Citizens to discuss development of internet in Singapore and across the globe

The Centre for Trusted Internet and Community (CTIC) at the National University of Singapore (NUS) will be organising the Singapore leg of the first ever “We, the Internet” Global Citizens’ Dialogue on Saturday, 10 October, to discuss the topic of “The Future of the Internet”. The event will be part of the largest global citizens’ dialogue ever held.

Led by Dr Natalie Pang, CTIC Principal Investigator and Senior Lecturer from the Department of Communications and New Media at the NUS Faculty of Arts and Social Sciences, this event is part of the largest global citizens’ dialogue ever held.

Dr Pang said, “The Internet pervades so many aspects of our lives. It impacts how we work, our relationships with family and friends, and how we engage with issues. This is an opportunity for citizens to voice their concerns and participate in shaping how the Internet will continue to evolve.”

The “We, the Internet” Global Citizens’ Dialogue aims to give rise to a citizen’s voice on the development of the Internet through a process of citizen deliberation and participatory democracy on a global scale.

The “We, the Internet” project is coordinated by a coalition of leading global partners such as European institutions – European Commission and Council of Europe, UNESCO, Internet Society, Wikimedia Foundation, World Wide Web Foundation, World Economic Forum, the Swiss and German governments and private sector actors.

78 countries, such as India, Peru and Canada, have responded to join the event. The event will see 100 citizens from every country invited to the local legs of the Dialogue to learn, discuss and decide what will make the Internet a better tool for them in the years to come.

At a time when the Internet is becoming the backbone of social interactions, the current pandemic reflects the urgency of this discussion.

Most of the themes of the dialogue will therefore be addressed in light of COVID-19: digital identity, the digital public sphere, digital inclusiveness and artificial intelligence.

All participating countries will conduct a 5th session on a digital topic in line with their economic, social or political context.

Discussions will result in informed citizen recommendations to be submitted to decision-makers at the local, regional and international levels.

PHOTO CREDIT: https://news.nus.edu.sg/

EXCLUSIVE! Selecting Startups to Fund with Kei Furukawa

Venture Capital (VC) has played a significant role in driving innovation and economic growth by providing essential financing for startups and early-stage enterprises. With rising interest rates and complicated loan approval processes, many entrepreneurs are turning to VC financing opportunities to bridge the gap between funding sources for innovation and traditional, lower-cost forms of finance available to existing businesses.

To attract private equity funds and entice entrepreneurs with high-return ideas, the VC industry must offer a satisfactory return on capital, provide appealing returns for its members, and demonstrate promising upside potential. However, consistently outperforming investments in inherently risky business operations remains a significant challenge

Despite not being long-term ventures, the goal of VC investments is to provide financial support to a company’s balance sheet and infrastructure until it achieves a certain size and level of credibility that makes it attractive for acquisition by a corporation or provides the opportunity for liquidity in the institutional public equity markets.

Due to the saturation of the startup market and ongoing inflation concerns, many investors are opting for a more conservative approach. Venture capitalists today are adopting a more cautious, long-term strategy, departing from the previously prevalent aggressive, short-term investment approach.

Venture Capitalists Measure When Funding a Startup

Kei Furukawa, a Partner in Investment & Business Development at the UTokyo Innovation Platform Co (UTokyoIPC), presents the Innovative Platform as the entity in charge of enhancing the University of Tokyo (UTokyo)’s innovation ecosystem. It is tasked with ensuring returns on its investments as a funding corporation as well as disseminating academic research outcomes from the world-leading university in Japan to society as a whole.

“UTokyo IPC aims to accelerate innovation on a global scale that leveraged the University of Tokyo through three key activities: supporting entrepreneurs, facilitating corporate innovation, and investing in startups,” Kei reveals.

The company’s primary activity is Venture Capital (VC), which consists of meaningful investments and the exiting of those portfolios. A concurrent objective is to apply UTokyo’s research, intellectual assets and other resources to businesses.

While the ultimate goal is to make investments, Kei shared that they also conduct extensive research and academic work, that can be commercialised.

The company has invested in around 60 companies or portfolios that are primarily focused on various fields including biotech (drug discovery, medical devices, agriculture), robotics, aerospace, IT and AI (mainly enterprise solutions).

“It is pertinent that our company was established as a result of a political decision, indicating that the government is currently experiencing a period of uncertainty,” Kei explains. “Ministry of Economy, Trade and Industry (METI), and the Ministry of Education, Culture, Sports, Science and Technology (MEXT)made a joint decision to increase funding for startups emerging from universities, to explore ways to transform research into viable business ventures. This decision ultimately led to the creation of our company.”

Typically, national universities in Japan are not permitted to invest in companies, but an exception was made in this case. As a result, the VC firm is deeply invested in the growth of startups and takes a deep interest in their success.

Kei explained that the national budget was used to establish our funds. It is noteworthy that the funds comprise public and private sources, with a government disbursement allowing it to undertake investments with significantly greater risk.

He acknowledges that the company employs a matrix to evaluate the success of its investments. However, due to their focus on early-stage deep tech investments, it can be extremely challenging to conduct such measurements, particularly at an early stage. Nonetheless, his team closely monitors the progress of each investment and ensures that the milestones established for both business and technology are met.

The company operates an incubation and accelerator programme called “1st Round” (https://www.1stround.jp/) that serves as a bridge between academia and business. It is a programme co-hosted by 13 Top national and private universities from Japan. To participate in the initiative, start-ups are not required to be incorporated but must do so if chosen. If already incorporated, they must be under 3 years, and must not be funded by a VC at application timing.

He notes that they have numerous corporate sponsors, consisting of major Japanese corporations of a wide spectrum of industry fields. They strongly encourage partnerships between the startups and the sponsoring companies to conduct proof of concept (POC) projects together. This safe and close-knit community has resulted in many successful ventures between companies and startups.

The venture capitalist arm has a follow-on investment strategy aimed at providing support to the companies they invest in, particularly during challenging times. They take a hands-on approach by having members sit or observe boards meeting of portfolio companies to offer guidance and mentorship for business development, HR support (has own recruitment platform “Deep tech Dive” (https://www.utokyo-ipc.co.jp/dive/), and public relations. Also since their fund terms are 15 years, relatively longer than other VC funds, which helps deep tech startups to firmly bring technology to the market.

