According to IDC, Singapore’s e-commerce revenue is forecasted to be US$43 million in 2008 and will reach US$67.9 million by 2012. The Singapore government was ranked first in Accenture’s annual e-government survey in 2007. It is one of the first countries in the world to enact a law that addresses issues that arise in the context of electronic contracts and digital signatures.
The Electronic Transactions Act (ETA) (Cap 88) was enacted to provide a legal foundation for electronic signatures, and to give predictability and certainty to contracts formed electronically. The Singapore ETA follows closely the UN Commission on International Trade Law (UNCITRAL) Model Law on Electronic Commerce, which sets the framework for electronic laws in many countries.