Digital Humanities Research Project in Taiwan

Since the development of information technology, “Humanities Research” has continuously undergone various changes. From research topics, data citations to the presentation of results, the establishment of its own digital database, and the ever-changing application of information technology, the landscape of humanities research show the rich diversity that encompasses new phenomena and cross-field mismatches.

Taiwan’s Academia Sinica Digital Humanities Research Project aims to keep up with the times and constantly explore the various possibilities of humanities research, including how to use digital technology to improve humanities research more systematically and efficiently. The research project also focuses on what kind of path the development of digital humanities will eventually take requires the participation and practice of researchers in the field of humanities.

Hence, the Academia Sinica Centre for Digital Cultures is issuing an open call for project proposals for the 2022 Digital Humanities Research Project. This year’s project categories include:

Linked Knowledge Bases for Digital Humanities

Build a knowledge base project-oriented to activate and open digital content.
An integrated research project applied by the institute) as a unit.
List and explain clearly the connection between the research theme, the list of researchers, and potential targets.
The setting of research topics, with researchers as the main body, and then determine the priority of digitisation work
Emphasise the integration and openness of research topics and digital content

Academic Research in the Digital Humanities

Digital humanities knowledge base to create structured materials and conduct humanities research through digital tools.
For individual research projects.
Need to have a clear awareness of the problem and use digital tools for research.
Use existing digital technology, methods and content to try to find solutions to humanities research topics.
Develop digital analysis tools or build a digital humanities knowledge base creation platform in combination with research topics focused on researchers.

The Linked Knowledge Bases for Digital Humanities is an integrated research project. It requires multiple researchers to propose an important research topic. After proper planning, they will jointly discuss the detailed plan and follow the research. The topics are divided into sub-projects/sub-projects, and the general moderator is responsible for the overall planning and coordination of the plan, and mastering the research progress and results.

The research project needs to emphasise the integration of the implementation results and the overall planning ability, and the funding needs to correspond to the work project/needs. The researchers need to appropriately supplement the detailed description documents to provide for the judgment of the rationality of the budgeting. This type of plan is limited to the application and implementation of an integrated plan.

Academic Research in the Digital Humanities requires a researcher to propose a detailed plan based on the research theme, emphasising research and innovation, and apply year by year for a period of one year. If an academic research-oriented knowledge base or database is built, it is necessary to implement the application and specify the research topics and the input of the researchers.

Each plan should strengthen the two-way communication between information technology personnel and humanities scholars, jointly conduct content discussions and system construction, encourage cross-field participation and cooperation, integrate and use the technology and platform developed by the centre, and jointly carry out humanities Research and research results published.

If the digital humanities research tool or platform developed by the Digital Cultural Centre is used, the project results must be publicly released and provided to the academics of the hospital for free. In addition, the results of digital technology research and development must also be publicly released. At the same time, the source code of the central office programme, the data set required for the operation of the programme, related installation and use instruction documents, are provided to the academics of the hospital for free.

EXCLUSIVE! Selecting Startups to Fund with Kei Furukawa

Venture Capital (VC) has played a significant role in driving innovation and economic growth by providing essential financing for startups and early-stage enterprises. With rising interest rates and complicated loan approval processes, many entrepreneurs are turning to VC financing opportunities to bridge the gap between funding sources for innovation and traditional, lower-cost forms of finance available to existing businesses.

To attract private equity funds and entice entrepreneurs with high-return ideas, the VC industry must offer a satisfactory return on capital, provide appealing returns for its members, and demonstrate promising upside potential. However, consistently outperforming investments in inherently risky business operations remains a significant challenge

Despite not being long-term ventures, the goal of VC investments is to provide financial support to a company’s balance sheet and infrastructure until it achieves a certain size and level of credibility that makes it attractive for acquisition by a corporation or provides the opportunity for liquidity in the institutional public equity markets.

Due to the saturation of the startup market and ongoing inflation concerns, many investors are opting for a more conservative approach. Venture capitalists today are adopting a more cautious, long-term strategy, departing from the previously prevalent aggressive, short-term investment approach.

Venture Capitalists Measure When Funding a Startup

Kei Furukawa, a Partner in Investment & Business Development at the UTokyo Innovation Platform Co (UTokyoIPC), presents the Innovative Platform as the entity in charge of enhancing the University of Tokyo (UTokyo)’s innovation ecosystem. It is tasked with ensuring returns on its investments as a funding corporation as well as disseminating academic research outcomes from the world-leading university in Japan to society as a whole.

“UTokyo IPC aims to accelerate innovation on a global scale that leveraged the University of Tokyo through three key activities: supporting entrepreneurs, facilitating corporate innovation, and investing in startups,” Kei reveals.

The company’s primary activity is Venture Capital (VC), which consists of meaningful investments and the exiting of those portfolios. A concurrent objective is to apply UTokyo’s research, intellectual assets and other resources to businesses.

While the ultimate goal is to make investments, Kei shared that they also conduct extensive research and academic work, that can be commercialised.

The company has invested in around 60 companies or portfolios that are primarily focused on various fields including biotech (drug discovery, medical devices, agriculture), robotics, aerospace, IT and AI (mainly enterprise solutions).

“It is pertinent that our company was established as a result of a political decision, indicating that the government is currently experiencing a period of uncertainty,” Kei explains. “Ministry of Economy, Trade and Industry (METI), and the Ministry of Education, Culture, Sports, Science and Technology (MEXT)made a joint decision to increase funding for startups emerging from universities, to explore ways to transform research into viable business ventures. This decision ultimately led to the creation of our company.”

Typically, national universities in Japan are not permitted to invest in companies, but an exception was made in this case. As a result, the VC firm is deeply invested in the growth of startups and takes a deep interest in their success.

Kei explained that the national budget was used to establish our funds. It is noteworthy that the funds comprise public and private sources, with a government disbursement allowing it to undertake investments with significantly greater risk.

He acknowledges that the company employs a matrix to evaluate the success of its investments. However, due to their focus on early-stage deep tech investments, it can be extremely challenging to conduct such measurements, particularly at an early stage. Nonetheless, his team closely monitors the progress of each investment and ensures that the milestones established for both business and technology are met.

The company operates an incubation and accelerator programme called “1st Round” (https://www.1stround.jp/) that serves as a bridge between academia and business. It is a programme co-hosted by 13 Top national and private universities from Japan. To participate in the initiative, start-ups are not required to be incorporated but must do so if chosen. If already incorporated, they must be under 3 years, and must not be funded by a VC at application timing.

He notes that they have numerous corporate sponsors, consisting of major Japanese corporations of a wide spectrum of industry fields. They strongly encourage partnerships between the startups and the sponsoring companies to conduct proof of concept (POC) projects together. This safe and close-knit community has resulted in many successful ventures between companies and startups.

The venture capitalist arm has a follow-on investment strategy aimed at providing support to the companies they invest in, particularly during challenging times. They take a hands-on approach by having members sit or observe boards meeting of portfolio companies to offer guidance and mentorship for business development, HR support (has own recruitment platform “Deep tech Dive” (https://www.utokyo-ipc.co.jp/dive/), and public relations. Also since their fund terms are 15 years, relatively longer than other VC funds, which helps deep tech startups to firmly bring technology to the market.

The VC strongly believes in the value of persistence and is committed to not giving up on its investments. They are determined to work tirelessly until the very end to revitalise the company, a trait they consider critical of a successful investor.

As a university subsidiary, they do not limit themselves to any particular investment areas and remain open to various types of startups. While there may be some sectors that are more attractive to non-tech venture capital, they generally favour startups that may be complex to comprehend but possess the potential to bring about transformative changes in the world.

They take a long-term investment approach and have transitioned from short-term rapid investment to supporting social impact and sustainability, particularly in healthcare startups. However, they also must balance this with the need for financial returns.

When making investments, financial returns are undoubtedly important, but they are not the sole factor that should be taken into account. The overall impact of the investment, including its social, environmental and ethical implications, should also be carefully considered.

Startups have several options for obtaining capital, such as crowdfunding, venture loans, and revenue-based finance. Each strategy has its own advantages and disadvantages, and therefore, entrepreneurs must have a deep understanding of these options.

