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Singaporean biotech start-up MiRXES, National University of Singapore (NUS) and Diagnostics Development (DxD) Hub of the Agency for Science, Technology and Research (A*STAR) are leading three initiatives to position Singapore as a global leader in translating microRNA research into clinical applications that will improve healthcare and save lives.
They held meetings in January 2020 to discuss paving the way for more reliable clinical validation and greater industry adoption of miRNA-based diagnostics, both nationally and globally. These initiatives also place Singapore at the forefront of translating miRNA research into new diagnostic applications that will improve disease diagnosis and treatment outcomes globally.
MiRXES is a leading Singaporean biotech start-up in microRNA (miRNA) technology and diagnostics, which have collaborated with NUS and DxD Hub to mark the tenth year of miRNA research and clinical translation in Singapore.
These organisations jointly led a non-coding RNA (ncRNA) Symposium to advance research in miRNA and other ncRNAs, a ncRNA Roundtable to chart a strategy for miRNA clinical translation globally, and Working Group for miRNA standards that will provide the world’s first national (Singapore) standard for miRNA-based diagnostics by this year.
The industry-leading miRNA detection technology has been applied by MiRXES globally to study and develop diagnostic applications for more than 30 different diseases, including more than 10 different cancer types, heart disease, and diabetes.
MiRXES is on track to complete the world’s largest miRNA expression database from 200,000 clinical samples across 30 types of diseases in the next five years.
MiRXES Pte Ltd based in Singapore, was founded in 2014 by a team of scientists who aimed to translate their research into affordable blood tests that can detect cancer early, with the goal of eventually eradicating late-stage cancer.
Led by researchers Dr Zhou Lihan, Dr Zou Ruiyang, and Associate Professor Too Heng-Phon from the National University of Singapore’s (NUS) Medical School, the team developed a technology that was able to reliably and sensitively detect microRNAs, one of the smallest and most recently discovered types of genetic material known to scientists.
This research that began in an academic lab in 2010 was then incubated under Singapore’s Agency for Science, Technology and Research (A*STAR) to birth MiRXES’ microRNA technology platform. MiRXES was spun off from A*STAR in 2014 to commercialize and apply this core technology, with the initial focus of developing affordable tools for disease diagnosis.
“We’re proud of the progress that the biomedical industry and homegrown enterprises such as MiRXES have made in the field of miRNA research. We look forward to more public-private partnerships that will accelerate the development of new diagnostics to establish Singapore as a global hub for diagnostic innovation and development, and address the burden of unmet clinical needs,” said Dr. Yee, CEO of DxD Hub.
Developing Standards for miRNA-based Diagnostic Products
One key to accelerating the development of new miRNA-based diagnostics is to ensure the reliability of products through standardization. This is the aim of the Working Group for miRNA standards set up by the Singapore Standards Council.
The Working Group comprises representatives from MiRXES, DxD Hub, Health Sciences Authority (HSA), academia, industrial, and clinical sectors.
The group gathered in January 2020 to draft the world’s first national standard for validation of miRNA-based diagnostics, putting it on-track for approvals and publication this year. The miRNA standard will include specifications and procedures that make it easier for users and regulators to understand and compare competing miRNA-based diagnostic products.
“The development of this standard will ensure quality consistency in the collection, handling and isolation of miRNAs from human samples. This will facilitate greater regulatory approval, boost patients’ confidence in diagnostics accuracy and enable quicker access to treatment for chronic diseases.”
“Companies can use this standard to develop new test kits for diseases, such as cancers, based on miRNA techniques. We will work with industry stakeholders and regulators to support greater innovation and commercialisation of new products and services in the biomedical sector,” said Dr. Yong Chern Chet, Chair of the Biomedical and Health Standards Committee, Singapore Standards Council.
Singapore Forefront of the Global MiRNA Industry
Homegrown biotech firms such as MiRXES are making great strides in elevating Singapore to the forefront of the global miRNA industry thanks to support from regulatory authorities.
Singapore achieved a world’s first in 2019 when HSA approved GASTROClear, a miRNA-based in vitro diagnostic solution for early detection of gastric cancer. As co-developer and manufacturer, MiRXES consulted HSA several times during the product development phase of GASTROClear. Early consultation with HSA enhanced MiRXES’s understanding of the regulatory requirements and facilitated the approval process.
