During the outbreak of severe acute respiratory syndrome (Sars) in 2003, many educators in Hong Kong turned to the dissemination of online learning via a website created for each grade level. Subject teachers posted worksheets and projects for students to complete.
Now, in 2020, differences in schools’ commitment and capacity to implement and support high-quality online instruction become evident as schools close amid the novel coronavirus outbreak. Hong Kong schools will remain closed until at least 2 March 2020.
Several schools, especially international schools, are trying to have their students “attend” a regular school day. Some are providing students with an interactive classroom experience via different web-based video conferencing tools.
They are working to continue live interactions between teachers and students as online instruction is adopted, as well as more collaborative interactions among students with online instructional programmes. (However, some schools are still sending worksheets to students.)
How are these schools able to roll out home learning so successfully? Experience of bad weather, and coping with the disruption caused by recent protests in Hong Kong, have helped.
Educators have become accustomed to delivering home learning in a suspension for typhoons, which is typically one to two days.
During the protests, teachers started using more videos, and afterwards reviewed delivery of home learning across schools so that they could be better prepared for further suspensions, one educator noted.
Another school stated that it is currently using several different online platforms to deliver lectures and meet curriculum benchmarks. Teachers have the flexibility to decide how they choose to disseminate online learning.
One school is addressing the well-being of senior students. Its PE department uploads daily workouts for students that are designed to be done indoors using home furniture.
Student advisories take place daily at noon, which allows students to engage in a live chat with their tutor, enabling their well-being to be assessed.
The heads of each prep school are recording a weekly assembly, focusing on hygiene and handwashing, among other topics.
Students preparing for exams and doing practical subjects have definitely been affected by the school’s closure. Reduced access to specialist machinery has prevented some students from design technology completing work and affected drama students’ ability to rehearse with others.
To help with this, teachers find themselves taking more risks; using online simulations in lieu of practicals.
In related news, a Hong Kong-based artificial intelligence SaaS company announced that it has launched a series of free online educational tools.
The firm offers complimentary videos for AI-focused online classes, an interactive platform for learning to program and practising AI theories, and courses for educators to learn how to teach the content.
The video classes focus on the fundamentals of AI, machine learning, and robotics. The content is available on several online learning platforms in China.
Meanwhile, teachers can use the firm’s instructor training materials, which include details on “AI development to applications and algorithms.”
The tech firm is also offering free live-streamed lessons that allow for real-time conversations, the company said.
During the first semester of the 2019-2020 school year which began in September, 140,000 students from cities including Shanghai, eastern China’s Qingdao, as well as Hong Kong and Macau used the company’s AI curriculum.
AI applications have made contributions to the prevention and control of the epidemic – in terms of screening, diagnosing and monitoring the disease through data analytics.
With the rapid adoption of AI technologies in various industries, rising demand for AI talents is expected across the world.
The firm is not the only company offering free online classes as a result of the outbreak.
A Chinese online teaching and the educational company pledged to offer free classes to children between the ages of four and 12.
Meanwhile, schools around China have been using platforms like Dingtalk and Wechat Work to conduct remote video classes so students don’t fall behind.
Having battled the global pandemic for more than 6 months and foreseeing its lasting impact in the times to come, it is important to ask how prepared we are for the life after COVID–19. What are some of the valuable lessons that we have learnt in the past few months that we must take with us as we venture into the ‘new normal’?
In an attempt to discover and delve into the answers to these questions, OpenGov Asia hosted an OpenGovLive! Virtual breakfast insight with financial industry executives based in Indonesia.
The timely and thought-provoking issues saw a 100% attendance and high engagement rate from the audience for the session.
Balancing digital transformation along with managing fraud and risk is a major challenge for banks
Mohit Sagar, Group Managing Director and Editor-in-Chief, OpenGov Asia set the tone for the discussion by pointing out that the new, transformed workspace is no longer a physical place that employees go to but a cluster of virtual work tools that lets employees stay productive anytime and anywhere.
