Better the devil you know than the devil you don’t. The old adage holds true for cyberattacks. Kaspersky Labs have found that Advanced Persistent Threats (APT) were looming in the Asian region. What’s worrying is the less familiar threat actors which the researchers have little experience combating.
There have been a significant number of attackers who have targeted or timed their campaigns around sensitive geopolitical incidents.
Kaspersky laps are constantly uncovering new tools, techniques and campaigns being launched by APT groups, some of which have been dormant for years. Asia being a bustling business hub have been the epicentre of APTs over the past decade. Regional groups such as the Korean-speaking Lazarus and Scarcuft were humming with activities. Researchers also discovered an implant called LightNeuron that have been used by the Russian-speaking Turla to take Central Asia and the Middle East as prey.
The following are Kaspersky Lab’s log of global cyber-attacks.
The Olympic Destroyer makes a come back
Bad things come in pairs. Research suggests that the faceless actor responsible for Olympic Destroyer just might be the culprit for the latest Russian-speaking threat actor Sofacy. The Olympic Destroyer a potent malware that caused mass disruption in the 2018 Winter Olympics in Pyeonchang, made a comeback targeting financial organizations in Russia. It also attempted to attack biochemical threat prevention laboratories in Europe and Ukraine.
The Lazarus Group’s Cyberespionage Campaign
The Lazarus group also known as the BlueNoroff is one of the world’s most notorious cybercrime groups, made up of an unknown number of individuals. This high profile APT targeted several financial institutions in Turkey and casinos in Latin America, as part of a cyberespionage campaign. Despite the ongoing North Korean peace talks, these attacks suggests that the Lazarus Group is financially motivated.
Scarcruft the Relatively New but Potent APT
Researchers have recently observed a relatively high activity from the Scarcruft APT. This particular threat actor has taken victims from Russia, Nepal, South Korea, China, India, Kuwait and even Romania. They do this by using Android malware and launching an operation with new backdoor researchers named POORWEB.
Smell a Rat? It’s LuckyMouse APT.
LuckyMouse APT goes by APT 27. The ambiguity in name allowed the Chinese-speaking threat actor to abuse Asian Internet Service Providers (ISP). LuckyMouse APT launched a waterhole attack through high profile websites. The vicious attack targeted the website’s end users. By infecting the website, the APT is able to gain unauthorized access into the end user’s networks, and eventually their place of employment’s network.
The attacks were strife in Kazakh and Mongolian governmental entities. Unsurprisingly, the attacks were around the time when these governments had a meeting with the People’s Republic of China’s statesmen.
The VPNFilter Campaign
Domestic networking hardware and storage solutions were threatened by the VPNFilter campaign. The Campaign was uncovered by Cisco Talos and the FBI. The FBI attributes the VPNFilter campaign to Sofacy or Sandworm. [wtheck is sofacy and sandworm].
The threat can even inject malware into traffic in order to infect computers behind the infected networking device. Most worryingly, Kaspersky Lab’s analysis confirmed that traces of this campaign can be found in almost every single country.
All in all, the second quarter of 2018 revealed interesting developments in APT activity. The threats received only confirm the fear of how destructive APT activity can be. Kaspersky advices that networking hardware is predisposed to targeted attacks. Furthermore, warnings regarding the
The Q2 APT Trends report summarizes the findings of Kaspersky Lab’s subscriber-only threat intelligence reports, which also include Indicators of Compromise (IOC) data and YARA rules to assist in forensics and malware-hunting. For more information, please contact: email@example.com
The Q2 APT Trends summary report can be found on Securelist
The Counter Ransomware Task Force (CRTF), which was formed to bring together Singapore Government agencies from various domains to strengthen Singapore’s counter-ransomware efforts, has issued its report.
Singapore’s efforts to promote a resilient and secure cyber environment, both domestically and internationally, to combat the rising ransomware threat are guided by the recommendations in the CRTF report.
According to David Koh, Commissioner of Cybersecurity, Chief Executive of CSA and Chairman of the CRTF, ransomware poses a threat to both businesses and individuals. Economically, socially, and even in terms of national security, it can be detrimental. Both internationally and across domains, ransomware is a problem.
“It requires us to collaborate and draw on our knowledge in a variety of fields, including cybersecurity, law enforcement, and financial supervision. It also necessitates that we work with like-minded international partners to identify a common problem and develop solutions,” David explains.
