This will enable us to open up safely in the coming weeks and months
Nope, not realy. It won't prevent an infected-but-unknown-to-the-system person entering the high-risk venue and spreading the virus inside. It justs enables tracing everyone after the fact.
False sense of security, and potentially the thin end of a perpetual tracked-by-the-state wedge. But hey, it's Singapore. Something like that'd never be considered here. Wait... No. Of course it would.