Having multiple funding options can be advantageous, provided that entrepreneurs and shareholders are well-informed about the pros and cons of each. A thorough understanding of the funding options can help them make an informed decision that aligns with their business goals and objectives.

Urban Ideas and Solutions Through LKYGBPC

The Lee Kuan Yew Global Business Plan Competition (LKYGBPC), which began in 2001, is a biennial global university start-up competition hosted in Singapore. Organised by Singapore Management University’s Institute of Innovation and Entrepreneurship, focuses on urban ideas and solutions developed by student founders and early-stage start-ups.

According to Kei, as an entrepreneur, it is essential to have the appropriate capacity and seek guidance from knowledgeable individuals, particularly in the early stages of the business. As a university subsidiary, UTokyoIPC is well-equipped to assist entrepreneurs and help prevent them from making fatal mistakes out of ignorance.

The success of promoting entrepreneurship in culture depends on the ecosystem and environment that encourages and supports it. Singapore has a strong entrepreneurial environment, with universities such as SMU and NUS emphasising entrepreneurship. In contrast, Japan has a larger economy but tends to be more conservative.

The University of Tokyo has been actively fostering entrepreneurship by offering courses to students, which has led to the creation of numerous companies. The critical factor behind this success is the creation of an environment that supports entrepreneurship and motivates people to pursue it. Marketing and promoting the benefits of entrepreneurship are also vital to its success.

“The programme is expanding and involving many other universities beyond Singapore. This makes LKYGBPC an excellent platform for startups or the venture capital industry, as it is close to many countries in the region.” Kei believes.

Since joining the company in 2019, Kei has been actively involved in supporting startups, professors, and students through various initiatives. His passion is on deep tech startups or those with the potential to bring about positive changes in the world. He has invested in a diverse range of fields, including IT, robotics, AI and agritech.

Many successful entrepreneurs come from different backgrounds, such as business, engineering, finance, marketing and more. While having a technical background can be advantageous in some industries, it is not always necessary for achieving business success, Kei opines.

“Ultimately, having a strong business sense is more crucial than any specific technical background. What truly matters is possessing a good grasp of business and the necessary skills to succeed in it. This entails competencies such as strategic thinking, financial management, leadership, communication, and problem-solving,” Kei concludes.

Pendanaan untuk Dongkrak Inovasi Medis dan Obat

Pemodal ventura atau venture capital (VC) telah menjadi kekuatan vital dan katalis inovasi terkemuka selama beberapa dekade terakhir. Permodalan mereka telah menjadi sumber keuangan utama bagi sejumlah startup, sebab VC dikenal lebih ramah inovasi bagi pertumbuhan perusahaan pemula (startup).

Alih-alih meminjam modal dari bank yang memiliki suku bunga tinggi dan proses persetujuan pinjaman yang rumit, tidak heran jika banyak pengusaha lebih memilih alternatif pendanaan kepada pemodal ventura. Bagai gayung bersambut, investor pun mendukung upaya para pendiri startup dengan memasok modal yang mereka butuhkan.

VC menjadi jembatan untuk mengisi celah kebutuhan antara sumber modal inovatif dan tradisional. Pendanaan model ini menjadi alternatif sumber modal rendah biaya untuk mendanai bisnis. Untuk menyediakan dana besar bagi pegiat startup, bisnis pemodal ventura harus memberikan insentif yang menarik bagi para investor privat agar mereka mau menaruh uang mereka di perusahaan pemodal ventura.

Di sisi lain, besarnya ketersediaan sumber dana menjadi modal bagi VC untuk menarik potensi startup berkualitas yang berpotensi memberikan keuntungan tinggi. Secara singkat, tantangan pemodal ventura adalah mencari potensi untuk melipatgandakan investasi yang diberikan pada bisnis-bisnis dengan tingkat risiko tinggi.

Modal ventura bukanlah modal jangka panjang. VC bertujuan untuk berinvestasi hingga perusahaan mencapai ukuran dan kredibilitas yang bisa dijual ke korporasi lain atau bisa dijual sebagai likuiditas di pasar modal. Intinya, seorang pemodal ventura berinvestasi pada ide pengusaha, mengembangkannya dalam waktu singkat, kemudian mencari strategi untuk mendapat laba berlipat dengan menjual perusahaan atau melakukan penawaran saham perdana (Initial Public Offering/ IPO).

Namun, kiniada muncul tren baru dimana pemodal ventura beralih dari metode investasi jangka pendek yang agresif ke pendekatan jangka panjang yang lebih konservatif. Pasar startup yang sudah terlalu jenuh menjadi salah satu alasan transisi ini. Tren ini, dikombinasikan dengan kekhawatiran inflasi yang berkelanjutan, membuat banyak investor memainkan portofolio investasi mereka dengan lebih hati-hati.

Menyaring startup potensial

University of Tokyo Innovation Platform Co (UTokyoIPC) menjadi salah satu pemodal ventura yang melakukan pendanaan jangka panjang ini. UTokyoIPC berkecimpung sebagai pemodal ventura untuk startup deep tech. Sehingga, mereka lebih sering memberikan modal jangka panjang hingga 15 tahun untuk perusahaan yang mendalami inovasi dibidang bio teknologi, peralatan medis, dan obat-obatan.

Pendirian pemodal ventura UTokyoIPC sendiri berawal dari inisiatif Menteri Ekonomi dan Menteri Pendidikan untuk memberikan pendanaan pada riset-riset yang dilakukan kampus. Mereka ingin agar riset-riset itu bisa dikomersialisasi dan dikembangkan menjadi bisnis. Lantas didirikanlah UTokyoIPC di bawah Universitas Tokyo yang mendapat sumber modal dari pemerintah dan swasta.

“Di portofolio kami, ada sekitar 50-60 perusahaan dan kebanyakan bergerak di biotech, seperti penemuan obat, peralatan medis, dan sebagian kecil bergerak di pertanian,” tutur Kei Furukawa, Partner, Investasi & Pengembang Bisnis UTokyoIPC, dalam wawancara khusus dengan Mohit Sagar, CEO dan Pemimpin Redaksi OpenGov Asia.

“Meski tak banyak pemodal ventura yang bergerak di area ini, namun kami melihat sektor ini sangat penting dan berdampak pada hidup banyak orang, sehingga kami memutuskan untuk berinvestasi di sini.”

Ia lantas membeberkan sejumlah hal yang menjadi pertimbangan perusahaan pemodal ventura untuk berinvestasi di sebuah startup. Kei mengaku penilaian yang mereka lakukan tak jauh beda dari penilaian yang dilakukan oleh pemodal ventura lain pada umumnya:

Memiliki tim yang bagus,
Mengusung teknologi yang menarik di waktu yang tepat,
Ketersediaan pasar,
Potensi ekspansi, untuk mengukur seberapa besar perusahaan bisa dikembangkan dan berapa banyak pasar yang bisa diraup.

Tidak terpenuhinya sejumlah syarat itu menjadi kesalahan startup ketika gagal menggaet pemodal. Ketersediaan pasar dan potensi kecepatan pertumbuhan perusahaan menjadi pertimbangan terbesar para pemberi modal.

Modal jangka panjang

Sebagai pemodal ventura untuk startup yang bergerak dibidang bio-tech, UTokyoIPC menyadari bahwa mengembangkan inovasi teknologi medis memang membutuhkan waktu lama. Sebab, industri ini berkaitan dengan kesehatan dan nyawa manusia sehingga perlu riset mendalam untuk memastikan keamanan dan keakuratan produk yang dihasilkan.

“Di tahun pertama, kami mengelola startup agar mereka berkomitmen menjaga pertumbuhan perusahaan. Kami tidak mengejar-ngejar mereka agar lekas besar. Sebab, pengembangan deep tech memang perlu waktu, sehingga kami tidak perlu terburu-buru.”

Selain itu, skema pendanaan campuran antara publik dan privat membuat model pendanaan yang diberikan UTokyoIPC bisa lebih menerima pendanaan model ini. Mereka bisa lebih leluasa mengambil risiko ketika berinvestasi.

Untuk memberi pendanaan, UTokyoIPC biasanya memulai dengan melakukan konsultasi dengan berbagai riset yang ada di kampus-kampus. Mereka mencari riset yang berpotensi untuk diubah menjadi bisnis. Riset yang dianggap potensial akan diajak untuk mengikuti pitching sebagai bagian dari proses seleksi sebelum pemberian modal.

