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The rapid adoption of technological advancements and innovation in Singapore has spurred growth across various sectors, with the financial services industry (FSI) emerging as a frontrunner.

Recognising the importance of cutting-edge technology in a rapidly evolving digital landscape, the Monetary Authority of Singapore has partnered with banks and tech firms to develop an innovative Artificial Intelligence (AI) risk framework, exploring the multifaceted potential this technology offers the FSI.

In this dynamic landscape, the use of AI is paramount. Financial institutions are leveraging AI to distil crucial insights from vast datasets, enabling the development of highly financial products, services, and tools. Sectors like banking, trading, and insurance are modernising their operational frameworks with AI, utilising real-time insights to achieve superior outcomes, increased profits, and a competitive edge.

Further, the financial services industry is benefiting significantly from large language models (LLMs) – a specific type of AI algorithm. LLM applications utilise natural language processing (NLP) and machine learning (ML) methods to analyse extensive financial data, extract valuable insights, and facilitate well-informed decision-making. These applications are advantageous in diverse areas such as risk assessment, fraud detection, customer support, compliance, and investment strategies.

By automating recurring tasks and providing accurate and timely information, LLM applications improve operational efficiency, decrease the chances of human errors, and streamline decision-making processes. This technological advancement empowers financial institutions to stay competitive, adjust to dynamic market conditions, and offer personalised and efficient services to their clients.

Despite the significant competitive advantages offered by these advanced technologies, they also pose several challenges. One notable challenge is the integration of AI into the financial services sector, which raises complex issues concerning the security and privacy of data.

Given that the financial services industry deals with susceptible financial information, the use of AI, including LLMs, raises concerns about the safeguarding and confidentiality of this data. Navigating the delicate balance between harnessing the innovation and efficiency offered by AI and the crucial need to bolster defences against evolving threats remains a persistent challenge.

This necessitates continuous investment in security infrastructure, the implementation of rigorous data protection protocols, and strict adherence to regulatory standards, particularly in light of AI’s inherent challenge in the realm of data privacy within the dynamic landscape of the financial services industry.

Fostering sustainable IT is crucial in the FSI sector to mitigate environmental risks, enhance operational resilience, and align with growing expectations, ensuring long-term economic stability and regulatory compliance. AI is vital in helping organisations achieve sustainable IT through several means, including enhancing efficiency, reducing energy consumption, and optimising resource utilisation.

The OpenGov Breakfast Insight held on 22 March 2024 at Equarius Hotel Singapore explored the role of AI in addressing cybersecurity challenges in the financial services industry. The event highlighted the importance of AI in enhancing cybersecurity measures, particularly in detecting and responding to threats in real-time.

The conversation emphasised the vital role of public-private collaboration in crafting resilient cybersecurity strategies, highlighting the necessity of proactive measures and joint initiatives to protect financial institutions from emerging cyber threats amidst the AI-driven transformation. Participants and experts alike recognised the imperative of sharing information and working together to effectively counter cyber threats.

Opening Remarks 

Mohit Sagar∶ FSI entities adopt advanced technologies to stay competitive and meet evolving customer demands

Mohit Sagar, CEO and Editor-In-Chief at OpenGov Asia, explained that platforms like OpenGov play a crucial role in enabling governmental bodies to evolve digitally, ensuring that governance is more efficient and accessible to the public.

“This digital shift is imperative as we stand on the cusp of a technological revolution, where the way we live, work, and interact is poised for dramatic changes,” he asserts.

The pandemic has underscored the significance of digital capabilities, thrusting the concept of remote work into the mainstream and accelerating technological advancements at an unprecedented pace.

The term ‘AI’ transitioned from a futuristic buzzword to a daily utility during this period. Towards the end of the crisis, AI technology had become democratised, making information derived from AI not only widely accessible but also remarkably accurate.

This surge in AI utility highlighted its potential in various sectors, notably in the banking and financial sectors, where intelligence and technology have become the primary drivers of differentiation. In an industry where trust is paramount, the integration of AI has opened new avenues for enhancing security, personalising customer experiences, and optimising operational efficiency.

“As we gaze into the future, the transformation powered by AI emerges as a definitive game-changer across all domains, including governance and public services. Yet, this transformation brings to the fore the critical challenges of data privacy and security,” Mohit cautions. “So how can societies become more innovative and efficient without open data sharing?”

The answer lies in navigating this journey with caution and care, underscored by the need for trusted partnerships that respect the delicate balance between leveraging data for advancement and safeguarding individual privacy.

Enhancing cyber resilience amid this AI-driven evolution is paramount. Data represents the lifeblood of our digital existence, akin to the biological imperative that one does not share blood with just anyone except in situations of utmost necessity.

“This analogy underscores the importance of meticulous data management and cybersecurity measures. In the digital age, as we march towards an increasingly AI-integrated future, the emphasis on cyber resilience cannot be overstated,” Mohit explains. “It involves protecting data against unauthorised access and ensuring that the digital ecosystem is robust enough to withstand and recover from any cyber threats or incidents.”

Amidst ongoing market fluctuations, the Financial Services Industry (FSI) finds itself in a transformative phase, compelling organisations to prioritise intelligence, efficiency, and security. With digital innovations reshaping the landscape, FSI entities are embracing advanced technologies like artificial intelligence to remain competitive and address evolving customer needs.

