January 31, 2023

Subscribe
Linkedin-in Twitter Facebook-f Youtube Instagram

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

We are creating some awesome events for you. Kindly bear with us.

Digital Banks Reshaping the Finance Industry in ASEAN

Digital Banking Transformation in Asean
Share via

Asia’s technology and internet firms are competing against the region’s traditional banks for consumer finances, hoping to increase competition and drive innovation in their markets, while non-banking companies are keen to enter the finance sector by leveraging their technology and user databases.

There is huge momentum in Asia moving towards digital banks, and some monetary authorities have already issued digital banking licences like Hong Kong and Taiwan. They issued digital banking licences to companies in the first half of 2019. The Monetary Authority of Singapore is at the stage where they are now reviewing applications for digital banking licences and Malaysia is at the beginning of their digital banking transformation journey and is at policy-making stage.

Hong Kong – embracing new era of banking

In March 2019 the Monetary Authority in Hong Kong granted banking licences under the Banking Ordinance to Livi VB Limited, SC Digital Solutions Limited and ZhongAn Virtual Finance Limited, Welab Digital Limited, Ant SME, PingAn OneConnect, Infinium and Insight Fintech for them to operate in the form of a virtual bank.

Mr Norman T.L. Chan, Chief Executive of the HKMA, said in a release last year that “The introduction of virtual banks in Hong Kong is a key pillar supporting Hong Kong’s entry into the Smart Banking Era. It is a major milestone in reinforcing Hong Kong’s position as a premier international financial centre. I believe that virtual banks will not only help drive FinTech and innovation, but also bring about brand new customer experiences and further promote financial inclusion in Hong Kong.”

“As virtual banks will have no physical branches, they will rely on the internet for customer acquisition and for the delivery of banking services. I believe that virtual banks will have to offer innovative and customer-centric services in order to attract customers. Moreover, in targeting the retail public and SMEs as their main client base, virtual banks should help promote financial inclusion in Hong Kong.”

In total Hong Kong has issued 8 digital banking licences so far.

Taiwan – extra licence issued due to diverse applications

Taiwan issued its first virtual banking licenses to three consortiums led by Taiwan and Japanese investors in July 2019. The island’s Financial Supervisory Commission announced the digital banking licenses were granted to LINE Financial Taiwan, led by Japanese app operator LINE Group and including Taipei Fubon Commercial Bank and Standard Chartered, and to Next Commercial Bank, led by Taiwan telecom operator Chunghwa Telecom. Another license was granted to Rakuten International Commercial Bank, which was operated by Japanese e-commerce firm Rakuten Inc and Taiwan’s IBF Financial Holdings.

The Taiwanese commission said while it had initially planned to give out two new licenses, because the three companies all had different business models and target customers, it had decided to give each of them a licence. They have no further plans to issue further licences.

Philippines – virtual banks launched in 2019

The Philippines officially announced two virtual banking players with the launch of Malaysian CIMB Bank and Dutch lender ING in 2019.

Singapore – reviewing licence applications

The Monetary Authority of Singapore announced yesterday (7 January 2020) as reported by OpenGov that it has received 21 applications for digital bank licences as at the close of application on 31 December 2019. This comprises 7 applications for the digital full bank (DFB) licences, and 14 applications for the digital wholesale bank (DWB) licences.

These new digital banks are in addition to any qualifying subsidiaries that Singapore bank groups may already establish under MAS’ existing regulatory framework for the purposes of operating new business models, including partnerships with non-bank players to conduct digital banking.

Who has submitted their digital banking licence application in Singapore?

Grab and Singtel have confirmed that they applied for a full digital bank licence. Alibaba Group’s fintech arm Ant Financial have also confirmed that they have applied for a wholesale digital bank license. Internet group Sea, formerly known as Garena, is the first applicant to go solo in its bid for a digital full bank licence in Singapore.