Setelah itu, mereka memberikan program bimbingan tahap awal. Perusahaan yang terpilih masuk ke program ini akan mendapat pendanaan dengan nilai maksimum US$100 ribu sebagai dana hibah. Mereka mendapat bimbingan selama enam bulan agar dana hibah yang diberikan bisa dipakai untuk mengembangkan perusahaan.

“Mereka tak tahu banyak soal bisnis, sehingga kami memberikan saran dan dukungan uang sebanyak mungkin agar mereka tidak terjegal di fase awal mereka. Tujuan kami agar startup bisa berhasil melewati pendanaan tahap awal (seed round funding) dan mencapai valuasi terbaik.”

UTokyoIPC memberikan pendanaan di tahap awal perusahaan mulai dari seed funding hingga seri kedua (second round funding). Sebagai investor tahap awal, Kei menuturkan sulit untuk mengukur tingkat kesuksesan investasi yang dilakukan. Sehingga, mereka berpatokan pada target-target yang telah ditetapkan bersama. Jika startup berhasil mencapai tiap target yang sudah disepakati, hal tersebut menjadi indikasi perusahaan telah berjalan dengan baik. Jika yang terjadi sebaliknya, maka perlu dilakukan peninjauan ulang untuk mengubah haluan.

Sukses di pemodal ventura

Sebagai seseorang yang tidak memiliki latar belakang investasi dan bisnis, Kei merasa beruntung bisa terjun ke bisnis pemodal ventura UTokyoIPC. Awal ketertarikan Kei terhadap bisnis modal ventura sendiri berawal sejak ia menjajal Pendidikan MBA di Singapura.

Merasa tak punya cukup mental untuk menjadi seorang pengusaha, Kei banting setir untuk mempelajari sistem pendukung bisnis yaitu pemodal ventura. Sehingga, ia pun banyak mengambil kursus pemodal ventura kala itu.

Meski demikian, jalan tak selalu mulus. Lantaran tak punya pengalaman kerja di bidang itu, ia tak langsung terjun ke industri pemodal ventura. Setelah melanglangbuana ke sejumlah perusahaan swasta, suatu hari ia berkesempatan berkarir di UTokyoIPC yang merupakan pemodal ventura.

Menurutnya, agar berhasil di bisnis pemodal ventura, seseorang mesti memiliki kemampuan berelasi yang baik. Sebab, bisnis ini selalu berhubungan dengan orang lain, baik dengan investor maupun startup.

“Karena Anda akan berhubungan dengan banyak orang, berbicara dengan mereka dan memahami siapa mereka. Sebab, ini akan menjadi aspek penting ketika melakukan investasi.”

Selain kepiawaian dalam menangani orang lain, catatan lain sebagai seorang pemodal ventura adalah semangat pantang menyerah. Pemodal mesti berjuang bersama tim startup hingga titik darah penghabisan. Optimisme dan kemampuan untuk terus mencoba strategi baru sangat diperlukan. Sebab selalu akan ada momen di mana rasa putus asa dan keinginan untuk menyerah muncul karena tidak melihat jalan keluar menuju keberhasilan.

“Tapi, saya tekankan untuk jangan menyerah. Anda harus mendorong diri Anda hingga hari terakhir, hingga berhasil.”

Selain itu, seorang investor juga perlu memiliki kesabaran untuk memberi waktu dan kesempatan bagi orang lain. Sebab, dalam investasi deep tech, banyak pekerjaan laboratorium yang tak segera terlihat hasilnya.

“Saya berbicara dengan berbagai tim ketika mereka bekerja di laboratorium dan berpikir bahwa sebagian besar waktu yang digunakan tidak segera menjadi uang atau menjadi produk, namun kami tetap memberi keleluasaan waktu. Kami melihat kesempatan apa yang bisa kita manfaatkan dari hasil penelitian mereka. Sehingga persoalannya, “Apakah Anda ingin memberikan waktu bagi startup yang dimodali? Yang kemungkinan dalam tiga atau lima tahun ke depan akan menjadi bisnis yang besar? Saya kira ini penting.”

LKYGBPC sosialisasikan minat kewirausahaan

Menurut Kei, Singapura memiliki kultur entrepreneurship yang kuat ketimbang Jepang. Hal ini mengejutkannya dan membuatnya tertarik untuk menggali lebih jauh ketika mendapat pelajaran entrepreneurship dalam proses mengambil gelar master di negara itu.

“Meski Jepang memiliki skala ekonomi yang lebih besar, namun warga di sini lebih konservatif ketimbang Singapura yang sangat agresif dengan entrepreneurship.”

Lewat kompetisi kewirausahaan seperti Lee Kuan Yew Global Business Plan Competition (LKYGBPC) menurut Kei berguna untuk terus memupuk jiwa kewirausahaan anak muda di Singapura dan berbagai belahan dunia. Selain itu, LKYGBPC juga memberi pengaruh ke berbagai universitas lain di dalam dan luar Singapura untuk ikut terlibat dalam pengembangan kewirausahaan.

Kompetisi ini juga menjadi sarana yang baik untuk mempertemukan startup dengan pemodal ventura. Sehingga, ia berharap program kompetisi ini bisa menjadi platform untuk melebarkan semangat entrepreneurship.

Enhancing Digital Competence Among Singapore’s Youth

At the third edition of ‘My Digital Bootcamp,’ 1,500 students from low-income families in the Central Singapore District will learn new digital skills. The districtwide programme will help to level the playing field for children from low-income families who may not have access to extracurricular activities.

This is part of the Central Singapore Community Development Council’s (CDC) SkillsFuture Junior programme, which seeks to support its young residents with digital and soft skills to prepare them for a better future.

Students will go through four modular skills-based workshops at each two-day Bootcamp held from March to December 2023 to learn advanced digital-making skills in a fun and engaging manner such as programming, robotics, mobile app development, and game design.

A time traveller visiting ancient civilisations or an Earth hero resolving a climate crisis are the two new immersive narratives that participants can select from. They will also be exposed to complementary soft skills such as logical reasoning, pattern recognition, algorithm design, relationship management, and communication skills, among others, during the Bootcamp.

‘My Digital Bootcamp’ will provide structured learning support to the young participants in order to encourage learning beyond the workshops. Each child will receive a special home-based learning (HBL) digital-making kit, which includes a micro: bit pocket-sized computer, a KittenBot expansion board, an ultrasonic sensor, and other resource materials, as well as a learning management system, to allow them to continue learning and practising what they have learned at the Bootcamp.

At the end of this season, a brand-new Hackathon component will be held in which young learners will be empowered to solve real-life scenario-based challenges in friendly competitions that will underpin holistic learning. There will be 300 people at the Hackathon. Some will be students from the Bootcamps, and some will be new students.

Participants in the two-day Hackathon challenge will participate in digital-making skill workshops or refreshers, preparatory workshops, competitions, and presentations. They will investigate skillsets and develop competencies in soft skills other than those taught in the Bootcamp, such as idea pitching, design thinking, and ideation, which will help them build a strong foundation for the future economy.

The long-standing partnership between Central Singapore CDC and a multinational banking corporation made ‘My Digital Bootcamp’ possible. Since its inception in September 2019, the programme has benefited over 2,000 children from 34 schools and community organisations in Central Singapore. Over 30 employee volunteers also befriended the students, distributed participation kits and meals, and assisted in guiding the students’ learning.

In addition, the Infocomm Media Development Authority’s (IMDA) Digital for Life (DfL) Movement has been named Champion Project at the prestigious World Summit on Information Society (WSIS) Prize Ceremony 2023, which is organised by the International Telecommunication Union (ITU) under the auspices of the United Nations (UN).

The DfL movement was named a WSIS Prizes 2023 Champion in the category “the role of governments and all stakeholders in promoting ICTs for development.” This award came after WSIS received nominations for 900 projects from around the world in 18 categories, reviewed them with experts, and received over 1.5 million online votes.

The World Summit on the Information Society (WSIS) Prizes recognise projects that use information and communication technologies (ICT) to advance the UN’s Sustainable Development Goals.

To date, the DfL movement has more than 130 partners and 140 projects, benefiting over 270,000 Singaporeans from various segments such as youths, seniors, low-income families, women, and people with disabilities.

