Cyberport start-up to acquire 67% stake in brain-inspired computing company in Hong Kong

According to a recent report, one of the start-ups has entered into an Earn-In Agreement with the founder of a platform for brain-inspired computing to acquire a 67% stake in the operational company for the artificial intelligence accelerator.

The total consideration for the transaction is approximately HK$8.44 million consisting of HK$5.63 million in cash earn-in and approximately HK$2.81 million in the start-up’s shares.

Additionally, the Cyberport company has committed to underwrite investment into the brain-inspired computing company totalling up HK$15.6 million. This investment will provide participants with Limited Partner status and grant them claims on proceeds from the cohorts of AI and blockchain start-ups accelerated by the AI accelerator.

Separately, another leading investment firm based in Hong Kong, entered into a Memorandum of Understanding to develop a deeper strategic partnership with the AI accelerator. This partnership may include direct investments and further potential investment into AI accelerator or its segregated portfolios. Sun Hung Kai & Co previously invested in the start-up from Cyberport.

The AI accelerator is the first accelerator in the world to focus on artificial intelligence and machine learning. It was founded on of the previous directors at a prominent US-based technology accelerator program.

The AI accelerator invests in high-potential start-ups and provides operational, strategic, and networking support to investee companies as they develop their businesses. Separately from its acceleration programme, the AI accelerator has made a number of investments in blockchain-focused companies.

To date, the company has accelerated three cohorts totalling 33 companies, obtaining an average 6% stake in each, and has made eight investments in companies focused on blockchain technology. Various of these companies went on to raise funding after graduating from the company’s acceleration programme, including from prominent venture capital firms.

A spin-off of the investing company that was later rebranded as OliveX, is a graduate of the AI accelerator’s acceleration programme. The AI capabilities gained through the program helped the spin-off to win an HK$0.55 million Hong Kong government grant to develop an AI exercise app, and led to the spin-off establishing a commercial relationship with leading fitness blockchain company which went on to invest approximately HK$2.80 million in the aforementioned investing company and has committed to lead a future funding round into OliveX.

The investing company expects that acquiring a stake in the AI accelerator will extend its capabilities and reputation in product acceleration, especially in the areas of AI and blockchain as well as corporate incubation; increase its visibility and exposure to relevant technologies; and contribute to the Company’s strategic development and growth as it advances further in the AI and blockchain ecosystems.

The co-founder and chairman of the investing firm noted that his company is impressed by the AI accelerator’s rise to one of the most influential AI accelerators in Asia as well as a major investor in blockchain. He noted that as his firm continues to expand its AI and blockchain initiatives, the AI accelerator provides it with an excellent strategic match, invaluable resources, and access to high-potential ventures and technologies.

The founder of the AI accelerator stated that the company is very excited at the chance to work with the investing firm to scale up its operations. It was noted that the firm believes that AI will be the biggest force multiplier for technology companies in the next five years, and our trajectory is rapidly establishing the AI accelerator as one of the world’s most active AI investors.

The founder also added the strategic and managerial skillsets of the investing firm will greatly increase the AI accelerator’s operational discipline and development opportunities as it expands efforts in the AI and blockchain industries.

AI Could Contribute US$15.7 Trillion to Global Economy by 2030

The Comptroller and Auditor General of India (CAG), Girish Chandra Murmu, stated that by 2030, artificial intelligence (AI) could add US$ 15.7 trillion to the global economy. However, he has also expressed concerns about maintaining ethical standards in audits and safeguarding privacy in relation to the use of AI.

At a recent event, he explained that democratising AI technology is inevitable and has the potential to lead to socioeconomic growth, and it could be used to benefit citizens and the country through targeted and timely intervention. The CAG added that AI has the potential to solve issues in areas like healthcare, retail, finance, agriculture, food, water resources, environment and pollution, education, special needs, transportation, energy, public safety, disaster, management, and judiciary.

He also addressed concerns related to transparency and fairness. According to the official, these issues include the impact of AI on privacy, bias, and discrimination in AI systems, and an inadequate understanding of AI algorithms by the public. He highlighted the need for responsible AI.