Razer is leading a consortium consisting of Sheng Siong Holdings, FWD, LinkSure Global, Insignia Venture Partners and Carro in a bid for a full digital bank license. iFast Corporation confirmed that they have also applied a digital banking license with two Chinese partners namely — Yillion Group and Hande Group.

The BEYOND consortium announced on Sunday their bid for a full digital banking license in Singapore which consists of V3 Group, EZ-Link, Far East Organisation, Singapore Business Federation, Sumitomo Insurance Co Ltd and Temasek’s subsidiary Heliconia Capital Management.

Supply chain finance company Sheng Ye Capital, financial conglomerate Phillip Capital and AI-focused fintech firm Advance AI’s announced that they are also bidding for a wholesale digital banking license in Singapore. AMTD led consortium consisting of Xiaomi, SP Group and Funding Societies announced that they too are bidding for a digital wholesale banking license.

MAS will announce the successful applicants in June 2020. Successful applicants are expected to commence business by mid-2021.

Malaysia – preparing licence application policy

BNM will only open the application process for digital banks after it releases a finalized Policy Document within the first half of 2020.

Bank Negara Malaysia issued an Exposure Draft on Licensing Framework for Digital Banks on the 27 December 2019. This framework forms part of a series of measures adopted by the Bank to enable innovative application of technology in the financial sector. Up to five licences will be issued to qualified applicants to establish digital banks to conduct either conventional or Islamic banking business in Malaysia.

The Exposure Draft outlines the proposed framework for the licensing of digital banks to offer banking products and services to address market gaps in the underserved and unserved segments.

As reported by OpenGov in December last year, the Bank said in a statement that such digital banks are expected to offer meaningful access to and promote responsible usage of suitable and affordable financial solutions to financial consumers

The Bank will assess all feedback received and aims to finalise the Policy Document by the first half of 2020. Applications for licence will be open upon issuance of the Policy Document.

It is thought that the rollout of Digital banks will lead to greater operational efficiency and make banking more customer-centric. Digital banks will be able to offer banking products and services to address market gaps in the underserved and unserved segments. 2020 is set to mark the beginning of a new era of banking in Asia.

CUHK Creates Diverse Small Soft Machines Using Ferrofluids

Image Credits: CUHK, Press Release
Share via

Prof. Zhang Li from CUHK’s Mechanical and Automation Engineering Department has created multi-functional small machines using three wetting traits of ferrofluids. These machines not only show improved deformation abilities but also offer various motion modes, expanding possibilities for miniature soft machines in biomedical applications.

The results of the research were published in Nature Communications and highlighted on its “Applied physics and mathematics” Editor’s Highlights site.

Amoeba-inspired soft machines that can change shape dramatically, split and join, have the potential for real-world use. These systems show promise for biomedical applications such as targeted drug delivery, minimally invasive surgery, cell transplantation, and medical catheters.

Utilising ferrofluid soft machines

Small magnetic soft machines are commonly made by combining hard magnetic particles with soft matter like hydrogels. However, their limited ability to deform makes it hard for them to move through narrow spaces like small lumens that have openings smaller or equal to the machine’s size. Thus, there is a need to discover new materials for building miniature soft machines with improved capabilities.

Prof. Zhang collaborated with Prof. Carmel Majidi from Carnegie Mellon University to create diverse soft machines using the three wetting properties of ferrofluids and their ability to change shape. These machines can perform multiple functions.

About ferrofluid

Ferrofluid is a liquid composed of tiny ferromagnetic/ferrimagnetic particles suspended in a fluid. In low-wetting states, a magnetic field can control the ferrofluid’s movement and shape, allowing it to perform various actions like stretching, jumping, rotating, tumbling, kayaking, wobbling, splitting, merging, and adapting to complex terrain. Ferrofluid droplets can also be transformed into liquid capsules to transport cargo through narrow passages like bile ducts.

