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Asia’s technology and internet firms are competing against the region’s traditional banks for consumer finances, hoping to increase competition and drive innovation in their markets, while non-banking companies are keen to enter the finance sector by leveraging their technology and user databases.
There is huge momentum in Asia moving towards digital banks, and some monetary authorities have already issued digital banking licences like Hong Kong and Taiwan. They issued digital banking licences to companies in the first half of 2019. The Monetary Authority of Singapore is at the stage where they are now reviewing applications for digital banking licences and Malaysia is at the beginning of their digital banking transformation journey and is at policy-making stage.
Hong Kong – embracing new era of banking
In March 2019 the Monetary Authority in Hong Kong granted banking licences under the Banking Ordinance to Livi VB Limited, SC Digital Solutions Limited and ZhongAn Virtual Finance Limited, Welab Digital Limited, Ant SME, PingAn OneConnect, Infinium and Insight Fintech for them to operate in the form of a virtual bank.
Mr Norman T.L. Chan, Chief Executive of the HKMA, said in a release last year that “The introduction of virtual banks in Hong Kong is a key pillar supporting Hong Kong’s entry into the Smart Banking Era. It is a major milestone in reinforcing Hong Kong’s position as a premier international financial centre. I believe that virtual banks will not only help drive FinTech and innovation, but also bring about brand new customer experiences and further promote financial inclusion in Hong Kong.”
“As virtual banks will have no physical branches, they will rely on the internet for customer acquisition and for the delivery of banking services. I believe that virtual banks will have to offer innovative and customer-centric services in order to attract customers. Moreover, in targeting the retail public and SMEs as their main client base, virtual banks should help promote financial inclusion in Hong Kong.”
In total Hong Kong has issued 8 digital banking licences so far.
Taiwan – extra licence issued due to diverse applications
Taiwan issued its first virtual banking licenses to three consortiums led by Taiwan and Japanese investors in July 2019. The island’s Financial Supervisory Commission announced the digital banking licenses were granted to LINE Financial Taiwan, led by Japanese app operator LINE Group and including Taipei Fubon Commercial Bank and Standard Chartered, and to Next Commercial Bank, led by Taiwan telecom operator Chunghwa Telecom. Another license was granted to Rakuten International Commercial Bank, which was operated by Japanese e-commerce firm Rakuten Inc and Taiwan’s IBF Financial Holdings.
The Taiwanese commission said while it had initially planned to give out two new licenses, because the three companies all had different business models and target customers, it had decided to give each of them a licence. They have no further plans to issue further licences.
Philippines – virtual banks launched in 2019
The Philippines officially announced two virtual banking players with the launch of Malaysian CIMB Bank and Dutch lender ING in 2019.
Singapore – reviewing licence applications
The Monetary Authority of Singapore announced yesterday (7 January 2020) as reported by OpenGov that it has received 21 applications for digital bank licences as at the close of application on 31 December 2019. This comprises 7 applications for the digital full bank (DFB) licences, and 14 applications for the digital wholesale bank (DWB) licences.
These new digital banks are in addition to any qualifying subsidiaries that Singapore bank groups may already establish under MAS’ existing regulatory framework for the purposes of operating new business models, including partnerships with non-bank players to conduct digital banking.
Who has submitted their digital banking licence application in Singapore?
Grab and Singtel have confirmed that they applied for a full digital bank licence. Alibaba Group’s fintech arm Ant Financial have also confirmed that they have applied for a wholesale digital bank license. Internet group Sea, formerly known as Garena, is the first applicant to go solo in its bid for a digital full bank licence in Singapore.
Razer is leading a consortium consisting of Sheng Siong Holdings, FWD, LinkSure Global, Insignia Venture Partners and Carro in a bid for a full digital bank license. iFast Corporation confirmed that they have also applied a digital banking license with two Chinese partners namely — Yillion Group and Hande Group.
The BEYOND consortium announced on Sunday their bid for a full digital banking license in Singapore which consists of V3 Group, EZ-Link, Far East Organisation, Singapore Business Federation, Sumitomo Insurance Co Ltd and Temasek’s subsidiary Heliconia Capital Management.
Supply chain finance company Sheng Ye Capital, financial conglomerate Phillip Capital and AI-focused fintech firm Advance AI’s announced that they are also bidding for a wholesale digital banking license in Singapore. AMTD led consortium consisting of Xiaomi, SP Group and Funding Societies announced that they too are bidding for a digital wholesale banking license.
