions must happen earlier, when they are more effective and cost less.
This will require early detection of those at risk through efforts such as the Growing Up in Singapore Towards Healthy Outcomes (Gusto) study, which identified that one in five Singaporean pregnant women developed gestational diabetes.
Second, the interventions need to be more precise and targeted by taking a patient's genetic, lifestyle and environmental factors into account, Mr Heng said.
Precision medicine can be given a boost through national genomics programmes that seek to understand Asian genetics, as many such programmes elsewhere focus on Caucasian populations.
Third, innovations should harness ideas across different domains.
This is where the newly launched SingHealth Duke-NUS Institute of Biodiversity Medicine can play a role.
Nature and biodiversity can contribute significantly to human health and wellness, said Mr Heng, adding that 25 per cent of drugs used in modern medicine come from rainforest plants, while 70 per cent of cancer drugs are inspired by nature.
These steps are just the "tip of the iceberg" when it comes to new possibilities in science and healthcare, Mr Heng said.
"Let us channel the can-do spirit that Covid-19 has sparked within the scientific community, to tackle our longer-term structural challenges."
Time to refocus on longer-term healthcare issues after Covid-19: Heng Swee Keat
SINGAPORE - The Covid-19 pandemic has shown what can be achieved when there is a concerted and determined global effort to tackle a serious public health issue, said Deputy Prime Minister Heng Swee Keat on Friday (Sept 17).
But this momentum needs to be sustained to tackle longer-term healthcare issues, he said at the opening of the SingHealth Duke-NUS Scientific Congress 2021 virtual event.
Noting that Covid-19 has been "one of the greatest challenges that modern medicine has ever faced", with a human toll of more than 4.5 million deaths globally so far, Mr Heng said one silver lining is that the crisis brought about an unprecedented level of international scientific collaboration.
"The challenge is how we can ride on the momentum catalysed by Covid-19 to galvanise the same dedication and commitment to push new frontiers and revolutionise medicine."
The acute phase of the pandemic will eventually fade, but other longer-term challenges such as ageing populations and chronic diseases will not.
Moreover, chronic diseases are no less a crisis than Covid-19, causing an estimated 40 million deaths annually, Mr Heng said.
With rapidly ageing populations in many countries, healthcare systems everywhere will have to rethink how to deliver holistic and sustainable manner.
The minister outlined three ways to tackle the challenges ahead.
First, interventions must happen earlier, when they are more effective and cost less.
This will require early detection of those at risk through efforts such as the Growing Up in Singapore Towards Healthy Outcomes (Gusto) study, which identified that one in five Singaporean pregnant women developed gestational diabetes.
Second, the interventions need to be more precise and targeted by taking a patient's genetic, lifestyle and environmental factors into account, Mr Heng said.
Precision medicine can be given a boost through national genomics programmes that seek to understand Asian genetics, as many such programmes elsewhere focus on Caucasian populations.
Third, innovations should harness ideas across different domains.
This is where the newly launched SingHealth Duke-NUS Institute of Biodiversity Medicine can play a role.
Nature and biodiversity can contribute significantly to human health and wellness, said Mr Heng, adding that 25 per cent of drugs used in modern medicine come from rainforest plants, while 70 per cent of cancer drugs are inspired by nature.
These steps are just the "tip of the iceberg" when it comes to new possibilities in science and healthcare, Mr Heng said.
"Let us channel the can-do spirit that Covid-19 has sparked within the scientific community, to tackle our longer-term structural challenges."
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HSK delighted to meet 10 outstanding youths at Halogen Foundation Singapore’s National Young Leaders Award.
Was delighted to meet 10 outstanding youths at Halogen Foundation Singapore’s National Young Leaders Award earlier today. I had the honour of launching this Award in 2013 when I was the Minister for Education, and I am glad that it has nurtured many of our youths over the years. I was impressed by the wide range of projects by this year’s finalists; you can find out more about their stories in the photo captions and at this link: https://halogen.sg/nyla2021/
Keep up the great work! I hope that today’s awards will inspire more youths to drive positive change in our community.
Congratulations again to all finalists, and my thanks to Halogen Foundation for your role in helping to shape our young leaders.
Heng Swee Keat
1 hr ·Was delighted to meet 10 outstanding youths at Halogen Foundation Singapore’s National Young Leaders Award earlier today. I had the honour of launching this Award in 2013 when I was the Minister for Education, and I am glad that it has nurtured many of our youths over the years. I was impressed by the wide range of projects by this year’s finalists; you can find out more about their stories in the photo captions and at this link: https://halogen.sg/nyla2021/
Keep up the great work! I hope that today’s awards will inspire more youths to drive positive change in our community.
Congratulations again to all finalists, and my thanks to Halogen Foundation for your role in helping to shape our young leaders.
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Heng Swee Keat
1 hr ·Was happy to meet Alwis, Nazra, and RaeAnne. Alwis leads a youth network, Nazra runs projects to uplift less privileged students, and RaeAnne is passionate about mental wellness.
[L-R] RaeAnne Yap, Alwis Lim and Nazra Zafar, winners of the National Young Leaders Award, and Ivy Tse, CEO, Halogen Foundation.