Large Language Models (LLMs), a specialised type of artificial intelligence (AI) algorithm, offer substantial benefits to the financial services industry (FSI). These benefits are crucial in enhancing operational efficiency, improving decision-making processes, and ensuring regulatory compliance:

  1. Extensive Financial Data Analysis:LLM applications leverage advanced natural language processing (NLP) and machine learning (ML) methods to analyse extensive financial data, providing valuable insights across various domains. These include risk assessment, fraud detection, customer support, compliance, and investment strategies.
  2. Operational Efficiency and Error Reduction:Automating recurring tasks and delivering timely information by LLM applications improve operational efficiency within the financial sector. By minimising the chances of human errors and streamlining decision-making processes, LLMs enhance overall operational effectiveness, positioning financial institutions to adapt to dynamic market conditions while staying competitive.
  3. Singapore’s Recognition of Tech Advancements:This collaborative effort reflects the nation’s recognition of the significance of cutting-edge technology, explicitly focusing on exploring the multifaceted potential that AI offers to the financial services industry (FSI).

Despite these benefits, integrating AI into the financial services sector presents challenges, particularly concerning the security and privacy of sensitive financial data. As the industry deals with highly confidential information, concerns arise about how AI technologies handle, safeguard, and ensure the confidentiality of economic data, necessitating a careful balance between innovation and data protection.

AI and ML are pivotal in bolstering cyber resilience within the Financial Services Industry. These advanced technologies can analyse vast amounts of data in real-time, enabling early detection of cyber threats and vulnerabilities, thus enhancing the industry’s ability to address security challenges proactively.

Mohit believes that fostering sustainable IT is imperative in the FSI sector to address environmental risks, enhance operational resilience, and align with rising expectations for corporate responsibility.

AI is crucial in helping FSI organisations achieve sustainable IT, he says. Prioritising sustainable IT practices contributes to long-term economic stability and ensures compliance with evolving environmental regulations, reflecting the industry’s commitment to environmental stewardship.

“Singapore’s commitment to technological innovation and the adoption of advanced technologies like AI have positioned the financial services industry for continued growth and competitiveness,” Mohit concluded. “However, addressing cybersecurity challenges and ensuring the responsible use of AI remain critical priorities for the industry as it navigates an increasingly digital landscape.”

Welcome Address

John Ng∶ HPE helps the FSI sector to train, tune and deploy machine learning models

Singapore’s Financial Services Industry (FSI) has seen remarkable growth year after year, notes John Ng, Director & General Manager of Sales at Hewlett Packard Enterprise. With its substantial contribution to the economy and reputation as a global financial hub boasting diverse institutions, Singapore has cemented its position as one of the top five fintech hubs worldwide. The country is home to over 1,000 fintech firms and attracted a record US$1 billion worth of investments in 2019.

The Singapore government’s commitment to supporting technology adoption, innovation-driven growth, and cybersecurity capabilities has further enhanced the capabilities of existing firms and led to the creation of new industry sectors, such as digital banks and mobile payment providers. Over the past five years, the government has committed over US$250 million to these initiatives, contributing to Singapore’s status as a leading fintech hub.

Artificial Intelligence (AI) has played an increasingly integral role in the FSI sector in Singapore, mainly through the adoption of Large Language Models (LLMs) and Natural Language Processing (NLP). These technologies have been leveraged to enhance various aspects of the industry, including fraud detection, risk assessment, customer service, regulatory compliance, and predictive analytics.

LLMs and NLP analyse large volumes of data to detect fraudulent activities, assess credit risk, improve customer service through chatbots and virtual assistants, ensure regulatory compliance, and predict financial trends and market conditions. These technologies enable financial institutions to make more informed decisions, improve operational efficiency, and stay ahead of the competition.

Hewlett Packard Enterprise (HPE) can assist Singapore’s Financial Services Industry (FSI) sector. He underscores the significance of HPE GreenLake for Large Language Models (LLMs), a cloud service facilitating businesses of varying scales to train, refine, and implement machine learning models. Leveraging HPE’s Cray XD supercomputer, this service delivers an AI software suite, including the HPE Machine Learning Development Environment, to simplify the remote training and deployment of machine learning applications.

Deploying HPE’s supercomputers and AI software, organisations can efficiently train large language models for critical applications in various industries, including finance, healthcare, and legal services. This technology enables businesses to unlock new insights, improve decision-making processes, and drive innovation in their respective industries.

John observes that Singapore’s Financial Services Industry (FSI) sector flourishes due to its dedication to innovation and technology integration. He agrees that the government’s backing of fintech and cybersecurity endeavours has fostered an environment conducive to industry advancement and innovation.

“HPE firmly believes that by embracing AI technologies like LLMs and NLP, Singapore’s FSI sector is primed for continued growth and innovation, solidifying its status as a leading global financial hub,” he concluded. “I an confident that we will get a lot of insights from this meeting that can be implemented in your respective fields.”

Power Talk: How Can FSI Organisations Safeguard AI Capabilities for a Competitive Advantage in the Ever-Evolving Digital Landscape?

Enguerran Dallet∶ In today’s highly competitive financial services industry, personalisation is not just a strategy but a necessity

As the Executive Director of Data Science at OCBC Bank, Enguerran Dallet has seen the significant potential of artificial intelligence (AI) in the financial services industry (FSI), driving its transformative stages amid market fluctuations.

AI’s advanced capabilities empower FSI entities to modernise operations and secure a competitive edge in the evolving digital landscape.