EXCLUSIVE! Beyond Smarter Data Management and Protection for Banking, Financial Services and Insurance Institutions

Over the coming years, Singapore is poised to witness significant transformations in digital financial services, particularly in three key domains: the emergence of Web 3 and decentralised finance, the widespread integration of artificial intelligence (AI) and the implementation of machine learning (ML) technology.

Prioritising strong governance and compliance should be at the top of the Banking, Financial Services, and Insurance (BFSI) sector’s list of objectives. Adherence to regulations, following rules and taking responsibility can greatly enhance services, ensure safety, and enhance the client experience.

Employing a centralised data protection solution enables consumers to track and verify if and how their data is being protected data across various workloads. When clients have the ability to do so, they can be confident that their data is being adequately safeguarded. Moreover, this can ensure that recovery time objectives and IT audit compliances are met.

Combatting threats such as malware and ransomware, along with ensuring overall cybersecurity, requires a strategic approach across multiple levels. This includes actively monitoring for potential issues and regularly backing up data. Storing immutable copies of data in a secure location can prevent malware from encrypting them.

In addition, data intended for recovery should undergo scanning and cleaning by the organisation’s anti-virus solution to ensure that any potentially harmful data, also known as “dirty” data, is not inadvertently reintroduced into production systems.

Ensuring seamless operations while mitigating the risks of ransomware and other cyber-attacks can be challenging. However, modern data protection solutions have demonstrated their ability to reduce costs, enhance automation, enhance human capabilities and identify innovative ways to reuse data to generate new value.

The OpenGovBreakfast Insight on 22 March 2023 held at the Voco Orchard Singapore aimed to share insights and practical solutions to empower organisations to maximise data capability through cost-effective, secure and automated data-driven processes that adhere with current data regulations and comply with the standards of Singapore’s Banking, Financial Services and Insurance industry.

Opening Remarks

OpenGov Asia — Mohit Sagar Singaporean financial institutions need full data security and risk mitigation strategies

Kicking off the session, Mohit Sagar, CEO & Editor-in-Chief, explains that financial data management is a set of processes and policies, usually helped by specialised software. This approach enables an organisation to merge its financial data, adhere to accounting regulations and legal requirements, and generate comprehensive financial reports.

The regulatory body responsible for overseeing Singapore’s financial institutions and establishing guidelines for data management and protection is the Monetary Authority of Singapore (MAS). According to its regulations, financial institutions are required to implement robust policies and procedures for managing data, including appropriate classification, handling and protection.

“ Financial institutions must ensure that adequate security measures are in place to mitigate the risks of data breaches and cyber threats. This could include implementing strong encryption protocols, regularly testing systems for vulnerabilities, maintaining up-to-date software and hardware and training on cybersecurity best practices,” Mohit emphasises.

The Personal Data Protection Commission (PDPC) serves as the data protection authority in Singapore, responsible for enforcing compliance with the Personal Data Protection Act (PDPA). The Act sets a baseline level of data protection that must be followed by all sectors operating in Singapore.

Additionally, the PDPA also mandates that organisations obtain individuals’ consent before collecting, using, or disclosing their personal data.

Additionally, the PDPA also mandates that organisations obtain individuals’ consent before collecting, using, or sharing their personal information. The PDPC is empowered to investigate any breaches of the PDPA and impose penalties for non-compliance.

Data recovery refers to the process of getting lost, deleted, corrupted or inaccessible data back from storage media like hard disk drives, solid-state drives, USB drives, or other types of data storage devices. Several companies in Singapore offer data recovery services that specialise in getting data back from different types of storage media used by financial institutions.

“It’s important to remember that data recovery services can be expensive, and it’s always best to have a full data backup and disaster recovery plan in place to minimise the risk of losing data,” is Mohit’s caveat. “Establishing a robust backup and recovery system can help avoid the need for expensive data recovery services and ensure business continuity in the event of a data loss incident.”

The protection of sensitive financial data from unauthorised access, theft and cyberattacks is a top priority for Singapore’s financial institutions. To achieve this, they employ a range of security measures, including encryption, access controls, firewalls, regular updates and patches, employee training and awareness programs, penetration testing, and incident response planning.

These safeguards work together to create a comprehensive data security framework that helps to prevent data breaches and protect the integrity and confidentiality of financial data.

“Under the PDPA, financial institutions must obtain the consent of individuals before collecting, using, or disclosing their personal information,” Mohit reiterates. “But while this is the norm, there are exceptions to this rule.”

Concessions are allowed under certain circumstances, such as legal obligations or the prevention of criminal activity. As an example, financial institutions may disclose personal information to law enforcement agencies to comply with legal requirements or to prevent potential criminal activity.

Mohit understands that risk mitigation is a crucial component of risk management in Singapore’s financial sector, and financial institutions employ a range of strategies and tools to identify, evaluate and reduce the risks they face.

Diversification, risk transfer, risk avoidance, risk monitoring and reporting, contingency planning, and strong governance and compliance frameworks are examples of risk mitigation strategies utilised by financial institutions in Singapore.

Financial institutions consider the development of a data exit strategy and recovery plan as an essential part of their risk management. The process involves identifying crucial data, anticipating exit scenarios, creating a recovery plan, establishing data backup procedures, testing the recovery plan, and maintaining the plan by updating, reviewing, and monitoring it regularly.

Financial institutions consider the development of a data exit strategy and recovery plan a crucial aspect of risk management. This involves identifying critical data, establishing data backup procedures, determining exit scenarios, creating a recovery plan, testing the recovery plan, updating the recovery plan, reviewing and monitoring, and so on.

“By adhering to these steps, financial institutions can establish a robust data exit strategy and recovery plan that ensures the protection and recovery of vital data in the event of a data breach or system failure,” Mohit ends.

Welcome Address

According to Raymond Goh, Veeam’s Vice President of Sales Engineering for APJ, the banking, financial services and insurance (BFSI) industry has experienced significant changes over time and has had to contend with various challenges such as regulatory compliance, cybersecurity threats, and the need to innovate to stay competitive.

The pandemic has accelerated the industry’s digital transformation, resulting in a greater demand for digital banking services. However, it has also introduced new challenges, such as physical branch disruptions and an increased risk of cyberattacks.

“Despite the challenges, the industry can provide value to its customers by leveraging new technologies and innovative strategies.” Raymond is convinced “To effectively manage risks, BFSI institutions must continue to invest in digital infrastructure, cybersecurity measures, and advanced analytics.”

The FSI journey from 1866 to the present has been remarkable; from brick-and-mortar establishments to the current digitised systems, payment apps, digital wallets, contactless payments, crowdfunding platforms, and many others.

Financial systems can be affected by various disruptions, including funding and liquidity issues, asset price declines, contagion effects and heightened credit risk. The impact of a crisis on the financial sector is largely determined by the sector’s ability to mitigate four risks: market risks, liquidity risks, credit risks, and earnings risks.

“The rise of FinTech and non-bank startups are altering the competitive landscape in financial services, forcing traditional institutions to reconsider their business practices,” Raymond reiterates. “Old school processes and legacy systems are no longer relevant in the digital world, and indeed, can be a hindrance.”

Financial institutions must foster an innovative culture that promotes innovation and utilises technology to streamline existing processes and procedures for optimal efficiency. This cultural shift towards a technology-centric mindset mirrors the broader industry acceptance of digital transformation.

Raymond recognises that today’s consumers are more knowledgeable, sophisticated and informed than ever, and they demand a high degree of customization, personalisation and convenience from their banking services.

It is predicted that future generations, starting with Generation Z, will have an even greater preference for omnichannel banking and be more technologically savvy than Millennials.

Organisations using obsolete business management software or siloed systems will be unable to compete in this increasingly digital-first environment. Without a solid, futuristic technological foundation, businesses will miss out on crucial business evolution.

“In other words, digital transformation is no longer merely a good idea, but a necessity for survival,” Raymond states.

Financial service organisations that use cutting-edge business technology, particularly cloud applications, have a significant advantage in the digital transformation race as they can innovate more quickly. The agility and scalability of cloud technology are its strengths. Without the constraints of system hardware, cloud technology allows systems to evolve in tandem with the business.

