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This Week's News Spotlight:

China and ASEAN to launch digital trade center | Singapore eases travel restrictions | Vietnam aims for 100,000 tech firms by 2030 | Fintech funding in Southeast Asia rises in Q2 2020 | Book about Cambodia’s rich cultural history released

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China and ASEAN to launch digital trade center - Asia Times

The center will be built in two phases.

China and ASEAN have announced plans to build the China-ASEAN Digital Trade Center, which will be headquartered in Nanning, the capital of Guangxi. 

The center will be a “digital economy development park” that consists of office buildings and digital creative industries integrated with big data and the internet of things, amongst other facilities. 

The center will be built in two phases. In the first phase, by end 2021, USD 724 million will have been invested in the center, bringing its capacity up to more than 4,000 enterprises. In the second phase, from 2022-2025, another USD 2.9 billion will have been invested.

Singapore eases travel restrictions - Bloomberg

Singapore has announced additional support measures of USD 5.6 billion to offset the economic effects of the pandemic.

Singapore is lifting travel restrictions for travellers from Brunei and New Zealand. Upon arrival, travellers will undergo a Covid-19 test instead of immediately serving a quarantine or stay-home notice.

Furthermore, travellers from mainland China, Vietnam, Malaysia, and Australia (excluding Victoria) will have a reduced stay-home notice period, as these are considered low-risk regions. The stay-home notice period will be decreased from 14 days to 7 days. 

Singapore’s tourism industry has been badly hit by the pandemic. Just last week, transport minister Ong Ye Kung announced that Singapore will consider opening its borders to tourists to increase footfall.

Vietnam aims for 100,000 tech firms by 2030 - Phnom Penh Post

Vietnam intends to develop the “digital economy, smart urban areas, e-Government and promote the application of digital technology advancements in socio-economic fields”.

Vietnam is hoping to nurture 100,000 digital technology companies by 2030, according to a draft of the national strategy recently released by the Ministry of Information and Communications. The draft focuses on developing Vietnamese digital technology companies.

The government estimates that Vietnam needs at least 100,000 tech firms to develop a digital economy and accelerate digital transformation. The aim of 100,000 tech companies by 2030 will employ a workforce of 1.5 million and contribute 20% to the country’s GDP.

Fintech funding in Southeast Asia rises in Q2 2020 - Fintechnews

Fintech funding in Southeast Asia rose three times compared to the previous quarter.

In the second quarter of 2020, investment in fintech firms in Asia-Pacific grew by 9.1% to USD 1.4 billion, compared to the first quarter. This increase was primarily led by Southeast Asia and Australia, which attracted USD 455 million and USD 369 million respectively. 

Southeast Asia leads Asia-Pacific in the rise of fintech funding, with e-wallets being a huge draw. Philippines’ PayMaya and Myanmar’s Wave Money account for 31% of investments in the payments sector.

Book about Cambodia’s rich cultural history released - Khmer Times

Tha took more than a year to draft the novel.

EK Tha, a senior official of the Cambodian government’s press department, released an English-language novel titled “Love Love, Short Life”. It tells the story of a woman from a poor family and a man from a middle-class family who lived through the Khmer Rouge regime.

The book also embraces Cambodia’s culture and traditions, “detailing how the war and wealth has influenced the nation post-Cold War”. Tha said that he wanted to write the novel during a time of peace, to “act as a reminder of its past