SINGAPORE – South Korea and Singapore will work together to expand opportunities in their digital ecosystems, as part of an agreement that will come into force on Saturday.

The Korea-Singapore Digital Partnership Agreement was signed by Second Minister for Trade and Industry Tan See Leng and South Korea’s Minister for Trade Ahn Duk-geun in Singapore on Nov 21. All necessary legal procedures have since been completed, the Ministry of Trade and Industry (MTI) said on Friday.

“With the agreement, both countries will work together to establish a seamless digital trading environment and facilitate greater collaboration in the digital economy between businesses from both sides,” it added.

For example, businesses operating in Singapore and South Korea will be allowed to transfer information, including that which is generated or held by financial institutions, as long as the requisite regulations are met and with proper safeguards in place.

The countries will also promote jobs and the growth of small and medium-sized enterprises, as well as encourage them to join platforms that can help link them with international suppliers, buyers and other business partners.

To protect consumers when they go online, both countries will adopt and maintain laws and regulations that guard against fraudulent, misleading or deceptive conduct.

The two countries have also signed three memorandums of understanding to help facilitate the exchange of data and enhance cooperation in artificial intelligence, among other areas.