Raymond agrees that banking is being reshaped as regulations tighten and consumers adopt new technologies and demand 24/7 access to their most sensitive data, regardless of device.

As a result of a string of high-profile breaches in recent years, security is one of the leading challenges facing the banking industry and a major concern for bank and credit union customers. Financial institutions must invest in the most advanced technologically driven security measures, such as Authentication, End-to-End Encryption (E2EE) and Address Verification Services (AVS), to protect customers.

Financial services are increasingly confronted with issues related to auditing as the frequency of data breaches and privacy concerns continue to increase. This has led to more stringent regulatory and compliance requirements.

Compliance with financial data protection standards is subject to strict regulations and audits entail some of the most rigorous requirements in modern business, often involving the need to manage highly complex IT infrastructures.

Adhering to and conducting annual disaster recovery (DR) testing regularly can be both expensive and resource-intensive.

From a financial standpoint, any amount of downtime is unacceptable, and banks may face significant penalties for revealing confidential information. The centralisation of remote or branch offices (ROBO) can exhaust an organisation’s resources and bandwidth.

Businesses around the world were heavily impacted by the pandemic, causing considerable disruption and presenting numerous challenges. These challenges demand innovation, the necessity for enhanced employee engagement, rapid market changes and quality improvement.

In this scenario, FinTech and its underpinning technology will be major disruptors. Blockchain will shake things up; digital will become mainstream; customer intelligence will be the most significant predictor of revenue growth and profitability; the public cloud will become the dominant infrastructure model; and regulators will also turn to technology.

The common theme among these is resilience, trust and data agility.

Over the last two years, the Financial Services Industry has placed significant importance on specific issues. Some key initiatives are modernising the IT operating model to adapt to the new normal, simplifying legacy systems to decrease costs, enhancing the technological capabilities to better understand customer requirements, preparing the architecture to facilitate connections with any device or location and prioritising cybersecurity measures.

FSI organisations face distinct challenges due to their strong customer relationships, financial accountability and regulatory oversight. These challenges include effectively managing regulatory and capital costs, improving operations and customer experiences to meet modern standards, safeguarding against cyber threats and ransomware attacks and ensuring data and privacy security.

According to Raymond, Veeam plays a major role in addressing all these areas and can offer unique solutions to the various opportunities and challenges that FSI organisations may encounter. Veeam’s solutions encompass streamlining and automating operations, facilitating cloud migration and modern application development, ensuring data immutability, and effectively managing privacy, risk, and compliance.

“By embracing digital transformation, utilising big data analytics, forming strategic partnerships, having strong compliance and cybersecurity frameworks and investing in talent development programmes, FSI organisations can take advantage of opportunities and address challenges,” Raymond believes.

End-user Insight

Luis C Cruz, Executive Director, Head of Automation, Infrastructure for DBS Big Data, AI and Analytics, DBS Bank Ltd is convinced that by aligning IT initiatives with the company’s overall business objectives, a comprehensive IT strategy can help businesses deliver long-term shareholder value.

“This strategy entails identifying the company’s current and future technology requirements, evaluating potential technology solutions, and developing a plan for implementing those solutions,” Luis explains.

By doing so, the company can ensure that its IT investments support business growth and profitability while reducing costs and boosting efficiency. In addition, a comprehensive IT strategy can help the business gain a competitive advantage by leveraging emerging technologies and optimising the IT infrastructure.

A comprehensive IT strategy can generate long-term shareholder value by enabling organisations to make informed decisions about technology investments and leverage technology to achieve business goals.

A robust IT strategy:

Aligns with organisation goals and governance
Adapts to the marketplace and changes how our employees work
Is focused and consistent
Honestly identify challenges
Would be authentic, clear and understood
Is memorable with a compelling tagline and value proposition
Has to be actionable towards a goal
Shows where to play and how to win

Providing foundational infrastructure capabilities that support business objectives and delivering applications and solutions to aid employees in achieving their desired business outcomes are examples of company strategies that are enabled by IT.

“The concept of SMAC or Social, Mobile, Analytics and Cloud stack, is an example of a technology strategy that is widely used throughout the industry and by IT leaders,” Luis reveals. “It all comes down to the customer experience.”

Determining the optimal approach, timing and speed (the how, when and pace) of SMAC implementation is crucial as it forms the basis for leveraging big data in corporations. As IT leaders, Luis anticipates the need to stay up-to-date on SMAC trends and implications relevant to their roles. A perfect example of a company that effectively leverages SMAC-stack infrastructure is an online streaming service provider website.

To generate sustainable shareholder value, businesses must cultivate strategic and functional IT competencies, enhance tools that improve the IT function and promote a customer-centric culture. These efforts will fortify the organisation’s internal processes and enable the development of an efficient decision support system, as well as the delivery of transformational applications.

In addition to benefiting the company, these efforts will also benefit customers by enabling enterprises to provide consistent, high-quality IT services and innovative IT solutions to business units. This will allow organisations to optimise IT efficiency and enhance its impact on enterprise outcomes, ultimately driving long-term investor value.

“IT strategy is influenced by several internal and external factors,” ends Luis. “And understanding these is critical for developing a successful IT strategy that aligns with the organisation’s overall goals and objectives.”

Closing Remarks

Raymond acknowledges the significance of data backup as a critical aspect of maintaining data resilience and availability but emphasises that it is only one aspect of a comprehensive strategy.

Data backup is a single component of ensuring data availability and resilience in hybrid cloud environments. In addition to backup solutions, it’s essential to consider other factors that can affect data resiliency and availability, such as infrastructure and data proximity, Raymond opines.

“Data proximity, the physical location of data in relation to its applications, is a crucial factor to consider when designing hybrid cloud environments. These factors must be taken into account to ensure that hybrid cloud environments are designed optimally to meet the needs of applications and data requirements.”

By adopting solutions such as edge computing or hybrid cloud architectures, organisations can ensure data proximity. These solutions enable data to be stored and processed closer to where it is required, which can improve application performance and ensure data resiliency and availability.

This involves ensuring that there are adequate computing, storage, and networking resources available to support the workload, as well as having a highly available and resilient infrastructure to mitigate the risk of outages.

“Veeam provides data resiliency through secure backup and fast, dependable recovery solutions for the hybrid cloud of the organisation,” Raymond explains. “Our solutions are intended to safeguard critical data and applications, prevent data loss and enable rapid and dependable recovery in the event of a disaster or outage.”

Veeam offers solutions designed to help organisations achieve their business continuity and disaster recovery goals by ensuring data resiliency and availability in their hybrid cloud environments.

Mohit concurs that with the increasing volume of data being produced and stored every day, data protection has become increasingly crucial. Businesses are adopting techniques that allow for data restoration in the event of loss or corruption.

“As organisations continue to produce and store more data, it is becoming increasingly difficult to ensure the security and protection of that data,” Mohit observes.

In this VUCA landscape, technology can provide significant benefits to organisations in protecting their data. Implementing technological solutions helps businesses to secure their data from loss, theft and unauthorised access. It also ensures quick data restoration in emergency or outage situations.

“In essence, the purpose of technology partnerships is to assist businesses in implementing and improving their technical systems,” Mohit believes. “There is no doubt: collaboration in technology promotes growth, eases processes and reduces timelines.”

Two heads are better than one when it comes to implementing established technology systems. But while a technology partnership can effectively deliver technical expertise, it is important not to underestimate the value business acumen offers in return.

“Ultimately, collaborating and pooling resources can prove to be a highly effective approach in propelling both parties towards progress and innovative solutions,” Mohit concludes.

EKSKLUSIF! Benteng Cerdas untuk Keamanan dan Manajemen Data untuk Lembaga Perbankan, Jasa Keuangan dan Asuransi (BFSI)

Singapura memiliki peran kuat dalam perkembangan finansial di Asia. Otoritas Keuangan Singapura (Monetary Authority of Singapore/ MAS) memperkirakan sektor ini akan tumbuh 4%-5% pertahun pada 2021-2025 dan rata-rata membuka 3-4 ribu lapangan pekerjaan baru tiap tahun. Untuk itu, Kemenkeu Singapura mengeluarkan Peta Transformasi Industri Finansial (Industry Transformation Map/ ITM) 2025 pada September 2022, agar industri finansial Singapura menjadi yang terdepan.

