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.
The NSW Department of Customer Service (NSW DCS) has appointed MessageXchange, a company that provides electronic data interchange (EDI) services for businesses to implement a sustainable e-invoicing solution that streamlines the payment experience for suppliers.
E-invoicing provides faster payments and automates the procure-to-pay process, providing many benefits for DCS and suppliers.
NSW DCS encompasses more than 30 different agencies, entities and business units, with excellent customer service a key goal across the organisation. DCS provides digital leadership and innovation in government services that align with the NSW Digital Government Strategy.
MessageXchange implemented e-invoicing through its Peppol-certified Access Point for NSW DCS, by creating a dedicated gateway on the MessageXchange cloud service that connects to the SAP enterprise resource planning (ERP) system at NSW DCS.
In this gateway, the workflows and business rules have been applied to NSW DCS’s needs, to enable invoice data to be received correctly.
The technology flags any errors with NSW DCS staff and its suppliers. It has also established connections to accounting software used by small and medium-sized enterprises (SMEs), so suppliers can send e-invoices.
The NSW Digital Government Strategy offers digital services that benefit customers and suppliers. E-invoicing is a streamlined system that enables DCS to pay suppliers within the government-stipulated five-day turnaround period. It is also more affordable for DCS and suppliers, as processing an invoice costs less than $10.
The company was chosen as it met assessment criteria based on functionality and price and offered support and expertise.
It was also able to meet DCS strategic expectations to provide end-to-end automation to the procure-to-pay (P2P) cycle, to scale up throughout all areas of government.
The Managing Director of the company stated that with the firm’s e-invoicing solution, DCS can pay invoices faster and help its suppliers maintain cashflow.
The MessageXchange Access Point processes these e-invoices securely and accurately, reassuring DCS that its data and supplier information is secure.
It was noted that e-invoicing can make processing and sending invoices faster, more accurate and less expensive for organisations of all sizes, including government departments and private businesses.
The initial pilot was carried out in October 2019; phase one of the project started in January 2020 and went live in March, with phase two currently underway.
About the NSW Digital Government Strategy
The NSW Digital Government Strategy represents a vision for ICT reform and cultural change within the NSW Government.
The former ICT Strategy series provided a strong foundation which the government has built upon in consultation with industry partners and across government. The aim is to extend this to a partnership with the community.
The new Strategy is just an upgrade; it provides the backbone for the delivery of next-level, improved, user-centric services. It will ensure that the NSW Government is connected, customer-focussed and outcomes-driven.
Amongst other things, the NSW Public service will:
- use digital ways of conducting business where previously prohibited by outdated legislation
- co-design services with customers (taking into consideration expectations around the protection of privacy) and develop technology solutions in partnership with industry
- adopt a digital-by-default starting point when designing or reviewing new and existing policies • partner with industry focussing on technology solutions with a whole of government perspective
- experiment and be innovative in the use of new and game-changing technologies that have the potential to drive better service outcomes
- demonstrate how they are using data to inform decision making, including around investments
- optimise the sharing and use of data through the NSW Data Ecosystem, using real-time data and user-friendly formats for publishing
- use predictive analytics to drive better outcomes across the sector. The NSW Government is committed to exploring and implementing new and innovative ways of doing things, to achieve the best outcomes for the people of NSW.
To drive the development of the National Automotive Policy 2020 (NAP2020), Universiti Kebangsaan Malaysia (UKM) and Automotive Institutions, Robotics and Lot Malaysia (MARii) announced that they are collaborating on developing new generation vehicles (NxGV). Specifically, they will be looking into re-manufacturing and recycling and intelligent manufacturing technology (smart manufacturing) through a variety of research and development (R&D).
One of the projects carried out includes the development and commercialization of electric car (EV) batteries, supported by Research and Development efforts by both parties focusing on battery performance, battery replication, lithium-ion (Li-ion) battery production development and more.
The Vice-Chancellor of UKM stated that the signing of the MoU showed closer cooperation between the two institutions in enhancing technological capabilities. It is hoped that the emergence of the digital economy in the Industrial 4.0 landscape will drive more sustainable innovation in various domain applications for the benefit of the government, organizations, and all citizens.
This innovation can be further utilized to change the way Malaysians live and work, creating an inclusive digital society with the same goal, which will not only generate wealth for better well-being but also bring peace and prosperity to the world, the academic stated while delivering a speech at the signing of Memorandum of Understanding (MoU) between UKM and MARii, in Cyberjaya recently.