MAS will announce the successful applicants in June 2020. Successful applicants are expected to commence business by mid-2021.
Malaysia – preparing licence application policy
BNM will only open the application process for digital banks after it releases a finalized Policy Document within the first half of 2020.
Bank Negara Malaysia issued an Exposure Draft on Licensing Framework for Digital Banks on the 27 December 2019. This framework forms part of a series of measures adopted by the Bank to enable innovative application of technology in the financial sector. Up to five licences will be issued to qualified applicants to establish digital banks to conduct either conventional or Islamic banking business in Malaysia.
The Exposure Draft outlines the proposed framework for the licensing of digital banks to offer banking products and services to address market gaps in the underserved and unserved segments.
As reported by OpenGov in December last year, the Bank said in a statement that such digital banks are expected to offer meaningful access to and promote responsible usage of suitable and affordable financial solutions to financial consumers
The Bank will assess all feedback received and aims to finalise the Policy Document by the first half of 2020. Applications for licence will be open upon issuance of the Policy Document.
It is thought that the rollout of Digital banks will lead to greater operational efficiency and make banking more customer-centric. Digital banks will be able to offer banking products and services to address market gaps in the underserved and unserved segments. 2020 is set to mark the beginning of a new era of banking in Asia.
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Artificial Intelligence (AI) stands at the forefront of technological innovation, promising transformative solutions to complex challenges across various domains. Recognising its potential to revolutionise industries and improve societal well-being, the National University of Singapore (NUS) has inaugurated the NUS AI Institute (NAII). Led by Professor Mohan Kankanhalli, NAII aims to accelerate AI research and its practical applications, fostering collaboration, innovation, and societal impact.
In an era marked by rapid technological advancements, AI has emerged as a powerful tool with the capacity to reshape diverse sectors, ranging from healthcare to finance, education, logistics, and beyond. The establishment of NAII underscores NUS’s commitment to harnessing AI for the greater good, addressing critical issues facing Singapore and the global community.
At the core of NAII’s mission is the advancement of fundamental AI research, aimed at pushing the boundaries of AI capabilities and exploring novel applications across various domains. Through foundational research initiatives, scientists at NAII will tackle complex AI problems, spanning hardware and software systems, AI theory, responsible AI, reasoning AI, and resource-efficient AI. By delving into these areas, the institute seeks to develop cutting-edge AI technologies that address real-world challenges and drive innovation.
Moreover, NAII will prioritise research into the ethical and societal implications of AI, aiming to develop robust governance frameworks that ensure responsible AI development and deployment. This includes examining issues related to transparency, accountability, and ethical decision-making in AI systems. By fostering dialogue and research on AI ethics and governance, NAII aims to guide the responsible use of AI technology and mitigate potential risks.
In addition to foundational research, NAII will spearhead applied research initiatives, focusing on developing AI-driven solutions for specific application domains. Collaborating with experts from diverse fields, including healthcare, logistics, manufacturing, finance, urban sustainability, and education, the institute will tackle pressing challenges and explore opportunities for AI-driven innovation. From optimising supply chains to improving healthcare outcomes and enhancing urban infrastructure, NAII’s applied research efforts aim to deliver tangible benefits to society.
Furthermore, NAII will serve as a hub for AI talent development, providing comprehensive education and training programs for students, professionals, and policymakers. By offering hands-on learning experiences and internships, the institute seeks to nurture the next generation of AI leaders and entrepreneurs, equipping them with the skills and knowledge needed to drive innovation in AI.
To support its research and educational endeavours, NUS has allocated significant resources to NAII, including external research grants and institutional funding. Moreover, the institute will collaborate closely with government agencies and industry partners to amplify its impact and drive innovation. Strategic partnerships with leading companies such as IBM and Google Cloud will enable NAII to leverage industry expertise and resources, accelerating the translation of research outcomes into real-world applications.
In alignment with Singapore’s Research, Innovation, and Enterprise (RIE) strategy, NAII aims to contribute to the nation’s AI ecosystem by fostering collaboration, innovation, and talent development. By positioning NUS as a global leader in AI research and application, the institute seeks to drive positive societal change and economic growth.