While recognising the importance of sustainability, growth, and the role of emerging technologies, Murmu stated that responsible AI and the blue economy represent new-age opportunities and concerns. He explained the importance of prioritising the blue economy, which is an economic system that includes various policies and operational dimensions focused on conserving marine and freshwater environments while promoting their sustainable use. The blue economy aims to produce food and energy, support livelihoods, and act as a driver for economic advancement and welfare.

With the rapid growth of AI and machine learning (ML), experts predict that most businesses will shift to AI-powered systems, apps, security systems, data analysis, and other applications in the future. AI is expected to add US$ 967 billion to India’s economy by 2035 and US$ 450–500 billion to India’s GDP by 2025, accounting for 10% of the country’s US $5 trillion GDP target.

In December, OpenGov Asia reported that India ranked 32^nd among 181 nations in the AI Readiness Index 2022. The government claimed that the world is beginning to see the impact of India’s National AI Strategy, published in 2018. The quality of India’s IT talent pool is a contributing factor.

The country has developed several initiatives aimed at embedding AI use throughout all levels of government and society, as well as ensuring that technological developments reinforce India’s place in the international realm. For example, its draft National Data Governance Framework aims to transform and modernise the government’s data collection and management processes and systems. The government has also set a target to train three million government officials in AI and other emerging technologies.

Recently, the National Institute of Transforming India’s (NITI Aayog) Atal Innovation Mission decided to upskill the education sector by adding IT skills to the formal curriculum. The larger aim is to align the National Education Policy 2020’s (NEP 2020) guidance to increase the pace of tech integration for youth, bridge the future skills gap in the country, and optimise the current infrastructure (including Atal Tinkering Labs) towards making India AI-ready.

The new methodology will enable the shift in teaching pedagogies from traditional to digital with several additional benefits and increased efficiency. Integrating AI with lesson plans and making them part of everyday teaching-learning activities can help enable the students to imbibe the digital-first mindset.

Swinburne and French Industry Partners to Secure Engineering Futures

Through a partnership between the Swinburne University of Technology, École Spéciale des Travaux Publics (ESTP) in France, and a construction engineering company, engineering students will have the opportunity to gain valuable experience in significant infrastructure projects in Australia.

Qualified students from École Spéciale des Travaux Publics (ESTP) will have the chance to enrol in Swinburne’s Master of Engineering Practice programme and subsequently participate in a paid two-year internship with the construction engineering company to contribute to one of their major infrastructure projects in Australia.

Since 1995, the construction engineering firm has been at the forefront of major infrastructure projects, including the Sydney Airport Link. They have also completed the construction of eight solar farms in Australia and are presently involved in projects such as the Melbourne Metro Tunnel and Sydney’s Westconnex 3A: M4/M5 Link.

The Pro Vice-Chancellor for Global Engagement at Swinburne, expressed his delight in establishing the trilateral partnership, noting that it is aimed at fostering educational and industrial links between France and Australia.

He added that the mission of Swinburne University is to unite individuals and technology in order to construct a more prosperous world. This objective will serve to benefit their students, respond to the evolving requirements of their collaborators, and promote research in areas of mutual concern.

Collaborations with established industry leaders present students with a distinctive chance to acquire valuable educational and work-related experiences. As a result of their shared values and dedication to providing students with authentic industry experience, future partnerships may entail engineering students becoming increasingly involved in these projects.

The partnership will have a significant impact by attracting top-tier students from ESTP to Swinburne, resulting in a more diverse and enriched student community. Additionally, it will contribute to the training of the company’s future workforce. Over the long term, this partnership could further improve course curriculums and potentially lead to the development of joint research initiatives.

The Chief Executive Officer of the construction engineering firm has expressed his belief that the programme will enable students to cultivate both technical and critical skills in Australia’s thriving construction industry. He further stated that joining the firm presents a tremendous opportunity for individuals to work in a world-class company that is dedicated to fostering a modern and diverse culture.

The firm is committed to achieving its decarbonisation objectives by 2030 and providing its employees with dynamic career growth opportunities. He looks forward to a shared future with Swinburne and ESTP.

According to market analysis, the global construction market is predicted to increase from US$13.57 trillion in 2021 to US$15.17 trillion in 2022, growing at a CAGR of 11.8%.

The rise in the construction industry is primarily attributed to companies restructuring their operations and recuperating from the impact of COVID-19, which resulted in operational difficulties due to social distancing, remote working, and business closures. It is anticipated that the construction market will expand to US$22.87 trillion by 2026 at a CAGR of 10.8%.