This free and flexible style of working has posed a major challenge for the financial sector industry. They are under a lot of pressure to balance their digital transformation efforts with the increasingly stringent regulatory guidelines alongside managing stakeholder expectations.
Apart from being resilient, banks have to constantly ensure that they are compliant and not flouting any regulations to ensure their presence amongst other contemporaries.
Operational resilience, which was earlier a seldom-discussed topic in the boardrooms, has been elevated on the priority list of CIO’s.
Mohit also highlighted the fact that mere compliance is not enough to ensure survival in the post-COVID-19 world. Constantly pushing the envelope by innovating and thinking outside the box is more important than ever.
He left the audience with advice that to effectively manage these distinct aspects of their business, it would be expedient to seek help and support of partners who specialise in it and who can help them prioritise right in the new uncertain normal.
How SAS can help and support financial institutions in the post COVID era
After Mohit’s challenging opening, Anggaraini Rahayu, Director-FSI, SAS Indonesia, shared her insights on the topic.
Anggaraini began by explaining how SAS can support, help respond to sudden changes and mitigate risk for the financial institutions as they recover in the post COVID–era.
She shared that SAS is doing this by identifying the volatility in macroeconomic factors that are key drivers of change, building up data and analytics capabilities along the journey to recovery and getting ahead of the innovation curve and applying analytics for future strategies.
Anggaraini elaborated on the various trends and opportunities in the FSI that have emerged beyond the pandemic. They are enhanced focus on digital transformation, better integration of financial services to the monetary policies, the robustness of asset and liability management, heightened security risks and surge in contactless payments.
She also talked about the way SAS operates in the financial industry space by enabling effective operations and working with innovative solutions that are driving amazing outcomes for their customers. As SAS champions driving value from analytics, she some of their use cases across the financial institution value chain shared with the delegates.
Anggaraini delved into the biggest focus area of SAS I.e. risk management for banking and insurance industry. She shared with the delegates the details of the SAS fraud and security intelligence solutions and how it enables users to stay resilient and relevant in the post-COVID-era.
She concluded her presentation by sharing some successful implementations of the above-mentioned solution.
Speed of service delivery is of utmost importance in the new financial industry world
After Anngarani’s information-rich presentation, Gerard Mcdonell, Regional Solution Director Fraud & Security Intelligence, SAS came forward to share his perspectives with the audience.
In his very first slide, Gerard highlighted the importance of the speed of delivery in the post-Covid era. Banks and financial institutions are under a lot of pressure to meet the changing demands of their customers in this new world. The need to go digital for financial institutions in the current scenario comes with the downside of increased risk of financial crimes and fraud.
He underscored the need for speed by quoting Klaus Shwab, who said that in this new world it’s not the big fish that eat small fish but the fast fish eating the slow fish.
Gerard validated his statement by citing a recent example where a large European bank lost an opportunity to expand their market due to the lack of agility and velocity in their DNA.
He also echoed the sentiment that the pandemic has only exacerbated the situation for financial institutions forcing the unbanked population to make a leap to digital banking. This, on one hand, has added to the existing challenges for the banks but, on the other, has exposed them to a new customer base that they can tap on.
He went on to shed light on the ways AI can support them. They include accuracy and efficiency with compliance, quick identification of fraudulent transactions, fast and accurate credit scoring.
Gerard strongly advised the colleagues from the industry to embrace the latest advancements in AI to tap on this newly created customer base.
He concluded his presentation by sharing how SAS helped a major bank to significantly improve its fraud management by implementing the fraud management and credit authorisation solution together.
Learning to mitigate the effect of COVID-19 crisis in the financial sector industry
After Gerard, Alfanendya Safudi, Senior Vice President, Head of Credit Portfolio Risk at PT. Bank Mandiri shared his learnings with the delegates.
Alfanendya opened his slot by sharing that, just like the most of delegates and their organisations, Bank Mandiri had very limited visibility of the impact the COVID-19 crisis would have on the economy.
But early stress testing and contingency actions are key to mitigating the impact of COVID–19 outbreak. He ardently advocates stress testing as an effective way of mitigating COVID risk and also emphasised that the test needs to be updated frequently as well as supported by robust tools and systems.