Advantages of constructing small soft machines using various wetting traits of ferrofluids

Ferrofluid droplets in a high-wetting state can serve as arrays of artificial liquid cilia and move rhythmically like microbial cilia under the influence of an external magnetic field. This makes it possible to control the transport of biological fluids, like pumping blood. In a total wetting state, the droplets can form artificial liquid skins and adhere to inanimate surfaces, giving them the ability to control these objects.

The research team will concentrate on controlling substrate-wetting to switch between adsorption and detachment of ferrofluid “skin.” The use of stimulus-responsive fluids in soft machines enhances functionality and adaptability and opens new opportunities for the creation of miniature smart soft robots.

The research is funded by the Hong Kong Research Grants Council (RGC), the ITF project backed by the HKSAR Innovation and Technology Commission (ITC), the Croucher Foundation Grant, Chow Yuk Ho Technology Centre for Innovative Medicine, and the CUHK T Stone Robotics Institute.

The authors express gratitude to the Multi-Scale Medical Robotics Centre at the Hong Kong Science Park and the SIAT-CUHK Joint Laboratory of Robotics and Intelligent Systems for their support.

The global nanotechnology market was worth US$ 1.76 billion in 2020 and is expected to grow to US$ 33.63 billion by 2030, with a CAGR of 36.4% from 2021 to 2030. Nanoscience and nanotechnology deal with the study of nanoparticles and devices used across various scientific fields such as chemistry, biomedicine, mechanics, and materials science. The nanotechnology market covers the manufacture and use of physical, chemical, and biological systems and devices, ranging in scale from individual atoms or molecules to 100 nanometers.

Singapore Boosts Measures Against Scam SMS

Share via

All organisations that use alphanumeric Sender IDs to send SMS are now required to register with the Singapore SMS Sender ID Registry (SSIR) as part of the measures announced by the Infocomm Media Development Authority (IMDA) last October. This registration is intended to protect consumers from non-registered SMS that may be scams, a press statement has said.

Starting from 31 January, any non-registered SMS will be labelled as “Likely-SCAM”. This functions similarly to a spam filter or spam bin. Consumers might get non-registered SMS labelled as “Likely-SCAM” and are advised to exercise caution. If unsure, consumers are encouraged to check with family and friends. This will improve IMDA’s overall resilience against scams.

All organisations that use alphanumeric Sender IDs must register early with the SSIR. This is to give adequate time as non-registered SMS Sender IDs after 31 January will be labelled as “Likely-SCAM”. Organisations that have not registered their Sender IDs are advised to do so, the statement said.

As of January 2023, over 1,200 organisations have already registered with SSIR, using more than 2,600 SMS Sender IDs. These include financial institutions, e-commerce operators, logistics providers, and SMEs that send SMS to their customers who have registered with the SSIR.

In recent months, IMDA reached out to organisations through aggregators and associations such as the Singapore Business Federation, Singapore International Chamber of Commerce, and Association of Banks in Singapore, to encourage them to register with the SSIR. The mandatory SSIR regime is part of a broader effort to protect against scams, which also includes working with telecom operators to reduce the number of scam calls and SMS coming through the communication networks.

Since the implementation of the SSIR in March 2022, there has been a significant decrease in scams reported through SMS, with a 64% reduction from the last quarter of 2021 to the second quarter of 2022. Additionally, scam cases perpetrated via SMS dropped from 10% in 2021 to 8% in Q2 2022, down from 10% in 2021.

To effectively combat scams, a collective effort from society is needed. Despite implementing various measures, scammers may adapt their methods and tactics. IMDA will continue to collaborate with other stakeholders in the fight against scams, but individual vigilance and awareness are crucial. Consumers should remain vigilant and share scam prevention tips with friends and loved ones, the statement said.

IMDA leads Singapore’s digital transformation with infocomm media. To do this, IMDA is working to develop a dynamic digital economy and a cohesive digital society, driven by an exceptional infocomm media (ICM) ecosystem. It fosters talent, strengthens business capabilities, and enhances Singapore’s ICM infrastructure. IMDA also regulates the telecommunications and media sectors to safeguard consumer interests while fostering a pro-business environment and enhances Singapore’s data protection regime through the Personal Data Protection Commission.