Namun, di balik angka pertumbuhan yang menarik itu, ancaman keamanan siber di Singapura pun kian meningkat. Berdasarkan laporan Badan Keamanan Siber Singapura (Cyber Security Agency of Singapore/CSA) pada Agustus 2022, ransomware, phising, command and control server, dan kejahatan siber meningkat di Kota Singa ini.

Keamanan siber menjadi hal yang tak bisa ditawar bagi perusahaan perbankan, finansial, dan asuransi. Sebab, aset data yang mereka kelola dan kepercayaan pelanggan merupakan urat nadi perusahaan agar bisa terus hidup dan bertumbuh. Sekali terjadi, insiden keamanan siber akan menodai reputasi perusahaan dan menjauhkan mereka dari sumber utama penggerak bisnis: kepercayaan pelanggan.

Serangan ransomware diperkirakan akan makin meningkat di tahun mendatang. Data Veeam menunjukkan 50% perusahaan menjadi lumpuh akibat serangan ransomware, sebanyak 76% perusahaan setidaknya terkena sekali serangan ransomware, dan 38% perusahaan tidak bsia mengembalikan data yang terkena serangan ransomware.

Untuk itu, membangun benteng yang cerdas untuk memerangi ancaman seperti malware, ransomware, dan kejahatan siber lain menjadi sangat krusial bagi bisnis. Sebuah solusi keamanan data terpusat bisa menjadi jawaban untuk memastikan keamanan siber terpantau secara keseluruhan.

Perusahaan bisa mencegah potensi serangan siber seperti ransomware dengan melakukan pencadangan data secara teratur. Untuk menambah lapisan keamanan, salinan ini bisa dilengkapi dengan replikasi dan foto. Proses klasifikasi data yang harus disimpan sesuai dengan prioritasnya juga perlu dilakukan sebagai langkah mitigasi ancaman siber.

Langkah mitigasi selanjutnya adalah memindahkan salinan data ke lokasi penyimpanan yang lebih aman untuk mencegah dokumen itu terenkripsi oleh malware. Dengan demikian, data tetap tersedia meski sistem kehilangan pasokan listrik, serangan siber, atau insiden lain.

Solusi keamanan siber terpusat diperlukan juga memberi kemudahan bagi pengawas untuk melacak dan memverifikasi apa dan bagaimana perlindungan data di berbagai lini. Solusi yang bisa memberikan peringatan jika ada indikasi penyusupan ransomware atau serangan lain ke sistem juga amat dibutuhkan. Pengawasan terpusat pun menambah keyakinan bahwa data telah terlindung secara maksimal, meringankan pekerjaan dengan bantuan automasi, kecerdasan buatan, kemampuan mengolah ulang data untuk mendapat insight baru, dan mengurangi biaya operasional.

OpenGovLive! Virtual Breakfast Insight akan berbagi wawasan dan solusi praktis mengenai automasi dan arsitektur aplikasi. Acara yang diselenggarakan pada 22 Maret 2023 di Voco Orchard Singapura akan meningkatkan kemampuan proteksi data Industri Perbankan, Jasa Keuangan dan Asuransi Singapura.

Pembuka

Entitas bisnis privat perlu memiliki strategi pemulihan terhadap serangan siber, kegagalan sistem, atau bencana alam. Hal yang perlu disiapkan dalam rencana pemulihan mulai dari identifikasi data yang perlu dilindungi, prosedur pencadangan data, rencana memulihkan data penting, serta pengujian, pembaruan dan audit atas rencana pemulihan data.

Pencadangan dan pemulihan data perlu dilakukan karena kelalaian menjaga data pelanggan bisa menjadi biaya tinggi dan mencoreng reputasi perusahaan ketika terjadi bencana.

Sehingga, selalu disarankan untuk memiliki cadangan data yang komprehensif dan rencana pemulihan bencana untuk meminimalkan risiko kehilangan data.

“Rencana pemulihan harus menjadi salah satu pertimbangan utama. Sebab, ini yang akan menjadi penyelamat ketika terjadi serangan,” jelas Mohit Sagar CEO dan Pemimpin Redaksi OpenGov Asia.

Selain itu, mereka pun mesti taat pada aturan yang ditetapkan pemerintah untuk menjaga berbagai kemungkinan kegagalan sistem layanan finansial. Dari sisi pemerintah, mereka menetapkan regulasi bagi lembaga keuangan, perbankan dan asuransi.

Aturan Pedoman MAS mensyaratkan lembaga keuangan untuk memiliki kebijakan dan prosedur manajemen data yang kuat.

Lembaga keuangan diharuskan melakukan klasifikasi, penanganan, dan perlindungan dan keamanan data yang tepat. Selain itu, Personal Data Protection Commission (PDPC) mensyaratkan organisasi untuk patuh dengan aturan data pribadi (Personal Data Protection Act/ PDPA).

Sambutan

Perubahan masif layanan digital dalam lima hingga sepuluh tahun terakhir telah mengubah proses bisnis dan ekspektasi ke industri finansial. Perusahaan diharapkan bisa memiliki strategi untuk menangani berbagai tantangan digitalisasi. Mulai dari privasi, keamanan data, hingga serangan siber harus ditangani.

Raymond Goh, VP of Sales Engineering, Veeam APJ menyebut empat tantangan utama industri finansial, risiko pasar, likuiditas, kredit, dan pendapatan. Untuk menghadapi tantangan pasar, perusahaan finansial perlu terus melakukan inovasi. Salah satunya adalah lewat automasi untuk efisiensi proses untuk tetap memenangkan pasar. Berinvestasi pada automasi membuat perusahaan bisa mengubah pekerjaan, proses, dan prosedur manual.

“Di era digital, tidak ada ruang untuk proses dan sistem manual. Oleh karena itu, penting bagi lembaga keuangan untuk mempromosikan budaya inovasi, di mana teknologi dimanfaatkan untuk efisiensi proses dan prosedur,” tandas Goh.

Perusahaan finansial mesti makin gesit untuk menghadapi tantangan persaingan dari industri fintech yang menjadi pesaing kredit layanan perbankan tradisional. Apalagi konsumen saat ini makin cerdas dan mengharapkan layanan perbankan yang lebih praktis dan terpersonalisasi.

“Selain itu pasca COVID-19, sejumlah perubahan pada sistem bisnis juga terjadi,” lanjut Goh.

Bertambahnya kecepatan perubahan bisnis menjadi salah satu bagian dari tantangan itu. Bisnis berubah untuk mengikuti ekspektasi pasar yang makin banyak tuntutan. Perusahaan pun diminta untuk terus melakukan inovasi sebagai jurus adaptasi terhadap pasar. Automasi bisa membantu mempercepat proses dengan menggantikan proses yang diolah manusia untuk mempercepat proses dan menghindari human error.

Seiring dengan digitalisasi yang terus menjadi arus utama, inovasi seperti FinTech dan blockchain tidak dapat terhindari sebagai persaingan yang harus dihadapi. Untuk memenangkan persaingan, perusahaan finansial dan perbankan mesti memanfaatkan analisis data untuk mengenali pelanggan lebih dalam. Sebab, bisnis yang mampu menebak dengan tepat keinginan pelanggan akan menghasilkan solusi yang meningkatkan pendapatan, mendongkrak pertumbuhan, dan menimbun keuntungan.

Sementara untuk menjaga risiko pendapatan, keamanan siber dan modernisasi jaringan menjadi tantangan berikutnya. Perusahaan finansial merupakan sasaran empuk bagi para penjahat siber. Sehingga, tak heran jika tingkat serangan siber makin meningkat dari tahun ke tahun dan industri pun perlu makin waspada dan mempertebal tembok keamanan mereka.

Komputerisasi di perbankan sudah dimulai cukup lama, sehingga tak heran jika sejumlah pemain perbankan terkemuka masih menggunakan aplikasi dan sistem lawas. Namun, sistem kuno ini tidak bisa akan mampu mengimbangi kecepatan dunia digital. Sehingga, modernisasi sistem-sistem ini mutlak diperlukan untuk mengimbangi permintaan konsumen dan memajukan bisnis.