He exhorts businesses and individuals to contribute as well, strengthening the nation’s overall defence against the ransomware scourge.
Cybercriminals use malicious software known as ransomware. When ransomware infects a computer or network, it either locks the system or encrypts the data on it. For the release of the data, cybercriminals demand ransom money from their victims.
A vigilant eye and security software are advised to prevent ransomware infection. Following an infection, malware victims have three options: either they can pay the ransom, attempt to remove the malware, or restart the device.
Extortion Trojans frequently employ the Remote Desktop Protocol, phishing emails, and software vulnerabilities as their attack vectors. Therefore, a ransomware attack can target both people and businesses.
The ransomware threat has significantly increased in scope and effect, and it is now a pressing issue for nations all over the world, including Singapore.
The fact that attackers operate internationally to elude justice makes it a global issue. Ransomware has created a criminal ecosystem that offers criminal services ranging from unauthorised access to targeted networks to money laundering services, all fed by illicit financial gains.
Singapore must approach the ransomware issue as a cross-border and cross-domain problem if it is to effectively combat the ransomware threat.
Other nations should adopt comparable domestic measures to coordinate their financial regulatory, law enforcement, and cybersecurity agencies to combat the ransomware issue and promote international cooperation.
Three significant results were the culmination of the CRTF’s work. For government agencies to collaborate and create anti-ransomware solutions, they first developed a comprehensive understanding of the ransomware kill chain.
Second, it examined Singapore’s stance on paying ransom to cybercriminals. Third, for the government to effectively combat ransomware, the CRTF suggested the following policies, operational plans, and capabilities under four main headings:
Pillar 1: Enhances the security of potential targets (such as government institutions, critical infrastructure, and commercial organisations, especially small and medium-sized businesses) to make it more difficult for ransomware attackers to carry out successful attacks.
Pillar 2: To lower the reward for ransomware attacks, disrupt the ransomware business model.
Pillar 3: To prevent ransomware attack victims from feeling pressured to pay the ransom, which feeds the ransomware industry, support recovery.
Pillar 4: Assemble a coordinated international strategy to combat ransomware by cooperating with international partners. Singapore should concentrate on and support efforts to promote international cooperation in three areas that have been identified by the CRTF: law enforcement, anti-money laundering measures, and discouraging ransom payments.
The appropriate government agencies will take the recommendations of the CRTF under consideration for additional research and action.
The Ministry of Information and Communications (MIC) announced it would roll out Internet advertising management measures at a conference in Hanoi earlier this week. Participants at the event discussed how advertising in cyberspace has become the norm. Domestic and foreign firms choose it because it is easier to access customers and it offers flexible costs and larger reach. However, the limited management of ads poses potential risks to the safety of brands, the Ministry has said.
According to a press release by MIC, ad agents affirmed that without the cooperation of cross-border platforms in modifying algorithms to filter and censor content, ad violations will remain rampant. The Ministry will penalise agents and brands that cooperate with platforms that do not fall in line with MIC regulations. On the other hand, the Ministry will support ads on domestic and foreign digital platforms that comply with domestic laws, MIC’s Deputy Minister, Nguyen Thanh Lam, noted. This will protect brands and build a healthy, safe, and fair ad business environment.
The Ministry will also increase inspection and clampdown on violations of Internet ads activities, he said. Cross-border ad firms that fail to comply with Vietnam’s laws will not be allowed to operate in the country. MIC has also generated a Whitelist consisting of licensed e-newspapers, magazines, general information websites, and social media. Other websites, registered accounts, and information channels are also in the pipeline for the list, the release said. The list will be publicised on the portals of the Ministry and Authority of Broadcasting and Electronic Information. Ad service providers, agents, and brands were also urged to use the list for their work.
Nearly 80% of the population in Vietnam are digital consumers, as OpenGov Asia reported earlier in October. Over the past year, the average contribution of e-commerce to total retail has continued to grow at 15%. Higher than growth in India (10%) and China (4%), with an online-to-total retail share of 6%. Now that the world is in the post-pandemic stage, regional consumers are prioritising an integrated shopping experience, combining online and in-person services. During the ‘discovery’ phase of their shopping, 84% of Vietnamese shoppers use the Internet to browse and find items. This is a period when they use more platforms than ever before, with the dominance of the e-commerce market accounting for 51% of online spending.