Scams and unwanted commercial electronic messages and calls are an international problem with scammers continuing to prey on unsuspecting parties. Last year, IMDA and Australian Communications and Media Authority (ACMA) signed a Memorandum of Understanding to boost cooperation and fight scams and spam. The agreement covers cooperation in information sharing and assistance in investigations relating to scam and spam calls and short message services. The two sides also agreed to mutual exchanges of knowledge and expertise and collaboration on technical and commercially viable solutions in relation to scam and spam communications.

HKSTP Partner Company Launches Non-Invasive Diabetes Pre-Screening Tool

Image Credits: HKSTP, Press Release
Share via

A partner company of the Hong Kong Science and Technology Parks Corporation (HKSTP) unveiled “ARIA-diabetes risks”, a retinal imaging tool for non-invasive pre-screening of diabetes. This solution aims to tackle the problem of millions of undiagnosed diabetes patients worldwide.

The International Diabetes Federation reports that in 2021, nearly half of all adults with diabetes were unaware of their condition, amounting to 239.7 million individuals worldwide. In Hong Kong alone, at least 600,000 individuals have diabetes and more than 110 million in mainland China. This is a significant issue that has both local and global implications, as people with diabetes are at an increased risk for serious and potentially life-threatening complications such as heart disease, kidney disease, and vision loss.

The Automatic Retinal Image Analysis (ARIA) technology uses artificial intelligence and machine-learning techniques to detect various health issues. The solution provides a non-invasive pre-screening tool for diabetes that delivers results within minutes and has an accuracy rate of over 90%. It does not require a blood test and offers a faster and more accessible way for early diabetes diagnosis.

The partner company formed a joint venture called “Oneness Health” with an HKSTP incubatee to capitalise on the potential for remote healthcare offered by the ARIA-diabetes risks solution.

The joint venture combines the partner company’s retinal analysis technology with the incubatee’s network of Traditional Chinese Medicine (TCM) practitioners, as well as their software and hardware development capabilities. This creates a one-stop service platform under the name “Oneness Health” that provides high-risk patients seeking TCM treatment with added convenience and flexibility, with the goal of “disease prevention”.

The Oneness Health platform will offer features such as online appointments, mobile assessments, diagnosis, and personal health management in the first quarter of 2023.

In the near future, it will also provide prescriptions for traditional Chinese medicines that can be dispensed through auto-dispensing machines at over 100 convenient locations in 18 districts of Hong Kong or collected at various NGO centres. Additionally, door-to-door courier service will be available for single elderly individuals or needy families.

The CEO of HKSTP stated that the Park is dedicated to promoting innovation by providing a comprehensive support system for translational research, product development, and commercialization. The ARIA-diabetes risks solution from the two firms which is now being offered under the Oneness Health platform is a prime example of how innovative solutions can be developed in Hong Kong and at the Science Park.

The combination of breakthrough science, world-first technology, advanced software, and hardware to create an innovative primary healthcare delivery platform through Oneness Health, is a testament to the speed, talent, infrastructure, and innovation capability of Hong Kong’s I&T ecosystem.

In line with the HKSAR Government’s Primary Healthcare Blueprint announced in December 2022, the Oneness Health platform will contribute to the government’s goal of establishing a more community-based primary healthcare system. The platform will significantly improve healthcare convenience, expand treatment options, lower patient costs, and alleviate the burden on Hong Kong’s hospitals and clinics.

The Blueprint sets out a strategy road map towards establishing a primary healthcare system that can improve the overall health and quality of life for popular in a stable manner, under the challenges brought on by an ageing popular and increasing chronic disease prevalence.

Singapore Researchers Develop Compact Sonar for Improved Underwater Imaging

Image credit: National University of Singapore
Share via

Researchers from the National University of Singapore’s (NUS) Tropical Marine Science Institute (TMSI) have created a dolphin-like sonar device with a new echo processing technique that enables clearer underwater images compared to the traditional signal processing method of visualising sound echoes.