The trilateral partnership comes at a time when the global construction market is experiencing significant growth. The collaboration between these institutions will provide engineering students with practical work experience on major infrastructure projects, enabling them to develop their skills and knowledge in real-world scenarios.

The partnership also has the potential to foster joint research projects and contribute to the development of course curriculums. This initiative not only benefits the students but also the construction industry by nurturing a skilled and diverse workforce, leading to greater productivity and innovation in the field.

Vietnam Ramps up Mobile Communication Safety

The Ministry of Information and Communications (MIC) is cracking down on telecom carriers that do not stop junk SIM cards in the market. Mobile network operators have been instructed by the Authority of Telecommunications (AOT) to ensure that all the necessary authentication information of the subscriber is provided when registering.

Telecom carriers need to update procedures and regulations on registering subscribers’ information following Decree 49/2017. In addition, mobile network operators are required to uphold their commitments with MIC and comply with the requests outlined in the legal documents issued by AOT. The agency intends to collaborate with local information and communications departments to oversee and inspect enterprises’ implementation process.

Enterprises that engage in serious violations, such as providing services to new subscribers with insufficient or inaccurate information or selling pre-entered SIM cards with activated mobile services, will be forced to halt the registration of new subscribers, the government has said.

MIC is considering strict punishment like suspending the right to register new subscribers for 3-6 months if telcos are found committing violations of regulations on mobile subscriber management. This is the first time that MIC has put in place heavy sanctions on mobile network operators.

Experts have noted that despite measures to punish violators, junk SIM cards still exist because the regulations are not respected. Despite making repeated promises to prevent the circulation of junk SIM cards, telecom carriers have failed to effectively address the issue and junk SIM cards are still in circulation.

According to MIC, Vietnam has 126 million mobile subscribers, and the market has become saturated. Annually, telecom carriers vie for 800,000 new subscribers, but they cannot alter their market share by simply competing for new subscribers. Hence, it is imperative to strengthen the registration process for new subscribers.

In Ho Chi Minh City, it is not hard to buy a pre-activated SIM card from popular carriers like state-run Viettel for only US$ 3-8.5 without the need to produce identification documents. It can be used instantly when inserted into a mobile phone. The price of a junk SIM card depends on the specific number and current promotion programmes of mobile service providers. For instance, at present, the price for a card from Viettel is US$ 6.8.

By combining junk SIM cards with popular communication apps, criminals can spread fake news or images, building their credibility and gaining the trust of their victims for future scams. The use of virtual phone numbers that are not tied to any specific location or physical device makes managing them extremely challenging. Criminals are exploiting this to activate Over-the-Top (OTT) applications with ease, which can be used for illegal activities.

After 31 March, a large number of mobile subscribers without standardised information will be deactivated. The Deputy Head of the Vietnam Telecommunications Authority explained that it is not feasible to prohibit individuals from owning multiple SIM cards as they may require them for business purposes. However, to limit the use of SIM cards for malicious activities, when an individual wants to own more than three SIM cards, they must sign a contract with the mobile carrier.

The official also highlighted that one of the key priorities of the telecoms industry for 2023 is to fully resolve the problem of SIM cards with incorrect or missing identity information of their owners. Additionally, efforts will be made to raise public awareness about the risks of using junk SIM cards.

Singapore, Indonesia Team Up on Green-Tech, Digitalisation

Singapore and Indonesia reaffirmed their strong and long-standing economic ties; and to explore opportunities in the development of Indonesia’s new capital city, Nusantara, both nations welcomed the Letters of Intent submitted by Singapore-based businesses from a variety of sectors, including construction, telecommunication and finance. This collaboration in renewable energy and the digital economy was expanded.

Singapore’s Senior Minister and Coordinating Minister for National Security Teo Chee Hean and Indonesia’s Coordinating Minister for Maritime Affairs and Investments Luhut Binsar Pandjaitan signed a Memorandum of Understanding (MOU) on Renewable Energy Cooperation.

Both countries will facilitate investments in the development of renewable energy manufacturing industries, such as solar photovoltaics (PV) and battery energy storage systems (BESS) in Indonesia, as well as cross-border electricity trading projects between Indonesia and Singapore, under the terms of the MOU.