At the same time, social networking sites account for nearly half of online discoveries, including images (16%), social media videos (22%), and related tools such as messaging (9%). These tools were paramount channels for 44% of survey respondents. Consumers’ openness to interaction and experimentation has also led to behavioural changes, with 64% of respondents saying they have interacted with a business account in the past year. As customers seek more engagement, the content creation economy is able to grow exponentially.
In the context of digital consumption, Vietnamese users switch brands more often and increase the number of platforms they use to find a better value, with 22% of online orders made on various e-commerce platforms. The number of online platforms Vietnamese consumers use has doubled from 8 in 2021 to 16 in 2022. Therefore, it is important to put in place proper ad regulations as Internet usage grows.
The Cyberspace Administration of China (CAC) announced a new certification for personal information protection and implementation. The office has decided to implement such certification to enhance its information protection capabilities and to promote the rational processing of personal information.
The certification implementation follows the Personal Information Protection Certification Implementation Rules. The implementation rules clarify that personal information processors must comply with the requirements of GB/T 35273 Information Security Technology Personal Information Security Specifications. The rules outline requirements for on-site audits, the evaluation and approval of certification results, post-certification supervision and certification time limits.
Organisations engaged in personal information protection certification work need approvals to carry out activities. The regulation applies to every personal information processor that carries out private information collection, storage, use, processing, transmission, provision, disclosure, deletion and cross-border processing activities.
The State Administration for Market Regulation and the State Internet Information Office decided to implement personal Information protection certification. The step is relevant to provisions of the Personal Information Protection Law of the People’s Republic of China (‘PIPL’). The body requires the Specifications for Security Certification of Cross-Border Processing of Personal Information for cross-border personal information processing.
The latest versions of the standards include technical verification, on-site audit, and post-certification supervision. In addition, the certification body shall clarify the requirements for certification entrustment materials, including but not limited to the basic materials of the certification client, the certification power of attorney, and relevant certification documents.
To get certified, an organisation must submit certification entrustment materials according to the certification body’s requirements and the certification body shall give timely feedback on whether it is accepted after reviewing the materials.
The materials are then used for determining the certification plan, including the type and quantity of personal information, the scope of personal information processing activities, information on technical verification institutions, etc., before notifying the organisation seeking certification.
The CAC stated certification is valid for three years. An organisation must submit a certification commission within six months before the expiration of the validity period. The certification body shall adopt the method of post-certification supervision and reissue new certificates to those that meet the certification requirements.
Violations, cheating, and other behaviours that seriously affect the implementation of the certification on the certification client or personal information processor will cancel the certificate. Therefore, certification bodies shall adopt appropriate methods to implement post-certification supervision to ensure that certified personal information processors continue to meet certification requirements. The certification body comprehensively evaluates the post-certification surveillance conclusions and other relevant information. If the evaluation is passed, the certification certificate can continue to be maintained.
The organisation shall actively cooperate with the certification activities. During the validity period of the certification certificate. If the name and registered address of the certified personal information processor, or the certification requirements, certification scope, etc., change, the certification principal shall submit a change entrustment to the certification body.
When changes happen, the certification body must evaluate the change in entrustment materials. The result will determine whether the body can approve the change. If technical verification or on-site audit is required, the body shall conduct technical and on-site audits before the change is approved.
When a certified personal information processor no longer meets the certification requirements, the certification body will promptly suspend or revoke the certification certificate. The certification principal can apply for the suspension and cancellation of the certification certificate within the validity period of the certification certificate.
Both in normal circumstances and in times of crisis, Thai people are known to generate a lot of innovative ideas and continue to develop products that make their lives better. This encompasses and encapsulates the nation’s most recent campaign, Innovation Thailand, which promotes Thai creativity to a global audience.
The Innovation Thailand Alliance consists of partners from a variety of sectors including government agencies, private organisations, educational institutions, and civil societies. Through it, the National Innovation Agency of Thailand (NIA), is expanding the scope of its Innovation Thailand platform.
The fundamental goal is to use national/local ideas to revitalise the nation by promoting awareness of and pride in inventive Thai works. Allies will serve as ambassadors in the effort to promote Thailand as an innovative nation. They will be able to exchange knowledge and skills with one another at the same time.