The new sonar processing method could have potential benefits in underwater commercial or military sonars. It could be used to scan the seabed to search for features that can be used to aid navigation. The sonar’s compactness also makes it suitable to be mounted on underwater robots for ocean exploration.

The processing method is based on the hypothesis that dolphins use prior information about their environment, apart from broadband sound pulses, to interpret their echoes. The sonar uses information on the sparsity of objects, which allows for a better interpretation of sound echoes.

According to a press statement, the new device provides a better trade-off between sonar-image clarity, the number of sensors, and the size of the sensor array used as compared to current sonars of similar size and purpose. Conventional echo processing techniques tend to fail when sensors are limited in number or widely spaced. The new sonar processing method, however, can extract information and yield image clarity even in these situations.

The researchers noticed that dolphins had the ability to scan underwater objects acoustically and match them visually, indicating that a dolphin’s sound echoes emitted off an object contain information about the object’s shape. They then recorded the echoes emitted by dolphins when scanning an object in the water.

Using their observations as a guide, the team constructed a biomimetic sonar that mimics a dolphin’s sonar system. The device, which is about the size of a dolphin’s head and measures 25 cm in width, is designed to emit sharp, impulsive clicking sounds, similar to those used by dolphins for echolocation.

The team employed three transmitters to send sounds from different directions. They then analysed the echoes produced by both the dolphin and the biomimetic sonar to visualise what information about the object’s shape was revealed in the echoes.

To complement the hardware, the team developed software that improves the visualisation of echoes. The researchers incorporated the concept of sparsity into the sonar’s software. This assumes that out of the space scanned, only a small percentage is occupied by the object. According to Hari Vishnu, Senior Research Fellow at NUS TMSI, “Using prior information, such as the idea of sparsity, is intuitive. It is something humans do all the time – we turn our understanding of reality into expectations that can speed up our inferences and decisions. For example, in the absence of other information, the human brain and vision system tend to assume that in an image, the light on an object will be falling from above.”

The effectiveness of the software was demonstrated when it was able to visualise information from a dolphin’s sonar echoes when scanning an object, as well as sonar signals produced by their compact sonar. A conventional approach to processing both sonar echoes resulted in noisy images. However, the novel processing approach gave better resolution and therefore sharper images. The software is also able to generate visualisations with a mere three clicks from the sonar, thus allowing it to be operationally fast.

HKSTP and Industry Partner to Boost Life Science Innovation

Image Credits: HKSTP, Press Release
Share via

HKSTP has entered a strategic partnership with a Swiss multinational pharmaceutical company to position Hong Kong and the Greater Bay Area as a leader in life science innovation and set an example for the region. This is the first collaboration between HKSTP and the life sciences corporation that encompasses technology and data sharing.

The two are committed to promoting life science innovation and healthcare policy. They aim to provide a robust platform and support for start-ups in Hong Kong and mainland China by creating an ecosystem for healthcare start-ups. The goal is to make the Greater Bay Area a leader in life science and healthcare innovation and serve as a model for the rest of China in terms of technology application and registration. Additionally, they hope to establish the GBA as a hub for talent and corporates in the Asia Pacific region.

The principal areas of collaboration are:

  • Shaping Policy – A white paper to articulate policy recommendations, organising a public forum and a round-table for an in-depth discussion with government officials;
  • Co-incubation program – providing the start-ups with support and guidance on science, strategy and marketing, and creating a platform for the start-ups and potential partners to network and exchange; and,
  • Data collaboration – Fostering a conducive data-sharing environment in the STP Platform and among stakeholders; exploring synthetic data generation tools; promoting the “data collaboration” concept to the community.

The Secretary for Innovation, Technology and Industry was one of the witnesses to the Collaboration Agreement Signing Ceremony, he stated that the partnership aligns with the Hong Kong Innovation and Technology Development Blueprint recently released.