The VC strongly believes in the value of persistence and is committed to not giving up on its investments. They are determined to work tirelessly until the very end to revitalise the company, a trait they consider critical of a successful investor.

As a university subsidiary, they do not limit themselves to any particular investment areas and remain open to various types of startups. While there may be some sectors that are more attractive to non-tech venture capital, they generally favour startups that may be complex to comprehend but possess the potential to bring about transformative changes in the world.

They take a long-term investment approach and have transitioned from short-term rapid investment to supporting social impact and sustainability, particularly in healthcare startups. However, they also must balance this with the need for financial returns.

When making investments, financial returns are undoubtedly important, but they are not the sole factor that should be taken into account. The overall impact of the investment, including its social, environmental and ethical implications, should also be carefully considered.

Startups have several options for obtaining capital, such as crowdfunding, venture loans, and revenue-based finance. Each strategy has its own advantages and disadvantages, and therefore, entrepreneurs must have a deep understanding of these options.

Having multiple funding options can be advantageous, provided that entrepreneurs and shareholders are well-informed about the pros and cons of each. A thorough understanding of the funding options can help them make an informed decision that aligns with their business goals and objectives.

Urban Ideas and Solutions Through LKYGBPC

The Lee Kuan Yew Global Business Plan Competition (LKYGBPC), which began in 2001, is a biennial global university start-up competition hosted in Singapore. Organised by Singapore Management University’s Institute of Innovation and Entrepreneurship, focuses on urban ideas and solutions developed by student founders and early-stage start-ups.

According to Kei, as an entrepreneur, it is essential to have the appropriate capacity and seek guidance from knowledgeable individuals, particularly in the early stages of the business. As a university subsidiary, UTokyoIPC is well-equipped to assist entrepreneurs and help prevent them from making fatal mistakes out of ignorance.

The success of promoting entrepreneurship in culture depends on the ecosystem and environment that encourages and supports it. Singapore has a strong entrepreneurial environment, with universities such as SMU and NUS emphasising entrepreneurship. In contrast, Japan has a larger economy but tends to be more conservative.

The University of Tokyo has been actively fostering entrepreneurship by offering courses to students, which has led to the creation of numerous companies. The critical factor behind this success is the creation of an environment that supports entrepreneurship and motivates people to pursue it. Marketing and promoting the benefits of entrepreneurship are also vital to its success.

“The programme is expanding and involving many other universities beyond Singapore. This makes LKYGBPC an excellent platform for startups or the venture capital industry, as it is close to many countries in the region.” Kei believes.

Since joining the company in 2019, Kei has been actively involved in supporting startups, professors, and students through various initiatives. His passion is on deep tech startups or those with the potential to bring about positive changes in the world. He has invested in a diverse range of fields, including IT, robotics, AI and agritech.

Many successful entrepreneurs come from different backgrounds, such as business, engineering, finance, marketing and more. While having a technical background can be advantageous in some industries, it is not always necessary for achieving business success, Kei opines.

“Ultimately, having a strong business sense is more crucial than any specific technical background. What truly matters is possessing a good grasp of business and the necessary skills to succeed in it. This entails competencies such as strategic thinking, financial management, leadership, communication, and problem-solving,” Kei concludes.

Pendanaan untuk Dongkrak Inovasi Medis dan Obat

Pemodal ventura atau venture capital (VC) telah menjadi kekuatan vital dan katalis inovasi terkemuka selama beberapa dekade terakhir. Permodalan mereka telah menjadi sumber keuangan utama bagi sejumlah startup, sebab VC dikenal lebih ramah inovasi bagi pertumbuhan perusahaan pemula (startup).

Alih-alih meminjam modal dari bank yang memiliki suku bunga tinggi dan proses persetujuan pinjaman yang rumit, tidak heran jika banyak pengusaha lebih memilih alternatif pendanaan kepada pemodal ventura. Bagai gayung bersambut, investor pun mendukung upaya para pendiri startup dengan memasok modal yang mereka butuhkan.

VC menjadi jembatan untuk mengisi celah kebutuhan antara sumber modal inovatif dan tradisional. Pendanaan model ini menjadi alternatif sumber modal rendah biaya untuk mendanai bisnis. Untuk menyediakan dana besar bagi pegiat startup, bisnis pemodal ventura harus memberikan insentif yang menarik bagi para investor privat agar mereka mau menaruh uang mereka di perusahaan pemodal ventura.

Di sisi lain, besarnya ketersediaan sumber dana menjadi modal bagi VC untuk menarik potensi startup berkualitas yang berpotensi memberikan keuntungan tinggi. Secara singkat, tantangan pemodal ventura adalah mencari potensi untuk melipatgandakan investasi yang diberikan pada bisnis-bisnis dengan tingkat risiko tinggi.

Modal ventura bukanlah modal jangka panjang. VC bertujuan untuk berinvestasi hingga perusahaan mencapai ukuran dan kredibilitas yang bisa dijual ke korporasi lain atau bisa dijual sebagai likuiditas di pasar modal. Intinya, seorang pemodal ventura berinvestasi pada ide pengusaha, mengembangkannya dalam waktu singkat, kemudian mencari strategi untuk mendapat laba berlipat dengan menjual perusahaan atau melakukan penawaran saham perdana (Initial Public Offering/ IPO).

Namun, kiniada muncul tren baru dimana pemodal ventura beralih dari metode investasi jangka pendek yang agresif ke pendekatan jangka panjang yang lebih konservatif. Pasar startup yang sudah terlalu jenuh menjadi salah satu alasan transisi ini. Tren ini, dikombinasikan dengan kekhawatiran inflasi yang berkelanjutan, membuat banyak investor memainkan portofolio investasi mereka dengan lebih hati-hati.

Menyaring startup potensial

University of Tokyo Innovation Platform Co (UTokyoIPC) menjadi salah satu pemodal ventura yang melakukan pendanaan jangka panjang ini. UTokyoIPC berkecimpung sebagai pemodal ventura untuk startup deep tech. Sehingga, mereka lebih sering memberikan modal jangka panjang hingga 15 tahun untuk perusahaan yang mendalami inovasi dibidang bio teknologi, peralatan medis, dan obat-obatan.