Meanwhile, the Chief Executive Officer of MARii noted that the collaboration will complete the network of strategic expertise needed to implement projects related to research and development of basic materials for the manufacture of lithium-ion (Li-ion) batteries, cybersecurity and digitization in the mobility sector.
These projects will add value to the development of NxGV, Maas and IR4.0, in line with NAP2020. This collaboration will also be able to show the development of a special network for Reverse Logistics, which includes the process of collection, recycling and end-of-life vehicle (ELV).
The Smart Data Initiative will also be implemented and focuses on the use of Artificial Intelligence (AI) in the manufacturing process. The aim is to push forward Smart Manufacturing in Malaysia. With Industry 4.0 technology, the project will focus on cybersecurity methods that use various techniques to protect data and resources.
About Malaysia’s National Automotive Policy 2020
The National Automotive Policy 2020 (NAP2020) is expected to contribute RM104.2 billion to Malaysia’s gross domestic product (GDP) over the next 10 years, an earlier article by OpenGov Asia noted. The forecasted contribution is in line with its projection of total production volume of 1.47 million vehicles and total industry volume of 1.22 million vehicles by 2030.
The overall intended outcomes of the NAP2020 are an increase in research of new technologies; the creation of business and job opportunities, particularly for small and medium enterprises (SMEs); and the development of new manufacturing processes and value chains within the local automotive and overall automobile sector. The NAP2020 will further enhance the Malaysian automotive sector by transforming it into connected mobility.
The element of technology such as Next Generation Vehicle (NxGV), mobility-as-a-service (MaaS) and Industrial Revolution 4.0 are in line with disruptive trends that have emerged in global markets, the Minister stated.
The NAP2020 is a holistic policy that covers the comprehensive development of industry capacities including supply chain, human capital, indigenous technology, aftermarket, exports, infrastructure readiness, standards and regulations. The NAP2020 will focus on the development of ecosystems for the NxGV, MaaS and Industry 4.0 technologies while continuing its focus on enhancing the development of Energy Efficient Vehicles.
The policy entails the National Roadmap Automotive for the mobility value chain, technology, mobility talent, aftermarket and National Blueprint Automotive for mobility as a service, robotics and IoT. It also envisions driving a policy that focuses on connected mobility, while enhancing Malaysia’s automotive industry in the era of digital industrial transformation.
The NAP2020’s vision includes integrating supply chains, local manufacturing, engineering capabilities, the latest technology trends, and sustainable development.
The incubatees at Hong Kong’s Smart Government Innovation Lab continue to release novel and relevant innovations amidst the chaos of the COVID-19 pandemic.
Recently two of the Lab’s firms, Chinasoft International Technology Services (HK) Ltd and InnoBlock Technology Limited announced their solution which is now ready to be acquired by companies and institutions.
Solution 1 – iBot
The government or public service departments usually focus on improving citizen services and effectively solving social problems.
In addition, they have to deal with budget and related legislation restrictions. Thus, the iBot was developed to help companies reduce operating costs, replace manual execution of some transactional tasks, and allow the government to focus on public services.
The solution can apply automation to legacy systems, data migration and assists in system upgrades or maintenance across multiple systems at the same time. It also can be used in real-time services to provide guided solutions through customer robots that can effectively answer part of citizens’ questions as well as maintain and update citizen information.
All operations comply with the principles of compliance, accuracy, efficiency and automation.
The solution can be applied across the areas of Broadcasting, City Management, Climate and Weather, Commerce and Industry, Development, Education, Employment and Labour, Environment, Finance, Food, Health, Housing, Infrastructure, Law and Security, Population, Recreation and Culture, Social Welfare as well as Transport.
The iBot uses Artificial Intelligence (AI) and Robotic Process Automation.
- iBot can log-in to websites, search and download needed information automatically
- Working with Chatbots, assist citizen to fill in different forms
- Recognize invoice and input to the financial system
- Part of your digital transformation
- Automate many HR processes
Solution 2 – SafeGuard Series
SafeGuard Series is an enterprise security solution that aims to tackle internal threats which include data leakage and misuse. The solution does this by combining facial recognition, object detection and blockchain technologies.
It consists of three products:
- SafeGuardChain: The system will automatically log out or go to the lock screen when unauthorized users and target objects such as cameras are detected. To maintain the integrity of the data all records will be kept on the blockchain which becomes immutable.
- SafeGuard Lite Mobile: Uses watermark and object detection to prevent and detect sensitive data leakage through external cameras. It applies to both personal and work phones.
- SafeGuard Lite PC: this system uses watermark and object detection to prevent and detect sensitive data leakage through external cameras (e.g., a snapshot from a mobile phone).
