Will cash and checks still exist 15 or 20 years from now given the increasing digitization of money? Is the smartphone our new bank? Will many people working in the financial sector industry lose their jobs due to growing use of technology, robots, algorithms, and online banking? Is financial technology (FinTech) the solution to providing financial services to the 2 billion people in the planet that still lack access to finance? Will digital currencies and other innovative FinTech products pose systemic risks in the future? What is the best approach to regulate FinTech companies?
The Summit is a biannual event that is one of the premier showcases of the state of urban development around the world. The fact that it is being hosted by Singapore – a city-state that epitomizes livability, inclusion and sustainability – is particularly fitting. The World Bank’s Infrastructure and Urban Development Hub team is proud to partner with the Center for Livable Cities in participating in several events during the World Cities Summit, such as the Mayors Forum, an ADB learning event on Cities and Middle Income Countries, and thematic sessions on culture, municipal finance, and innovation. One of the benefits of large global events such as the World Cities Summit is the opportunity to meet city leaders, counterparts, partner agencies, and colleagues from across the world to discuss ways and means on how the World Bank Group can continue to support them in their development objectives.
Today's picture couldn't be any more different: in the span of just a few decades, the city-state has completely reinvented itself to become a model of urban innovation, consistently topping international rankings for livability and competitiveness.
But Singapore's transformation was no happy accident. This success story is the result of an innovative and carefully executed vision that looks at all aspects of urban development in a cohesive way. Singaporean leaders and urban planners have integrated land use, housing, transport, and natural resources management into one coherent, long-term strategy so they can work in sync and reinforce each other.
In this video, Ede Ijjasz-Vasquez and Abhas Jha take a closer look at the city's urban development approach, and describe how other countries can draw on Singapore's experience to build sustainable, livable cities.
And so, what better place than Singapore for the Asia Launch of the Competitive Cities for Jobs and Growth: What, Who & How report. The World Bank Group, along with the Centre for Liveable Cities and International Enterprise Singapore co-sponsored the launch as part of Urban Week held in Singapore from 8-11 March, 2016. The roundtable was attended by over 100 delegates representing cities from 23 countries.
The competitiveness potential for cities is enormous. Almost 19 million extra jobs, annually, could be created globally if cities performed at the level of the top quartile of competitive cities. Of this potential, more than 1/3, i.e. equivalent to an additional 7 million jobs, comes from cities in East Asia. Between 2000 and 2010, nearly 200 million people moved to East Asia's urban centers – these people will need jobs. Where will these jobs come from? How will they be generated?
We already see a large number of cities taking the lead in sustainability through innovative financing mechanisms, technological advances, policy and regulatory reforms, efficient use of land and transport, waste reduction, energy efficiency measures, and reduction of GHG emissions.
What is needed now for scaling this up is systematic knowledge exchange and learning among cities. Peer-to-peer learning is a powerful tool once contextualized and adapted to the particular socio-economic and political context. Iterative learning with feedback loops can help in finding transformative solutions.
Inspired by Singapore's successful and forward-thinking vision, the World Bank chose the city-state as the site for its first Infrastructure and Urban Development Hub. Aside from traditional lending and technical support to client countries, the Singapore Hub has been designed to facilitate knowledge exchange between Singapore and other countries on issues relating to urban planning and management.
Jordan Schwartz, its Director, tells us more about the role of the Singapore Hub as a global knowledge platform for sustainable urban development.
We have all come across people whose homes have beautiful and always blooming plants and flowers – people with a so-called “green thumb”.
But did you know that cities too can have a “green thumb”? Singapore is certainly one of those cities.
Also known as the "garden city”, Singapore is set to become a "city in a garden”. The abundance of greenery is a striking feature, with parks, green roofs, street side plants, and trees on every corner.
But greenery is not there just to please the eye and create livable public areas — it also helps mitigate the risk of flooding.
Singapore, like many other densely-populated cities, is at risk of flooding. One way to tackle this is by greening public spaces and encouraging private development to follow the principles of the government’s flagship “ABC” program, which looks to make water “Active, Beautiful and Clean”. Carefully planned and implemented, investments in so-called “green infrastructure” are paying off: they make the city more resilient and more sustainable in the long-term, and also create more spaces for people to meet and interact.
Although Singapore’s dedication to greening public spaces is remarkable, it is not the only city that is getting its hands “dirty” to promote natural ecosystems. The Netherlands has been promoting green approaches in urban planning for many years now, with the innovative redesign of sewer systems, or the creation of multi-functional “water squares” which can hold storm water when rain is heavy while otherwise serving as a social space.
I just returned to Vietnam after attending the World Bank’s first-ever , a series of events that brought together city leaders from across Asia and beyond to explore innovative approaches to urban planning and management.
A topic that cut across all these areas is flood risk management, which was featured extensively during the launch event of the Global Platform for Sustainable Cities. I had the opportunity to learn more about the role of green mitigation infrastructure in integrated urban flood risk management, with lessons from Japan, Korea, Sri Lanka, Senegal, and the Netherlands. In these countries, green structures such as retarding basins, permeable pavement, and rainwater storage or infiltration trench have complemented conventional structural measures to reduce flood risk in a cost-effective manner.
Last week, I had the opportunity to attend the Singapore Urban Week along with other colleagues from the World Bank Beijing office, as well as delegates from China’s national government and participating cities. For all of us, this trip to Singapore was an eye-opening experience that highlighted the essential role of integrated urban planning in building sustainable cities, and provided practical solutions that can be readily adapted to help achieve each city’s own development vision. A couple of key lessons learned:
Putting people at the center of development strategies
This is only possible when planners always keep in mind people’s daily experience of urban space and invite them as part of decision-making process through citizen engagement.
For instance, in many cities, public transit has been perceived as a low-end, unattractive option of travel, causing ridership to stagnate despite severe traffic congestion. But in Singapore, public transit accounts for 2/3 of the total travel modal share in 2014. Moving around the city by metro is comfortable and efficient because transfers between different modes and lines are easy, with clear signage of directions, air-conditioned connecting corridors, and considerate spatial designs and facilities for the elderly and physically-challenged users. In addition, metro stations are co-located with major retail and commercial activities and other urban amenities, significantly reducing last-mile connectivity issues.