The establishment of NAII represents a significant milestone in NUS’s journey towards harnessing the power of AI for societal benefit. Through cutting-edge research, education, and collaboration, the institute aims to unlock the full potential of AI and pave the way for a more innovative, sustainable, and inclusive future. With its interdisciplinary approach and commitment to excellence, NAII is poised to make a lasting impact on Singapore and the global AI landscape.
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In a significant stride towards bolstering research efforts in offshore wind power technology, The Hong Kong Polytechnic University (PolyU) and the Yangjiang Offshore Wind Energy Laboratory have inked a collaborative agreement to establish the PolyU-Yangjiang Laboratory Joint Research Centre for Offshore Wind Power (JRC).
The joint initiative, officially announced through a signing ceremony held at PolyU’s campus, marks a pivotal moment in the burgeoning partnership between the two entities. With the JRC set to be jointly operated and managed by the PolyU Research Institute for Land and Space (RILS) and the Laboratory, the collaboration signifies a concerted effort to deepen research collaboration and foster innovation in offshore wind power technology.
Under the ambit of this new partnership, researchers from PolyU and Yangjiang will synergise their expertise, resources, and laboratory facilities to undertake pioneering research projects. These projects will focus on developing novel technologies and materials tailored for offshore wind power applications, with a paramount aim to translate research outcomes into tangible solutions for industry implementation.
The signing ceremony, attended by a delegation from Yangjiang in Guangdong province alongside PolyU representatives, saw the presence of Prof. Christopher Chao, PolyU Vice President (Research and Innovation) and Mr. Liu Dewei, Vice Mayor of Yangjiang Municipal People’s Government. Their attendance underscored the significance of this collaborative endeavour in driving forward advancements in renewable energy technology.
In his welcoming address, Prof. Christopher Chao highlighted the pivotal role of wind power in the global transition towards carbon neutrality. He emphasised that the collaboration between PolyU and the Yangjiang Offshore Wind Energy Laboratory not only serves to advance offshore wind power expertise but also fosters a robust platform for mutual engagement in research, talent development, and knowledge exchange.
Prof. Chao expressed optimism that the JRC would harness the collective research capabilities of both organisations to tackle pressing scientific challenges and overcome technical barriers in the energy sector, ultimately contributing to the establishment of a world-class research and innovation hub for wind power and clean energy.
The partnership between PolyU and the Laboratory holds particular significance for Hong Kong’s energy landscape. With the Electrical and Mechanical Services Department of the HKSAR Government estimating that wind power could potentially satisfy a significant portion of the city’s electricity demand, the collaboration is poised to address critical engineering challenges in the construction of offshore wind farms. By facilitating interdisciplinary research and engineering solutions, the collaboration aims to benefit not only Hong Kong but also the wider region and beyond.
The Yangjiang Offshore Wind Energy Laboratory, comprising leading experts from esteemed mainland universities, is dedicated to advancing fundamental science and technology in the offshore wind power sector. Leveraging the collective expertise of institutions such as Zhejiang University, Sun Yat-sen University, and Shanghai Jiao Tong University, among others, the Laboratory is at the forefront of research in this domain.
Established in 2021, PolyU’s Research Institute for Land and Space (RILS) has been actively engaged in interdisciplinary research undertakings, with offshore wind power emerging as a focal area of interest. A delegation from RILS visited wind energy-related facilities in Yangjiang in November 2023, laying the groundwork for potential collaboration opportunities with the Yangjiang Offshore Wind Energy Laboratory.
As the PolyU-Yangjiang Laboratory Joint Research Centre for Offshore Wind Power takes shape, it symbolizes a collaborative initiative aimed at driving innovation and addressing the energy challenges of tomorrow. Through concerted research efforts and knowledge exchange, the partnership between PolyU and the Laboratory is poised to play a pivotal role in advancing offshore wind power technology, thereby contributing to a sustainable energy future.
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In a significant stride towards enhancing cybersecurity in the realm of consumer Internet-of-Things (IoT) devices, the Cyber Security Agency of Singapore (CSA) and the Connectivity Standards Alliance (Alliance) recently signed a Mutual Recognition Arrangement (MRA). This milestone agreement underscores a shared commitment to bolstering international cooperation and coordination in cybersecurity, with a specific focus on advancing the security standards of consumer IoT devices.