He cautioned the delegates to not rely on a singular stress cycle and undergo multiple rounds of it as they did at Bank Mandiri.
Towards the end of his presentation, Alfanendya shared with the delegates how banks need to prepare as they move forward in the new normal. He also agreed that there is an increase in non-financial risks like fraud, scams, cyber-attacks etc. during the COVID-19 crisis that needs to be better prepared for in times to come.
After the informative presentations, it was now time for the more interactive part of the session: the polling questions and discussions.
On the question about your organisation having the tools to model out the P&L under a wide range of different economic and non-economic scenarios, a majority of the audience voted that they use traditional forecasting techniques, and they are good enough (77%).
One one of the delegated reflected that they are currently using the traditional techniques that are sufficient for now but they are also open to new technologies out there that can help them do it better.
On the question about the impact of the pandemic on their operational risk exposure, particularly relating to fraud and compliance, a major chunk of the delegates voted that increased online and application fraud, along with greater resource demands to keep AML/ KYC/ screening compliance under control have been impacted (50%).
A digital executive shared that increased online or payment fraud and application fraud are bigger impact areas in their organisation that they need to work on.
On the final question about the top priorities, while managing risk management portfolio, the delegates seemed divided between updating their legacy with a modernised risk infrastructure (36%) and using AI and machine learning for credit scoring, capital optimisation, back-testing and model validation and regtech (36%).
After the polling session, the Virtual Breakfast Insight reached a timely conclusion with closing remarks by Febrianto Siboro, Country Managing Director, SAS.
Febrianto began by thanking all the delegates and speakers for joining the session and sharing their insights with the audience. He encouraged the audience to make use of various AI/ML and analytics solutions by SAS to augment their service delivery and team SAS would be happy to entertain their queries and demonstrations for the same.
The ability to undertake in vivo imaging of a living brain in a mammalian animal model is crucial for elucidating how the brain functions. However, the brain consists of tens of billions of neurons, each connected with thousands of others via synapses, the sites of communication between neurons that allows transmission of information.
Thus, to truly understand the dynamics of neuronal synaptic interactions, the capacity for morphological and functional imaging of the brain at high spatial and temporal resolution is required.
Currently, scientists have many ways of imaging the brain, but the available solutions are greatly limited. Electron microscopy can provide high spatial resolution, yet is unsuitable for live imaging of biological tissues. Common non-invasive technologies, such as CT, MRI/ fMRI, PET and ultrasound, have limited synaptic resolution.
While optical microscopy provides subcellular resolution and is non-toxic to biological samples, its imaging depth is limited by optical scattering and aberrations induced by the tissues and the imaging system. Meanwhile, two-photon microscopy is restricted to imaging of the cortex regions only, leaving the subcortical and deep-brain structures unreachable.
Recognising the need for improved imaging capabilities, a group of scientists from the Hong Kong University of Science and Technology (HKUST) focused their sights on achieving brain imaging at synaptic resolution. The endeavour, a collaborative effort between Prof. Qu Jianan, Professor at the Department of Electronic and Computer Engineering, and Prof. Nancy Ip, Vice-President for Research and Development and the Morningside Professor of Life Science, has led to the successful development of a new imaging technology – adaptive optics two-photon endomicroscopy – that enables in vivo imaging of deep brain structures at high resolution. Remarkably, this technology can shed light on brain functions in regions that have never been well explored.
The group subsequently utilised the adaptive optics two-photon endomicroscopy system to investigate neuronal plasticity in the hippocampus, a critical deep brain structure, and revealed the relationship between the somatic and dendritic activity of pyramidal neurons within the hippocampus. The findings of this study were recently published in the prestigious journal Science Advances on 30 September 2020.
Prof. Qu stated that the technology enables imaging of other deep brain structures such as the striatum, the substantia nigra, and the hypothalamus. Thus, it is an exciting development and holds great potential for understanding brain functions and facilitating neuroscience research in the deeper parts of the brain.