However, challenges, particularly regarding data privacy and security, persist. Enguerran proposes several strategies and considerations to effectively harness AI and data within Singapore’s Financial Services Industry:

  1. Data Security: Implement strong data security measures and identity and access management (IAM) protocols to protect customer data.
  2. Data Quality and Infrastructure: Clean and structure data to mitigate risks and lay a foundation for AI applications.
  3. Expert Partnerships: Collaborate with third-party experts to bridge technical expertise gaps.
  4. Comprehensive Assessment: Assess current capabilities thoroughly to identify improvement areas.
  5. Ethical AI: Emphasise responsible AI practices, ethical considerations, and algorithmic transparency.
  6. Regulatory Compliance: Implement AI-powered RegTech solutions for compliance.

Implementing these strategies can help Singapore’s financial institutions leverage AI and data effectively, drive innovation, enhance decision-making, and achieve superior outcomes in the FSI sector.

“In today’s highly competitive financial services industry, personalisation is not just a strategy but a necessity for achieving customer satisfaction, loyalty, and overall business success,” believes Enguerran. “Personalisation allows institutions to go beyond generic offerings and tailor products, services, and interactions to meet individual customers’ unique needs and preferences, thereby building trust and loyalty.”

Enguerran acknowledges that AI plays a pivotal role in enabling this level of personalisation. In OCBC Bank, AI-powered algorithms can analyse our vast customer data, including their transaction history, browsing their behaviour, and even their demographic information, to gain valuable insights into their preferences and behaviour, elaborates Enguerran. This kind of analysis allows institutions to provide personalised recommendations, offers, and services that are more likely to resonate with customers, enhancing their overall experience.

One of the key areas where AI is transforming personalisation in the financial services industry is using chatbots and virtual assistants. These AI-powered tools can interact with customers in real-time, providing personalised support and assistance based on individual needs. This improves customer service and frees human agents to focus on more complex tasks, improving overall efficiency and productivity.

By leveraging AI, financial institutions can differentiate themselves, attract new customers, and retain existing ones. AI’s ability to analyse data, predict customer behaviour, and optimise operations leads to increased efficiency, reduced costs, and improved customer satisfaction.

“AI-driven personalisation is key in today’s financial services industry. It enables institutions to meet customer expectations, stay competitive, and drive business growth in a rapidly evolving digital landscape,” ends Enguerran.

David Sharratt∶ Financial organisations are poised to benefit significantly from these advancements, particularly through chatbots and automation

David Sharratt, Global Head of Data Product Monetisation at Standard Chartered Bank, highlights the transformative impact of technological advancements on financial services. Over the past few decades, these advancements have reshaped how people interact with money and what they expect from financial institutions, leading to simplified processes, reduced error rates, improved communication, and altered consumer perceptions of money.

Financial organisations are poised to benefit significantly from these advancements, particularly through chatbots and automation. David emphasised that these innovations can reduce labour hours, enhance client connections, and boost profitability. The impact of these technologies varies across functions, but many institutions can adapt and gain from them.

One such transformative technology is blockchain, a digital ledger of transactions distributed across a network of computers and secured through cryptography, David explains. Initially designed for tracking digital currency, blockchain has the potential to revolutionise aspects of the financial services industry. For example, it can streamline processes involved in executing and clearing securities trades, reducing costs and errors associated with manual bookkeeping.

“Artificial Intelligence and Machine Learning have also led to significant improvements in financial services by helping banks automate processes and make informed decisions,” asserts David. “AI is used to identify fraud and illegal activity, while ML helps banks develop new products and services. Based on my experience, those technologies reduce costs and improve the customer experience.”

Cloud banking is another significant trend, enabling institutions to store and process financial data in remote locations. This cost-efficient approach allows access to robust technologies from anywhere in the world.

Embedded finance is a technology that improves the efficiency of financial services, potentially reducing costs for banks by automating processes. RPA automates tasks and processes, reducing manual work and improving organisational efficiency.

“However, these technologies also pose cybersecurity risks,” he warns. “Despite we know that technology is emerging anywhere, we have to be aware of its risk too.”

To safeguard data against threats and ensure data availability, businesses should implement robust security measures, conduct regular security audits, and provide data security in AI systems. Compliance with regulations, employee awareness, diverse dataset testing, error analysis, and backup and disaster recovery plans are essential for protecting sensitive data.

Amit Krishna∶ HPE’s innovative solutions can deliver significant benefits to the FSI sector, unlocking new opportunities for growth and efficiency

Amit Krishna, General Manager, Compute Southeast Asia at Hewlett Packard Enterprise (HPE), emphasised the company’s readiness to support the financial services industry (FSI) sector in overcoming its technological challenges. HPE offers a range of innovative solutions tailored to the specific needs of the FSI sector, with a focus on enhancing data security, automation, and operational efficiency.

One of HPE’s flagship solutions is GreenLake for Large Language Models (LLMs). This cutting-edge cloud service empowers businesses to train, fine-tune, and easily deploy machine learning models. This service, powered by HPE’s Cray XD supercomputer, provides a comprehensive AI software stack to streamline machine learning application training and deployment processes.

“Organisations can efficiently train large language models for critical applications across various industries, including finance,” believed Amit.

HPE also implements robust security measures to safeguard sensitive financial data. As AI and machine learning adoption continues to grow within the FSI sector, ensuring data security and compliance with regulations becomes increasingly vital.

“HPE’s security solutions, which include encryption, multi-factor authentication, and secure development practices, are tailored to help organisations mitigate cybersecurity risks associated with AI systems,” he reveals.

Moreover, HPE’s technologies enhance operational efficiency and customer service for financial institutions. For instance, HPE’s AI-powered solutions enable the development of chatbots and virtual assistants that improve customer interactions and reduce costs by minimising the need for human intervention in routine banking processes.

These technologies also enable financial institutions to gain deeper insights into customer behaviour and market trends, empowering them to make more informed decisions and maintain a competitive edge in the market.