Untuk itu, Goh menyampaikan bahwa saat ini organisasi jasa keuangan banyak yang mengalihkan Sebagian sistem mereka ke cloud untuk mempercepat proses bisnis. Tentu, keandalan teknologi cloud adalah kelincahan dan fleksibel untuk melakukan memperbesar atau memperkecil kapasitas sistem yang dibutuhkan (skalabilitas).

Berdasarkan riset yang dilakukan Veeam, Sebanyak 50% beban kerja akan dilakukan di komputasi awan (cloud) pada 2023. Sementara 65% perusahaan akan menggunakan layanan komputasi awan untuk strategi perlindungan data mereka.

“Tuntutan lain bagi industri perbankan adalah mesti tersedianya sistem tanpa jeda selama 24 jam,7 hari seminggu. Tidak ada toleransi untuk downtime dan kebocoran data rahasia bisa menyebabkan sanksi denda yang bisa menghancurkan bisnis perbankan.”

Saat ini, perusahaan tak lagi punya cukup waktu untuk pemulihan data. Jika dulu downtime bisa dilakukan dalam hitungan dua hingga tiga hari. Saat ini, toleransi terhadap downtime kian tipis, kehilangan sistem selama 30 menit atau dalam hitungan jam saja sangat berpengaruh pada kepuasan pelanggan.

Sehingga, bank perlu mempersiapkan sistem mitigasi dan cadangan sebaik mungkin untuk data-data paling sensitif mereka. Selain itu, kemampuan sistem untuk mampu memulihkan seluruh data tepat waktu juga menjadi tantangan. Goh menyebut 9 dari 10 pelanggan tidak bisa lolos dari ketentuan ini.

Insight Pengguna

Perusahaan perlu memastikan investasi TI yang dilakukan bisa mendukung bisnis mendulang pendapatan dan profitabilitas bisnis, mengurangi biaya, dan meningkatkan efisiensi. Selain itu, strategi TI dengan memanfaatkan teknologi baru juga membantu bisnis memiliki keunggulan kompetitif.

Untuk itu, Luis C Cruz Direktur Eksekutif, Kepala Automasi, Infrastrutktur untuk Big Data, AI, dan Analisa DBS percaya bahwa kemampuan untuk terus belajar menjadi fondasi untuk strategi TI yang komprehensif dan kompetitif.

Pencadangan data saat ini tidak semata digunakan untuk mendapat backup semata, tapi sekaligus sebagai bagian dari perlindungan data. Ia menyampaikan konsep “SMAC” (Social, Mobile, Analitic, dan Cloud) sebagai basis penggunaan big data di perusahaan besar.

“Konsep “SMAC” digunakan secara luas di seluruh industri dan oleh para CIO/pemimpin TI untuk melakukan transformasi proses bisnis dan meningkatkan pengalaman pelanggan,” jelas Luis.

SMAC merupakan model baru bagi tim TI perusahaan agar organisasi lebih terkoneksi, kolaboratif, dan produktif. SMAC Technologies bisa memengaruhi seluruh “ekosistem” perbankan mulai dari pelanggan, karyawan, dan mitra.

“Harapan saya adalah kita, sebagai pemimpin TI, tetap mengikuti tren dan implikasi dalam SMAC karena terkait dengan peran kita. Situs web penyedia layanan streaming online mungkin adalah contoh terbaik dari perusahaan yang memanfaatkan infrastruktur tumpukan SMAC dengan sebaik-baiknya.”

Luis mengutip bahwa untuk mendorong nilai pemegang saham jangka panjang, bisnis harus mengembangkan kompetensi TI yang strategis dan fungsional, meningkatkan alat TI yang meningkatkan fungsi TI, dan menumbuhkan budaya yang berpusat pada peningkatan kepuasan pelanggan. Proses ini akan memperkuat proses internal organisasi, yang dapat mengarah pada pengembangan sistem pendukung keputusan yang efisien dan penyampaian aplikasi transformasional.

Hal ini juga akan menguntungkan pelanggan, karena perusahaan akan dapat memberikan layanan TI yang konsisten dan berkualitas serta solusi TI yang inovatif untuk unit bisnis. Dengan ini, organisasi akan mengoptimalkan efisiensi TI dan meningkatkan dampak TI pada hasil perusahaan, sehingga mendorong nilai pemegang saham jangka panjang.

Penutup

Raymond Goh: Menjawab tantangan digitalisasi dengan automasi, cloud, pengelolaan data, dan kekekalan data untuk memperkuat ketahanan siber

Organisasi FSI memiliki kombinasi tantangan unik karena merupakan bisnis kepercayaan pelanggan, beban tanggung jawab yang besar lantaran mengurus keuangan, hingga peraturan yang ketat. Ancaman serangan siber dan ransomware juga terus menghantui. Untuk itu, perusahaan perlu melakukan investasi untuk mengamankan sistem, menjaga operasional, sekaligus berinovasi agar layanan bisa terus menyesuaikan dengan ekspektasi pelanggan yang makin digital.

Menurut Goh, seluruh tuntutan itu bisa diringankan dengan solusi Veeam. Solusi automasi bisa digunakan untuk merampingkan dan mengotomatisasi operasional. Sehingga, sumber daya manusia bisa dialihkan untuk berkonsentrasi pada inovasi dan hal lain yang berkontribusi langsung pada pertumbuhan perusahaan ketimbang hanya memelihara sistem lama.

“Dengan beralih ke perlindungan data modern, Anda menghilangkan beban besar dari manajemen lama sekaligus memberikan perlindungan dan pengawasan yang lebih besar terhadap data sensitif Anda,” terang Goh.

Selain itu, automasi juga menghemat anggaran perusahaan. Pemulihan data otomatis, pelanggan Veeam berhasil mengurangi biaya pencadangan dan pemulihan 55% lebih efisien dan mengurangi biaya pencadangan dan perlindungan data hingga 50%.

Veeam membantu perusahaan untuk melakukan migrasi ke cloud dan pengembang aplikasi modern. Perpindahan ini membutuhkan keahlian untuk mengubah data yang terjebak disistem lama ke komputasi awan yang fleksibel. Dengan data yang lebih fleksibel, pelanggan bisa mengolah ulang data mereka dan membuahkan insight berguna bagi perusahaan. Pelanggan Veeam yang menggunakan kembali data mereka untuk mendorong pengembangan dan pengujian aplikasi modern berhasil meningkatkan produktivitas hingga 11%.

Perlindungan data dari serangan malware dan ransomware menjadi keharusan. Untuk itu, Veeam menawarkan solusi kekekalan data (data immutability). Konsep ini memberi garansi dan mengatasi celah antara jaringan produksi dan pencadangan data. Jadi, meski terjadi serangan, data cadangan tertap 100% terlindungi. Sebanyak 95% pelanggan Veeam yang menggunakan cadangan permanen tidak terpengaruh atau hanya sedikit terdampak dari ransomware.

Dengan banyaknya aturan yang mengikat institusi finansial, Veeam bisa membantu mengelola privasi, risiko, dan kepatuhan data. Sistem perlindungan data modern memastikan penyimpanan dan perlindungan data bisa mengikuti aturan-aturan yang bisa berubah sewaktu-waktu. Pelanggan yang menggunakan Veeam untuk regulasi dan privasi secara aktif berhasil mengurangi 45% kegagalan audit dan kepatuhan.

Mohit menambahkan bahwa organisasi dapat memperoleh manfaat besar dari penggunaan solusi teknologi untuk melindungi data mereka. Dengan menerapkan solusi ini, bisnis dapat memastikan bahwa data mereka aman dari kehilangan, pencurian, dan akses tidak sah serta dapat dipulihkan dengan cepat jika terjadi keadaan darurat atau gangguan.

“Intinya, tujuan kemitraan teknologi adalah untuk membantu bisnis dalam menerapkan dan meningkatkan sistem teknis mereka,” tegas Mohit.

Dia percaya bahwa kolaborasi teknologi bisa mendorong ekspansi bisnis perusahaan. Menurutnya, dua kepala lebih baik daripada satu ketika menerapkan sistem teknologi. Hal ini serupa dengan kemitraan teknologi yang dapat memberikan asistensi dan pengetahuan teknis apa pun secara efisien.