In their study, the group sought to image hippocampal neurons using a miniature endoscope called the GRIN lens. However, the resolution of the GRIN lens is low and the imaging field-of-view is limited. Thus, tiny structures such as dendritic spines, the protrusions of neurons that receive information from neighbouring neurons, cannot be seen clearly. This is where adaptive optics technology comes into play.
Originally developed for ground-based astronomical telescopes to compensate for the light distortion of the atmosphere, the adaptive optics technology employs a bright star, or a so-called “guide star”, to measure the light distortion of the atmosphere and then compensates for the distortion by using a deformable mirror.
In developing the adaptive optics two-photon microscopy system, the HKUST group similarly used a localized fluorescence signal as the “guide star” inside biological tissues, which allowed them to measure the aberration of the endoscope as well as the brain tissue.
The ability to conduct live imaging of the deep brain at high resolution has long been a challenge. With adaptive optics two-photon endomicroscopy, the structures and functions of the deep brain can now be studied at an unprecedented resolution, which will greatly accelerate researchers’ progress in understanding the mechanisms of many neurodegenerative diseases and in developing related treatments.
The Malaysia Digital Economy Corporation (MDEC) and the Malaysian Global Innovation & Creativity Centre (MaGIC) in partnership with the Malaysian branch of an American multinational technology company have launched the “Highway to a 100 Unicorns” initiative, which is part of a joint initiative to empower local start-ups and strengthen Malaysia’s start-up ecosystem.
Eligible start-ups will gain access to focused workshops on business and technology, as well as monthly knowledge-sharing webinars with the global start-up community. Additionally, the top start-ups from Malaysia will stand to gain from a year-long mentorship program, access to enterprise clients, as well as engagement opportunities with the firm’s experts and industry leaders.
The Managing Director of the tech firm’s Malaysia arm stated that the country has a vibrant start-up ecosystem, and they play a vital role in the economy as innovators, disruptors. In partnering with MDEC and MaGIC, the firm introduced the ‘Highway to a 100 Unicorns’ initiative in Malaysia.
The initiative is part of the firm’s collective commitment to empowering local start-ups with the right technology and expertise, enabling them to scale and achieve more globally. The start-ups could potentially become tomorrow’s unicorns, helping to shape economic recovery and resilience and build a stronger long-term future in Malaysia.
The Chief Executive Officer of MDEC stated that Kuala Lumpur has been ranked 11th among emerging start-up ecosystems in the world by Startup Genome, which adds to the confidence that Malaysia is primed to be the preferred land and expansion base for the best innovators and tech start-ups regionally.
As the spearhead of Malaysia’s digital economy, the CEO highlighted that MDEC is firmly committed to assisting tech start-ups in their fundraising journey, global market expansion, and forging corporate partnerships to entrench Malaysia, “as the Heart of Digital ASEAN.”
The CEO of MaGIC noted that the Highway to a 100 Unicorns initiative is in line with their commitment to driving the development of a sustainable start-up and social enterprise ecosystem in Malaysia.
While steady growth has been witnessed over the years, the entire ecosystem has been challenged to innovate and accelerate its growth at a much faster pace in recent times. This initiative presents an exciting opportunity for Malaysian innovators and founders to scale and move beyond borders, through global collaborations, as well as industry-led mentorship and guidance.
To be considered for the initiative, start-ups will first have to apply to the Emerge X competition. There are three criteria for Emerge X, which are:
- Business-to-Business companies with product-market fit, revenue-generating with at least 3-4 clients.
- Business-to-Consumer companies with a large customer base (upward of 100K customers) and are revenue-generating.
- Funding is a plus.
All Emerge X start-ups will be awarded free GitHub and Azure credits and focused business and technology workshops.
The top finalists from Malaysia will be announced in November, joining other shortlisted innovators and entrepreneurs from 16 other Asia Pacific countries, including Bangladesh, Bhutan, Brunei, Cambodia, Indonesia, Laos, Maldives, Myanmar, Nepal, New Zealand, Philippines, Sri Lanka, Singapore, Thailand, Vietnam.