Pendirian pemodal ventura UTokyoIPC sendiri berawal dari inisiatif Menteri Ekonomi dan Menteri Pendidikan untuk memberikan pendanaan pada riset-riset yang dilakukan kampus. Mereka ingin agar riset-riset itu bisa dikomersialisasi dan dikembangkan menjadi bisnis. Lantas didirikanlah UTokyoIPC di bawah Universitas Tokyo yang mendapat sumber modal dari pemerintah dan swasta.

“Di portofolio kami, ada sekitar 50-60 perusahaan dan kebanyakan bergerak di biotech, seperti penemuan obat, peralatan medis, dan sebagian kecil bergerak di pertanian,” tutur Kei Furukawa, Partner, Investasi & Pengembang Bisnis UTokyoIPC, dalam wawancara khusus dengan Mohit Sagar, CEO dan Pemimpin Redaksi OpenGov Asia.

“Meski tak banyak pemodal ventura yang bergerak di area ini, namun kami melihat sektor ini sangat penting dan berdampak pada hidup banyak orang, sehingga kami memutuskan untuk berinvestasi di sini.”

Ia lantas membeberkan sejumlah hal yang menjadi pertimbangan perusahaan pemodal ventura untuk berinvestasi di sebuah startup. Kei mengaku penilaian yang mereka lakukan tak jauh beda dari penilaian yang dilakukan oleh pemodal ventura lain pada umumnya:

Memiliki tim yang bagus,
Mengusung teknologi yang menarik di waktu yang tepat,
Ketersediaan pasar,
Potensi ekspansi, untuk mengukur seberapa besar perusahaan bisa dikembangkan dan berapa banyak pasar yang bisa diraup.

Tidak terpenuhinya sejumlah syarat itu menjadi kesalahan startup ketika gagal menggaet pemodal. Ketersediaan pasar dan potensi kecepatan pertumbuhan perusahaan menjadi pertimbangan terbesar para pemberi modal.

Modal jangka panjang

Sebagai pemodal ventura untuk startup yang bergerak dibidang bio-tech, UTokyoIPC menyadari bahwa mengembangkan inovasi teknologi medis memang membutuhkan waktu lama. Sebab, industri ini berkaitan dengan kesehatan dan nyawa manusia sehingga perlu riset mendalam untuk memastikan keamanan dan keakuratan produk yang dihasilkan.

“Di tahun pertama, kami mengelola startup agar mereka berkomitmen menjaga pertumbuhan perusahaan. Kami tidak mengejar-ngejar mereka agar lekas besar. Sebab, pengembangan deep tech memang perlu waktu, sehingga kami tidak perlu terburu-buru.”

Selain itu, skema pendanaan campuran antara publik dan privat membuat model pendanaan yang diberikan UTokyoIPC bisa lebih menerima pendanaan model ini. Mereka bisa lebih leluasa mengambil risiko ketika berinvestasi.

Untuk memberi pendanaan, UTokyoIPC biasanya memulai dengan melakukan konsultasi dengan berbagai riset yang ada di kampus-kampus. Mereka mencari riset yang berpotensi untuk diubah menjadi bisnis. Riset yang dianggap potensial akan diajak untuk mengikuti pitching sebagai bagian dari proses seleksi sebelum pemberian modal.

Setelah itu, mereka memberikan program bimbingan tahap awal. Perusahaan yang terpilih masuk ke program ini akan mendapat pendanaan dengan nilai maksimum US$100 ribu sebagai dana hibah. Mereka mendapat bimbingan selama enam bulan agar dana hibah yang diberikan bisa dipakai untuk mengembangkan perusahaan.

“Mereka tak tahu banyak soal bisnis, sehingga kami memberikan saran dan dukungan uang sebanyak mungkin agar mereka tidak terjegal di fase awal mereka. Tujuan kami agar startup bisa berhasil melewati pendanaan tahap awal (seed round funding) dan mencapai valuasi terbaik.”

UTokyoIPC memberikan pendanaan di tahap awal perusahaan mulai dari seed funding hingga seri kedua (second round funding). Sebagai investor tahap awal, Kei menuturkan sulit untuk mengukur tingkat kesuksesan investasi yang dilakukan. Sehingga, mereka berpatokan pada target-target yang telah ditetapkan bersama. Jika startup berhasil mencapai tiap target yang sudah disepakati, hal tersebut menjadi indikasi perusahaan telah berjalan dengan baik. Jika yang terjadi sebaliknya, maka perlu dilakukan peninjauan ulang untuk mengubah haluan.

Sukses di pemodal ventura

Sebagai seseorang yang tidak memiliki latar belakang investasi dan bisnis, Kei merasa beruntung bisa terjun ke bisnis pemodal ventura UTokyoIPC. Awal ketertarikan Kei terhadap bisnis modal ventura sendiri berawal sejak ia menjajal Pendidikan MBA di Singapura.

Merasa tak punya cukup mental untuk menjadi seorang pengusaha, Kei banting setir untuk mempelajari sistem pendukung bisnis yaitu pemodal ventura. Sehingga, ia pun banyak mengambil kursus pemodal ventura kala itu.

Meski demikian, jalan tak selalu mulus. Lantaran tak punya pengalaman kerja di bidang itu, ia tak langsung terjun ke industri pemodal ventura. Setelah melanglangbuana ke sejumlah perusahaan swasta, suatu hari ia berkesempatan berkarir di UTokyoIPC yang merupakan pemodal ventura.

Menurutnya, agar berhasil di bisnis pemodal ventura, seseorang mesti memiliki kemampuan berelasi yang baik. Sebab, bisnis ini selalu berhubungan dengan orang lain, baik dengan investor maupun startup.

“Karena Anda akan berhubungan dengan banyak orang, berbicara dengan mereka dan memahami siapa mereka. Sebab, ini akan menjadi aspek penting ketika melakukan investasi.”

Selain kepiawaian dalam menangani orang lain, catatan lain sebagai seorang pemodal ventura adalah semangat pantang menyerah. Pemodal mesti berjuang bersama tim startup hingga titik darah penghabisan. Optimisme dan kemampuan untuk terus mencoba strategi baru sangat diperlukan. Sebab selalu akan ada momen di mana rasa putus asa dan keinginan untuk menyerah muncul karena tidak melihat jalan keluar menuju keberhasilan.

