Singapore and Australia have entered a digital economy pact which will involve starting pilot projects that include artificial intelligence, data innovation, digital identities, electronic invoicing and personal data protection, writes The Business Times.

Seven memoranda of understanding (MOU) were signed to identify the projects included in the pact. The MOU on digital identities, for example, will look into the process of opening bank accounts and applying for visas using digital IDs. Not only would this reduce application processing times, but it would also improve trade conditions between Singapore and Australia.

The MOU that covers cybersecurity cooperation and data sharing was renewed, according to a statement by the Cyber Security Agency of Singapore, supervised by the Ministry of Communications and Information.

The goal of the Australia-Singapore Digital Economy Agreement is to optimize digital system interoperability, data flow, cybersecurity, ban data localization and analyze advanced technology challenges at the border. The two countries want to “create an enabling environment for e-commerce,” and are looking at improving as electronic payments, source-code protection and SME cooperation.

Last month, Singapore, New Zealand, and Chile finalized negotiations for the Digital Economy Partnership Agreement (DEPA) that addresses e-invoicing, digital identities, fintech, data flows, artificial intelligence, digital trade and investment opportunities.

Singapore recently announced it would replace passwords and physical credentials with biometrics for a range of processes and transactions.

This month, Australia’s Digital Transformation Agency (DTA) said the biometric component of its digital ID would be released for public testing in the first half of 2020.