After receiving regulatory approval from HSA for GASTROClear via the priority review pathway, MiRXES is poised to take on a leading role on the global stage in guiding innovative miRNA discoveries towards clinical validation and application.
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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 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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In a world where addressing climate change has emerged as one of the defining challenges, innovation and digital transformation have the potential to combat climate change and accelerate the transition to a sustainable future.
Government officials, academics, and business leaders gathered at the SGFIN Sustainability Summit in Singapore to delve into the intersection of technology and finance, aiming to combat climate change and expedite the shift towards a sustainable future.
Deputy Prime Macinaister Heng Swee Keat, in his opening remarks, underscored the urgent need for collective action to address climate change, emphasising its global repercussions. From extreme weather events to rising sea levels, the impacts of climate change are felt across borders, disrupting economies and threatening livelihoods. In Singapore, where temperatures have risen steadily over the past four decades, the imperative for action is particularly acute.
Singapore has positioned itself as a leader in sustainability, committed to achieving net-zero emissions by 2050 outlined in the Singapore Green Plan 2030. This comprehensive roadmap encompasses a wide range of initiatives, including increasing the deployment of solar energy, enhancing green infrastructure, and implementing measures to reduce water consumption and waste generation.
GovTech, as the public sector’s centre of excellence for info-comm technology and smart systems (ICT&SS), is spearheading efforts to decarbonise public sector technology as part of the nation’s commitment under the Singapore Green Plan 2030.
Among GovTech’s initiatives are ensuring environmental consideration throughout the lifecycle of products and services with the GovTech Sustainable Digital Value Chain. This involves assessing and minimising environmental impacts from creation to disposal.
Additionally, GovTech provides energy-efficient data centres and cloud hosting options certified with Green Mark Platinum to meet the consolidated needs of the entire government more efficiently through its Green Government Hosting initiative.
Key initiatives include offering digital alternatives to physical transactions such as tele-conferencing and digital business cards through the Digital Workplace, centralising energy-efficient data centres to support agency server room consolidation, and developing secure government cloud solutions to accelerate the adoption of modern cloud capabilities through Government Hosting Consolidation and Cloud Migration.
GovTech is also actively exploring Green IT tools to augment software development processes and reduce carbon emissions with its Green Software initiative. Furthermore, GovTech is developing an Open Digital Platform for smarter district planning in the Punggol Digital District. This platform is expected to reduce energy and water consumption by up to 30% compared to the national average, showcasing the country’s commitment to driving sustainability through technological innovation.
Deputy Prime Minister Heng highlighted the importance of embedding sustainability across all sectors of the economy, noting the role of initiatives such as mandatory climate-related disclosures for listed companies in driving progress.
Finance plays a pivotal role in driving the transition to a low-carbon economy, serving as a critical enabler of climate action. Deputy Prime Minister Heng outlined Singapore’s efforts to mobilise financial resources for green investments, citing initiatives such as the Finance for Net-Zero (FiNS) Action Plan and the Singapore-Asia Taxonomy for Sustainable Finance.
These initiatives aim to provide investors with clarity and transparency regarding sustainable investments, thereby reducing the risks of greenwashing and facilitating the flow of capital towards climate-friendly projects.
Deputy Prime Minister Heng outlined strategies to mobilise finance for climate action, emphasising talent pool enhancement in sustainable finance, robust regulatory standards, and urging the use of venture capital for innovative climate solutions, aligning with Singapore’s research and innovation focus.
As nations continue to exchange ideas and forge partnerships, collaboration is key, paving the way for transformative change and a more sustainable future powered by innovation and financial ingenuity. It is through such collective efforts that the world can hope to overcome the challenges of climate change and create a better world for future generations.
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In her opening address at a cyber-specific event, Mrs Josephine Teo, Minister for Communications and Information, acknowledged that security concerns loom large, not just within the physical realm but increasingly in the digital sphere. With Interpol issuing a sobering warning that cybercrime poses the most significant security threat to the upcoming Olympics, governments worldwide are ramping up efforts to fortify their cybersecurity defences.
Among them is Singapore, a global hub of innovation and technology, which has long recognised the critical importance of cybersecurity in safeguarding national interests and ensuring the resilience of its digital infrastructure.