“Tapi, saya tekankan untuk jangan menyerah. Anda harus mendorong diri Anda hingga hari terakhir, hingga berhasil.”

Selain itu, seorang investor juga perlu memiliki kesabaran untuk memberi waktu dan kesempatan bagi orang lain. Sebab, dalam investasi deep tech, banyak pekerjaan laboratorium yang tak segera terlihat hasilnya.

“Saya berbicara dengan berbagai tim ketika mereka bekerja di laboratorium dan berpikir bahwa sebagian besar waktu yang digunakan tidak segera menjadi uang atau menjadi produk, namun kami tetap memberi keleluasaan waktu. Kami melihat kesempatan apa yang bisa kita manfaatkan dari hasil penelitian mereka. Sehingga persoalannya, “Apakah Anda ingin memberikan waktu bagi startup yang dimodali? Yang kemungkinan dalam tiga atau lima tahun ke depan akan menjadi bisnis yang besar? Saya kira ini penting.”

LKYGBPC sosialisasikan minat kewirausahaan

Menurut Kei, Singapura memiliki kultur entrepreneurship yang kuat ketimbang Jepang. Hal ini mengejutkannya dan membuatnya tertarik untuk menggali lebih jauh ketika mendapat pelajaran entrepreneurship dalam proses mengambil gelar master di negara itu.

“Meski Jepang memiliki skala ekonomi yang lebih besar, namun warga di sini lebih konservatif ketimbang Singapura yang sangat agresif dengan entrepreneurship.”

Lewat kompetisi kewirausahaan seperti Lee Kuan Yew Global Business Plan Competition (LKYGBPC) menurut Kei berguna untuk terus memupuk jiwa kewirausahaan anak muda di Singapura dan berbagai belahan dunia. Selain itu, LKYGBPC juga memberi pengaruh ke berbagai universitas lain di dalam dan luar Singapura untuk ikut terlibat dalam pengembangan kewirausahaan.

Kompetisi ini juga menjadi sarana yang baik untuk mempertemukan startup dengan pemodal ventura. Sehingga, ia berharap program kompetisi ini bisa menjadi platform untuk melebarkan semangat entrepreneurship.

Enhancing Digital Competence Among Singapore’s Youth

At the third edition of ‘My Digital Bootcamp,’ 1,500 students from low-income families in the Central Singapore District will learn new digital skills. The districtwide programme will help to level the playing field for children from low-income families who may not have access to extracurricular activities.

This is part of the Central Singapore Community Development Council’s (CDC) SkillsFuture Junior programme, which seeks to support its young residents with digital and soft skills to prepare them for a better future.

Students will go through four modular skills-based workshops at each two-day Bootcamp held from March to December 2023 to learn advanced digital-making skills in a fun and engaging manner such as programming, robotics, mobile app development, and game design.

A time traveller visiting ancient civilisations or an Earth hero resolving a climate crisis are the two new immersive narratives that participants can select from. They will also be exposed to complementary soft skills such as logical reasoning, pattern recognition, algorithm design, relationship management, and communication skills, among others, during the Bootcamp.

‘My Digital Bootcamp’ will provide structured learning support to the young participants in order to encourage learning beyond the workshops. Each child will receive a special home-based learning (HBL) digital-making kit, which includes a micro: bit pocket-sized computer, a KittenBot expansion board, an ultrasonic sensor, and other resource materials, as well as a learning management system, to allow them to continue learning and practising what they have learned at the Bootcamp.

At the end of this season, a brand-new Hackathon component will be held in which young learners will be empowered to solve real-life scenario-based challenges in friendly competitions that will underpin holistic learning. There will be 300 people at the Hackathon. Some will be students from the Bootcamps, and some will be new students.

Participants in the two-day Hackathon challenge will participate in digital-making skill workshops or refreshers, preparatory workshops, competitions, and presentations. They will investigate skillsets and develop competencies in soft skills other than those taught in the Bootcamp, such as idea pitching, design thinking, and ideation, which will help them build a strong foundation for the future economy.

The long-standing partnership between Central Singapore CDC and a multinational banking corporation made ‘My Digital Bootcamp’ possible. Since its inception in September 2019, the programme has benefited over 2,000 children from 34 schools and community organisations in Central Singapore. Over 30 employee volunteers also befriended the students, distributed participation kits and meals, and assisted in guiding the students’ learning.

In addition, the Infocomm Media Development Authority’s (IMDA) Digital for Life (DfL) Movement has been named Champion Project at the prestigious World Summit on Information Society (WSIS) Prize Ceremony 2023, which is organised by the International Telecommunication Union (ITU) under the auspices of the United Nations (UN).

The DfL movement was named a WSIS Prizes 2023 Champion in the category “the role of governments and all stakeholders in promoting ICTs for development.” This award came after WSIS received nominations for 900 projects from around the world in 18 categories, reviewed them with experts, and received over 1.5 million online votes.

The World Summit on the Information Society (WSIS) Prizes recognise projects that use information and communication technologies (ICT) to advance the UN’s Sustainable Development Goals.

To date, the DfL movement has more than 130 partners and 140 projects, benefiting over 270,000 Singaporeans from various segments such as youths, seniors, low-income families, women, and people with disabilities.

Indonesia Integrates Database to Foster Government Innovation

The government in Indonesia continue to develop its public service to enhance efficiency and provide easy access for people who need them. The Indonesian government have begun working on running the National Public Service Innovation Network (JIPPNas). The website for JIPPNas has evolved into a central repository for new approaches to public service around the country.

The website compiled all available data and information about the finest public services to facilitate a shared understanding of how to advance innovation in Indonesia’s public sector. Having several agencies work together to maintain the JIPPNas website is a central hub for fostering innovation, particularly in public services.

“This partnership is a good leap in managing innovation in government agencies,” PANRB Minister Abdullah Azwar Anas mentioned at the signing of the JIPPNas Site Management Cooperation Agreement and JIPP Hub Commitment in South Jakarta.