(MCI Photo by Lim Sin Thai)
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Heng Swee Keat
23 hrs ·Yun Xuan (left most) shared how she got involved in Project Aeipathy — a project to raise awareness and funds for Multiple Sclerosis patients.
Kai Jun (second from left) has been involved in leading a migrant outreach project, and Felyn Chua (third from left), who is also an East Coast resident, does weekly Bread Runs by Food from the Heart, which collects extra bread from bakeries and sends them to a home for the aged sick.
[L-R] Tan Yun Xuan (winner), Lim Kai Jun (finalist), Felyn Chua (finalist) of the National Young Leaders Award, and Ivy Tse, CEO, Halogen Foundation.
(MCI Photo by Lim Sin Thai)
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Heng Swee Keat
Yesterday at 20:49 ·Meagan (second from left) shared with me how her Belanja A Meal initiative works, where customers can pay it forward by paying for another person's meal. It's admirable to see our youth stepping up to help the underprivileged!
[L-R] Nicole Sim (winner), Meagan Ho (finalist), Javen Lam (finalist), and Eli Stewart (finalist) of the National Young Leaders Award.
(MCI Photo by Lim Sin Thai)
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HSK wishes for more opportunities for women.
A future where women are given more opportunities in STEM is a future that I wish for all women in Singapore.
Earlier this year, my East Coast team launched something that is personally meaningful for me — the East Coast WinSTEM bursary. It is our hope that the bursary will not only enable more female students to pursue their dreams but also to inspire more girls to consider a career in science and technology.
Yesterday, the People's Action Party launched its #ActionforHer campaign to champion women’s development in Singapore and empower them to achieve their fullest potential. It encourages everyone to pledge one action that you would do for your wife, mother, sister, as well as female colleagues and friends.
Share your ‘action’ on social media, tag @papsingapore and include #ActionforHer in your post. Looking forward to reading your pledges!
#PAP4SG #TeamPAP #PAP4Inclusivity #PAPWW
(With our East Coast role models, Jessica Tan Soon Neo and Cheryl Chan 陈慧玲 in the science and technology related industry during our visit to Singapore EXPO & MAX Atria. They have also been our inspiration behind launching the EC WinSTEM Bursary.)
Heng Swee Keat
18 September at 19:05 ·A future where women are given more opportunities in STEM is a future that I wish for all women in Singapore.
Earlier this year, my East Coast team launched something that is personally meaningful for me — the East Coast WinSTEM bursary. It is our hope that the bursary will not only enable more female students to pursue their dreams but also to inspire more girls to consider a career in science and technology.
Yesterday, the People's Action Party launched its #ActionforHer campaign to champion women’s development in Singapore and empower them to achieve their fullest potential. It encourages everyone to pledge one action that you would do for your wife, mother, sister, as well as female colleagues and friends.
Share your ‘action’ on social media, tag @papsingapore and include #ActionforHer in your post. Looking forward to reading your pledges!
#PAP4SG #TeamPAP #PAP4Inclusivity #PAPWW
(With our East Coast role models, Jessica Tan Soon Neo and Cheryl Chan 陈慧玲 in the science and technology related industry during our visit to Singapore EXPO & MAX Atria. They have also been our inspiration behind launching the EC WinSTEM Bursary.)
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HSK spoke at the Singapore Researchers Global Summit.
Had an engaging dialogue, moderated by Prof Subra Suresh, with some 500 researchers who joined us online. We spoke about our RIE2025 plans, and what more we can do to inculcate the love of research among our young.
(MCI Photo by Lim Sin Thai)
Heng Swee Keat
11 hrs ·Had an engaging dialogue, moderated by Prof Subra Suresh, with some 500 researchers who joined us online. We spoke about our RIE2025 plans, and what more we can do to inculcate the love of research among our young.
(MCI Photo by Lim Sin Thai)
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Heng Swee Keat
13 hrs ·Speaking with Associate Professor Dawn Tan (right) from the SUTD Singapore University of Technology & Design. She is also the Principal Investigator of the Photonics Devices and Systems Group which looks into how technological innovations can increase data transmission rates. Dr. Ju Won Choi (left) is a research fellow and is part of Dawn’s team. I’m glad both ladies are breaking new paths for women in the field of sciences.
(MCI Photo by Liu Ying)
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Heng Swee Keat
13 hrs ·Probiotics can help to promote good gut health. But have you heard of probiotic ice cubes? These were invented by a team of NTU researchers and can be added directly into drinks so that consumers can enjoy more health benefits without needing to change consumption patterns. Very interesting!
(MCI Photo by Lim Sin Thai)
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Heng Swee Keat
13 hrs ·Speaking to Professor Silvija Gradečak-Garaj, from the National University of Singapore. Together with her team, she works at an integrated material and module research facility (E6Nanofab) to enable the next generation of semiconductor technologies. I am holding a silicon wafer coated with a nanocrystalline diamond film. This is potentially used as a hard mask for the semiconductor processing industry and development of next-generation electronics.
(MCI Photo by Lim Sin Thai)
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