Additionally, the finalists will benefit from a year-long mentorship with technical and business deep dives, a Founder Bootcamp over 3 days, access to enterprise clients globally through Microsoft’s unique co-sell program as well as opportunities to interact with Microsoft experts and industry stalwarts.
The Highway to Unicorn programme was first launched by the firm for start-ups in India, where only 56 start-ups were selected to the Emerge X program from six states, which have over 15,000 start-ups. The Emerge X winners have greatly benefited from global market access support, a 3-day founder bootcamp with world-class mentors, access to funding, ongoing mentorship, and guidance on Azure, artificial intelligence, machine learning and more. Following the success, the programme has been extended to the Asia Pacific region.
Universiti Kebangsaan Malaysia (UKM) in collaboration with a local tech reseller and an American tech manufacturer to launch a new technological learning space, the AktivUKM ruang space for students and the entire campus community. The Vice-Chancellor of UKM stated that the AktivUKM™ space is the first learning space in public universities in Malaysia, which involves strategic collaboration with industry.
The idea of establishing the AktivUKM™ space begun with the aim of aligning with the UKM Strategic Plan 2019-2021 with the concept of House of Quality where Teaching-UKM has been given the mandate to realize the Empowerment of Teaching and Learning and Talent Outreach.
In line with the mandate, the establishment of the AktivUKM™ space is expected to empower students with relevant and futuristic skills to face the era of the 4th Industrial Revolution. The space was created as a knowledge hub that connects students, lecturers and UKM staff.
Its location, located in the Tun Sri Lanang Library, makes it a bridge to connect knowledge in the physical world and the digital world. True to its name, AktivUKM™ is symbolic to drive digital teaching and learning activities among campus residents and the community.
Apart from that, he said, the skills cultivated in the space are expected to provide students, lecturers and UKM staff to share, inspire, impart knowledge and further be able to increase the marketability of graduates.
Through this learning space, students will join the two industry partners in gaining hands-on experience and live digital and futuristic skills for their future careers. Students can also work with digital experts in the space to apply active learning with an American multinational technology company technology as well as develop and create innovative digital materials with futuristic space and technology.
In addition, the AktivUKM™ space provides a hub for lecturers to further strengthen strategic alliances with Apple in transforming teaching and learning (PdP) approaches. With this network, technology experts will be with lecturers in redesigning teaching with Apple’s futuristic ecosystem technology in line with Education 4.0. Lecturers can also create and innovate in PdP and in turn drive education based on the 4th Industrial Revolution.
Preparing Malaysian youth with digital skills
The current COVID-19 pandemic has made it apparent that equipping the workforce with digital skills is imperative for economic recovery. To enable this, the Malaysia Digital Economy Corporation (MDEC) has introduced a Digital Skills Training Directory during its recent #MyDigitalWorkforce Week, an initiative to assist youth job-seekers and the unemployed.
The CEO of MDEC said the directory would act as a guide for Malaysians in selecting digital courses that meet their career needs. The introduction of the directory is consistent with the agency’s focus on developing digitally-skilled Malaysians. It will be the go-to guide for all Malaysians and the workforce on what to look out for when it comes to digital tech up-skilling and re-skilling programmes.
Businesses that are looking to hire personnel and have plans to equip talent with relevant digital tech skills can refer to the digital-first focused directory catalogue as it lists down courses that address in-demand digital skills. In addition, most of the courses have been approved for funding – for organisations or talents – under the government’s National Economic Recovery Plan (PENJANA) Hiring Incentive that the Social Security Organisation (Socso) manages.
Should the candidates require training, up to RM4,000 training subsidy will be available for the unemployed who are selected for recruitment by Socso-registered employers.
This arrangement is also available for unemployed Malaysians who are registered with the Socso Employment Insurance System.
The directory covers all areas of digital skills training, from beginner up to advance level. The courses on the list consist of data science (50 courses); cybersecurity (44 courses); animation (19 courses); game development (five courses); and software development (55 courses). These include, but are not limited to, data science, cybersecurity, animation, game development, and software development for the new digital era.