“HPE’s innovative solutions and expertise can deliver significant benefits to the FSI sector, addressing key challenges and unlocking new opportunities for growth and efficiency,” Amit concluded. “By leveraging HPE’s technologies, financial institutions can enhance their competitiveness and deliver superior services to their customers in today’s rapidly evolving digital landscape.”

Closing Remarks

John Ng expressed gratitude for the participants’ enthusiasm during the session, considering it the beginning of their journey to explore various ideas and innovations poised to reshape the financial industry. He acknowledges the importance of collaboration among companies and stakeholders in fostering innovative and sustainable solutions.

A key topic of discussion centered around the incorporation of AI technology into Singapore’s Financial Services Industry (FSI), with John reaffirming HPE’s commitment to aiding the sector in overcoming its technological challenges. HPE stands prepared to offer customised solutions tailored to meet the distinctive needs of the FSI, particularly focusing on aspects like data security, automation, and operational efficiency.

HPE offers the GreenLake for Large Language Models (LLMs) solution, a cloud service that allows businesses to train, tune, and deploy machine learning models. Powered by HPE’s Cray XD supercomputer, this service provides an AI software stack that simplifies the training and deployment of machine learning applications. By leveraging HPE’s supercomputers and AI software, organisations can train large language models for critical applications in various industries, including finance.

Additionally, HPE provides expertise in implementing robust security measures to protect sensitive financial data. With the increasing use of AI and machine learning in the FSI sector, ensuring data security and regulation compliance is crucial. HPE’s security solutions, including encryption, multi-factor authentication, and secure development practices, can help organisations reduce cybersecurity risks associated with AI systems.

John encouraged experts, professionals, and all participants present to embrace the integration of AI into their operations to enhance efficiency, innovation, and customer experience. He also stressed the importance of adopting a sustainable approach to AI implementation, prioritising factors such as data security and regulatory compliance.

Given the elevated cyber risks in the field, companies must safeguard their data against threats and ensure data availability, especially when deploying cutting-edge technologies like AI, is John’s advice. But despite the risks involved, companies in the financial sector must be prepared to adapt to the rapid changes in the technology landscape, with AI emerging as a crucial tool for maintaining competitiveness in this digital era.

“By implementing AI technology wisely and responsibly, companies can optimise their operations, enhance data-driven decision-making, and deliver superior customer service,” John concludes.

In the fast-evolving landscape of alternative investments, the convergence of technology, especially artificial intelligence (AI) and digitalisation is reshaping strategies, opportunities, and challenges. At the Alternative Investment Management Association Singapore Annual Forum, Ms. Gillian Tan, Assistant Managing Director at the Monetary Authority of Singapore (MAS), shed light on the pivotal role of technology, and how it is driving innovation and reshaping investment strategies in the realm of alternative assets.

Reflecting on the challenges faced in the preceding year, including geopolitical tensions and supply chain disruptions, Ms Tan noted the resilience of global financial markets. Despite these headwinds, the alternatives sector demonstrated robustness. She emphasised the pivotal role of technology and AI in navigating through such challenges and driving resilience in investment strategies.

Delving into the burgeoning role of AI within the alternatives sector, Ms. Tan highlighted its transformative impact on investment strategies and portfolio management. The adoption of AI-powered algorithms and predictive analytics has empowered asset managers to identify trends, mitigate risks, and optimise investment decisions with unprecedented precision. AI-driven insights are revolutionising traditional approaches to asset allocation, enabling managers to extract value from vast datasets and navigate complex market dynamics with agility.

Ms. Tan underscored the pivotal role of AI as one of the primary mega forces shaping the future of alternative investments. Beyond its application in investment strategies, AI is poised to revolutionise various facets of the industry, including risk management, compliance, and client servicing. From sentiment analysis to algorithmic trading, AI-driven solutions are driving operational efficiency and enhancing decision-making processes across the investment lifecycle.

Technology is playing a crucial role in accelerating the transition towards a sustainable future. By leveraging AI-powered data analytics, asset managers can identify and evaluate sustainable investment opportunities, ranging from renewable energy projects to green infrastructure initiatives. Tech-driven ESG (Environmental, Social, and Governance) screening tools enable investors to align their portfolios with sustainability objectives while optimising returns.

The convergence of AI and blockchain technology is catalysing the growth of the digital assets ecosystem. Predictive models enhance risk assessment and investment decision-making in digital asset markets, while blockchain facilitates transparent and secure transactions. MAS’s initiatives, such as Project Guardian and the Global Layer One initiative, are driving innovation in digital asset tokenisation and cross-border transactions, leveraging AI for enhanced operational efficiency.

Looking ahead, Ms Tan emphasised the transformative potential of generative AI (Gen AI) in reshaping asset management practices. Gen AI, with its ability to process vast datasets and generate content autonomously, promises to revolutionise portfolio optimisation, content generation, and client engagement. However, she cautioned against the inherent risks of AI, including data bias and algorithmic opacity, underscoring the importance of robust risk frameworks and ethical AI governance.

As the financial sector integrates Gen AI into its operations, careful consideration must be given to its ramifications on employment and skill requirements in Singapore. A collaborative effort between MAS and the Institute of Banking and Finance Singapore (IBF) will see the initiation of a joint study.

This research aims to pinpoint key uses of Gen AI, evaluate its integration and growth in financial services, and examine its impact on jobs and required skills. By doing so, it will inform strategies to enhance and adapt the financial workforce, enabling them to harness Gen AI’s transformative potential and transition effectively into new career paths.