All stakeholders are enthusiastic to help Thailand achieve its goal of being one of the world’s top 30 innovative nations by 2030 and turning Thailand into an innovation-driven country.
Innovation Capabilities of Thai People
The National Innovation Agency’s mission is to support and develop Thailand’s innovation system to promote economic restructuring and competitive enhancement.
“We began the Innovation Thailand campaign before COVID-19 because we faced a significant challenge in terms of how not only Thai people but also global clients, perceive the nation’s unique products and services,” explains Dr Pun-Arj.
Even though this may not be directly related to innovation, the NIA has attempted to communicate and brand national innovation in such a way that it can be easily connected not only with Thais but also with international customers – this is how they started the Innovation Thailand platform.
Thailand is a tourist destination and one of the top three in the world, which has caused the country to innovate their lifestyle as well as their livelihood.
Thai culture places a high value on craftsmanship and attention to detail. Thai innovation for artful living is a process created exclusively by the fusion of modern technology and knowledge passed down from one generation to the next.
“We have created ingenious solutions through this method that enhances the standard of living in terms of society, prosperity, health, safety, and the environment,” Dr Pun-Arj furthers.
They began to construct a community to exchange ideas, develop, and manage innovation that would result in delivering some information or any significant strategic movement that the government could initiate.
They are recruiting more Chief Innovation Officers from not only the private sector but also the public sector and universities, as part of their primary target group.
Dr Pun-Arj is looking to enhance the opportunities brought in by innovation, particularly at the regional level in the city. This is because they are working not only on economic development but also on the skillset of the social innovation division and platform.
“As a result, our primary focus is on regionalisations of innovation possibilities, as well as startups – innovation-based firms,” reveals Dr Pun-Arj.
He believes that every successful community is built upon a robust and well-functioning infrastructure. Hence, Thailand’s industries and infrastructure will be modernised to meet upcoming challenges.
“In the past, one of our five-year priorities included buildings which we identify as system integrators. As the system and ecosystem become more robust, we are transitioning from system integrators to full core facilitators.”
He emphasised the need to consider the impact of being a system integrator before transforming themselves into focal facilitators. Furthermore, the country wants to make better use of the enormous resource of innovation in universities to conduct research and technology in collaboration with other organisations across the world.
Through the City Innovation Index, which focuses primarily on districts and cities, the NIA promotes and monitors the constant innovation and evaluation of diverse organisations. Periodically, they performed surveys in particular industries to evaluate and propose answers for the difficulties they face.
A strong innovation strategy will evaluate the overall objectives, the target portfolio for innovation initiatives, and the process for allocating the necessary resources. The portfolio clearly defines innovation-critical benchmarks and bounds. Therefore, the nation will become democratic and transparent.
“I believe the government’s most essential innovation strategy focuses on three specific concerns. You must have highly strong and capable businesses of all sizes that will establish a very strong enterprise on its own. And secondly, you must have laws and regulations,” Dr Pun-Arj asserts. “In addition, governance is also required and identifying future risks.”
Thailand is struggling with several issues, including inequality, which includes limited access to public services, digital technology, education, and environmental problems. High manufacturing costs and new types of competition in the global supply chain became challenges for Thailand, with this, innovation has emerged as the country’s answer.
Additionally, there are many challenges in terms of digital transformation and government service and the nation is pushing for innovation that can deliver a good policy and deploy it into practice.
In the previous five-year plan, NIA primarily focused on the job of system integrator into four core facilitators. “That is why the short-term strategy is to train management in the methods, programmes, and activities that we have implemented over the last five years.”
NIA is primarily concentrated on strengthening the potential of regional innovation in several key sectors such as new technologies, assistance for startups, venture capital creation or investment for innovation, and internationalisation of Thailand’s innovation.
Dr Pun-Arj envisions a stronger Thai economy and society, with innovation playing a key role in propelling it. The Bio-Circular-Green Economy (BCG) model is a plan for the country’s growth and post-pandemic recovery. The BCG model focuses on four strategic sectors: agriculture and food, wellness and medicine, energy, materials, and biochemicals and tourism and creative economy.
It emphasises using science, technology, and innovation to turn Thailand’s comparative advantage in biological and cultural diversity into a competitive advantage. The primary aim is to support the sustainability of biological resources, develop local economies and communities and make Thai BCG industries more competitive and resilient to societal changes.