The MRA, signed by Mr Chua Kuan Seah, Deputy Chief Executive of CSA, and Mr Tobin Richardson, President & Chief Executive Officer of the Connectivity Standards Alliance, facilitates the mutual recognition of cybersecurity labels for consumer IoT devices.
By harmonising standards and procedures, the arrangement aims to reduce duplication in testing and costs for manufacturers, thereby fostering a more robust cybersecurity environment for consumer IoT devices globally.
Central to the MRA is the exchange and alignment of information related to relevant standards, requirements, and practices concerning the cybersecurity labeling of consumer IoT. This collaboration lays the groundwork for future developments in cybersecurity certification and labeling schemes, ensuring that evolving threats and technological advancements are adequately addressed.
Mr Chua Kuan Seah emphasised the significance of achieving global alignment for consumer IoT cybersecurity, citing it as a key objective since the launch of Singapore’s Cybersecurity Labelling Scheme in 2020. The agreement with the Alliance represents a significant step forward in this endeavor, bringing Singapore closer to its goal of establishing internationally recognised cybersecurity standards for IoT devices.
By promoting Cybersecurity-by-Design and Cybersecurity-by-Default principles, the MRA incentivises manufacturers to embed robust security measures into their IoT devices, ultimately enhancing cybersecurity for consumers worldwide.
The Connectivity Standards Alliance, formerly known as the Zigbee Alliance, is a consortium of companies devoted to developing standards envisioning seamless interaction to enhance daily experiences. With a membership of over 500 companies, the alliance collaboratively creates application profiles for interoperable products, thereby advancing IoT connectivity and fostering innovation in the industry.
Singapore remains deeply committed to bolstering cybersecurity measures both domestically and internationally. At the national level, initiatives are aimed at fortifying the nation’s digital defences, safeguarding critical infrastructure and protecting citizens and businesses from cyber threats. These efforts include the implementation of robust cybersecurity frameworks, regular cybersecurity exercises and drills, and the promotion of cybersecurity awareness among the populace.
The Cyber Security Agency of Singapore (CSA) plays a pivotal role in safeguarding Singapore’s cyberspace to bolster national security, support the digital economy, and protect the digital way of life. Through initiatives like the Singapore Cyber Emergency Response Team (SingCERT), CSA swiftly responds to cybersecurity incidents, ensuring the detection, resolution, and prevention of cyber threats.
As part of the Prime Minister’s Office and managed by the Ministry of Communications and Information, CSA oversees national cybersecurity functions, collaborates with sector leads to protect critical information infrastructure, and engages stakeholders to raise cybersecurity awareness.
OpenGov Asia reported that Singapore, represented by CSA, collaborates closely with ASEAN Member States (AMS) to establish the ASEAN Regional Computer Emergency Response Team (CERT), facilitating information-sharing and enhancing cybersecurity incident response coordination across the region.
Despite a significant increase in scam cases by nearly 50% to 50,376 in 2023 from 33,669 in 2022, proactive cybersecurity measures have led to a positive outcome. These positive trends are attributed to collaborative efforts among various agencies and stakeholders, including the Singapore Police Force, Infocomm Media Development Authority, Cyber Security Agency of Singapore, Smart Nation Group, Monetary Authority of Singapore, and private sector partners.
Singapore’s proactive efforts, including the proposal to host and fund the ASEAN Regional CERT’s physical activities, demonstrate its commitment to fostering regional cooperation and safeguarding critical information infrastructure on a transnational scale.
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In a landmark collaboration aimed at advancing healthcare through digital innovation, technology, and artificial intelligence (AI), the City University of Hong Kong (CityUHK) and the Shenzhen Hospital of Southern Medical University (SMU) have forged a strategic cooperation framework agreement. Signed on March 20th, 2024, this agreement signifies a pivotal step towards fostering joint scientific research, technology transformation, and talent cultivation, with a particular emphasis on cutting-edge fields such as digital medicine, computer science, and biomedical engineering.
The signing ceremony, held at CityUHK and attended by esteemed dignitaries including Professor Liu Shuwen, Vice-President of SMU, and Professor Freddy Boey, President of CityUHK, underscored the commitment of both institutions to collaborative innovation in healthcare. President Boey expressed enthusiasm about the partnership, highlighting the potential for joint development and cooperation in life sciences and technological advancements.