As the alternative investment landscape continues to evolve, embracing AI and digital innovations will be paramount to unlocking value and driving sustainable growth. By harnessing the transformative potential of AI, asset managers can navigate complexities, capitalise on emerging opportunities, and deliver enhanced value to investors.

With technology as the cornerstone of innovation, the future of alternative investments promises to be characterised by agility, resilience, and unparalleled insights, propelling the industry towards new horizons of success.

Vietnam’s National Digital Transformation Programme, stretching to 2025 with a vision towards 2030, is aimed at fostering not only a digital government, economy, and society but also cultivating Vietnamese technology enterprises with global reach. Central to this ambitious agenda is the development of a skilled workforce, particularly in digital technology, which plays a pivotal role in driving the success of the nation’s digital transformation initiatives.

Over the past two decades, Vietnam has witnessed remarkable growth in its information and communication technology (ICT) sector. From a modest workforce of around 50,000 in 2000 contributing just 0.5% to GDP, the country now boasts over 1 million ICT professionals, contributing a substantial 14.3% to GDP. However, despite this numerical surge, concerns persist over the quality of the workforce, with only a fraction of graduates meeting the skill demands of employers.

According to the Ministry of Information and Communications, Vietnam has around 1.5 million ICT workers, with over 160 universities and 500 vocational schools offering ICT training, producing over 84,000 graduates annually. However, a survey by TopDev indicates that only about 30% of these graduates possess the requisite skills and expertise desired by employers, leading to a significant mismatch between industry demands and workforce capabilities.

The challenges are multifaceted, including the need for specialised training in niche fields like digital health, tourism, and agriculture, alongside concerns over declining job opportunities amidst global workforce reductions in the ICT sector. Nevertheless, amidst these challenges lie opportunities, particularly in emerging fields such as data analytics, artificial intelligence (AI), and cloud computing, where demand for skilled professionals continues to outstrip supply.

Recognising the urgency of upskilling the workforce to meet evolving market needs, Vietnam is embarking on a transformative journey in ICT education. The focus is on enhancing training quality and relevance, with an emphasis on practical skills and industry collaboration. Initiatives such as the introduction of digital higher education models, with increased industry participation in curriculum development and delivery, are set to redefine the training landscape.

By 2024, five pilot universities are set to implement digital higher education models, featuring curricula co-developed with industry partners, international standards-aligned training programmes, and reduced durations. Additionally, the Ministry of Information and Communications is taking proactive steps to bridge the gap between academia and industry, facilitating industry-led research and development initiatives and fostering closer collaboration between digital technology enterprises and educational institutions.

Minister of Information and Communications Nguyen Manh Hung has reiterated the government’s commitment to supporting universities in this transition, with plans to issue annual reports on digital technology workforce needs, promote digital transformation initiatives, and encourage industry investment in research and development centres at national universities.

In essence, Vietnam’s journey towards digital transformation hinges on the cultivation of a skilled digital workforce. By prioritising training quality, industry collaboration, and alignment with market needs, Vietnam aims to position itself as a global hub for digital innovation, driving economic growth and societal progress in the digital age.

Vietnam’s keenness to drive digital transformation and boost the digital economy is evident in its range of initiatives and programmes to empower technology enterprises. OpenGov Asia reported that Vietnam is launching an initiative to establish IT park clusters and software chains, aiming to bolster its digital competitiveness.

Despite progress, the Ministry of Information and Communications highlights challenges such as inadequate connectivity and collaboration among IT parks. Prioritising capital investment is crucial to attracting resources and realising key strategies, integrating this initiative into national ICT infrastructure and regional socio-economic planning.

The collaboration between Persatuan Penyedia Infrastruktur Telekomunikasi Malaysia (PPIT) and Indonesia’s Asosasi Pengembang Infrastruktur dan Menara Telekomunikasi (ASPIMTEL) signals a significant advancement in addressing the digital infrastructure challenges faced by both countries.

As telecommunications infrastructure providers, PPIT and ASPIMTEL have signed a memorandum of understanding to bolster cooperation between their respective markets, specifically focusing on densifying 4G digital infrastructure and deploying new 5G networks.

An industry trend analysis report highlighted the potential impact of this partnership on expediting the development of 5G infrastructure across Malaysia and Indonesia. The report noted a previously bearish outlook on capital expenditure for 5G rollouts in Indonesia, with domestic mobile network operators (MNOs) seeking incentives from the national telecoms regulator to accelerate adoption.

Challenges such as high rollout costs due to complex geographies and a shortage of the latest 5G semiconductors have hindered progress in Indonesia. However, the collaboration between PPIT and ASPIMTEL offers a promising solution to mitigate these obstacles.

Both Malaysian and Indonesian MNOs view 5G as a means to revitalise average revenue per user (ARPU) figures amid evolving consumer demands. While the partnership primarily focuses on upgrading and expanding 4G infrastructure, experts anticipate that the substantial subscriber base forecasted for 4G technology – 296 million in Indonesia and 37.4 million in Malaysia by 2025 – may create some resistance to transitioning to 5G.

Nevertheless, it is believed that the partnership’s emphasis on infrastructure enhancement could lead to more competitive pricing for 5G packages, thus driving greater consumer adoption rates. Despite expectations for reduced prices, significant price cuts are not anticipated, as operators aim to leverage 5G to boost ARPU figures.

Moreover, while concerns about affordability persist, the adoption of 5G is expected to be concentrated in urban centres where tech-savvy consumers demand high-speed connectivity for latency-sensitive applications like gaming and streaming.

