Securing the Digital Marketplace: Trust Tech as Singapore’s Competitive Advantage

Singapore’s buzzword of 2025 could very well be “scams”. It reflects a sobering reality – that scams and cybercrime have become the dominant form of crime in Singapore. While Singapore’s high digital adoption rates and strong financial gateways have fuelled economic growth, they have also broadened the attack surface for fraud networks. With Singapore ranking 3^rd in the United Nations’ e-Government survey for digital governance in 2024, it serves as a model as a strong, secure and trusted trade hub.

Scams and Cybercrime on the Rise

Scammers are adopting increasingly sophisticated tactics. They exploit social media, messaging platforms, phone calls, and online marketplaces to target victims. According to the Singapore Police Force’s 2024 Crime Brief, the number of scam and cybercrime cases increased by 10.8% from 2023 to 2024. Consequently, these crimes accounted for more than half of all reported crimes. E-commerce scams recorded the highest number of reported cases among all scam types in 2024. As a result, the total amount lost increased by 70.6% to at least $1.1 billion in this same period.

These losses are not merely financial. Beyond scams, cyberattacks are on the rise. At the recent Singapore Fintech Festival (SFF) 2025, industry leaders highlighted the rise of AI-enabled cyber threats across Asia. These attacks risk critical customer and corporate information, weakening trust in digital systems and real-time payments. As a result, “trust tech” has become a central pillar of Singapore’s digital architecture. For e-commerce platforms, digital payments providers, financial institutions and companies plugged into Southeast Asia’s rapidly expanding digital economy, this shapes how platforms authenticate users, process transactions, handle data, and respond to emerging cyber threats. Ultimately, the key takeaway from SFF 2025 is this: the future belongs to institutions that can unite innovation, trust, and compliance.

The Singapore Government has established that trust is vital from both an economic and national security standpoint. In Parliamentary speeches throughout 2024 and 2025, the Government has reiterated that scam resilience must be built through shared responsibility. It is pulling out all the stops with a multi-pronged approach to combat scams. For instance, it has launched an anti-scam roadshow earlier in November to raise awareness of scams. Additionally, Parliament has also passed legislative amendments to Singapore’s criminal law that will see scammers subjected to mandatory caning.

To strengthen ecosystem-wide trust, Singapore is advancing three core pillars: digital identity, secure payments, and multi-layer anti-scam infrastructure. In recent years, Singapore has intensified its efforts to build what officials increasingly describe as a “National Trust Layer” – an integrated system designed to fortify the digital economy. Platforms are no longer passive intermediaries; they must actively design systems that align with Singapore’s high expectations for safety and trust.

Singapore’s Trust Tech Solution: Singpass as National Digital Identity

Few digital systems in Singapore are as pervasive as Singpass, the nation’s single-login authentication system. It provides access to a wide range of public and private digital services. With an adoption rate near 98%, Singpass anchors the national digital identity framework. When integrated with MyInfo, platforms can access verified identity data directly from government sources. This enables robust identity assurance without requiring platforms to handle sensitive documents.

For e-commerce and digital platforms, this has several implications. Firstly, Singpass integration is increasingly seen as the gold standard. Platforms using Singpass login gain access to verified identity attributes without handling sensitive documents themselves. Secondly, the growing expectation that platforms should meaningfully authenticate users aligns with a growing trend that regulators want platforms to know who their sellers, buyers, and intermediaries are, particularly in high-risk sectors.

This shift is already visible. Online marketplaces have begun adopting Singpass authentication to reduce fraudulent listings and enhance seller credibility. Platforms handling financial services, BNPL products, or high-value transactions face heightened scrutiny. Since June 2024, Carousell has mandated Singpass verification for users listing property or concert tickets. As Singapore refines its platform regulation regime, digital identity assurance is becoming a baseline requirement.

Secure Payments: Where Real-Time Convenience Meets Real-Time Risk

Likewise, Singapore’s payments ecosystem is one of the most sophisticated in Asia. Services like PayNow, FAST, and PayNow Corporate allow instant, seamless transfers between banks and e-wallets. SMEs and consumers stand to benefit from lower costs, faster transactions, and a smooth checkout experience.