The alarm raised by Interpol follows a disturbing trend observed during the 2021 Tokyo Olympics, where 450 million cyberattacks were reported, surpassing the tally recorded during the 2012 London Olympics by more than twofold. These attacks, ranging from ransomware incidents to phishing attempts, underscore the vulnerability of large-scale international events to malicious cyber activity. They highlight the pressing need for robust cybersecurity measures to protect not only sporting events but also critical infrastructure, public services, and sensitive data.
In response to the escalating cyber threats, Singapore has reaffirmed its commitment to cybersecurity as a cornerstone of its national security strategy. With digital developments advancing rapidly, the government has prioritised the development of strong cybersecurity capabilities to mitigate risks and bolster resilience. This strategic focus aligns with Singapore’s broader vision of becoming a Smart Nation, where technology is harnessed to enhance the quality of life, drive economic growth, and foster innovation.
At the heart of Singapore’s cybersecurity efforts lies a whole-of-government approach, where collaboration between various agencies, industry partners, and academia is key. The government has established robust legislative frameworks to provide the legal foundation for cybersecurity initiatives, ensuring that critical digital infrastructure and essential services are protected from cyber threats. Plans to expand the Cybersecurity Act to cover foundational digital assets like cloud services and data centres demonstrate Singapore’s proactive stance in addressing emerging challenges.
Singapore has embarked on a comprehensive cybersecurity awareness and education campaign to empower individuals and organisations with the knowledge and skills needed to navigate the digital landscape securely. The Singapore International Cyber Week and participation in multilateral platforms such as the United Nations Open-Ended Working Group serve as avenues for knowledge exchange and collaboration on cybersecurity best practices.
In addition to legislative and educational efforts, Singapore is investing in talent development to cultivate a robust cybersecurity workforce capable of addressing evolving threats. The CyberSG Talent, Innovation, and Growth Plan aim to nurture cybersecurity professionals at all levels, from students to senior leaders, through training programmes, internships, and industry collaborations. The establishment of the NUS CyberSG TIG Centre serves as a focal point for industry-academia partnerships, facilitating research, innovation, and talent development in cybersecurity.
Singapore is driving industry growth and innovation through initiatives like the Cybersecurity Call for Innovation (CyberCall), which encourages the development of cutting-edge cybersecurity solutions. By supporting local companies in expanding their business abroad and fostering international collaborations, Singapore aims to position itself as a global leader in cybersecurity.
As Singapore continues to strengthen its cybersecurity ecosystem, the government emphasises the importance of collaboration and collective action in addressing cybersecurity challenges. Recognising that cybersecurity is a shared responsibility, Singapore actively engages with industry stakeholders, international partners, and the wider community to promote cybersecurity awareness, resilience, and innovation.
Singapore’s strategic approach to cybersecurity reflects its unwavering commitment to safeguarding its digital future. By investing in legislative frameworks, talent development, and industry innovation, it ai to build a resilient and secure digital ecosystem that can withstand the evolving threat landscape. Ultimately, Singapore stands ready to play its part in ensuring a safe and secure digital environment for all.
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The rapid adoption of technological advancements and innovation in Singapore has spurred growth across various sectors, with the financial services industry (FSI) emerging as a frontrunner.
Recognising the importance of cutting-edge technology in a rapidly evolving digital landscape, the Monetary Authority of Singapore has partnered with banks and tech firms to develop an innovative Artificial Intelligence (AI) risk framework, exploring the multifaceted potential this technology offers the FSI.
In this dynamic landscape, the use of AI is paramount. Financial institutions are leveraging AI to distil crucial insights from vast datasets, enabling the development of highly financial products, services, and tools. Sectors like banking, trading, and insurance are modernising their operational frameworks with AI, utilising real-time insights to achieve superior outcomes, increased profits, and a competitive edge.
Further, the financial services industry is benefiting significantly from large language models (LLMs) – a specific type of AI algorithm. LLM applications utilise natural language processing (NLP) and machine learning (ML) methods to analyse extensive financial data, extract valuable insights, and facilitate well-informed decision-making. These applications are advantageous in diverse areas such as risk assessment, fraud detection, customer support, compliance, and investment strategies.
By automating recurring tasks and providing accurate and timely information, LLM applications improve operational efficiency, decrease the chances of human errors, and streamline decision-making processes. This technological advancement empowers financial institutions to stay competitive, adjust to dynamic market conditions, and offer personalised and efficient services to their clients.