Recognising the synergies shared by Singapore’s and Indonesia’s tech ecosystems, Singapore’s Minister for Trade and Industry Gan Kim Yong and Indonesia’s Coordinating Minister for Economic Affairs Airlangga Hartarto also signed the MOU on the Singapore-Indonesia Tech:X Programme.

The MOU will establish the Tech:X Programme, which enables young tech professionals from Singapore and Indonesia to work in each other’s countries, strengthens ties between the two nations’ tech ecosystems, and enables young tech professionals to pursue expanding opportunities in the digital economy.

“Through the Tech:X Program, we hope that young tech talent from both countries will be able to learn from one another, gain exposure, and expand the capabilities of both countries’ tech workforces,” Minister Gan says.

Ministers Gan and Airlangga also witnessed the signing of nine partnership documents between Singapore and Indonesia companies on 15 March 2023, in conjunction with the Leaders’ Retreat. In addition to health tech and ed-tech, the partnerships are in the digital economy.

The annual G2G platform, as well as the Singapore-Indonesia Six Bilateral Economic Working Groups (6WG), facilitate close economic collaboration between Singapore and Indonesia.

The 6WG platform addresses economic collaboration in the following areas: Batam, Bintan, Karimun, and other Special Economic Zones: Investments, Manpower, Agribusiness, Transportation, and Tourism.

Singapore and Indonesia have close commercial and investment ties. With bilateral trade totalling S$76.4 billion in 2022, Indonesia is Singapore’s sixth-largest trading partner. Since 2014, Singapore has been Indonesia’s top source of Foreign Direct Investment (FDI), with Singapore’s investments in Indonesia totalling US$17.5 billion by 2022.

OpenGov Asia earlier reported that Prime Minister Lee Hsien Loong and Indonesian President Joko Widodo recently met at the Singapore-Indonesia Leaders’ Retreat. This was the sixth Leaders’ Retreat for Prime Minister Lee and President Joko Widodo and the first to be held in Singapore since the COVID-19 pandemic.

During President Joko Widodo’s two terms in office, the relationship between the two countries had significantly improved, according to both leaders. This laid the groundwork for them to collaborate in new ways that are profound, multifaceted, forward-looking, and beneficial to both countries.

The ratification of all three agreements under the Expanded Framework was celebrated by the Leaders. These included the Agreement on the Realignment of the Boundary between the Jakarta Flight Information Region (FIR) and the Singapore FIR, the Extradition Treaty, and the Defense Cooperation Agreement.

The Leaders anticipated the next step of obtaining International Civil Aviation Organisation approval for the new arrangements under the FIR Agreement so that both countries could implement all three agreements at a mutually agreed upon date. The resolution of these enduring issues demonstrates the maturity and resilience of bilateral relations.

Goa, India Unveils AI-Based Traffic Management System

An artificial intelligence (AI)-powered traffic management system has been launched in Goa at Merces junction. The system will assist state authorities with security, signal management, and issuing fines and tickets (challan). The technology automatically detects violations and dispatches an e-challan to the violator’s address, as per a government report.

According to the state’s Chief Minister Pramod Sawant, this is the first signal in Goa that incorporates AI technology. He said that the system will benefit traffic police by enabling them to monitor traffic and enhance security more efficiently.

There will be 16 smart signals aimed at managing traffic in Goa. The technology aims to bring down major accidents in the city. The system can “keep track of the movement of anti-social elements,” the report said. The Chief Minister stated that AI might also be used to make any arrests in the future.

The system has been developed and implemented by a private AI company and deployed at the Merces junction. Goa will expand the scope of implementation on a PPP basis by collaborating with private investment. The signals have been installed at no cost to the state government.

The government does not want people to break rules or take the law into their own hands. The Transport Minister, Mauvin Godingo, noted that although the implementation of the system has begun, the process of issue challenge will be completed by 15 April.

The AI system will reduce human errors and corruption. There will be real-time photographs if someone violates the traffic rules. An official claimed that within the next 15 years, the government will install AI at more locations to monitor roads under the PPP model.

