50% of the global population lives in cities. It’s expected to increase to
70% over the next 20 odd years. In the face of growing population and legacy
infrastructure, public transportation is one of the key challenges faced by
cities. It is a critical issue that cities aspiring to be smart have to
address. It is related to economic growth, competitiveness, sustainability and
ensuring better lives for citizens.
As a global
payments platform, Mastercard is closely collaborating with governments around
the world to support them in their endeavor to create more efficient urban
transportation. OpenGov spoke to Carlos Menendez, President, Enterprise
Partnerships at Mastercard to learn more about these partnerships and the
Quick return on
investment through operational efficiencies
Around the world, there is a desire to make investments in
various projects to make cities smarter. But many governments face a shortage
Mr. Menendez said, “Over and over the projects that we have
seen approved are the ones that get a faster return.” Because election cycles play
a role in investment decisions.
Transit is one such area. Working
with cities like London, Mastercard estimated that anywhere from 12 to 14%
of revenue is spent on collecting fares in a city. By shifting to an open loop system,
enabled by a globally interoperable technology like that of Mastercard, the
cities can save significant amounts of money.
For example, London saved around 100 million Pounds annually
by moving from proprietary technology like Oyster to an open loop contactless
system, which accounts for nearly 50% of all pay as you go ridership in London
London was already using a cashless system. For more than a
decade, Transport for London (TfL)
has used Oyster, a pre-loaded contactless smartcard, as its ticketless payment
system for fares on bus, Tube, tram, DLR, London Overground, TfL Rail, Emirates
Air Line and most National Rail services in London. Doing so has eliminated the
need to use cash to pay for fares, helping to reduce long queues during peak
But Oyster has significant operating costs. Volumes of new
Oyster card issuance in excess of 500,000 cards per month resulted in a hefty
bill for purchasing, preparing and distributing new cards. There were
substantial costs as well to maintain top-up network, collect cash from
stations and commission for third parties to top up Oyster cards. Moreover, the
requirements for the Oyster system were finalised before the Internet went
mainstream. Hence, it did not have a straightforward way for customers to
manage products stored on Oyster cards online which had to be retrofitted into
In response to these issues, TfL launched the Future
Ticketing Programme in 2014, enabled by Mastercard’s contactless payment
technology. Commuters could use a contactless-enabled Mastercard® or Maestro®
card, or a NFC-enabled smart phone. In just over a year, the cost of collecting
fares dropped from about 14 percent of revenues to just below 9 percent.
It also brought another benefit. For the nearly 20 million
international individuals1 who visit London each year, as well as residents who
infrequently use the transit system, the Oyster card system could be
“Tourists who are figuring out the system are slowing down
the system. They don’t know where to buy a ticket, they don’t know where to
stand, where to go. The ease of going through the system with their existing
card from their home country leads to better journeys for tourists and also
improves the flow for the city itself, to the benefit of the locals,” Mr.
At the moment, Mastercard is working with over 100 cities
around the world on similar transit payment systems, including the Land
Transport Authority in Singapore.
Data insights for
better journeys and enhanced sustainability
After the data on the journeys starts getting digitised,
Mastercard has worked with cities like London and Chicago to improve the
journey itself. Anonymised payment data can be captured real-time. It can help
city transport authorities to optimise public transport planning and advise
commuters on most efficient routes at a particular time.
In a recent
trial in Chicago individuals signed up to receive texts when crowding is to
be expected on a particular line due to sporting events, and almost 20% of the
people shifted to alternate routes.
Mr. Menendez said, “So, you find that citizens themselves
are responsive and they appreciate the fact that they can get a better and
easier journey by getting better information. The whole digitisation of the
data underneath from using cards and phones facilitates that.”
Mastercard is also working with Transport for New South Wales to
understand the real-time flow of individuals through the transit system as they
go shopping, to restaurants or for enjoying nightlife. (Mastercard and
Transport for NSW introduced
contactless ticketing payment to Sydney Ferries wherein, commuters can use
their Mastercard contactless card or mobile wallets that have enabled
Mastercard cards to tap on.)
Harnessing data analytics and technology to help urban
planners would reduce emissions also, resulting in better air quality and associated health benefits.