Despite the significant competitive advantages offered by these advanced technologies, they also pose several challenges. One notable challenge is the integration of AI into the financial services sector, which raises complex issues concerning the security and privacy of data.
Given that the financial services industry deals with susceptible financial information, the use of AI, including LLMs, raises concerns about the safeguarding and confidentiality of this data. Navigating the delicate balance between harnessing the innovation and efficiency offered by AI and the crucial need to bolster defences against evolving threats remains a persistent challenge.
This necessitates continuous investment in security infrastructure, the implementation of rigorous data protection protocols, and strict adherence to regulatory standards, particularly in light of AI’s inherent challenge in the realm of data privacy within the dynamic landscape of the financial services industry.
Fostering sustainable IT is crucial in the FSI sector to mitigate environmental risks, enhance operational resilience, and align with growing expectations, ensuring long-term economic stability and regulatory compliance. AI is vital in helping organisations achieve sustainable IT through several means, including enhancing efficiency, reducing energy consumption, and optimising resource utilisation.
The OpenGov Breakfast Insight held on 22 March 2024 at Equarius Hotel Singapore explored the role of AI in addressing cybersecurity challenges in the financial services industry. The event highlighted the importance of AI in enhancing cybersecurity measures, particularly in detecting and responding to threats in real-time.
The conversation emphasised the vital role of public-private collaboration in crafting resilient cybersecurity strategies, highlighting the necessity of proactive measures and joint initiatives to protect financial institutions from emerging cyber threats amidst the AI-driven transformation. Participants and experts alike recognised the imperative of sharing information and working together to effectively counter cyber threats.
Opening Remarks
Mohit Sagar, CEO and Editor-In-Chief at OpenGov Asia, explained that platforms like OpenGov play a crucial role in enabling governmental bodies to evolve digitally, ensuring that governance is more efficient and accessible to the public.
“This digital shift is imperative as we stand on the cusp of a technological revolution, where the way we live, work, and interact is poised for dramatic changes,” he asserts.
The pandemic has underscored the significance of digital capabilities, thrusting the concept of remote work into the mainstream and accelerating technological advancements at an unprecedented pace.
The term ‘AI’ transitioned from a futuristic buzzword to a daily utility during this period. Towards the end of the crisis, AI technology had become democratised, making information derived from AI not only widely accessible but also remarkably accurate.
This surge in AI utility highlighted its potential in various sectors, notably in the banking and financial sectors, where intelligence and technology have become the primary drivers of differentiation. In an industry where trust is paramount, the integration of AI has opened new avenues for enhancing security, personalising customer experiences, and optimising operational efficiency.
“As we gaze into the future, the transformation powered by AI emerges as a definitive game-changer across all domains, including governance and public services. Yet, this transformation brings to the fore the critical challenges of data privacy and security,” Mohit cautions. “So how can societies become more innovative and efficient without open data sharing?”
The answer lies in navigating this journey with caution and care, underscored by the need for trusted partnerships that respect the delicate balance between leveraging data for advancement and safeguarding individual privacy.
Enhancing cyber resilience amid this AI-driven evolution is paramount. Data represents the lifeblood of our digital existence, akin to the biological imperative that one does not share blood with just anyone except in situations of utmost necessity.
“This analogy underscores the importance of meticulous data management and cybersecurity measures. In the digital age, as we march towards an increasingly AI-integrated future, the emphasis on cyber resilience cannot be overstated,” Mohit explains. “It involves protecting data against unauthorised access and ensuring that the digital ecosystem is robust enough to withstand and recover from any cyber threats or incidents.”
Amidst ongoing market fluctuations, the Financial Services Industry (FSI) finds itself in a transformative phase, compelling organisations to prioritise intelligence, efficiency, and security. With digital innovations reshaping the landscape, FSI entities are embracing advanced technologies like artificial intelligence to remain competitive and address evolving customer needs.
Large Language Models (LLMs), a specialised type of artificial intelligence (AI) algorithm, offer substantial benefits to the financial services industry (FSI). These benefits are crucial in enhancing operational efficiency, improving decision-making processes, and ensuring regulatory compliance:
- Extensive Financial Data Analysis:LLM applications leverage advanced natural language processing (NLP) and machine learning (ML) methods to analyse extensive financial data, providing valuable insights across various domains. These include risk assessment, fraud detection, customer support, compliance, and investment strategies.