In 2021, the Karnataka State Road Transport Corporation (KSRTC) implemented AI-based technologies to limit road accidents and improve passenger safety in buses. The corporation floated a tender for the implementation of an AI-powered Collision Warning System (CWS) and Driver Drowsiness System (DDS) for 1,044 buses.

In April 2022, under the second phase of the Ministry of Electronics and Information Technology (MeitY)’s Intelligent Transportation System Endeavor for Indian Cities initiative, an indigenous onboard driver assistance and warning system (ODAWS), a bus signal priority system, and a Common Smart IoT Connectiv (CoSMiC) software were launched.

A few months later, the Bengaluru traffic police rolled out an Intelligent Traffic Management System (ITMS). Similar to the recently-launched system in Goa, AI-enabled cameras detect traffic violations. The ITMS issues fines through text messages on offenders’ phones.

AI and machine learning (ML) technology are used in the ITMS to identify traffic violations automatically, as OpenGov Asia reported. The ITMS has been installed at 30 traffic junctions across the city. The cameras can detect speed limit violations and red light and stop lane breaches, and offences like helmet-less travel, driving without a seatbelt, triple-riding, and the use of mobile phones while driving.

The system has an AI-enabled solution with 250 automatic number plate recognition cameras and 80 red light violation detection cameras installed at 50 junctions. These cameras, which are active round-the-clock, have saved a lot of manpower, which is redeployed for traffic management and regulation. The data collected is stored on a server owned by traffic police. In the future, the police force plans to track vehicles without number plates and stolen vehicles.

RMIT-Led Team Develops Spray-On Nanomaterial for Bendable Electronics

A group of scientists from around the world is working on creating an inkable nanomaterial with the potential to be used as a spray-on electronic component. This technology could be used in the future for creating ultra-thin, lightweight, and flexible displays and devices.

Due to recent advancements in nanotechnology, zinc oxide has become a highly versatile material that could potentially be integrated into various components of upcoming technologies such as mobile phones and computers.

RMIT University’s Associate Professor Enrico Della Gaspera and Dr Joel van Embden led a team of international experts who reviewed the manufacturing methods, capabilities, and potential uses of zinc oxide nanocrystals, which has been published in the influential international journal, Chemical Reviews.

The co-authors of the study are Professor Silvia Gross from the University of Padova in Italy and Associate Professor Kevin Kittilstved from the University of Massachusetts Amherst in the United States.

According to Associate Professor Enrico Della Gaspera from the School of Science, progress in nanotechnology has allowed for significant improvements and adaptations to the properties and performances of zinc oxide. This has resulted in the ability to produce tiny and versatile zinc oxide particles with exceptional control over their size, shape, and chemical composition at the nanoscale.

Associate Professor Joel van Embden, also from the School of Science, stated that this level of control can lead to precise properties for a variety of applications, including optics, electronics, energy, sensing technologies, and microbial decontamination.

The zinc oxide nanocrystals have the capability to be converted into ink and applied as an ultra-thin coating, with a thickness hundreds to thousands of times thinner than a typical paint layer. This process resembles ink-jet printing or airbrush painting.

Associate Professor Enrico Della Gaspera noted that these thin coatings have the necessary characteristics of high transparency to visible light and electrical conductivity, both of which are fundamental for developing touchscreen displays. Moreover, the nanocrystals can be deposited at low temperatures, enabling the creation of coatings on flexible substrates like plastic that are durable enough to withstand flexing and bending.

Zinc is an abundant and cheap element that is widely used by various industries. Zinc oxide has been extensively studied and gained interest in the 1970s and 1980s due to advancements in the semiconductor industry. With the advent of nanotechnology and advancements in syntheses and analysis techniques, zinc oxide has rapidly risen as one of the most important materials of this century. Zinc oxide is safe and biocompatible and is already found in products such as sunscreens and cosmetics.

The team is open to collaborating with industry partners to explore possible applications utilising their methods for producing these nanomaterial coatings. Zinc oxide nanocrystals have potential applications in various fields, including:

Self-cleaning coatings
Antibacterial and antifungal agents
Sensors to detect ultraviolet radiation
Electronic components in solar cells and LED
Transistors, which are the foundation of modern electronics
Sensors that could be used to detect harmful gases for residential, industrial, and environmental applications.