The approach is meant to make Thailand’s economy, society, and environment more sustainable and inclusive. “To achieve the 2030 goal, we must work incredibly hard to encourage innovation in this BCG economy. At the same time, the national policy needs to be improved.”
Dr Pun-Arj has been recognised as a pioneer in the domains of foresight and innovation management in the country. He counsels anyone aspiring to be a great innovator to fully comprehend the concepts of uncertainty and failure.
“Innovation will help us grow as a community or nation by making ourselves and others aware of the importance of innovation,” Dr Pun-Arj concludes.
The Vietnam Information Security Association (VNISA) surveyed 135 organisations and enterprises in Vietnam on ensuring information security. One out of every four organisations and businesses have had their systems interrupted or attacked in 2022, while 76% of organisations and businesses lack sufficient staff for information security.
The information was revealed by former Deputy Minister of the Ministry of Information and Communications (MIC), Nguyen Thanh Hung, who is chair of VNISA, during a plenary session at an international workshop during the Vietnam 2022 Information Security Day.
The survey found that 58% of organisations have doubts about technology and 47% about security holes. Around 68% of organisations and businesses said they still don’t have enough money to invest in information security annually. At the workshop, Tran Dang Khoa, the Deputy Head of the Authority of Information Security, said that in the last 11 months, the agency has recognised, warned, and instructed companies on how to handle 11,212 cyberattacks. The number of information systems in accordance with the new levels accounts for 54.8%. One of the key tasks of the agency in 2023 is submitting information to the Prime Minister for the issuance of a directive on legal compliance and security.
The workshop was sponsored by MIC and organised by VNISA and MIC and addressed “safe” digital transformation. MIC’s Deputy Minister, Nguyen Huy Dung, stated that ensuring safety in cyberspace is the task of all agencies, units, and people. Dung stressed that digital transformation is a national long-term programme. It means bringing people’s and businesses’ activities into a digital environment. It is necessary to protect more than 3,000 information systems of the state’s agencies, as well as activities in cyberspace of nearly one million businesses, five million business households, 26 million households, and 100 million people.
Dung noted that ensuring safe cyberspace and safety for organisations and people in cyberspace is the responsibility of all agencies, organisations, and people, with the principle ‘like cyberspace, like the real world’. The agencies in charge of certain fields in real life will also be in charge of those fields in the virtual environment, he said.
In October, Prime Minister Pham Minh Chinh issued Directive No. 18/CT-TTg on accelerating the implementation of activities to respond to cybersecurity incidents in Vietnam. The directive states that the government will pay more attention to reviewing, detecting, and fixing vulnerabilities and weaknesses. It will proactively monitor and detect any network information insecurity risks to promptly handle incidents. It will strictly implement regulations on reporting online information security incidents.
As OpenGov Asia reported, the directive describes cybersecurity as an important, cross-cutting pillar in the creation of digital trust. Its promotion will protect the country’s prosperous development in the digital era as the country attempts comprehensive national digital transformation. Chinh urged stakeholders to thoroughly grasp the contents of the Directive and devise measures to address and timely handle cybersecurity incidents. Stakeholders include ministers and heads of ministerial-level agencies, among others.
Public-Private Partnerships (PPPs) in education have the potential to enhance how education is provided, financed, and managed as well as offer easier access to the community.
A PPP system operates under the construct that market mechanisms, in conjunction with government inputs, are better for providing education. One of the rationales behind PPPs, which are supported by international organisations, development agencies and academics, is that competition between public and private education providers is a good way to improve the quality and efficiency of education.
PPP policy frameworks should therefore create real market dynamics in which education service providers continue to innovate and improve the quality of their services to attract learners, young and old, who are seen as benefit maximisers and well-informed consumers.
New Era of Partnerships, Building Talent Pipeline
“The structure and framework for any university to launch degree programmes can be fairly onerous, given the emphasis on quality assurance and relevance,” says Annie who is also a Professor Emeritus of Finance (Practice), Lee Kong Chian School of Business and Senior Advisor at the Business Families Institute in Singapore Management University (SMU).
However, academic-industry partnerships play a crucial role in building the future of students and facilitating the transition of young people from school to work. Students need to be exposed to a variety of jobs and workplaces to develop interest and discover where their studies and passion may lead.