He emphasised the establishment of the Institute of Digital Medicine at CityUHK as a key initiative that will leverage clinical resources from Shenzhen Hospital of SMU to drive research and projects, particularly in areas such as cell therapy and gene therapy.
Professor Liu echoed President Boey’s sentiments, noting CityUHK’s distinguished reputation and expertise across various research domains. He underscored the significance of the collaboration in deepening cooperation between the affiliated hospital of SMU and a leading university in Hong Kong. By pooling resources and expertise, the partnership aims to advance medical services in Hong Kong, Macao, Shenzhen, and beyond. Through joint efforts, both institutions aspire to provide international standard medical services, enhancing healthcare outcomes and fostering academic excellence in the region.
The strategic cooperation framework extends beyond research collaboration to encompass platform and resource sharing, joint academic programs, and the promotion of scientific research initiatives. These efforts are geared towards enhancing healthcare delivery, facilitating knowledge exchange, and driving innovation in medical practice. By leveraging digital health technologies and AI-driven solutions, the collaboration seeks to revolutionise healthcare delivery, improve patient outcomes, and address the evolving challenges of modern medicine.
Furthermore, the agreement aims to promote internationalisation and cooperation between Shenzhen and Hong Kong, aligning with broader efforts to strengthen ties and foster innovation in the Greater Bay Area. Through joint initiatives, such as the establishment of science and technological innovation platforms at the provincial and municipal levels, the collaboration aims to create synergies and opportunities for cross-border collaboration. By harnessing the collective strengths of both institutions, the partnership aims to position Shenzhen and Hong Kong as hubs for scientific research, technological innovation, and healthcare excellence.
In addition to fostering academic collaboration, the partnership emphasises practical outcomes and real-world impact. Through technology transfer and collaborative research projects, both CityUHK and Shenzhen Hospital of SMU seek to translate scientific discoveries into tangible solutions that benefit patients and communities. The agreement also facilitates academic exchanges, enabling researchers and healthcare professionals to share knowledge, expertise, and best practices.
Overall, the strategic cooperation framework agreement between CityUHK and Shenzhen Hospital of SMU represents a significant milestone in advancing healthcare innovation in the Greater Bay Area and beyond. By harnessing digital health, technology, and AI-driven solutions, the collaboration aims to address the complex challenges facing modern healthcare and pave the way for a more sustainable, resilient, and patient-centric healthcare system.
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In a significant advancement in health technology, scientists at Nanyang Technological University, Singapore (NTU Singapore), have unveiled a revolutionary device capable of rapidly isolating blood plasma with unparalleled precision. Named ExoArc, this coin-sized chip offers a transformative alternative to the cumbersome and time-consuming multi-step centrifugation process currently used in diagnostics and precision medicine.
ExoArc’s innovation lies in its ability to directly isolate blood plasma from a tube of blood in just 30 minutes, eliminating the need for labour-intensive centrifugation. By leveraging unique flow phenomena in tiny channels within the chip, ExoArc achieves high plasma purity, removing over 99.9% of blood cells and platelets precisely and gently.
This breakthrough technology accelerates the clinical analysis of cell-free DNA, RNA molecules, and extracellular vesicles, which are vital for screening biomarkers indicative of various cancers and diseases.
Traditionally, blood plasma isolation has relied solely on centrifugation, a method prone to residual cell contamination and time-sensitive processing constraints. Even after multiple centrifugation rounds, lingering biological cells can compromise the accuracy of diagnostic tests, prolonging waiting times for results and exacerbating patient anxiety.
ExoArc’s streamlined process significantly reduces contamination risks, enabling quicker and more precise diagnoses, particularly crucial in cancer treatment and disease management.
To validate ExoArc’s efficacy, a portable prototype device was developed in collaboration with clinician-scientists from the National Cancer Centre Singapore (NCCS), Tan Tock Seng Hospital (TTSH), and the Agency for Science, Technology and Research (A*STAR). Clinical validation demonstrated ExoArc’s ability to diagnose non-small cell lung cancer with a sensitivity of 90%, highlighting its potential for real-world applications.
Furthermore, ExoArc’s versatility extends beyond cancer diagnostics, as demonstrated in studies involving microRNA analysis in individuals with type 2 diabetes mellitus. By identifying distinct microRNA profiles, ExoArc holds promise in identifying disease-related biomarkers and driving precision medicine initiatives, offering tailored treatments and improving patient outcomes.