The team’s approach to using zinc oxide nanocrystals in industrial settings would require partnerships with the right organisations. However, scalability remains a challenge for all types of nanomaterials, including zinc oxide. The team would need to adapt the type of chemistry used and innovate the reaction setup to recreate the same conditions achieved in the laboratory but on a larger scale.

Additionally, the team needs to address the shortfall in electrical conductivity that nanocrystal coatings have compared to industry benchmarks. While the intrinsic structure of nanocrystal coatings provides more flexibility, it limits their ability to conduct electricity efficiently. The team and scientists worldwide are working to address these challenges and make progress. Collaboration with other organisations and industry partners is seen as an opportunity to solve these challenges. With the right partnership, the team is confident that these challenges can be overcome.

Vietnam’s Fixed Internet Speeds Improve

The quality of Internet service has improved following directives issued by the Ministry of Information and Communications (MIC). Globally, Vietnam ranks 39^th in terms of fixed Internet.

According to an industry report, the country ranks 52^nd globally in mobile Internet speed, a fall of nine places as compared to the month before. The broadband download in February was 42.67 Mbps, while the upload speed was 18.27 Mbps. As for fixed broadband Internet, Vietnam jumped six places to rank 39th, despite issues with submarine fibre optic cables.

It was reported that the average download speed of fixed broadband in Vietnam was 91.6 Mbps, while the upload speed was 93.38 Mbps. The system measuring the Internet access speed in Vietnam (i-SPEED) of the Vietnam Internet Centre (VIC) under MIC has also reported similar results, with average fixed download broadband speed up and mobile broadband down.

The average broadband download speed in Vietnam in February was 89,73 Mpps, up 4.6% over January. Among the centrally run cities, Ho Chi Minh City had the highest fixed broadband download speed (96.55Mbps). The average fixed broadband upload speed of the whole country was 88.71 Mbps (up 4.7%).

As per data from VIC, in terms of mobile Internet, the average download speed of the whole country in February was 36.45 Mbps (down 10.7% over January), while the average upload was 16.19 Mbps (down 6.7%).

The figures from both domestic and international sources indicated that there has been a significant improvement in Vietnam’s fixed Internet speed in February, a considerable achievement considering the several incidents surrounding the submarine fibre optic cables since late 2022. As a solution, MIC has directed telecom carriers to promptly apply measures to fix the problems to ensure smooth international Internet connection.

Under the instructions of the Authority of Telecommunications (AOT), mobile network operators have negotiated to buy more mainland optical fibre capacity and share capacity with each other to overcome the crisis.

MIC has also requested telcos to develop more submarine fibre optic cables to better satisfy users’ demands. Vietnam is using five international submarine fibre optic cables. The government expects the total number of cable routes used in Vietnam to double by 2025. Telcos have noted that the increase in the capacity of international connection on the mainland has helped improve the Internet service quality and the complaints about service quality have decreased.

As a result of better and more easily available Internet connectivity, Vietnam’s digital economy has grown rapidly. Data from MIC showed that the ICT economy’s revenue reached an estimated US$ 148 billion in 2022, representing a year-on-year increase of 8.7%. The contribution of the digital economy to the national GDP in 2022 accounted for about 14.26% of the total, with 7.18% contributed by the ICT digital economy.

As OpenGov Asia reported earlier, IT services have contributed the most to the digital economy, accounting for about 30% of the total value, followed by e-commerce (14.3%) and hardware production (12.83%). The digital content field recorded the strongest growth, up nearly 104% compared to the first quarter of 2022.

MIC developed a strategy for digital technology industry development to 2025 with a vision for 2030. Last year, the ministry announced 35 national digital platforms serving digital transformation and the development of digital government, economy, and society, including 21 developed by domestic digital technology enterprises. These have contributed to facilitating state management and public services.

March 27, 2023

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Cyberport start-up to acquire 67% stake in brain-inspired computing company in Hong Kong

AI Could Contribute US$15.7 Trillion to Global Economy by 2030

Swinburne and French Industry Partners to Secure Engineering Futures

Vietnam Ramps up Mobile Communication Safety

Singapore, Indonesia Team Up on Green-Tech, Digitalisation

Goa, India Unveils AI-Based Traffic Management System

RMIT-Led Team Develops Spray-On Nanomaterial for Bendable Electronics

Vietnam’s Fixed Internet Speeds Improve

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