Industry partnerships with different sectors offer a variety of experiences, such as simulated job interviews, career development activities, challenge-based learning projects, curriculum-aligned activities, and work-study programmes. In addition, internships have become a vital opportunity for candidates to distinguish themselves prior to full-time employment.
A PPP is mutually beneficial, allowing industry access to fresh talent and looking at the industry’s challenges from the perspective of future consumers or employees acknowledges Annie. In fact, the private sector has indicated to all institutions that they need future talent in the area of data analytics, so SMU has recently launched a track in data analytics hosted in both their business school and computer and info systems school so universities also benefit from the insights from the industry to stay relevant in our curricula.
With the help of data analytics tools, a company may take unstructured raw data and use this information to discover patterns, draw conclusions and turned into useful insights. Therefore, data analysis aids businesses in so many ways, including making educated judgments, developing a more successful marketing plan, enhancing the customer experience and streamlining processes.
Education is not only under the charge of the Ministry of Education but also needs the support of other ministries since future jobs and capacity building are expected of the Ministries of Trade and Industry, Finance, Maritime, Health and others. Partnering with the whole of government allows for students’ skillsets to be increased and all students become more relevant, valuable and workplace ready.
Prof Annie knows that no one has a monopoly on knowledge, and no one knows the exact skills which will be needed in the future. Thus, PPPs have the most value when it forms a part of “lifelong learning.”
The exciting thing about lifelong learning, Annie believes “…is that when you get your degree, you think you’re done, but you’re just getting started. Even as you gain experience and learn on the job, you’ll need to keep reinventing yourself and the skills needed to extend your runway will keep changing.”
Passion extends beyond degrees and ongoing learning is a crucial element to keep employees engaged That’s why higher education now permits a variety of pathways to marry passion with career aspirations and is no longer a paper chase, she explains.
Two good cases to illustrate the value of PPP in the context of SMU’s innovative programmes that Prof Annie is very proud of are the partnership approach in launching the International Trading track and the Maritime Business Operations track under the Finance and Operations majors in SMU’s business school.
In accordance with the creation of a strong Singaporean core, wholesale trade and maritime businesses have been focusing on both skillset development and attracting new talent supply to ensure a pipeline of sustainable human capital. So, the trading and maritime sectors do need to build a case for making the jobs in their sectors more appealing – particularly with the assistance of government grants and scholarships.
Companies can play a crucial role by showing how an organisation can provide a feeling of purpose with support and development opportunities available to make building a career in their organisations appealing and attractive to the candidate
A part of Annie’s challenge in the early days was to set up an International Trading Institute (ITI) where students could take for-credit classes under the business school and get a certificate of completion for the non-credit practice-oriented sessions, learning from practitioners in the evenings.
“My goal at SMU is to link external relevance to internal degree requirements while upholding the quality assurance requirements of the education system. Different industry partners help us with this mission to co-create and deliver the applied learning content with us.”
SMU is therefore a strategic asset for the country and both the tracks had, over the last decade, created a pool of more than 300 alumni who are knowledgeable about wholesale trading, largely in the commodities trading space and maritime operations. Now, there is available talent who are able to speak and work with more confidence up and down the trade value chain and contribute to Singapore’s relevance as a trade and maritime hub.
Another great example of PPP was manifested during the last three years of the COVID-19 crisis which saw a spate of job cuts and many experienced PMETs were laid off. Annie worked with her teams at ITI and BFI to design a nine-month Business and Digital Transformation programme which combined in-class training modules with a capstone project for candidates who are matched to SMEs to also deliver a project for these sponsoring companies. Candidates have a chance to learn and apply the knowledge and sponsoring companies also benefit from the capstone projects delivered. In addition, 70% to 90% of the programme fees are supported by SSG grants, while WSG grants provide funding support towards the candidates’ commensurate salaries.
All these partnerships were possible because a pool of companies is available and can be accessed to match the candidates as a result of SMU’s external network of trusted companies, which was strengthened by the BFI that Annie had set up 10 years ago with the support of SMU’s senior leadership. Many of Asia’s SMEs are family owned with different sets of challenges and aspirations other than the usual business issues. In addition, many of these business families have longer horizons and they are the ones that countries depend on to build businesses sustainably as they think beyond current generations.