The solution was developed to be applied in the area of CyberSecurity.
The SafeGuard Series uses Artificial Intelligence (AI), Blockchain, Machine Learning and Mobile Technologies.
The potential use cases for the technology include:
- IT security enhancement for remote working: Remote working during the COVID-19 crisis has increased the likelihood of a cyber-breach according to research by Centrify;
- Strengthened protection at endpoints: 70% of all breaches still originate at endpoints, despite the increased I.T. spending on this threat surface, according to IDC.
Solution and Benefits: Apart from traditional cybersecurity and data loss prevention software that tackle cyber-attacks, the SafeGuard Series focus on the external threats typically from unauthorized users or by snapshots from live cameras. This helps prevent internal data leakages (e.g., personal information) and detect external threats (by sending notifications to the Admin right away) for immediate follow-up.
Due to COVID-19, access to the operating theatres in hospitals is restricted, which means medical training must balance practical learning experiences while ensuring the safety of their students.
NUS have released how they are enabling their medical students from the NUS Yong Loo Lin School of Medicine to experience the process of patient safety and immersion in operating theatre procedures through virtual reality (VR).
The students have been able to learn about the entire flow of the peri-operative setting: from dental clearance to anaesthesia evaluation, to the handling of sharps during surgery and the safe conduct of operations in a simulated environment through VR headsets and hand-held controllers.
The system, called PAtient Safety aS Inter-Professional Training (PASS-IT), is a digital gamified environment that allows students to learn about hands-on techniques in the operating theatre.
“PASS-IT’s gamified style lets multiple learners be immersed in situations where they are given the opportunity to participate in what would usually be a highly restricted environment,” said Associate Professor Alfred Kow, a surgeon and Assistant Dean (Education) of NUS Medicine.
“With the COVID-19 situation, students have also been removed from these settings of practical learning due to the risk of exposing them to aerosol-generating procedures. This VR system is a good tool to help the students consolidate their learning despite increased clinical restrictions,” he added.
Operating in the virtual training world
Medical students use VR headsets and hand-held controllers to interact with each other in real-time. Their physical movements and actions are also tracked and displayed in real-time for visualisation and evaluation.
The tool allows students “to make mistakes, learn in a safe environment and ensure that they are competent before they enter actual clinical environment to care for patients”, according to Assoc Prof Kow.
The PASS-IT programme was piloted with a cohort of 36 third-year medical students who had just completed their clinical rotations in surgery, as well as 56 fourth-year medical students during their Phase IV Anaesthesia posting.
Students showed improved understanding of peri-operative patient safety after the training. Results also showed that the VR training had elevated the students’ appreciation for effective communication between healthcare workers, and the majority of students also spoke positively of the use of VR technology to enhance their knowledge of patient safety.
Assistant Professor Terry Pan from the Department of Anaesthesia at NUS Medicine said the introduction of the PASS-IT VR system has been timely as it gave the students “a unique opportunity to continue the operating theatre learning experience virtually in a safe and structured manner”.
“This innovative VR tool can certainly complement the operating theatre learning experience when the current restrictions are lifted,” he added.
In recent years, non-governmental organisations (NGOs) in Hong Kong have adopted the concept of TimeBank to promote mutual help among elderly people and to encourage them to make good use of their free time.
By providing volunteering services, elderly people can earn and save time credit in exchange for services later such as escorts, household repairs, grocery delivery, etc. However, due to the lack of appropriate IT support, NGOs are burdened with the task of handling the related clerical work, such as data input and matching service recipients with volunteers.
Thus, a team of scholars at the Department of Computer Science at the University of Hong Kong (HKU) has developed a new system, namely “HINCare” (Heterogeneous Information Network for Elderly-Care Helper Recommendation), which helps to manage the workload and logistics. The system can also store useful statistics and help NGOs formulate long-term strategies and identify the needs of elderly people through data analytics.
By matching service requests with volunteers in the community intelligently, the system stretches elderly people’s potential in serving the community and helps them develop mutual help and support networks. It also facilitates the development and expansion of Time Bank community projects. The system came out of the lead Professor’s two recent projects supported by the Research Grants Council (RGC)’s General Research Fund (GRF).
The Professor stated that the implementation of the Time Bank project encourages mutual help and support relationship-building in the community. However, NGOs are much burdened by the amount of clerical work in maintaining the system. The HINCare system involves a gigantic heterogeneous information network (HIN) which gathers big data such as social networks and profiles of senior citizens at elderly centres run by NGOs.