In contrast to conventional centrifugation methods, ExoArc’s compact size and scalability present a transformative approach to blood plasma isolation. Its one-step process reduces processing time and operator variability, paving the way for automated and standardised diagnostic procedures. Moreover, ExoArc’s potential for scaling up through multiple channels ensures faster and more consistent plasma isolation, with future automation promising further efficiency gains and cost reductions.
Supported by a Proof-of-Concept and Proof-of-Value grant from the NTUitive Gap Fund, ExoArc epitomises NTU’s commitment to translating research into practical innovations with societal impact. With contributions from esteemed institutions such as the Massachusetts Institute of Technology and the University of Texas Medical Branch (Galveston), ExoArc’s development underscores collaborative efforts in advancing healthcare technology.
ExoArc represents a significant leap forward in health technology, offering a paradigm shift in blood plasma isolation for diagnostics and precision medicine. As ExoArc continues to evolve, its potential to enhance patient care and drive medical advancements holds promise for a healthier future globally.
NTU Singapore has positioned itself at the vanguard of deploying cutting-edge technology within the healthcare sector, striving relentlessly to pioneer advancements that not only enhance patient outcomes but also revolutionise the overall healthcare experience.
OpenGov Asia reported that a team of researchers from NTU Singapore developed WellFeet, a mobile application designed to provide comprehensive support for individuals living with diabetes. WellFeet educates patients and caregivers about the disease while assisting them in monitoring medication adherence, physical activity, and dietary habits, addressing the myriad challenges associated with diabetes management.
WellFeet offers tech-enabled support for individuals with diabetes and their caregivers, serving as a vital source of empowerment and assistance. As Singapore tackles its diabetes epidemic, initiatives like WellFeet pave the way for transformative healthcare solutions with the potential to change lives.
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An internationally recognised card service company, with a significant presence in the digital payments domain, released insights shedding light on Vietnam’s evolving payment landscape. Through its comprehensive consumer payment attitudes study, the company, highlights a surge in cashless transactions among Vietnamese consumers, signifying a progressive shift towards embracing novel financial technologies.
According to the study’s findings, a staggering 56% of Vietnamese respondents reported carrying less physical cash than they did a year prior, indicative of a growing inclination towards digital payment methods. Notably, the younger demographic is leading the charge in this transition, with a striking 89% having seamlessly adopted cashless payment solutions.
Furthermore, the company delves into the prevailing trends shaping Vietnam’s burgeoning non-cash economy, notably highlighting the ascendancy of mobile wallets. Vietnam stands among the top Southeast Asian markets witnessing rapid mobile wallet adoption, serving as the preferred avenue for payments and substantially contributing to the digital finance sector’s growth. Remarkably, four out of every five Vietnamese consumers utilise mobile wallets, positioning the country as a frontrunner in mobile finance adoption.
In tandem with the surge in mobile wallet usage, real-time payments (RTPs) have gained considerable traction in Vietnam, underscoring the nation’s receptiveness to cutting-edge financial technologies. The unparalleled convenience and efficiency offered by RTPs have fueled further digitisation of the economy, with at least two in five consumers leveraging these services for various transactions, including cross-border transfers, peer-to-peer payments, merchant transactions, and bill settlements.
Additionally, the buy now, pay later (BNPL) service has emerged as a popular choice among Vietnamese consumers, offering flexible payment options and driving increased consumer engagement. The company’s strategic collaborations with leading Vietnamese retailers for its instalment solutions exemplify the transformative impact of such services in fostering financial inclusion and spurring business growth.
While credit cards may witness comparatively lower usage for wallet top-ups and funding, they remain the preferred choice for BNPL plans in Vietnam. The ease of use, coupled with incentives like free vouchers, rewards points, and transparent payment tracking mechanisms, have been instrumental in driving the adoption of BNPL offerings.
Vietnam’s ongoing cashless payment revolution not only presents unparalleled opportunities for economic growth but also fosters innovation, unlocking new avenues for both consumers and businesses in the transition towards a cashless society.
The Country Manager for Vietnam and Laos at the card service company emphasised the company’s unwavering commitment to driving innovation and enhancing digital payment experiences for consumers. The findings from their study corroborate the growing trend towards contactless transactions, evidenced by a significant 53% increase in contactless transactions made on their cards, accompanied by a 19% surge in purchases and a substantial rise in the total value of cross-border transactions.