- Operational Efficiency and Error Reduction:Automating recurring tasks and delivering timely information by LLM applications improve operational efficiency within the financial sector. By minimising the chances of human errors and streamlining decision-making processes, LLMs enhance overall operational effectiveness, positioning financial institutions to adapt to dynamic market conditions while staying competitive.
- Singapore’s Recognition of Tech Advancements:This collaborative effort reflects the nation’s recognition of the significance of cutting-edge technology, explicitly focusing on exploring the multifaceted potential that AI offers to the financial services industry (FSI).
Despite these benefits, integrating AI into the financial services sector presents challenges, particularly concerning the security and privacy of sensitive financial data. As the industry deals with highly confidential information, concerns arise about how AI technologies handle, safeguard, and ensure the confidentiality of economic data, necessitating a careful balance between innovation and data protection.
AI and ML are pivotal in bolstering cyber resilience within the Financial Services Industry. These advanced technologies can analyse vast amounts of data in real-time, enabling early detection of cyber threats and vulnerabilities, thus enhancing the industry’s ability to address security challenges proactively.
Mohit believes that fostering sustainable IT is imperative in the FSI sector to address environmental risks, enhance operational resilience, and align with rising expectations for corporate responsibility.
AI is crucial in helping FSI organisations achieve sustainable IT, he says. Prioritising sustainable IT practices contributes to long-term economic stability and ensures compliance with evolving environmental regulations, reflecting the industry’s commitment to environmental stewardship.
“Singapore’s commitment to technological innovation and the adoption of advanced technologies like AI have positioned the financial services industry for continued growth and competitiveness,” Mohit concluded. “However, addressing cybersecurity challenges and ensuring the responsible use of AI remain critical priorities for the industry as it navigates an increasingly digital landscape.”
Welcome Address
Singapore’s Financial Services Industry (FSI) has seen remarkable growth year after year, notes John Ng, Director & General Manager of Sales at Hewlett Packard Enterprise. With its substantial contribution to the economy and reputation as a global financial hub boasting diverse institutions, Singapore has cemented its position as one of the top five fintech hubs worldwide. The country is home to over 1,000 fintech firms and attracted a record US$1 billion worth of investments in 2019.
The Singapore government’s commitment to supporting technology adoption, innovation-driven growth, and cybersecurity capabilities has further enhanced the capabilities of existing firms and led to the creation of new industry sectors, such as digital banks and mobile payment providers. Over the past five years, the government has committed over US$250 million to these initiatives, contributing to Singapore’s status as a leading fintech hub.
Artificial Intelligence (AI) has played an increasingly integral role in the FSI sector in Singapore, mainly through the adoption of Large Language Models (LLMs) and Natural Language Processing (NLP). These technologies have been leveraged to enhance various aspects of the industry, including fraud detection, risk assessment, customer service, regulatory compliance, and predictive analytics.
LLMs and NLP analyse large volumes of data to detect fraudulent activities, assess credit risk, improve customer service through chatbots and virtual assistants, ensure regulatory compliance, and predict financial trends and market conditions. These technologies enable financial institutions to make more informed decisions, improve operational efficiency, and stay ahead of the competition.
Hewlett Packard Enterprise (HPE) can assist Singapore’s Financial Services Industry (FSI) sector. He underscores the significance of HPE GreenLake for Large Language Models (LLMs), a cloud service facilitating businesses of varying scales to train, refine, and implement machine learning models. Leveraging HPE’s Cray XD supercomputer, this service delivers an AI software suite, including the HPE Machine Learning Development Environment, to simplify the remote training and deployment of machine learning applications.
Deploying HPE’s supercomputers and AI software, organisations can efficiently train large language models for critical applications in various industries, including finance, healthcare, and legal services. This technology enables businesses to unlock new insights, improve decision-making processes, and drive innovation in their respective industries.
John observes that Singapore’s Financial Services Industry (FSI) sector flourishes due to its dedication to innovation and technology integration. He agrees that the government’s backing of fintech and cybersecurity endeavours has fostered an environment conducive to industry advancement and innovation.
“HPE firmly believes that by embracing AI technologies like LLMs and NLP, Singapore’s FSI sector is primed for continued growth and innovation, solidifying its status as a leading global financial hub,” he concluded. “I an confident that we will get a lot of insights from this meeting that can be implemented in your respective fields.”
