Friday, July 29, 2016

Singapore is like a Ferrari owned by a 71 year old woman



Recently, a woman stopped her Ferrari in the middle of the road in front of a tour bus and blocked off three out of five lanes, which caused a traffic jam along Orchard Road.

There seems to be a parallel to Singapore, an island state which invested heavily on science and technology, but seems to have trouble apply it. A self proclaimed smart nation, Singapore wants to embrace the Internet of Things, only to prevent civil servants from accessing the internet by next June.

Its like an old lady driving a Ferrari. All the power, but decide to road hog and block traffic.

DBS recognized that Fintech is getting big, but MAS and the Singapore banks are slow to move, with full of regulations and rules and no one knows how to regulate. Alipay hit $100b in less than a year with zero branches, DBS took 50 years to get there: Piyush Gupta 

Even for a game like Pokemon Go, aimed at kids, the government needs time to study. I strongly believe that the "leaders" have no clue about technology, yet want to spend a lot of money not knowing what will happen, and eventually, fear doing anything with technology as they fear failure.

The big question is, you have already failed on so many fronts -- Failed to keep Casinos out of the country, Failed to control traffic and congestion with ERP and COE, Failed to provide a reliable public transportation, despite privatizing it, Failed to keep to budgets on big projects like Youth Olympics, Building of National Stadium.

Spending 87% of the cost on consultants for building a bin center is no way "prudent spending".

I don't understand why there is still so much fear. Failure has happened, no one was fired or took any accountability, why not allow more startups to go into Fintech? Why not allow Pokemon Go? Are you sitting on your high salaries and just saying no, because actually you don't know and don't want to look stupid?

-- Ironbowl



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