Singapore and Thailand advance digital economic ties

Singapore and Thailand continue to strengthen their economic ties. On March 14, at the 7th Economic Ministerial Meeting, enterprises and trade associations from the two countries signed five memorandums of cooperation, mainly in the digital economy. The agreements aim to develop e-commerce, fintech and digital trade.

The ministerial meeting, co-chaired by Singapore’s Second Minister for Trade and Industry Tan See Leng and Thailand’s Minister of Commerce Pichai Naripthaphan, reaffirmed the close economic partnership between the two countries. Discussions covered various areas, including Agri trade, investments, carbon credits and cruise tourism. However, a significant focus was placed on the digital economy, as it plays a strong role in driving future business collaborations.

Among the signed agreements, Singapore-listed digital banking and wealth management platform iFast partnered with Thailand’s TSFC Securities, a government-linked securities financing firm, to develop a fintech platform. This platform will allow Thai securities companies and financial institutions to seamlessly trade offshore bonds, offering immediate executable pricing and full-price transparency. The move will make global investment products more accessible to Thai businesses and investors.

E-commerce giant Shopee (of Thailand) also signed a memorandum of understanding (MOU) with the Thai Ministry of Commerce’s Department of International Trade Promotion to promote Thai products through a dedicated store on Shopee’s platform. This initiative aims to support Thai entrepreneurs by expanding their market reach and providing them with knowledge-sharing opportunities, further boosting cross-border digital trade between the two countries which helps to have better access to international consumers.

Additionally, a work plan on intellectual property for 2025–2027 was also signed between the relevant departments of the two countries. Its goal is to strengthen the protection of innovation and digital business.

Beyond the digital economy, the Consumers Association of Singapore and Thailand’s Office of Consumer Protection signed an MOU to improve cooperation in handling cross-border consumer disputes related to online transactions. This initiative is expected to create a safer and more reliable digital marketplace for both Thai and Singaporean consumers.

Other agreements focused on traditional industries, such as the meat trade. Singapore’s Meat Traders Association partnered with Thailand’s Swine Producers and Processors for Exporting Association and the Thai Broiler Processing Exporters Association to improve industry standards and trade cooperation.

Dr Tan noted that Singaporean companies actively invest in Thailand, especially in electric vehicles, renewable energy and digital infrastructure. In 2024, Singapore became the largest foreign investor in Thailand, investing 357.5 billion baht (S$14.2 billion), accounting for 43% of all foreign investment in the country.

Thailand remains an important partner for Singapore, ranking 9th among trading partners globally and 3rd in ASEAN. In 2024, bilateral trade reached S$44.5 billion, while Singapore’s exports to Thailand grew by 14.2% to S$29.3 billion.