Looking ahead, a substantial growth in 5G subscribers for both Malaysia and Indonesia is projected. By 2032, Malaysia is estimated to have approximately 34 million 5G subscribers, while Indonesia is expected to have around 197.2 million, representing 59.4% and 54.4% of total mobile subscribers, respectively. These assessments indicate a healthy compound annual growth rate of 31.3% for Malaysia and 39.4% for Indonesia from 2023 to 2032.

Last year, PPIT and ASPIMTEL signed a groundbreaking MoU to advance digital cooperation, marking the first collaborative effort of its kind between Malaysia and Indonesia and underscoring their joint commitment to fostering digital progress and improving regional connectivity.

This partnership demonstrates a commitment to sharing expertise in technology roadmaps, including 4G densification and deploying 5G networks, along with innovative designs and processes for telecom infrastructure. Additionally, discussions will cover rural connectivity and other vital aspects to enhance telecommunications infrastructure in both nations.

PPIT and ASPIMTEL aim to strengthen their countries’ commitments to sharing innovative knowledge in the telecom sector. The MoU fosters enhanced cooperation, setting a precedent for future collaborations aimed at advancing digital inclusion and connectivity across Malaysia and Indonesia. Through this alliance, both nations leverage strengths to address common challenges and drive sustainable telecom development.

The MoU signing signifies a major milestone in fostering regional cooperation in telecom infrastructure. PPIT and ASPIMTEL are set to facilitate cross-country knowledge sharing, fostering a collaborative environment for digital innovation. This partnership highlights Malaysia and Indonesia’s joint commitment to digital advancement and connectivity in the region.

The PPIT-ASPIMTEL partnership showcases the collaborative effort needed to tackle digital infrastructure challenges in emerging markets. By combining resources, they can expedite 5G deployment, fostering economic growth and innovation

As they navigate the transition to next-generation connectivity, policymakers, industry stakeholders, and consumers must work together to ensure that the benefits of 5G technology are accessible to all segments of society.

The Department of Information and Communications Technology (DICT) Laguna Provincial Office is spearheading a transformative initiative aimed at enhancing digital literacy and empowering communities through a comprehensive series of capacity development sessions.

Image credits: Philippine Information Agency

These sessions, strategically designed to cater to diverse sectors including senior citizens, persons with disabilities (PWDs), out-of-school youths, solo parents, academe, transportation, local government, and the private sector, underscore the critical importance of digital skills in navigating the complexities of today’s technology-driven society.

The training session focuses on equipping participants with a broad spectrum of essential digital skills, ranging from layout design and smartphone photography to cybersecurity awareness.

Hazel Pagao, the Provincial Officer of DICT Laguna, emphasised the paramount significance of digital literacy, particularly among vulnerable and marginalised groups, who are often disproportionately targeted by cybercriminals.

Pagao underscored the necessity of spreading digital literacy initiatives and stressed the importance of maintaining close coordination with local government units to effectively reach and benefit participants across the province.

Participants acknowledged the importance of staying abreast of digital trends and continuously enhancing skills in the ever-evolving digital landscape. They understood the intrinsic value of cybersecurity awareness, noting that the workshop provided invaluable insights that extended beyond the realms of the traditional school curriculum, thereby enhancing participants’ proficiency in crucial digital skills.

Others appreciated the programmes’s significance in enhancing operational efficiency and safeguarding organisational documents from the perils of cyber threats. The relevance of the acquired knowledge and skills, particularly in crafting robust quality management, operational management, and accounting systems, offers protection against potential cyberattacks.

Supporting and championing the initiative, Los Baños Councilor Miko Pelegrina underscored the critical importance of inclusivity and knowledge-sharing in fostering holistic community development. He advocated for the active involvement of knowledgeable resource persons to impart wisdom and insights, thereby fostering collaboration and synergy across diverse sectors, and particularly benefiting marginalised groups that often face systemic barriers to access and opportunity.

The DICT’s comprehensive training sessions also address and confront prevalent cyber threats observed across the country, encompassing malicious activities such as malware attacks, supply chain attacks, spoofing, password attacks, phishing, and business email compromise. Through these sessions, participants are equipped with invaluable techniques and strategies to mitigate risks and fortify their defences against the insidious onslaught of cybercrimes.

As the initiative continues to gather momentum and expand its reach, Pagao urges the public to remain vigilant and conscientious in their online endeavours, underlining the indispensable importance of verifying information and exercising prudence and discernment while engaging in digital transactions.

Through concerted and collaborative efforts, DICT’s digital training initiative stands poised to empower communities, bridge the digital divide, and elevate cybersecurity in Los Baños, Laguna, thereby heralding a new era of digital enlightenment and resilience.

OpenGov Asia reported that the Philippines is dedicated to training its citizens to harness the opportunities of digital transformation, ensuring they become integral members of the future workforce while prioritising their safety, with a range of learning options made available.

The DICT, led by Secretary Ivan John Uy, is implementing a nationwide upskilling initiative to enhance cybersecurity in the Philippines. In response to increasing cyber threats against government digital assets, Secretary Uy emphasizes the importance of equipping both government workers and the public with essential skills for navigating the digital landscape safely.

Initially focusing on government workers, the DICT plans to extend cyber training to the public, aligning with the National Cybersecurity Plan 2024-2028 and demonstrating the government’s commitment to fortifying cyber defences and protecting critical digital infrastructure.

These initiatives underscore the commitment of the government to address the ICT needs of Filipinos, fostering collaboration with organisations and local bodies to empower communities and enhance global competitiveness.