Power Talk: How Can FSI Organisations Safeguard AI Capabilities for a Competitive Advantage in the Ever-Evolving Digital Landscape?
As the Executive Director of Data Science at OCBC Bank, Enguerran Dallet has seen the significant potential of artificial intelligence (AI) in the financial services industry (FSI), driving its transformative stages amid market fluctuations.
AI’s advanced capabilities empower FSI entities to modernise operations and secure a competitive edge in the evolving digital landscape.
However, challenges, particularly regarding data privacy and security, persist. Enguerran proposes several strategies and considerations to effectively harness AI and data within Singapore’s Financial Services Industry:
- Data Security: Implement strong data security measures and identity and access management (IAM) protocols to protect customer data.
- Data Quality and Infrastructure: Clean and structure data to mitigate risks and lay a foundation for AI applications.
- Expert Partnerships: Collaborate with third-party experts to bridge technical expertise gaps.
- Comprehensive Assessment: Assess current capabilities thoroughly to identify improvement areas.
- Ethical AI: Emphasise responsible AI practices, ethical considerations, and algorithmic transparency.
- Regulatory Compliance: Implement AI-powered RegTech solutions for compliance.
Implementing these strategies can help Singapore’s financial institutions leverage AI and data effectively, drive innovation, enhance decision-making, and achieve superior outcomes in the FSI sector.
“In today’s highly competitive financial services industry, personalisation is not just a strategy but a necessity for achieving customer satisfaction, loyalty, and overall business success,” believes Enguerran. “Personalisation allows institutions to go beyond generic offerings and tailor products, services, and interactions to meet individual customers’ unique needs and preferences, thereby building trust and loyalty.”
Enguerran acknowledges that AI plays a pivotal role in enabling this level of personalisation. In OCBC Bank, AI-powered algorithms can analyse our vast customer data, including their transaction history, browsing their behaviour, and even their demographic information, to gain valuable insights into their preferences and behaviour, elaborates Enguerran. This kind of analysis allows institutions to provide personalised recommendations, offers, and services that are more likely to resonate with customers, enhancing their overall experience.
One of the key areas where AI is transforming personalisation in the financial services industry is using chatbots and virtual assistants. These AI-powered tools can interact with customers in real-time, providing personalised support and assistance based on individual needs. This improves customer service and frees human agents to focus on more complex tasks, improving overall efficiency and productivity.
By leveraging AI, financial institutions can differentiate themselves, attract new customers, and retain existing ones. AI’s ability to analyse data, predict customer behaviour, and optimise operations leads to increased efficiency, reduced costs, and improved customer satisfaction.
“AI-driven personalisation is key in today’s financial services industry. It enables institutions to meet customer expectations, stay competitive, and drive business growth in a rapidly evolving digital landscape,” ends Enguerran.
David Sharratt, Global Head of Data Product Monetisation at Standard Chartered Bank, highlights the transformative impact of technological advancements on financial services. Over the past few decades, these advancements have reshaped how people interact with money and what they expect from financial institutions, leading to simplified processes, reduced error rates, improved communication, and altered consumer perceptions of money.
Financial organisations are poised to benefit significantly from these advancements, particularly through chatbots and automation. David emphasised that these innovations can reduce labour hours, enhance client connections, and boost profitability. The impact of these technologies varies across functions, but many institutions can adapt and gain from them.
One such transformative technology is blockchain, a digital ledger of transactions distributed across a network of computers and secured through cryptography, David explains. Initially designed for tracking digital currency, blockchain has the potential to revolutionise aspects of the financial services industry. For example, it can streamline processes involved in executing and clearing securities trades, reducing costs and errors associated with manual bookkeeping.
“Artificial Intelligence and Machine Learning have also led to significant improvements in financial services by helping banks automate processes and make informed decisions,” asserts David. “AI is used to identify fraud and illegal activity, while ML helps banks develop new products and services. Based on my experience, those technologies reduce costs and improve the customer experience.”
Cloud banking is another significant trend, enabling institutions to store and process financial data in remote locations. This cost-efficient approach allows access to robust technologies from anywhere in the world.
Embedded finance is a technology that improves the efficiency of financial services, potentially reducing costs for banks by automating processes. RPA automates tasks and processes, reducing manual work and improving organisational efficiency.