JTC and the Singapore Business Federation (SBF) signed a Memorandum of Understanding yesterday to support manufacturers, especially SMEs, to kick-start their Industry 4.0 journey or to scale their current efforts through the adoption of technologies and solutioning for business operations through the new JTC-SBF Industry Transformation Initiative.
This initiative will provide companies that are keen in furthering their Industry 4.0 ambitions access to relevant Industry 4.0 related resources.
These include curated workshops, capability building initiatives tailored to companies’ digital readiness, and link-ups to a larger pool of technology partners and its consortiums, for solution matching to help companies develop the expertise to implement and scale Industry 4.0 solutions in their operations.
Over 300 companies are expected to be supported under this initiative and undergo Industry 4.0 transformation in the next two years. This will help them to develop new capabilities for their workforce, enhance its productivity and ensure long-term competitiveness.
Mr Tan Boon Khai, CEO of JTC, said, “SBF is an instrumental partner to drive the next phase of Industry 4.0 transformation by companies. With our large base of customers, strong network of partners, and robust advanced manufacturing ecosystem in Jurong Innovation District, more companies can become the forerunner in Industry 4.0. With this new partnership, we hope to see more businesses in Singapore transform and capture new growth opportunities in the region.”
Mr Ho Meng Kit, Chief Executive Officer of SBF, said, “The COVID-19 situation has brought disruptions to economies, making businesses rethink strategies, relook operating models and recalibrate resources. This has led to an accelerated need for a better understanding and adoption of Industry 4.0 to help local enterprises emerge stronger from the pandemic.
With the present downturn expected to be protracted, we hope that through this JTC-SBF partnership, we can further encourage more companies to take a holistic view at how Industry 4.0 solutions can help their businesses transform and thrive in the future economy.”
New initiatives to support and accelerate the next phase of Industry 4.0 transformation
This new collaboration will allow JTC and SBF’s combined network of companies to more easily access relevant Industry 4.0 resources across JTC and SBF’s networks and platforms.
Together with partners, joint engagement sessions will be carried out to further strengthen the various initiatives and encourage higher adoption of solutions for businesses to scale up their Industry 4.0 capabilities.
Companies can participate in curated training workshops and capability building programmes tailored to their level of Industry 4.0 readiness, and develop roadmaps to guide their implementation.
They will gain access to successful case studies and embark on learning journeys at Factories of the Future, giving them greater exposure to Industry 4.0 solutions in real production facilities. This will further encourage companies to transform and remain competitive amidst the pandemic.
Building a collaborative community through Industry Connect to help businesses capture new Industry 4.0 opportunities
This partnership with SBF is part of JTC’s ongoing efforts to build a collaborative community that can help companies to stay ahead of the curve. In January this year, JTC launched the Industry Connect Initiative to help businesses across its estates grow through technology adoption while enhancing talent development and environmental sustainability.
With over 14,000 customers, JTC can effectively promote business transformation to these companies by connecting them to solutions providers, trade associations, and government agencies.
To date, over 1,000 businesses in JTC’s estates have been engaged through various Industry 4.0 outreach initiatives, with around 200 companies embarking on their Industry 4.0 journey.
Leading players in the business community are sharing relevant technologies and experience to address problems faced by various industries. This has created new opportunities for businesses and their workers.
The National Super Computing Mission (NSM) of India is making significant headway in boosting the high power computing capacity in the country. The nation is rapidly expanding its supercomputer facilities and developing the appropriate capacity to manufacture its supercomputers in the country.
The NSM is jointly steered by the Ministry of Electronics and IT (MeitY) and Department of Science and Technology (DST) and implemented by the Centre for Development of Advanced Computing (C-DAC), Pune and the Indian Institute of Science (IISc), Bengaluru.
The National Super Computing Mission is deploying a phased strategy through its various arms to meet the increasing computational demands of academia, researchers, MSMEs, and startups in areas like oil exploration, flood prediction as also genomics and drug discovery.