In a significant development for Singapore’s biopharmaceutical industry, the Biologics Pharma Innovation Programme Singapore (BioPIPS) consortium has recently expanded its membership, welcoming another global immunotherapy company into its fold. This expansion marks a pivotal moment for the consortium, which already boasts the participation of other renowned pharmaceutical giants, alongside leading research institutions such as the Agency for Science, Technology and Research (A*STAR), Nanyang Technological University, Singapore (NTU), NTUitive, National University of Singapore (NUS), and Singapore Institute of Technology (SIT).

Under the leadership of A*STAR and with the steadfast support of the Singapore Economic Development Board (EDB), the BioPIPS consortium endeavours to elevate Singapore’s capabilities in biologics manufacturing. The consortium’s primary focus lies in enhancing productivity and sustainability within the sector, to transform the existing landscape of biologics production in Singapore.

The BioPIPS consortium is set to address three core workstreams:

Sensing and Modelling: By leveraging machine learning, mechanical modelling technologies, and smart sensors, the consortium aims to streamline workflows, enhance processes, and boost productivity through data analytics integration.

Sustainability: The consortium will tackle sustainability challenges in biologics and vaccine manufacturing by exploring novel materials, circular economy approaches, and resilient supply chain models, aiming to reduce reliance on single-use equipment and promote environmental stewardship.

Compliant Agility: With a focus on automation and advanced analytics, the consortium aims to eliminate manual tasks in manufacturing facilities to achieve greater productivity while ensuring compliance with regulations. This includes the adoption of robotics and other solutions to streamline technology transfer, product production, and validation processes without compromising on quality or compliance standards.

BioPIPS extends an open invitation to small and medium-sized enterprises (SMEs), large local enterprises, and multinational corporations to join as service and technology providers. By participating in the consortium, these entities can contribute to the translation of cutting-edge technology developed within the consortium.

This collaborative approach facilitates access to shared resources, fosters the development of new capabilities pertinent to biologics production, and accelerates the advancement of technologies within the sector.

Membership in the BioPIPS consortium offers companies the opportunity to respond swiftly to sudden spikes in demand for biopharmaceutical products, particularly during times of crisis such as a pandemic. This agility not only enhances patient access to life-saving medications but also ensures greater resilience within the biopharmaceutical supply chain.

In its nascent stages, the BioPIPS consortium laid the groundwork for its initiatives by signing a MoU in 2022. Since then, consortium members have engaged in exploratory discussions facilitated by A*STAR and EDB. These discussions have centred on identifying manufacturing challenges and delineating problem statements for potential research projects.

Key areas of focus include the utilisation of data analytics to optimise manufacturing processes and the development of agile and sustainable solutions for biologics manufacturing. These initiatives underscore the consortium’s commitment to leveraging technology and innovation to drive positive change within the biopharmaceutical industry.

Professor Lim Keng Hui, from ASTAR, is optimistic about BioPIPS’ transformative potential in Singapore’s biopharmaceutical sector, aligning with ASTAR’s commitment to technological innovation and Singapore’s Manufacturing 2030 vision.

Ms. Cindy Koh, from EDB, echoed Professor Lim’s remarks, underlining BioPIPS’ role in bolstering Singapore’s global standing in biopharmaceutical manufacturing. Through collaborations with local enterprises and educational institutions, the consortium aims to accelerate the adoption of innovative technologies in this sector. As Singapore continues to assert its leadership in the biopharmaceutical sector, the expansion of the BioPIPS consortium heralds a new era of collaboration and innovation in biologics manufacturing.

By harnessing the collective expertise of its members and leveraging cutting-edge technologies, the consortium is poised to drive significant advancements in productivity, sustainability, and resilience within the industry.

The Startup Mahakhumbh 2024 has heralded the onset of an event that unites India’s vibrant startup ecosystem under one roof. Hosted at Bharat Mandapam in New Delhi from March 18-20, 2024 it was themed of ‘Bharat Innovates’.

Image credits: Press Information Bureau

The initiative aimed to catalyse innovation, facilitate networking, and foster growth opportunities for startups, investors, incubators, accelerators, and industry leaders across diverse sectors.

At the forefront of this dynamic gathering stands the MeitY Startup Hub (MSH) innovation showcase. The MeitY Pavilion has emerged as a nucleus of innovation and entrepreneurship, boasting the participation of over 40 innovative startups.

The startups seized the opportunity to showcase their cutting-edge innovations, creating a dynamic platform for engaging with industry experts, investors, and potential partners.  Interactions paved the way for valuable connections and growth opportunities, enriching the collaborative spirit of the event.

In addressing critical challenges and opportunities within the startup space, Jeej Vijay, CEO of MeitY Startup Hub (MSH), shared insights with a panel discussion focusing on “Funding DeepTech: Venture Capital’s Perspective on Research-Backed Startups”. His expertise shed light on navigating the intricacies of venture capital funding, particularly for startups grounded in deep technology and research-driven innovations.

To further foster the growth and development of startups, MeitY Startup Hub organised a Startup Masterclass as part of the event. This masterclass provided startups with invaluable insights, practical knowledge, and networking opportunities aimed at enhancing growth and success in the dynamic startup ecosystem.

MeitY Startup Hub (MSH) hosted an exclusive Incubator Masterclass, covering a wide array of topics essential for the success of both incubators and startups. The masterclass delved into crucial areas such as fundraising and investment trends, effective mentorship and support strategies, building robust startup ecosystems, and best practices in startup incubation.