According to Diah Natalisa, Deputy for Public Services in the Ministry of PANRB, the JIPPNas website evolved from a national public service innovation information portal into a platform for disseminating the Best Public Service Innovations resulting from the Public Service Innovation Competition’s implementation (KIPP). The Ministry of Home Affairs’ Innovative Government Award (IGA) and LAN’s Innoland have been included in JIPPNas.

As required by PermenPANRB No. 89/2020 concerning the implementation of JIPP, the JIPPNas website is the government’s endeavour to encourage innovation in the public service sector. The Joint Innovation Programme for Public-Private Partnerships in the Americas (JIPPNas) is an approach to ensuring that the most effective ideas in the public sector are produced, transferred, and disseminated to other units and organisations. The duplicated innovations may be readily institutionalised and sustained and can be reported immediately on the JIPPNas website.

“With this combined management, it is believed that JIPPNas can strengthen the innovation process for issue solving, sharing information and open cooperation, and generating ideas to support sustainable innovation activities,” Diah remarked.

Merita Gidarjati, representing USAID at ERAT, recently discussed the organisation’s ambitions for collaborative administration of the JIPPNas site. She explained that the goal of this partnership is to serve as a national innovation centre, which would serve as a storehouse for cutting-edge ideas and a platform from which they could be shared with the rest of the country.

“This cross-agency collaboration has a big multiplier impact on the motto of outstanding service and may also become a new tradition in fostering innovation,” she added.

In this activity, a workshop was also held under the theme Progress of Implementation of Assistance and Development of Innovation Nodes at the Provincial Level and continued with a discussion of the Culture of Sustainable Innovation.

The State Administration Agency (LAN), the Ministry of Home Affairs, and the Ministry of Administrative Reform and Bureaucratic Reform (PANRB) signed a collaboration agreement to commemorate the event.

Seven provinces (Jambi, Lampung, West Java, DI Yogyakarta, East Kalimantan, West Nusa Tenggara, and North Maluku) also inked agreements to create innovation clusters. As a result, Indonesia now has 22 provinces with established innovation clusters, up from 15 regions just a few years ago.

In addition, to provide an integrated website to promote local government innovation and digitalisation, Indonesia supervised the Public Service Coordination Forum (FKPP). The forum’s hoped-for advantages extended from creating policies and delivering public services at the national, institutional, and regional levels.

At the event, speakers from various backgrounds present in two sessions to provide insights on how best to structure public services. The speech’s leading figure, East Java’s Deputy Governor Emil Elestianto Dardak, claimed that his party hosted an event named Kovablik to promote regional creativity (Public Service Competition).

China’s Digital Transformation Map 2023

Nowadays, as new technologies and formats emerge, the regularity of industrial development tends to deteriorate significantly, and the complexity, randomness, and sudden problems increase, posing numerous uncertain challenges to businesses.

Simultaneously, next-generation information and communication technologies such as 5G, artificial intelligence (AI), big data, and blockchain continue to emerge, and they have demonstrated certain benefits in related fields. However, the simple combination of new digital technologies and traditional industries is no longer sufficient to meet the needs of traditional vertical industries, and enterprise digital transformation is entering the “deep water zone.”

Traditional businesses have recognised the importance of digital transformation and have begun to develop digital transformation strategies and plans. However, many issues remain, such as a lack of understanding of digital transformation, ambiguous strategies, ineffective implementation, and ineffective outcomes.

At the same time, the market has many subdivided fields of digital transformation products, as well as various types of products. The demand side struggles to fully understand its product and service capabilities, which slows the progress of enterprise digital transformation.

To address the issues, the China Academy of Information and Communications Technology (CAICT) Foundation Project has launched the “Panorama of High-Quality Digital Transformation Products and Services” in 2022.

CAICT collected application forms from nearly 400 companies during the compilation process, and finally selected 315 companies (including different types of products from the same company) after review and screening to form the 2022 “Panorama.”

The “Panorama of High-Quality Digital Transformation Products and Services (2022)” divides it into two parts: basic technology and application services. It includes technology development, AI, the Internet of Things (IoT), cloud service, data analysis, IT operation and maintenance, and 7 modules of assembled applications in the basic part; marketing, human resources, finance, taxation and legal affairs, project management, enterprise resource planning, sales, customer service, design, general office, and other 9 modules in the application service part.

Data analysis is a basic technology panorama. Cloud computing and AI are the most popular segments, with more than 50 companies participating, respectively. The following directions will concentrate on IT operations, the IoT, assembled applications, and other fields.

In a panoramic view of application services, the first components are general office, marketing, and human resources. Follow-up will concentrate on finance, taxation, legal affairs, sales, enterprise resource planning, project management, and other areas.

In 2023, “Panorama” will continue to be built around digital transformation products and services, fully demonstrating the benefits to all parties in the industry and providing favourable support for the digital transformation of traditional industries in the country.

CAICT anticipates that more companies will participate in the compilation of the “Foundation Foundation Plan” panorama, thereby contributing to industry exchange and mutual learning, as well as the formation of common industry standards.

The public can now apply for the 2023 “Panorama,” which will be chosen through corporate interviews, on-site visits, and expert review. Companies that make the cut will be officially announced at CAICT’s “Foundation 2023-High-Quality Digital Transformation Development Forum.”

The digital transformation of China presents opportunities not only for Chinese citizens but also for businesses worldwide. The nation is still discovering how the local company could be a part of one of the most significant digital transformations in history.

The rise of China is ushering in the Asian century, but companies have yet to fully explore the opportunities it presents. Thus, technology is the solution. The Chinese market is undergoing a rapid digital transformation; understanding this massive shift and how to capitalise on it will be crucial for businesses worldwide.

Machine Learning and Low-Cost Devices to Democratise Air Pollution Monitoring

Researchers at the Massachusetts Institute of Technology (MIT) have developed an inexpensive air sensor calibration that uses Machine Learning techniques to improve the accuracy of measuring air pollution. With the release of a cheap mobile air pollution detector, the general population can contribute significantly to monitoring air quality.

According to the WHO, air pollution causes over 4 million yearly fatalities. It is a severe issue for public health, yet it isn’t often monitored closely. To enlist more individuals in the cause, the researchers at MIT develop the Flatburn detector.