With the infrastructure planned in NSM Phase-I already installed and much the infrastructure of Phase-II in place, the network of supercomputers through the country will soon reach to around 16 Petaflops (PF). Phase-III, to be initiated in January 2021, will take the computing speed to around 45 Petaflops.
Param Shivay, the first supercomputer assembled indigenously, was installed in IIT (BHU), followed by Param Shakti and Param Brahma at IIT-Kharagpur and IISER, Pune, respectively.
Thereafter supercomputing facilities were set up in two more institutions, and one is being set up in Phase-I, ramping up high power computing speed to 6.6 PF under Phase-1. In Phase-II, 8 more institutions will be equipped with supercomputing facilities by April 2021, with a total of 10 PF compute capacity. Work on Phase-III will start in 2021 and will include three systems of 3 PF each and one system of 20PF as a national facility.
MoUs have been signed with 14 premier institutions of India to establish supercomputing infrastructure along with assembly and manufacturing capacity within the country. These include IITs, NITs, National Labs, and IISERs. While some of these have already been installed, more will be done by December this year. The Phase-II installations will be completed by April 2021.
The three phases will provide access to High-Performance Computing (HPC) Facilities to 75 institutions and thousands of active researchers and academicians working through Nation Knowledge Network (NKN) – the backbone for supercomputing systems.
HPC and Artificial Intelligence (AI) have converged together. A 100 AI PF Artificial Intelligence supercomputing system is being created and installed in C-DAC, which can handle incredibly large-scale AI workloads increasing the speed of computing-related to AI several times.
The mission has also created the next generation of supercomputer experts by training more than 2400 supercomputing manpower and faculties till date.
Powered by the NSM, India’s network of research institutions, in collaboration with the industry, is scaling up the technology and manufacturing capability to make more and more parts in India. While in Phase-I, 30% value addition is done in India, that has been scaled up to 40% in Phase-II.
Efforts are being made to design and develop parts like server board, interconnect, processor, system software libraries, storage, and HPC-AI converged accelerator domestically. India has developed an Indigenous server (Rudra), which can meet the HPC requirements of all governments and PSUs. This is the first time that a server system was made in India, along with the full software stack developed by C-DAC.
Experts said that the pace at which things are moving forward, we may soon have the motherboards and sub-systems manufactured in India, making the supercomputers indigenously designed and manufactured.
Such indigenously designed systems with most parts designed and manufactured in India will be installed at places like IIT-Mumbai, IIT-Chennai, and Inter-University Accelerator Centre (IUAC) at Delhi, C-DAC, Pune, which are covered under Phase-III and help move towards supercomputers developed and manufactured totally in India paving the way for self-reliance in the field.
As the world moves towards the digitisation of the economy, the adverse impact of financial crime in banks and other financial institutions is accelerating rapidly. The shift to a work-from-home system as a result of the pandemic has increased the vulnerability of remote financial sector employees whose devices lack adequate security.
There is so much fraud that goes unidentified and cannot be accounted for. As a result, fraud prevention is one of the top areas of concern for the financial sector industry today.
To understand and alleviate the relevant pain points of digital executives from the financial sector industry in Thailand, OpenGov Asia hosted an OpenGovLive! Virtual Breakfast Insight that explored how Advanced Analytics, AI and Machine Learning can power the next-generation of compliance.
The full house of delegates at this event was a testimony to the relevance and importance of this topic among financial sector executives from Thailand.
Bad actors in the digital space are getting harder to identify as they are using the same technology as us
The event began promptly with Mohit Sagar, Group Managing Director and Editor-in-Chief, OpenGov Asia introducing participants and laying the ground for the discussion ahead.
Mohit emphasized the increased risk of fraud and money laundering in the financial sector industry in the current atmosphere. Bad actors in the digital space are leveraging the same advanced technology as legitimate organisations with a destructive mindset – and no restrictions of regulation and compliance.
This makes it imperative for financial sector institutions to augment and bolster their existing fraud protection through Advanced Analytics, AI and Machine Learning.
Mohit shed to light on the importance of sound leadership in these trying times and urged all to think as responsibly as leaders do.