India boasts one of the world’s most vibrant startup ecosystems, with nearly 8000 tech startups, positioning it as the second-largest startup ecosystem globally. Consequently, innovation and entrepreneurship have become focal points, vigorously promoted to bolster the Indian economy. The Ministry of Electronics & Information Technology (MeitY), Government of India, spearheads and facilitates a wide range of Innovation and Intellectual Property Rights (IPR) activities nationwide, aimed at expanding this ecosystem.

As MeitY Startup Hub (MSH) consolidates its efforts, attracting a plethora of startups, incubators, mentors, and Centres of Excellence (CoEs), it aims to emerge as the premier collaborative platform for the tech startup community. Central to this mission is establishing innovative partnerships and fostering meaningful synergies with all stakeholders within the tech ecosystem across the country.

MeitY Startup Hub (MSH) is an initiative by the Ministry of Electronics and Information Technology (MeitY), Government of India, aimed at fostering entrepreneurship and innovation in the technology sector. MSH supports startups, incubators, and Centres of Excellence (CoEs) through various programs and initiatives to drive digital transformation and promote India’s leadership in emerging technologies.

India is actively seeking to foster innovation and entrepreneurship in the digital realm, recognising its potential to drive economic growth and transformation. With initiatives aimed at empowering startups, encouraging digital innovation, and creating a conducive ecosystem, India is poised to become a global hub for digital entrepreneurship and innovation.

OpenGov Asia reported on the establishment of 10 Atal Tinkering Labs (ATLs) in Thiruvananthapuram, marking a significant stride in fostering innovation and skill development among students. The Atal Innovation Mission aims to cultivate innovation in one million Indian children through Atal Tinkering Laboratories in schools, fostering creativity and essential skills.

Similarly, a set of strategic partnerships aimed at modernising India’s skill ecosystem was launched. These collaborations, formed with industry leaders, academia, and government departments, will bolster the nation’s workforce readiness for the technology-driven 21st-century landscape.

The Hà Nội Department of Tourism is poised for a digital revolution as it commits to further enhancing its tourism database software and accelerating the digitisation of data in tandem with the city’s comprehensive information systems and tourism databases.

Image credits: Ministry of Information and Communications

In a recent announcement, the department unveiled its strategic plan to develop a cutting-edge digital mapping system tailored for smart tourism within the city, along with the digitisation of essential data pertaining to attractions and service facilities.

This pivotal step forms an integral component of the department’s overarching administrative reform and digital transformation initiative. The primary objective is to revolutionise the online public service experience for visitors while propelling tourism endeavours in the city to new heights. Central to this endeavour is the expansion of the tourism sector’s data management system and the comprehensive update of the agricultural tourism database.

Furthermore, the department is committed to leveraging information technology to amplify the capital’s image to both domestic and international tourists. Presently, concerted efforts are underway to bolster infrastructure to meet the exigencies of implementing Hà Nội’s digital governance framework, in strict adherence to the network connectivity model outlined by the Ministry of Information and Communications.

In alignment with the city’s aspirations for digital transformation, the department is actively developing the Internet of Things (IoT) infrastructure to underpin smart tourism applications across the city. These initiatives are pivotal in augmenting the overall tourism experience and ensuring seamless connectivity for tourists and residents alike to access and stay updated on tourism activities, especially during major holidays and events.

Director Đặng Hương Giang affirmed the department’s commitment to securing necessary resources from the city People’s Committee to drive administrative reform, digital transformation, and optimise data connectivity utilisation. Reflecting on the department’s administrative reform initiatives in the previous year, notable achievements include the implementation of innovative models such as QR code usage for streamlined access to administrative procedures and online public services via smart mobile devices.

Additionally, a dedicated information support and consulting service, operational round-the-clock through the hotline 1800.556.896, has been instrumental in facilitating prompt feedback and recommendations from tourists. In 2023 alone, the department assisted 772 tourists and effectively addressed 32 feedback and recommendations from both domestic and international visitors.

This concerted push towards administrative reform has not gone unnoticed, as evidenced by Hà Nội’s repeated recognition by esteemed international tourism organisations. In 2023, the city clinched the prestigious title of the world’s top city destination for short vacations, bestowed by the World Tourism Organisation. Moreover, the Hà Nội Department of Tourism was honored to receive accolades as the leading tourism management agency in Asia for its exemplary contributions, marking the second consecutive year of such recognition.

Looking ahead, the department sets ambitious targets, aiming to attract approximately 26.5 million tourists this year, representing a notable 10.4% increase compared to the estimated tourism figures for 2023. With its unwavering commitment to innovation, digital transformation, and impeccable service delivery, the Hà Nội Department of Tourism is poised to elevate the city’s tourism landscape to unprecedented heights, offering visitors unparalleled experiences and fostering sustainable growth in the tourism sector.

Vietnam is actively pursuing initiatives to strengthen its digital economy, both domestically and on the international stage, as part of its broader strategy for economic growth and competitiveness.

As challenges persist, including inadequate connectivity and collaboration among IT parks and industrial zones, particularly in larger cities, the government is looking to better infrastructure and regulation. OpenGov Asia reported that Vietnam has initiated the establishment of IT parks and software chains to bolster its digital ecosystem and global competitiveness within the production value chain.

OpenGov TV Speaker Panel – Know Your Customers

Part 3 of our OpenGov TV Speaker Panel series with OneConnect. Listen to experts talk about the importance of KYC (Knowing Your Customers)!

PARTNER

Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

PARTNER

CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Well-known for our strengths in system integration and consultation, CTC Global proves to be the preferred IT outsourcing destination for organizations all over Singapore today.

PARTNER

Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

SUPPORTING ORGANISATION

SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

PARTNER

HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

PARTNER

IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.