However, real-time transfers come with inherent risk. Once funds leave an account, recovering them becomes far more challenging. To address this, the Monetary Authority of Singapore (MAS) has issued e-Payments User Protection Guidelines to uplift anti-scam standards and establish baseline safeguards for consumers within the financial sector. This model reflects the shared responsibility that consumers, platforms and intermediaries play in ensuring a secure e-payments ecosystem.

For e-commerce platforms, the implications are significant. Therefore, those integrating PayNow or other instant payment options need to embed appropriate safeguards into their checkout flows, including anomaly detection, user-authentication prompts, and clear dispute-resolution channels. Furthermore, payment gateways and marketplaces must also engage with emerging fraud-intelligence data-sharing requirements, particularly as authorities strengthen their regulatory oversight across more sectors. Growing cross-border payment interoperability in Southeast Asia adds another dimension. The expansion of QR payment linkages means companies will need to work with regional governments to align Anti-Money Laundering (AML) standards, consumer protection rules, and data governance requirements. Monitoring these developments is essential for anticipating future compliance obligations.

Regulatory Reforms Complementing Trust Tech Development

Regulatory reforms in Singapore and across ASEAN have increasingly expanded platform obligations. Under Singapore’s Online Criminal Harms Act (OCHA) 2023, platforms like Meta and Carousell have been directed to strengthen user verification and implement measures to reduce scam propagation. OCHA empowers authorities to block accounts, remove harmful content, and require platforms to take down fraudulent listings quickly.

Across the region, similar reforms are emerging. Thailand’s new digital platform regulations introduce stricter requirements on product listings, seller verification, and disclosure standards. Vietnam’s upcoming e-Commerce Law will require online marketplaces to verify seller identities and ensure transparency in product information. These shifts signal a regional convergence: governments view trust tech and regulatory oversight as complementary pillars in securing the digital economy. For companies with regional footprints, this underscores the importance of maintaining consistent compliance standards across multiple jurisdictions, particularly as ASEAN economies deepen their integration.

Looking Ahead: Trust as Singapore’s Competitive Advantage

Looking ahead, Singapore and the region stand to gain from growing its trust tech infrastructure alongside regulatory reforms that enhance consumer protection. Singapore’s competitive advantage is its “national trust stack” – spanning from Singpass to MyInfo and its complementary regulations. In addition, Singapore leads in shaping regional standards on data flows, digital identity, and secure payments. Singapore is helping to shape regional standards on data flows, identity verification, and secure payments at a pivotal moment, with ASEAN aiming to conclude the Digital Economy Framework Agreement (DEFA) by 2026.

For businesses, this presents both obligations and opportunities. Early adopters of trust-enhancing technologies stand to be viewed as partners of choice for regulators. Companies that integrate Singpass, invest in scam-detection systems, and align with data governance expectations will position themselves as leaders in Singapore’s digital trust agenda. As cross-border payments and regional marketplaces grow, businesses must also anticipate how ASEAN’s shifting regulatory landscape will influence compliance and interoperability. The evolution of Singapore’s trust architecture makes clear that platform growth and security must go hand-in-hand– and businesses have a central role in shaping that balance.

Sources:

1. https://www.tech.gov.sg/about-us/our-achievements/our-digital-government-rankings/
2. https://www.police.gov.sg/-/media/SPF/Media-Room/Statistics/Mid-Year-Scams-and-Cybercrime-Brief-2025/Police-News-Release—Mid-Year-Scam-and-Cybercrime-Brief-2025.pdf
3. https://www.scamshield.gov.sg/files/Scams%20and%20Cybercrime%20Briefs/2024_annual_scams_and_cybercrime_brief.pdf
4. https://www.channelnewsasia.com/singapore/national-anti-scam-roadshow-2025-hdb-hub-public-awareness-5453341
5. https://www.straitstimes.com/tech/govtech-steps-up-singpass-policing-anti-fraud-team-on-247-e-patrol
6. https://www.developer.tech.gov.sg/assets/files/singpass-factsheet-121022.pdf
7. https://www.mas.gov.sg/regulation/guidelines/e-payments-user-protection-guidelines
8. https://www.tilleke.com/insights/thailand-introduces-new-obligations-for-online-marketplaces/42/
9. https://www.vietnam-briefing.com/news/vietnams-draft-e-commerce-law-2025-key-provisions-and-business-implications.html/