With the strong support from the Central Government and the government’s commitment to I&T development, as well as Hong Kong’s unique advantages, the partnership will greatly contribute to the development of a world-class biomedical ecosystem in Hong Kong.

The CEO of HKSTP stated that the partnering firm is a global pharmaceutical leader with strong connections to business leaders, scientists, marketers, and investors globally. It is believed that the partnership will foster the development of more health talents and significantly speed up growth in our medical research, drug development, and clinical trial processes.

The Head of the firm’s China-based innovation centre stated that the company is so glad to see this collaboration happen. It is hoped that the partnership can bridge HK and other cities in China for more opportunities to exchange, collaborate and empower start-ups; accelerate conversion and commercialisation; and to bringing hope to patients in China.

The APAC Sub Region 3 Head of the firm’s diagnostics arm noted that Hong Kong has a great foundation of scientific research. The firm looks forward to this collaboration in advancing high-quality research work, building a platform for innovation and benefiting the Asian population as well as the rest of the world.

The launch ceremony was attended by various dignitaries including the Under Secretary for Innovation, Technology and Industry; the Commissioner for Innovation and Technology, the Head of APAC Area at the firm, the Head of the firm’s accelerator (CICoR), the General Manager, Hong Kong and Macau and Mr Ronald Lo, General Manager, at the firm’s Hong Kong and Macau diagnostics arms.

Recent research has found that the global life science analytics market size was valued at US$ 8.3 billion in 2021, and is expected to grow at a compound annual growth rate (CAGR) of 7.7% from 2022 to 2030. This growth is driven by the increasing adoption of analytics by the life science industry, which uses descriptive and reporting analysis for building databases and prescriptive and predictive analysis for predicting future trends and results.

Malaysian Delegation to Italy Attracts Potential FDI

Share via

The Malaysia Investment Development Authority (MIDA) plans to increase its efforts to attract foreign investors and make Malaysia a hub for investment, including Italian investors, who were recently informed of potential business opportunities and partnerships in industries such as chemicals, green technology, e-economy, smart technology, and Industry 4.0 value chains in Malaysia.

The Minister of International Trade and Industry (MITI) recently conducted a working visit to Italy from 20 to 23 January 2023 to enhance the business relationship between the two countries. As a result of this visit, several Italian companies have shown interest in investing in Malaysia as it is considered a strategic gateway to the ASEAN and Asia Pacific regions. The visit has also successfully attracted potential foreign direct investments (FDIs) worth RM3.25 billion, which are expected to be realised starting in 2023.

The Minister stated that in line with the government’s dedication to being pro-business, pro-investment and pro-trade, MITI and its agencies are ready to strengthen ties with investors that bring in high-tech and high-quality investments, which will aid in creating better-paying jobs for Malaysians.

From the foreign direct investment perspective, Malaysia is already acknowledged for its strategic location in Southeast Asia, diverse industrial ecosystem, and skilled talent pool. What is essential now is to address all the issues that investors face during their journey, to improve the overall ease of doing business in Malaysia.

The Chief Executive Officer of the Malaysian Investment Development Authority (MIDA) was also part of the Ministerial delegation. He noted that as a developing nation with a strong industrial and services sector, Malaysia is advancing to the next stage of development as its economy becomes more diversified to accommodate new areas of growth.

The Malaysia Investment Development Authority (MIDA) continues to welcome high-quality foreign direct investments from all over the world, including from Italy. These investments play a crucial role in the development of Malaysia due to their positive impact on the economy and will continue to do so in the post-pandemic era.

During the visit, the Minister had individual meetings with several prominent business leaders and potential investors. Italy is the 9th largest foreign investor in Malaysia from the European Union. As of September 2022, a total of 77 manufacturing projects with Italian participation have been completed, with total investments of US$382 million (RM1.4 billion), creating 4,346 job opportunities.

Italy is known for having established many world-class high-tech companies and can provide various latest technologies and digitalization expertise. Therefore, the presence of Italian companies in Malaysia is considered vital in facilitating the transfer of technology and creating more knowledgeable workers in Malaysia.

