Rise in digital trust will contribute US$17b to SG economy: study

Digital trust is higher than societal trust amongst APAC consumers.

A 5% increase in the digital trust would result in an additional US$17b in Singapore’s economy, a study by Callsign and the Centre for Economics and Business Research showed.

The report also found that a 1% increase in digital trust in the Lion City would translate to a US$3.4b contribution to the economy.

For the Asia Pacific (APAC), the study found an emerging positive “digital trust gap” of 5%, wherein digital trust is higher than societal trust. This is compared to the negative trust gap in Western markets such as the US at 4%, where societal trust is higher.

Despite the positive digital trust gap, 35% of APAC consumers said they have experienced online fraud or data breach which affects their trust in online services.

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As there is an increase in digital and online crime, around half of consumers in the region expect governments to take action and create a more secure digital world. 

Around four in five APAC respondents also supported the creation of a digital identity system, with around a third saying banks and financial institutions “are best placed to create and maintain the system.” Around two in five expect the digital identity system to be implemented in the next 12 months, much higher than in other regions.

"The opportunity in APAC from enhancing digital trust through digital identity is real and tangible. Consumers want and expect it to be part of their lives now. Their confidence in online experiences has improved in the last two years, which is the opposite response from consumers in Western markets,” said Callsign General Manager at APAC Namrata Jolly.

“This puts APAC at a real economic advantage as their levels of digital trust exceed societal trust. In the global digital economy, APAC appears poised to capitalise on the growth through the deployment of a secure and trusted digital identity system.”

The report surveyed 12,50 respondents globally, 2,500 of which came from Hong Kong, India, Indonesia, the Philippines, and Singapore.