“We want groups of concerned people or individuals all over the world to be able to evaluate their own levels of air pollution, pinpoint its causes, and work in concert with government agencies and other relevant parties to improve the quality of the air,” said Carlo Ratti, head of MIT’s Senseable City Lab.

The Flatburn gadget is a component of the City Scanner initiative, which use mobile technology to get insight into urban life. According to Fabio Duarte, chief research scientist of Senseable City Lab, the original idea and remains the project’s goal was to democratise environmental data. ” We’d like everyone to be able to evaluate information and interact with citizens and officials,” he underlined.

The open-source detector may be 3D-printed or assembled from low-cost components. Now that it has been thoroughly tried and tested compared to existing state-of-the-art machines, the researchers are making all their findings public, including instructions on constructing the device, running the programme, and deciphering the results.

Simone Mora, a research scientist at Senseable City Lab and co-author of a newly published paper detailing the scanner’s testing process explained that they have been doing several pilots around the world.

“We have since refined a set of prototypes, with hardware, software, and rules, to make sure the data we gain are robust from an ecological science point of view,” he elaborated.

Around 2017, MIT researchers began prototyping a mobile pollution detector, first intended for use on garbage trucks in Cambridge, Massachusetts. The sensors may be charged via USB or solar panel, and they retain data on an internal memory card that can be accessed through the internet.

The latest research phase has been putting the devices through their paces in New York City and Greater Boston, comparing them against established pollution detection infrastructure to determine their efficacy. For four weeks in 2021, researchers in New York employed five detectors to capture 1.6 million data points, which they compared with input from state officials. The group used mobile sensors in Boston, comparing the performance of the Flatburn devices to that of a state-of-the-art system by Tufts University and a state agency.

Both nitrogen dioxide and acceptable particulate matter concentrations were measured over a 10-meter radius using identical detectors. Often connected with combustion processes like those seen in power plants, internal combustion engines in automobiles, and fires, “fine matter” refers to tiny particles.

The research team’s development found that Flatburn devices can produce reliable results. Lower concentrations of fine particulate matter can be detected and estimated with mobile detectors than the devices currently in use. But it only happened with a strong enough correlation, with adjustments for weather conditions and other factors.

However, the study did show that the devices will have a six-month functioning life if used in a mobile situation, such as atop vehicles. However, they also found some problems that users of Flatburn detectors can encounter. Among these are “drift,” the slow but steady change in the detector’s readings over time, and “ageing,” or the more fundamental decline in a unit’s physical state.

Researchers are confident that the devices will perform well, so they’ve released Flatburn as an open-source utility with detailed instructions. It includes advice on analysing the data alongside government representatives and locals to influence policy.

EXCLUSIVE! Beyond Smarter Data Management and Protection for Banking, Financial Services and Insurance Institutions

Over the coming years, Singapore is poised to witness significant transformations in digital financial services, particularly in three key domains: the emergence of Web 3 and decentralised finance, the widespread integration of artificial intelligence (AI) and the implementation of machine learning (ML) technology.

Prioritising strong governance and compliance should be at the top of the Banking, Financial Services, and Insurance (BFSI) sector’s list of objectives. Adherence to regulations, following rules and taking responsibility can greatly enhance services, ensure safety, and enhance the client experience.

Employing a centralised data protection solution enables consumers to track and verify if and how their data is being protected data across various workloads. When clients have the ability to do so, they can be confident that their data is being adequately safeguarded. Moreover, this can ensure that recovery time objectives and IT audit compliances are met.

Combatting threats such as malware and ransomware, along with ensuring overall cybersecurity, requires a strategic approach across multiple levels. This includes actively monitoring for potential issues and regularly backing up data. Storing immutable copies of data in a secure location can prevent malware from encrypting them.

In addition, data intended for recovery should undergo scanning and cleaning by the organisation’s anti-virus solution to ensure that any potentially harmful data, also known as “dirty” data, is not inadvertently reintroduced into production systems.

Ensuring seamless operations while mitigating the risks of ransomware and other cyber-attacks can be challenging. However, modern data protection solutions have demonstrated their ability to reduce costs, enhance automation, enhance human capabilities and identify innovative ways to reuse data to generate new value.

The OpenGovBreakfast Insight on 22 March 2023 held at the Voco Orchard Singapore aimed to share insights and practical solutions to empower organisations to maximise data capability through cost-effective, secure and automated data-driven processes that adhere with current data regulations and comply with the standards of Singapore’s Banking, Financial Services and Insurance industry.

Opening Remarks

OpenGov Asia — Mohit Sagar∶ Singaporean financial institutions need full data security and risk mitigation strategies

Kicking off the session, Mohit Sagar, CEO & Editor-in-Chief, explains that financial data management is a set of processes and policies, usually helped by specialised software. This approach enables an organisation to merge its financial data, adhere to accounting regulations and legal requirements, and generate comprehensive financial reports.

The regulatory body responsible for overseeing Singapore’s financial institutions and establishing guidelines for data management and protection is the Monetary Authority of Singapore (MAS). According to its regulations, financial institutions are required to implement robust policies and procedures for managing data, including appropriate classification, handling and protection.

“ Financial institutions must ensure that adequate security measures are in place to mitigate the risks of data breaches and cyber threats. This could include implementing strong encryption protocols, regularly testing systems for vulnerabilities, maintaining up-to-date software and hardware and training on cybersecurity best practices,” Mohit emphasises.

The Personal Data Protection Commission (PDPC) serves as the data protection authority in Singapore, responsible for enforcing compliance with the Personal Data Protection Act (PDPA). The Act sets a baseline level of data protection that must be followed by all sectors operating in Singapore.

Additionally, the PDPA also mandates that organisations obtain individuals’ consent before collecting, using, or disclosing their personal data.

Additionally, the PDPA also mandates that organisations obtain individuals’ consent before collecting, using, or sharing their personal information. The PDPC is empowered to investigate any breaches of the PDPA and impose penalties for non-compliance.

Data recovery refers to the process of getting lost, deleted, corrupted or inaccessible data back from storage media like hard disk drives, solid-state drives, USB drives, or other types of data storage devices. Several companies in Singapore offer data recovery services that specialise in getting data back from different types of storage media used by financial institutions.