Supporting data from the State Bank of Vietnam (SBV) further underscores the positive trajectory of non-cash payment and digital banking activities in the country. As of the end of 2023, individual payment accounts surpassed 182.88 million, reflecting a notable 21.8% year-on-year increase. In January 2024, non-cash transactions surged by 63.3% in volume and 41.45% in value compared to the previous year, with transactions through the internet and QR codes witnessing exponential growth rates.
OpenGov Asia reported on Vietnam’s strides towards a cashless society, attributing the momentum to government policies favouring digital payments. Increased online transactions fuel competition among tech firms, advancing Vietnam’s digital economy. A survey showed that 43.8% of sellers accept bank transfers, and 15.3% use VietQR codes, indicating wide digital payment adoption.
Encouraged by these trends, the SBV continues to advocate for digitalisation within credit institutions, fostering collaboration across sectors to expand the digital ecosystem, while concurrently refining the legal framework, mechanisms, and policies governing non-cash payments.
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In a bid to tackle the growing menace of digital crime and leverage technological advancements to bolster law enforcement efforts, the Royal Malaysia Police (PDRM) has unveiled plans to establish a new department dedicated to cyber technology. The announcement was made by Inspector-General of Police Tan Sri Razarudin Husain during the 217th Police Day Commemoration Celebration 2024 held in Kuala Lumpur.
In his address, Tan Sri Razarudin highlighted the need for PDRM to adapt to the changing landscape of crime, which has become increasingly complex due to rapid advancements in digital technology. He emphasized that the proliferation of digital crime poses significant challenges to law enforcement agencies worldwide and requires proactive measures to mitigate its impact on society.
The proposed cyber technology-based department aims to address these challenges by focusing on the investigation and prevention of digital crime, as well as the development of strategies to combat emerging threats in the cyber domain. By harnessing the power of technology, PDRM seeks to enhance its capabilities in detecting, investigating, and prosecuting cybercriminals while safeguarding the digital infrastructure of the nation.
Tan Sri Razarudin underscored the importance of government support for this initiative, emphasising that the establishment of the new department would enable PDRM to operate at its maximum potential in combating digital crime. He expressed hope that the government would consider the proposal favourably, recognising the critical role of law enforcement in ensuring the safety and security of the country’s digital ecosystem.
The decision to create a specialised department reflects PDRM’s commitment to staying ahead of the curve in the fight against cybercrime. With the rise of digital technology revolutionising various aspects of daily life, including communication, commerce, and entertainment, criminals have also capitalised on these advancements to perpetrate a wide range of illicit activities online.
From cyber fraud and identity theft to hacking and online harassment, the spectrum of digital crimes continues to evolve, presenting new challenges for law enforcement agencies worldwide. In response, PDRM aims to equip its officers with the necessary skills and tools to effectively combat these threats and protect the interests of the public in the digital age.
The establishment of the cyber technology-based department underscores PDRM’s proactive approach to addressing the challenges posed by digital crime. By investing in specialised training and resources, the police force aims to build a team of experts capable of navigating the complexities of the cyber domain and staying abreast of emerging trends and tactics employed by cybercriminals.
Moreover, the initiative reflects PDRM’s recognition of the interconnected nature of modern crime, where traditional and digital forms of criminal activity often intersect. By integrating cyber technology into its law enforcement strategies, PDRM seeks to foster a holistic approach to crime prevention and detection, ensuring that no avenue for criminal exploitation goes unchecked.
The establishment of a new department focused on cyber technology represents a significant step forward for PDRM in its efforts to combat digital crime. With the support of the government and a dedicated team of professionals, PDRM is poised to harness the power of technology to safeguard the digital well-being of the nation and uphold the rule of law in the digital age.
Malaysia is taking proactive steps to ensure cyber resilience amidst the evolving digital landscape, with a focus on combating rising threats like fraud and ransomware. The government has enacted legislation to promote cybersecurity, including laws governing data protection and electronic transactions.
The Legal Affairs Division, led by Minister Datuk Seri Azalina Othman Said, is drafting the Digital Safety Bill 2023, aligning with Prime Minister Datuk Seri Anwar Ibrahim’s vision and highlighting the importance of proactive legislation to address cyber threats effectively.