Real-time transaction of the service time credit in an NGO’s Time Bank system is recorded automatically without the need for any manual input. This saves a lot of time and clerical work. Furthermore, the large amount of data in services provided can be used intelligently by the system to recommend potential full-time/part-time/voluntary helpers to NGOs.
The HINCare system comprises a web portal of an NGO’s backend administration and a mobile application for elderly clients and volunteers. The Time Bank system can also be extended to support the administration of healthcare vouchers and social service vouchers through further adaptation, hence enabling elderly people to have access to information on various medical and social services, make service bookings or payments through the enhanced one-stop mobile app.
NGOs will be able to track and understand from the system’s backend web portal the various medical and social services used and required by the elderly, the frequency of volunteer engagement, the participation level of community activities, etc. These statistics and information can allow NGOs to formulate better elderly services policy and evaluate if follow-up services for particular individuals are needed.
The team is now partnering with Hong Kong Sheng Kung Hui Tseung Kwan O Aged Care Complex (SKHTKOACC) and Christian Family Service Centre (CFSC) Elderly Service Sections in implementing the project.
SKHTKOACC is a pioneer in the Time Bank project and has launched a “Weaving of Wellness – Seniors Mutual Help Development Project” – a 3-year project in Tseung Kwan O. The Service Director of SKHTKOACC stated that the app can facilitate service matching and reduce clerical work. The complex intends to implement the project in more housing estates in the area. In the long run, it can help society rethink its elderly service policy and resource allocation.
The mobile app was launched since January 2020 and has now over 800 users who have issued 1,500 service requests, including accompanying services, transportation assistance (e.g., to hospitals), and participation in group events, etc.
The Enterprise GIS (eGIS) system collates and presents geospatial data from diverse sources in an integrated manner to allow the Police to have better situational awareness and effect a quick and informed response. With thousands of real-time GPS data being ingested into the eGIS system every minute, Police get a real-time view of events as they happen and plan for resources, keeping the public and officers safe.
This is a collaboration by Singapore Police Force and Home Team Science and Technology Agency. The team received the Esri Special Achievement in GIS Award in July 2020, for its innovative application of mapping and analytics technology. The team is the only one from Singapore to win this international award in 2020 out of over 300,000 candidates globally.
In a release by HTX it explained that the system contains over 800 disparate data sets including topographical maps, building locations, navigation routes, street views, terrains, locations of Neighbourhood Police Centres and police cameras.
The geospatial data from these diverse sources are stacked on top of one another on one electronic platform and allows the Police to look at this to get the ‘big picture’, and immediately identify crime hot spots, map crimes, deploy officers for emergency calls, and make data-driven decisions.
HTX Assistant Chief Executive Tay Yeow Koon said in a release that “With a quantum increase in data and information over the last few years, the Police required a system to help them see the data in a unified manner. The eGIS enables police officers to be ‘smarter’, react faster, and make data-driven decisions to prevent, deter and detect crimes”.
The eGIS platform also enables interconnectivity between systems, helps to develop new capabilities like blue force tracking, provides a visual context to location data and brings insights to the users with geospatial analysis and dashboards. Today, the eGIS exists as a map visualisation in Police command & control systems and other backend operational applications.
“The eGIS is one of the enterprise-wide solutions that HTX worked hand-in-gloves with SPF as an integrated joint ops-tech team to conceptualise, plan and implement capabilities to achieve SPF’s Capability Vision 2025 to safeguard Singapore. This project has also opened up opportunities to introduce the upcoming map hackathon (or internally known as SPF Mapathon) to proliferate the use of GIS among SPF officers to solve real-life problems at work”, explains Bernard Phang, Director/Policing Programme Management Centre (PPMC).
Some of the new capabilities such as 3D geodata and line-of-sight analysis were introduced to provide a new visual perspective to SPF officers when planning for significant events such as the National Day Parade. 3D models of buildings, when used with line-of-sight analysis, allow Police to analyse and plan for any visual obstructions before going for site survey. A heatmap analysis tool in the system allows ground officers to determine the areas around Singapore they should concentrate on a daily basis.
Today, the prototype has evolved into an enterprise level platform serving 16 SPF systems and various users from SPF, SCDF and HTX. In addition to SPF, SCDF and CNB have also implemented their own eGIS platforms.
Photo Credit: www.htx.gov.sg
Before December 2019, calamities and disasters were overcome as individual nations.
Be it the wildfires in Australia, floods in India and Malaysia or typhoons in the Philippines, we were thought we were prepared and equipped to deal with them one at a time.