“It’s important to remember that data recovery services can be expensive, and it’s always best to have a full data backup and disaster recovery plan in place to minimise the risk of losing data,” is Mohit’s caveat. “Establishing a robust backup and recovery system can help avoid the need for expensive data recovery services and ensure business continuity in the event of a data loss incident.”

The protection of sensitive financial data from unauthorised access, theft and cyberattacks is a top priority for Singapore’s financial institutions. To achieve this, they employ a range of security measures, including encryption, access controls, firewalls, regular updates and patches, employee training and awareness programs, penetration testing, and incident response planning.

These safeguards work together to create a comprehensive data security framework that helps to prevent data breaches and protect the integrity and confidentiality of financial data.

“Under the PDPA, financial institutions must obtain the consent of individuals before collecting, using, or disclosing their personal information,” Mohit reiterates. “But while this is the norm, there are exceptions to this rule.”

Concessions are allowed under certain circumstances, such as legal obligations or the prevention of criminal activity. As an example, financial institutions may disclose personal information to law enforcement agencies to comply with legal requirements or to prevent potential criminal activity.

Mohit understands that risk mitigation is a crucial component of risk management in Singapore’s financial sector, and financial institutions employ a range of strategies and tools to identify, evaluate and reduce the risks they face.

Diversification, risk transfer, risk avoidance, risk monitoring and reporting, contingency planning, and strong governance and compliance frameworks are examples of risk mitigation strategies utilised by financial institutions in Singapore.

Financial institutions consider the development of a data exit strategy and recovery plan as an essential part of their risk management. The process involves identifying crucial data, anticipating exit scenarios, creating a recovery plan, establishing data backup procedures, testing the recovery plan, and maintaining the plan by updating, reviewing, and monitoring it regularly.

Financial institutions consider the development of a data exit strategy and recovery plan a crucial aspect of risk management. This involves identifying critical data, establishing data backup procedures, determining exit scenarios, creating a recovery plan, testing the recovery plan, updating the recovery plan, reviewing and monitoring, and so on.

“By adhering to these steps, financial institutions can establish a robust data exit strategy and recovery plan that ensures the protection and recovery of vital data in the event of a data breach or system failure,” Mohit ends.

Welcome Address

According to Raymond Goh, Veeam’s Vice President of Sales Engineering for APJ, the banking, financial services and insurance (BFSI) industry has experienced significant changes over time and has had to contend with various challenges such as regulatory compliance, cybersecurity threats, and the need to innovate to stay competitive.

The pandemic has accelerated the industry’s digital transformation, resulting in a greater demand for digital banking services. However, it has also introduced new challenges, such as physical branch disruptions and an increased risk of cyberattacks.

“Despite the challenges, the industry can provide value to its customers by leveraging new technologies and innovative strategies.” Raymond is convinced “To effectively manage risks, BFSI institutions must continue to invest in digital infrastructure, cybersecurity measures, and advanced analytics.”

The FSI journey from 1866 to the present has been remarkable; from brick-and-mortar establishments to the current digitised systems, payment apps, digital wallets, contactless payments, crowdfunding platforms, and many others.

Financial systems can be affected by various disruptions, including funding and liquidity issues, asset price declines, contagion effects and heightened credit risk. The impact of a crisis on the financial sector is largely determined by the sector’s ability to mitigate four risks: market risks, liquidity risks, credit risks, and earnings risks.

“The rise of FinTech and non-bank startups are altering the competitive landscape in financial services, forcing traditional institutions to reconsider their business practices,” Raymond reiterates. “Old school processes and legacy systems are no longer relevant in the digital world, and indeed, can be a hindrance.”

Financial institutions must foster an innovative culture that promotes innovation and utilises technology to streamline existing processes and procedures for optimal efficiency. This cultural shift towards a technology-centric mindset mirrors the broader industry acceptance of digital transformation.

Raymond recognises that today’s consumers are more knowledgeable, sophisticated and informed than ever, and they demand a high degree of customization, personalisation and convenience from their banking services.

It is predicted that future generations, starting with Generation Z, will have an even greater preference for omnichannel banking and be more technologically savvy than Millennials.

Organisations using obsolete business management software or siloed systems will be unable to compete in this increasingly digital-first environment. Without a solid, futuristic technological foundation, businesses will miss out on crucial business evolution.

“In other words, digital transformation is no longer merely a good idea, but a necessity for survival,” Raymond states.

Financial service organisations that use cutting-edge business technology, particularly cloud applications, have a significant advantage in the digital transformation race as they can innovate more quickly. The agility and scalability of cloud technology are its strengths. Without the constraints of system hardware, cloud technology allows systems to evolve in tandem with the business.

Raymond agrees that banking is being reshaped as regulations tighten and consumers adopt new technologies and demand 24/7 access to their most sensitive data, regardless of device.

As a result of a string of high-profile breaches in recent years, security is one of the leading challenges facing the banking industry and a major concern for bank and credit union customers. Financial institutions must invest in the most advanced technologically driven security measures, such as Authentication, End-to-End Encryption (E2EE) and Address Verification Services (AVS), to protect customers.

Financial services are increasingly confronted with issues related to auditing as the frequency of data breaches and privacy concerns continue to increase. This has led to more stringent regulatory and compliance requirements.

Compliance with financial data protection standards is subject to strict regulations and audits entail some of the most rigorous requirements in modern business, often involving the need to manage highly complex IT infrastructures.

Adhering to and conducting annual disaster recovery (DR) testing regularly can be both expensive and resource-intensive.

From a financial standpoint, any amount of downtime is unacceptable, and banks may face significant penalties for revealing confidential information. The centralisation of remote or branch offices (ROBO) can exhaust an organisation’s resources and bandwidth.

Businesses around the world were heavily impacted by the pandemic, causing considerable disruption and presenting numerous challenges. These challenges demand innovation, the necessity for enhanced employee engagement, rapid market changes and quality improvement.

In this scenario, FinTech and its underpinning technology will be major disruptors. Blockchain will shake things up; digital will become mainstream; customer intelligence will be the most significant predictor of revenue growth and profitability; the public cloud will become the dominant infrastructure model; and regulators will also turn to technology.

The common theme among these is resilience, trust and data agility.