He left the audience with advice to partner with experts who excel at utilising technology to strengthen compliance and fraud protection rather than losing this valuable time in understanding and enabling it themselves.
Innovation, adoption, and maturity: three phases of AI and ML adoption cycle in financial institutions
Ahmed: Other stakeholders in the industry recognizing and supporting the use of AI and ML in anti-money laundering initiatives
After Mohit’s opening, Ahmed Drissi, Anti-Money Laundering Lead, APAC, SAS elaborated on the detailed features of SAS’s money laundering solution. Ahmed spoke about the challenges in using traditional AML solutions and how SAS solutions overcome these shortcomings.
He further shared in detail of other the recognition and support for AI and ML in anti-money laundering initiatives by stakeholders in other industries.
Ahmed expounded on the three phases of AI and ML adoption cycle that include innovation, adoption, and maturity as demonstrated by various global and regional banks.
He shed some more light on the various AI/ML use cases in AML. These include entity resolution, customer segmentation, post alert scoring, model detection, tuning and optimisation. Being an expert in the field, he was able to articulately and authoritatively share details of the above-mentioned use cases with the delegates.
Banks and financial institutions must focus on simplifying and strengthening compliance
After Ahmed’s information-rich presentation, Viswanathan Namasivayam, Advisor for Data Science Enterprise Architecture, Data and AI Group at UnionBank Philippines gave his insights and opinions on the topic.
An advocate of simplification of compliance for banks and financial institutions, Viswanathan bases his conviction on the dramatic rise in fraud and hacking incidents he has observed.
He also believes in the power of advanced technology like AI/ML to mitigate these risks as it offers institutions the ability to go beyond a single representation of an individual or an entity, rendering a better understanding of the fraud risk.
Viswanathan shared a recent case study from Germany with the delegates to bring home the point that using AI in technology and security is inevitable in today’s world of increased cyber risk. The case study is a classic example of the consequences of failing to manage the risk associated with fintech companies. He also cautioned the audience that incidents like these would trigger more stringent and tighter regulations.
He completely agreed with Ahmed’s opinion about regulators and supervisors in the industry who also see a lot of value in using technology in this space.
Viswanathan concluded his presentation by pointing to the fundamental shift in financial institution’s approach in the handling of fraud incidences – moving from being reactive to proactive.
None the less, Vishwanathan ended on an optimistic note – acknowledging that this fundamental shift in institutions of becoming more proactive is a significant step for them in their journey towards a having a robust fraud and risk management system.
After these two insightful presentations, the event moved into the more participatory part of the session: polling and discussions.
On the question about the extent to which your organisation is incorporating AI/ML learning capabilities in your risk and compliance programmes, a majority of the delegates voted that they are using AI/ML across risk and compliance, including financial crime – watchlist filtering, sanction screening, and/or transaction monitoring (63%).
A senior delegate from a major bank shared that they are using AI and ML for other functions like data prediction and collection, sales, and contacting their customers but are still evaluating the advantages of AI to be implemented across all risk and compliance programmes.
On the next question about conducting or the need to conduct proper investigations on suspicious transactions and the availability of a sufficient platform to help with the investigation process, most delegates indicated that they have a platform providing these capabilities (63%).
Ahmed was happy to know about this trend and it was in keeping in with their expectation that most banks in Thailand have the proper platform and investigation tools in place.
On the final question about having a real-time fraud detection, prevention, and monitoring solution that is working together with an AML solution, the delegates overwhelmingly voted that they have a fraud system but it is separate from the AML solution (76%).
Another senior executive from a major bank shared that he voted for the above as they have two different departments taking care of fraud monitoring and anti-money laundering n their organisation. In the same vein, he shared that it would be good to have an integrated system over time.
After the polling session Nutapone Apiluktoyanunt, Managing Director, SAS Thailand came forward to close the session. He thanked all the delegates for taking the time to participate in the session and share their invaluable insights.
He also encouraged the delegates to reach out to team SAS if they have any questions or want to get more clarity on the solutions shared during the presentations.