It was supposed to be a celebration of technology, but for New Zealand Prime Minister Jacinda Ardern, the central message was “we are still dealing with people”. Addressing the Singapore FinTech Festival 2020, she said that “putting people and the planet first” made good sense for governments, economies and businesses even as the world increasingly moves online.
“Our digital future must prioritise the wellbeing of all people and be truly inclusive. It will be important to ensure that every single person and business has what they need to participate in, contribute to and benefit from the digital economy,” says Ardern, the youngest New Zealand Prime Minister in a century and a half. This includes, she says, women, rural communities, low socio-economic groups and ethnic minorities.
Ardern also expressed optimism about the transformative impact of digital technology on small and medium enterprises (SMEs). “Digital technologies increase efficiency by reducing transaction costs,” she says, highlighting also the hope that trade would become “truly seamless” with the introduction of technologies like electronic invoicing and payment systems. International trade makes up around 60% of New Zealand’s economic activity.
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With international economic institutions, rules and norms under “pressure like never before” amid overlapping global crises, Ardern is calling on countries to work together to shape the norms and standards of an environmentally sustainable and digitally-focused future. She praised the Digital Economy Partnership Agreement (DEPA) between New Zealand, Chile and Singapore as “the first important steps” towards regulatory alignment needed to support businesses and consumers in the future economy.
“This agreement presents an opportunity for like-minded countries to co-create new norms for digital trade. It is a living agreement designed to grow and expand like the digital economy to include new members and cover emerging technologies,” she remarks.
Perhaps drawing parallels between Singapore and New Zealand as small trading economies, the Prime Minister recalled how New Zealand overcame the challenges of its remote geography by being early adopters of digital technology like the EFTPOS system of cashless payments. Digital technology has also helped Aotearoa build ties in the surrounding Pacific Islands, which are often located in more isolated areas.
“A sustainable, people-focused economy is no longer the future, it is the “now”. And it is decidedly high-tech,” Ardern concludes.