Over the last two years, the Financial Services Industry has placed significant importance on specific issues. Some key initiatives are modernising the IT operating model to adapt to the new normal, simplifying legacy systems to decrease costs, enhancing the technological capabilities to better understand customer requirements, preparing the architecture to facilitate connections with any device or location and prioritising cybersecurity measures.

FSI organisations face distinct challenges due to their strong customer relationships, financial accountability and regulatory oversight. These challenges include effectively managing regulatory and capital costs, improving operations and customer experiences to meet modern standards, safeguarding against cyber threats and ransomware attacks and ensuring data and privacy security.

According to Raymond, Veeam plays a major role in addressing all these areas and can offer unique solutions to the various opportunities and challenges that FSI organisations may encounter. Veeam’s solutions encompass streamlining and automating operations, facilitating cloud migration and modern application development, ensuring data immutability, and effectively managing privacy, risk, and compliance.

“By embracing digital transformation, utilising big data analytics, forming strategic partnerships, having strong compliance and cybersecurity frameworks and investing in talent development programmes, FSI organisations can take advantage of opportunities and address challenges,” Raymond believes.

End-user Insight

Luis C Cruz, Executive Director, Head of Automation, Infrastructure for DBS Big Data, AI and Analytics, DBS Bank Ltd is convinced that by aligning IT initiatives with the company’s overall business objectives, a comprehensive IT strategy can help businesses deliver long-term shareholder value.

“This strategy entails identifying the company’s current and future technology requirements, evaluating potential technology solutions, and developing a plan for implementing those solutions,” Luis explains.

By doing so, the company can ensure that its IT investments support business growth and profitability while reducing costs and boosting efficiency. In addition, a comprehensive IT strategy can help the business gain a competitive advantage by leveraging emerging technologies and optimising the IT infrastructure.

A comprehensive IT strategy can generate long-term shareholder value by enabling organisations to make informed decisions about technology investments and leverage technology to achieve business goals.

A robust IT strategy:

Aligns with organisation goals and governance
Adapts to the marketplace and changes how our employees work
Is focused and consistent
Honestly identify challenges
Would be authentic, clear and understood
Is memorable with a compelling tagline and value proposition
Has to be actionable towards a goal
Shows where to play and how to win

Providing foundational infrastructure capabilities that support business objectives and delivering applications and solutions to aid employees in achieving their desired business outcomes are examples of company strategies that are enabled by IT.

“The concept of SMAC or Social, Mobile, Analytics and Cloud stack, is an example of a technology strategy that is widely used throughout the industry and by IT leaders,” Luis reveals. “It all comes down to the customer experience.”

Determining the optimal approach, timing and speed (the how, when and pace) of SMAC implementation is crucial as it forms the basis for leveraging big data in corporations. As IT leaders, Luis anticipates the need to stay up-to-date on SMAC trends and implications relevant to their roles. A perfect example of a company that effectively leverages SMAC-stack infrastructure is an online streaming service provider website.

To generate sustainable shareholder value, businesses must cultivate strategic and functional IT competencies, enhance tools that improve the IT function and promote a customer-centric culture. These efforts will fortify the organisation’s internal processes and enable the development of an efficient decision support system, as well as the delivery of transformational applications.

In addition to benefiting the company, these efforts will also benefit customers by enabling enterprises to provide consistent, high-quality IT services and innovative IT solutions to business units. This will allow organisations to optimise IT efficiency and enhance its impact on enterprise outcomes, ultimately driving long-term investor value.

“IT strategy is influenced by several internal and external factors,” ends Luis. “And understanding these is critical for developing a successful IT strategy that aligns with the organisation’s overall goals and objectives.”

Closing Remarks

Raymond acknowledges the significance of data backup as a critical aspect of maintaining data resilience and availability but emphasises that it is only one aspect of a comprehensive strategy.

Data backup is a single component of ensuring data availability and resilience in hybrid cloud environments. In addition to backup solutions, it’s essential to consider other factors that can affect data resiliency and availability, such as infrastructure and data proximity, Raymond opines.

“Data proximity, the physical location of data in relation to its applications, is a crucial factor to consider when designing hybrid cloud environments. These factors must be taken into account to ensure that hybrid cloud environments are designed optimally to meet the needs of applications and data requirements.”

By adopting solutions such as edge computing or hybrid cloud architectures, organisations can ensure data proximity. These solutions enable data to be stored and processed closer to where it is required, which can improve application performance and ensure data resiliency and availability.

This involves ensuring that there are adequate computing, storage, and networking resources available to support the workload, as well as having a highly available and resilient infrastructure to mitigate the risk of outages.

“Veeam provides data resiliency through secure backup and fast, dependable recovery solutions for the hybrid cloud of the organisation,” Raymond explains. “Our solutions are intended to safeguard critical data and applications, prevent data loss and enable rapid and dependable recovery in the event of a disaster or outage.”

Veeam offers solutions designed to help organisations achieve their business continuity and disaster recovery goals by ensuring data resiliency and availability in their hybrid cloud environments.

Mohit concurs that with the increasing volume of data being produced and stored every day, data protection has become increasingly crucial. Businesses are adopting techniques that allow for data restoration in the event of loss or corruption.

“As organisations continue to produce and store more data, it is becoming increasingly difficult to ensure the security and protection of that data,” Mohit observes.

In this VUCA landscape, technology can provide significant benefits to organisations in protecting their data. Implementing technological solutions helps businesses to secure their data from loss, theft and unauthorised access. It also ensures quick data restoration in emergency or outage situations.

“In essence, the purpose of technology partnerships is to assist businesses in implementing and improving their technical systems,” Mohit believes. “There is no doubt: collaboration in technology promotes growth, eases processes and reduces timelines.”

Two heads are better than one when it comes to implementing established technology systems. But while a technology partnership can effectively deliver technical expertise, it is important not to underestimate the value business acumen offers in return.

“Ultimately, collaborating and pooling resources can prove to be a highly effective approach in propelling both parties towards progress and innovative solutions,” Mohit concludes.

March 24, 2023

8th Annual Singapore OpenGov Leadership Forum 2023, 10 - 11 MAY 2023 - CLICK HERE FOR DETAILS

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Citizens to discuss development of internet in Singapore and across the globe

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