But there was a harsh reality check when the world was hit by the global pandemic at the end of last year. The world was caught off guard in a way that nobody could imagine; a calamity of such magnitude that impacted every little aspect of everyone’s life.
OpenGov Asia dedicated its latest Virtual Breakfast Insight on 4th August 2020 to help enterprises be better prepared to continue their business operations in the world of Volatility, Uncertainty, Complexity and Ambiguity (VUCA).
The audience comprised of an well-experienced group of digital executives from diverse industries like retail, manufacturing, FSI, IT, etc. from India and Hong Kong.
The session was opened by Mohit Sagar, Group Managing Director, and Editor-in-Chief, OpenGov Asia.
Mohit pointed out that a lack of planning and experience to deal with a global pandemic like COVID- 19 caused a lot of panic among governments and citizens all over the world.
Unlike the siloed approach to tackle critical events in the past, the pandemic required a strong unified effort from everyone – governments, organisations and individuals.
Agencies and enterprises assumed that the business continuity plans that they already had in place would be enough to help them stay afloat.
However, the new normal is forcing businesses to reinvent themselves and to adapt quickly to it.
Mohit stressed the need for a collective, universal effort to come up with a solution / remedy that will protect us from this virus.
In order to do that, not only is good leadership and partnerships needed at all levels, but it is essential that all the small moving parts are in sync – moving in one unified direction.
Mohit’s opening set the tone for the next presentation by Frederic Gillant, Vice President APAC for Everbridge.
Frederic shed light on what Critical Event Management means and its relevance in the current crisis.
He began by defining critical event management and how it puts people / human resource first during a critical event.
He then went on to share the challenges in managing critical events and why is it so hard for organisations despite facing them very frequently.
Frederic shared a step wise approach that can make it easier for organisations to tackle critical events. They include:
- Knowing what’s happening
- Deciding on if we should care about it
- Doing what needs to be done
- Looking at our experience and learning from it
After settling on the above-mentioned points and having a plan, the next step is to execute that plan. This will include assess, locate, act, and analyse.
Frederic concluded by explaining how the Everbridge solution can organisations monitor and plan for crisis. Their solution helps keep people safe and businesses running during any kind of critical event.
After this informative presentation, the virtual podium was taken over by Dr. Santrupt Mishra, who is the Chief Executive officer for Birla Carbon and Director Group Human Resources for Aditya Birla Group.
Santrupt began by sharing how business resilience can have different interpretations. He strongly emphasised two significant points that he believes help business and organisations stay up and running through critical events.
He highlighted the significance of having been battle tested though critical events in the past and the organisational memory it creates.
This organisational memory coupled with the software and systems being talked about previously will help businesses to have resilience when faced with the next critical event.
He shared that resilience is built into the DNA of an organisation by virtue of what it does during the time of peace.
A culture of innovation, empowerment of people at all levels, availability of technology, and people’s orientation of it are key factors that play a significant part in making an organisation robust.
Santrupt concluded by emphasising that organisational culture, system building, system testing, and empowering people require work and investment during peace times.
Thus, in order to be truly resilient and manage critical events efficiently, organisations need to work towards it around the year.
After Santrupt’s insightful presentation, the event moved into a polling session that involved all the audience more intensely.
On the first question of “Being in control of the current critical event (COVID-19) in keeping your employees safe and business running”, a majority of our audience voted that they are somewhat (69%) in control of the situation.
A senior delegate from a major Indian enterprise reflected that he voted for somewhat because there is still an element of unknown around the pandemic.
He believes that not fully knowing the magnitude of the problem makes it very hard to address and / or solve it.
On the next question of “Are you still manging COVID- 19 or preparing for the day after this calamity”, 58% of the delegates voted that they are thinking about tomorrow and have some idea what to do.
A senior technical executive from a major corporate group in India reflected that even though the pandemic situation is under control, the working style of people has changed forever.
In this new mode of remote working, managing people’s efficiency over a long period of time is going to be a great challenge for them.
On the final question of “Having business continuity plans in place to deal with an issue of this magnitude”, the participants seemed divided between having some plans in place but they are outdated and disintegrated (46%) and working on it but need help (30%).
A technology leader reflected that the objective of business continuity plan is to sustain the revenue streams of the organisation. Current plans need to be revamped entirely in order to make it more integrated at group and unit level.
The session was closed by Samir Nayak, Senior Sales Director and Country Manager for Everbridge India.
He shared how Everbridge is helping people and enterprises to deal with the current situation and recover from it.
He encouraged all delegates to engage in discussions with them to come out with innovative solutions for dealing with future critical event management.