What is a smart city? A smart city integrates physical infrastructure and digital spaces, through the use of technology, into human habits and behaviours to enable an environmentally-sustainable and efficient way of life.
Trends accelerating the development of smart cities. Several major trends have accelerated the development and adoption of smart cities. These major trends include urbanisation and the drive for sustainable living and better quality of life. The trend towards smart cities has also been accelerated due to COVID-19, which boosted adoption of practices such as working from home (WFH) and has structurally changed the way we work, live and play.
Enablers of smart cities. Key enablers of smart cities include technologies like artificial intelligence, data analytics, cloud & distributed computing and a smart sensors network that can communicate and operate seamlessly to improve efficiency and effectiveness of a smart city.
Key challenges for megacities. Looking ahead, the transition into smart city is vital to sustainable living and the environment due to the formation of megacities. If left unchecked, urbanisation could lead to challenges such as traffic congestion, pollution, crime, issues in water and waste management and so on. These issues would lead to lower quality of life, unsustainable living and with a high carbon footprint.
UOB’s role to support smart cities. Through UOB’s Smart City Sustainable Finance Framework (SCSFF), we are making sustainable city solutions more accessible and are helping more companies, whether large or small, to play their part in building smarter and more sustainable cities. This is key to a sustainable future as global communities navigate the challenges arising from urbanisation to build a better future.
Companies looking to tap on the potential opportunities available from the development of smart cities and how UOB’s Smart City Sustainable Finance Framework (SCSFF) could facilitate the transition can contact us here.