“However, these technologies also pose cybersecurity risks,” he warns. “Despite we know that technology is emerging anywhere, we have to be aware of its risk too.”
To safeguard data against threats and ensure data availability, businesses should implement robust security measures, conduct regular security audits, and provide data security in AI systems. Compliance with regulations, employee awareness, diverse dataset testing, error analysis, and backup and disaster recovery plans are essential for protecting sensitive data.
Amit Krishna, General Manager, Compute Southeast Asia at Hewlett Packard Enterprise (HPE), emphasised the company’s readiness to support the financial services industry (FSI) sector in overcoming its technological challenges. HPE offers a range of innovative solutions tailored to the specific needs of the FSI sector, with a focus on enhancing data security, automation, and operational efficiency.
One of HPE’s flagship solutions is GreenLake for Large Language Models (LLMs). This cutting-edge cloud service empowers businesses to train, fine-tune, and easily deploy machine learning models. This service, powered by HPE’s Cray XD supercomputer, provides a comprehensive AI software stack to streamline machine learning application training and deployment processes.
“Organisations can efficiently train large language models for critical applications across various industries, including finance,” believed Amit.
HPE also implements robust security measures to safeguard sensitive financial data. As AI and machine learning adoption continues to grow within the FSI sector, ensuring data security and compliance with regulations becomes increasingly vital.
“HPE’s security solutions, which include encryption, multi-factor authentication, and secure development practices, are tailored to help organisations mitigate cybersecurity risks associated with AI systems,” he reveals.
Moreover, HPE’s technologies enhance operational efficiency and customer service for financial institutions. For instance, HPE’s AI-powered solutions enable the development of chatbots and virtual assistants that improve customer interactions and reduce costs by minimising the need for human intervention in routine banking processes.
These technologies also enable financial institutions to gain deeper insights into customer behaviour and market trends, empowering them to make more informed decisions and maintain a competitive edge in the market.
“HPE’s innovative solutions and expertise can deliver significant benefits to the FSI sector, addressing key challenges and unlocking new opportunities for growth and efficiency,” Amit concluded. “By leveraging HPE’s technologies, financial institutions can enhance their competitiveness and deliver superior services to their customers in today’s rapidly evolving digital landscape.”
Closing Remarks
John Ng expressed gratitude for the participants’ enthusiasm during the session, considering it the beginning of their journey to explore various ideas and innovations poised to reshape the financial industry. He acknowledges the importance of collaboration among companies and stakeholders in fostering innovative and sustainable solutions.
A key topic of discussion centered around the incorporation of AI technology into Singapore’s Financial Services Industry (FSI), with John reaffirming HPE’s commitment to aiding the sector in overcoming its technological challenges. HPE stands prepared to offer customised solutions tailored to meet the distinctive needs of the FSI, particularly focusing on aspects like data security, automation, and operational efficiency.
HPE offers the GreenLake for Large Language Models (LLMs) solution, a cloud service that allows businesses to train, tune, and deploy machine learning models. Powered by HPE’s Cray XD supercomputer, this service provides an AI software stack that simplifies the training and deployment of machine learning applications. By leveraging HPE’s supercomputers and AI software, organisations can train large language models for critical applications in various industries, including finance.
Additionally, HPE provides expertise in implementing robust security measures to protect sensitive financial data. With the increasing use of AI and machine learning in the FSI sector, ensuring data security and regulation compliance is crucial. HPE’s security solutions, including encryption, multi-factor authentication, and secure development practices, can help organisations reduce cybersecurity risks associated with AI systems.
John encouraged experts, professionals, and all participants present to embrace the integration of AI into their operations to enhance efficiency, innovation, and customer experience. He also stressed the importance of adopting a sustainable approach to AI implementation, prioritising factors such as data security and regulatory compliance.
Given the elevated cyber risks in the field, companies must safeguard their data against threats and ensure data availability, especially when deploying cutting-edge technologies like AI, is John’s advice. But despite the risks involved, companies in the financial sector must be prepared to adapt to the rapid changes in the technology landscape, with AI emerging as a crucial tool for maintaining competitiveness in this digital era.
“By implementing AI technology wisely and responsibly, companies can optimise their operations, enhance data-driven decision-making, and deliver superior customer service,” John concludes.