Therefore, business families with an entrepreneurial spirit, not only make money but also contribute to changing the world through their businesses and other new ventures, including building social enterprises and philanthropic activities.
By addressing business family-specific issues such as succession, family governance, entrepreneurship and wealth management, BFI aims to strengthen the ecosystem of entrepreneurial business families and stakeholders in their creation of sustainable impact by leveraging SMU’s core competence as a thought leader. In turn, BFI has been a strong partner to the LKYGBPC. Many of LKYGBPC’s sponsors are family-owned businesses, such as Wilmar International and Frasers.
In addition, many of these family enterprises have footprints beyond Singapore and are always on the lookout for quality start-ups to invest in or be part of their accelerator programmes. Innovation is essential for a company to improve its operations, introduce new and enhanced products and services to the market, raise its efficiency, and most crucially, boost its profitability.
Annie feels that her journey in academia is more about building entrepreneurship and Technology, Talent and Trust (3Ts) are important drivers in helping companies in their transformation journeys. As such, public-private-people partnerships are even more relevant in today’s challenging and uncertain times to build back better and broader for everyone.
According to Annie, the road to digital and business transformation success is paved with courageous actions by caring and forward-looking leaders. The right leaders will build a firm sustainably and attract the right people, the right leaders will inspire and motivate the right people to learn, improve and grow.
“Developing people is my calling but learning to develop people is everyone’s responsibility. And because the world is bigger than yourself, you need to be big-hearted, purpose-oriented, and have an open mind to be successful on any path you choose,” Annie concludes.
The Second Minister for Trade and Industry, Tan See Leng, and the Republic of Korea (RoK) Minister for Trade, Dukgeun Ahn, have signed the Korea-Singapore Digital Partnership Agreement (KSDPA).
Under the agreement, the two sides will work to establish digital trade rules and norms to promote interoperability between digital systems. This will enable more seamless cross-border data flows and build a trusted and secure digital environment for businesses and consumers. A government press release wrote that KSDPA will also deepen bilateral cooperation in new emerging areas such as personal data protection, e-payments, artificial intelligence, and source code protection.
The Ministers also signed a memorandum of understanding (MoU) on Implementing the Korea-Singapore Digital Economy Dialogue, which will act as a platform to promote digital economy collaboration between industry players and academic experts from both sides. The MoU is part of bilateral efforts to develop cooperative projects to implement the KSDPA. Key features of the KSDPA include:
Facilitating end-to-end digital trade
Electronic Payments (e-payments): The two sides will adopt transparent and facilitative rules (e.g. encouraging open Application Programming Interfaces (APIs)) to promote secure cross-border e-payments.
Paperless Trading: Singapore and RoK will accept electronic versions of trade administration documents to support the digitalisation and seamless exchange of key commercial documents.
Open Government Data: Both countries will ensure that government data will be publicly available in a machine-readable and open format, with easy-to-use and freely available APIs.
Enabling trusted data flows
Cross-border Data Flows (including for financial services): Businesses in Singapore and RoK will be allowed to transfer information, including those which are generated or held by financial institutions, across borders if the requisite regulations are met and with adequate personal data protection safeguards in place.
Prohibiting Data Localisation: The two nations will establish rules against data localisation requirements so that businesses can choose where their data is stored and processed, and their cloud technology of choice.
Facilitate trust in digital systems and participation in the Digital Economy
Artificial Intelligence (AI): The countries will promote the adoption of AI governance and ethical frameworks that support the trusted, safe, and responsible use of AI-based technologies.
Cryptography: Neither country will require the transfer of or access to private keys and related technologies, as a condition of market access.
Source Code Protection: To ensure software developers can trust the market within which they operate and ensure that source code is protected, neither country will require the transfer of, or access to, source code as a condition of market access. This includes the algorithm expressed in the source code.
Online Consumer Protection: The two sides will adopt laws that guard against fraudulent or deceptive conduct that causes harm to consumers engaged in online commercial activities.
Small and Medium Enterprises Cooperation: Singapore and RoK will promote jobs and growth for SMEs. They will also encourage their participation in platforms that help link them with international suppliers, buyers, and other potential business partners.
Digital Identities: The countries will promote interoperability of digital identity regimes, which can lead to reliable identity verification and the faster processing of applications. This will enable businesses and consumers to navigate the digital economy with ease and security.