Italy’s emerging green technologies are also essential in supporting Malaysia’s long-term strategic objective of attracting investments with Environmental, Social and Governance (ESG) considerations, in line with the country’s New Investment Policy (NIP).

About MIDA

MIDA is the government’s principal investment promotion and development agency under the Ministry of International Trade and Industry (MITI) to oversee and drive investments into the manufacturing and services sectors in Malaysia. Headquartered in Kuala Lumpur Sentral, MIDA has 12 regional and 21 overseas offices. MIDA continues to be the strategic partner to businesses in seizing the opportunities arising from the technology revolution of this era.

HKU to Establish Virtual Asset Technology Consortium

Share via

The University of Hong Kong’s Department of Computer Science and the FinTech Academy, in partnership with the 150th Anniversary Community Foundation of a Hong Kong-based bank, have joined forces with the Strategic Centre for Research in Privacy-Preserving Technologies & Systems at the Nanyang Technological University of Singapore to establish the Virtual Asset Technology Consortium (VATC).

VATC’s aim is to gather experts from various fields such as academia, industry, user groups, and government organisations to share information and provide guidance on technical matters related to virtual assets.

The management board will be headed by the Associate Head of the Department of Computer Science at HKU and the Associate Director of the HKU-SCF FinTech Academy and will include professors from NTU and professionals from supporting units as members.

Creating a platform that elevates the technological advancements in the field of virtual assets

The virtual assets (or digital assets) industry has seen significant growth in recent years. This innovative technology has led to new methods for conducting financial transactions using digital tools. The market has demonstrated a positive response to the belief that virtual assets, both those issued by private entities and the government, will be an integral part of the worldwide monetary and economic system.

The Virtual Asset Technology Consortium has set out the following missions:

  • Representation – Provide insights and advice on the technical aspects of virtual assets;
  • Research – Foster R&D collaboration on virtual assets.
  • Networking – Provide a platform for discussing the latest developments and trends of virtual assets and related FinTech technologies; and,
  • Education – Organise seminars and other educational activities to enable the industry and the general public to acquire knowledge on technologies related to virtual assets.

Several organisations such as Cyberport Hong Kong, Hong Kong Blockchain Society, as well as banks, have already expressed their support for VATC to The University of Hong Kong. The Virtual Asset Technology Consortium (VATC) will be officially launched in Q2 2023 and welcomes experts and enthusiasts who are committed to promoting the stability and growth of virtual assets to join the consortium.

The growing market for Digital Asset Management (DAM)

Recent research found that the Digital Asset Management (DAM) market is expected to grow from US$4.2 billion in 2022 to US$8.0 billion by 2027, with a Compound Annual Growth Rate (CAGR) of 13.6% during the forecast period. This forecast suggests that the demand for DAM solutions is expected to increase rapidly in the coming years.

Several factors are expected to drive the growth of Digital Asset Management (DAM). Some of the key drivers for this growth include:

  • The increasing need for digitalisation and the ability to quickly and easily collaborate with businesses on corporate assets;
  • The growing demand for the authenticity and security of digital assets;
  • The ability to easily upgrade, maintain and categorise digital assets, reducing production costs and improving resource allocation;
  • The need for organisational transparency across different industries and business functions;
  • The ability to increase conversion rates and retain customers; and,
  • The need for brand consistency.

Digital Asset Management (DAM) services include consulting, integration, and implementation, as well as training, support, and maintenance services. These services are necessary at various stages of the process, including pre-sales requirement assessment, and post-sales product deployment and execution.

This allows clients to get the maximum return on investment (RoI) from their DAM solutions. The service providers offer guidance to end-users and assist them in integrating and deploying software that is tailored to their specific requirements.

Recommended Stories

Linkedin-in Twitter Facebook-f Youtube Instagram

© 2022 OpenGov Asia – CIO Network Pte Ltd.

Send this to a friend