Singapore, Indonesia Strengthen Ties

The Singapore-Indonesia Leaders’ Retreat is where Prime Minister Lee Hsien Loong recently met Indonesian President Joko Widodo. This was Prime Minister Lee and President Joko Widodo’s sixth Leaders’ Retreat, and it was the first one to be held in Singapore since the COVID-19 pandemic.

Both Leaders said again that Singapore and Indonesia are getting along very well. They both agreed that the relationship between the two countries had grown a lot during President Joko Widodo’s two terms in office. This gave them a solid foundation to work together in new ways that are deep, multifaceted, forward-looking, and good for both countries.

The Leaders were happy that all three agreements under the Expanded Framework had been ratified. These were the Agreement on the Realignment of the Boundary between the Jakarta Flight Information Region (FIR) and the Singapore FIR, the Treaty for the Extradition of Fugitives, and the Defense Cooperation Agreement.

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

In addition, several Memorandums of Understanding (MoUs) have been signed by the two leaders to strengthen cooperation in various sectors. Renewable energy cooperation, sustainable urban and housing development, health cooperation, knowledge-sharing and capacity-building, and security and finance collaboration are among the MoUs.

These agreements are intended to improve knowledge-sharing and training, supplement existing expertise, and strengthen interpersonal ties between the two countries. The Leaders recognised the importance of continuing collaboration in traditional sectors like security and finance to build trust in their security and economic partnerships.

President Joko Widodo and Prime Minister Lee reaffirmed that bilateral relations are on a solid footing and agreed to expand cooperation in areas of mutual interest that are sustainable and forward-looking. To this end, the Leaders’ Summit witnessed the signing of six MOUs in emerging sectors such as the digital economy, sustainability, and human capital development, as well as in traditional areas such as security.

The Leaders noted the growth of the digital economy in Singapore and Indonesia because of cooperative projects such as Nongsa Digital Park in Batam. The Leaders applauded the MOU between the Singapore Ministry of Trade and Industry and the Indonesian Coordinating Ministry of Economic Affairs on the Tech:X Programme, which allows young tech professionals from both countries to pursue employment opportunities in the other country’s market. This will strengthen connections between the tech ecosystems of Singapore and Indonesia, allowing tech talent to pursue opportunities in the rapidly expanding digital economy.

Leaders concurred that bilateral cooperation should remain multifaceted and comprehensive. Recently, Singaporean and Indonesian businesses signed nine MOUs in the digital economy sector, including health technology and education technology. These are believed to strengthen commercial ties and augment bilateral cooperation in emerging sectors.

Prime Minister Lee and President Joko Widodo also discussed Indonesia’s ASEAN Chairmanship priorities. The two leaders discussed the situation in Myanmar and the path to membership for Timor-Leste.

The Prime Minister has reaffirmed Singapore’s total backing for Indonesia’s ASEAN Presidency. He thanked President Joko Widodo for his contributions to the bilateral relationship, and both Leaders reaffirmed their commitment to advance the bilateral partnership.

New Medical Equipment Production Facility Opens in Hong Kong

A prominent company in the medical imaging industry launched its new production facility in Hong Kong, situated at the MARS Centre within Tai Po INNOPARK. This marks the first time a significant medical equipment production facility has been established in Hong Kong, and it is now the largest MRI production base in Southeast Asia and the Greater Bay Area. The facility’s primary focus is on research and development, as well as the production of highly valuable neonatal and breast screening superconductor MRI systems.

The new facility occupies an area of 30,000 square feet at the MARS Centre, boasting advanced technologies, seamless logistics support, and a highly integrated manufacturing environment. In 2021, the Hong Kong Science and Technology Parks Corporation (HKSTP) repositioned the three industrial estates located in Tai Po, Yuen Long, and Tseung Kwan O as INNOPARKS, aiming to drive innovation, technology opportunities, and long-term economic development in Hong Kong through Innofacturing.

This new production facility is expected to significantly enhance the productivity of the company’s cutting-edge neonatal and breast screening MRI systems and aligns with Hong Kong’s Innovation & Technology Development Blueprint’s mission for New Industrialisation and high-value manufacturing.

During the opening ceremony of the new production facility, the Secretary for Innovation, Technology and Industry said that Hong Kong possesses distinct life sciences advantages and robust scientific research capabilities. The recent budget release by the Financial Secretary highlights the city’s strength in research and development while fully supporting the establishment of the second Advanced Manufacturing Centre (AMC) operated by HKSTP.

The government is actively promoting the interactive development of upstream, midstream, and downstream sectors to establish a robust foundation for New Industrialisation in Hong Kong. Time Medical’s one-stop shop, which includes R&D, design, production, and sales of high-value medical equipment in Hong Kong, provides significant support to the city’s industrial development.

The company’s Founder and CEO expressed gratitude towards the Innovation, Technology, and Industry Bureau, as well as the HKSTP for their unwavering support. He stated that the opening ceremony marks the company’s significant growth in Hong Kong. The first batch of pediatric MRI systems manufactured in Hong Kong will be used in leading hospitals across the globe. These innovative pediatric products will soon emerge as a premium ‘Hong Kong Brands’ and will be exported to various regions, including Asia, Europe, and the US, he predicted.

The Chairman of HKSTP expressed that the organisation has been actively promoting the “R&D to Innofacturing” concept to cultivate a new generation of high-end manufacturing in Hong Kong. This approach is expected to boost the Hong Kong brand and create more employment opportunities for young people.

He added that he anticipates more innovative I&T companies will make significant contributions in Hong Kong, the Greater Bay Area, and beyond, showcasing their R&D achievements and unleashing numerous possibilities for Hong Kong Innofacturing.

The new production facility in Hong Kong will be used to manufacture the dedicated superconductor MRI system, Neona, designed to serve neonates optimally. The neonatal magnetic resonance imaging (MRI) system is a patented product of the company, using original revolutionary technology. It has officially obtained approval from the US Food and Drug Administration (FDA) and has also been honoured with the Geneva International Invention Award. Neona is lightweight, compact in size, safe, and reliable, making it suitable for adoption by around 8,000 different neonatal intensive care units (NICUs) worldwide. It offers dedicated and radiation-free diagnoses for infants.

Developed by the company’s engineering team based at Hong Kong Science Park, Neona is the first high-end medical device “Innovated, Designed, and Made in Hong Kong.” It is slated to be exported to the US, Europe, and mainland China, bolstering the Hong Kong brand in the global medical market.

March 23, 2023

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

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

Digital Humanities Research Project in Taiwan

EXCLUSIVE! Selecting Startups to Fund with Kei Furukawa

Pendanaan untuk Dongkrak Inovasi Medis dan Obat

Enhancing Digital Competence Among Singapore’s Youth

EXCLUSIVE! Beyond Smarter Data Management and Protection for Banking, Financial Services and Insurance Institutions

EKSKLUSIF! Benteng Cerdas untuk Keamanan dan Manajemen Data untuk Lembaga Perbankan, Jasa Keuangan dan Asuransi (BFSI)

Singapore, Indonesia Strengthen Ties

New Medical Equipment Production Facility Opens in Hong Kong

Recommended Stories

EXCLUSIVE! Selecting Startups to Fund with Kei Furukawa

Pendanaan untuk Dongkrak Inovasi Medis dan Obat

Enhancing Digital Competence Among Singapore’s Youth

EXCLUSIVE! Beyond Smarter Data Management and Protection for Banking, Financial Services and Insurance Institutions

EKSKLUSIF! Benteng Cerdas untuk Keamanan dan Manajemen Data untuk Lembaga Perbankan, Jasa Keuangan dan Asuransi (BFSI)

Singapore, Indonesia Strengthen Ties

Pendanaan untuk Dongkrak Inovasi Medis dan Obat

Enhancing Digital Competence Among Singapore’s Youth

EXCLUSIVE! Beyond Smarter Data Management and Protection for Banking, Financial Services and Insurance Institutions

EKSKLUSIF! Benteng Cerdas untuk Keamanan dan Manajemen Data untuk Lembaga Perbankan, Jasa Keuangan dan Asuransi (BFSI)

Singapore, Indonesia Strengthen Ties

New Medical Equipment Production Facility Opens in Hong Kong

New Zealand Plans to Advance Manufacturing Sector

MENU

PARTNER

CTC

PARTNER

Planview

SUPPORTING ORGANISATION

SIRIM

PARTNER

HashiCorp

PARTNER

IBM