Urban transportation is one of the key contributors to CO2
emissions globally. Mastercard entered into a partnership with the C40 Cities Climate Leadership Group (C40)
in 20156 to connect Chinese and global megacities in a ‘Mobility Management’
Mobility Management network spearheads the sharing and activation of best
practices to better integrate and optimise the various modes of public
transport. It supports city efforts to reduce Greenhouse Gas emissions by improving
integration across transit modes, making public transit more attractive and
easier to use, as well as reducing and re-distributing travel demand.
Working with cities on transport systems ties into Mastercard’s
financial inclusion commitment
to reach 500 million people previously excluded from financial services and
the formal economy by 2020.
It’s important that the smart city is for the benefit of
many, and not just a few. It's important to ensure that the people who would
benefit the most from time and money savings don’t get locked out.
“If you are working a day job or a week job, you will be
getting paid in that fashion. You don’t have the benefit of buying a monthly
pass or a weekly pass. You literally have to wait in line each time for your
one-time journey,” Mr. Menendez elaborated.
Mastercard works together with the government and banks to
get prepaid cards and debit cards into these individuals’ hands.
For instance, Bogota in Colombia has a bus rapid transit
system. There Mastercard worked
with the government and a bank to provide contactless debit cards to the people.
There are over 2 million people using that particular system in Bogota.
In Vietnam, Mastercard is working with a mobile operator to
give customers prepaid cards. Multiple functionalities were built into the
card. It can be used for topping up airtime, paying bills, paying for
Mr. Menendez said, “We recognise that cities are different
and that they need unique solutions.”
But at the end of the day, they share many of the
objectives. Creating a more efficient transport system, saving costs, improving
air quality, enabling seamless journeys for residents as well as tourists, and
ultimately about moving towards a healthier, better and safer life for citizens.
And this is where having technology that is scalable to
thousands of locations around the world can provide a leg up.
The Victoria University of Wellington’s division of Science, Health, Engineering, Architecture, and Design Innovation (SHEADI) will inaugurate a Centre of Data Science and Artificial Intelligence in the first half of 2023.
According to a statement from the University, the centre will offer areas of expertise in modelling and statistical learning; evolutionary and multi-objective learning; deep learning and transfer learning; image, text, signal, and language processing; scheduling and combinational optimisation; and interpretable AI/ML learning.
These technological themes will be applied across a wide range of areas including primary industry, climate change and environment; health, biology, medical outcomes; security, energy, high-value manufacturing; and social, public policy, and ethics applications. On top of traditional research, the centre will also establish a pipeline of scholarships/internships for Maori students, train early career researchers, and focus on industry, intellectual property, and commercialisation.
The centre will build on the current success and international leadership in this space at the University, the Pro Vice-Chancellor of the division, Ehsan Mesbahi, stated. The institute is continuing to grow its national and international partnerships to create local and global value. The centre will provide a distinctive identity for the growing excellence and innovation in data science and AI research at the University, capabilities which domestic and global partners are increasingly demanding across a vast array of application domains.
In May, the University announced it would offer the first undergraduate major in Artificial Intelligence in the country. It provides students with knowledge of AI concepts, techniques, and tools. They learn how to apply that knowledge to solve problems, combined with programming skills that will enable them to build software tools incorporating AI technology that will help shape the future.
Students studying AI at the University are taught by academics from its internationally renowned AI/ML research group, which is one of the largest in the southern hemisphere. The major is designed to open doors for graduates to opportunities nationally and around the world. There has been an increase in the adoption of AI technologies globally, and a growing demand for people who can apply AI techniques to address a wide range of problems, which the University aims to address.
After completing their degree, graduates will have a wide variety of career options, such as AI scientist, business consultant, AI architect, data analyst, machine learning engineer, and robotic scientist among others. They will also have the option to further their study through the University’s Master of Artificial Intelligence.
OpenGov Asia reported earlier that New Zealand’s Education Technology (EdTech) is set to become one of the country’s key industries. Worth NZ$ 173.6 million in 2020, EdTech software is poised to grow to NZ$ 319.6 million by 2025. At the heart of the digital transformation of education technology has been the pandemic. COVID-19 is seen as the driving force behind the digital transformation of learning, permanently changing the way education is consumed and delivered — right from preschool through post-tertiary education and lifelong learning. The global EdTech market size was valued at US$ 254.8 billion in 2021. Experts believe the market will reach US$ 605.4 billion by 2027.
With the introduction of its Kooha Version 2.0 during the recently held 2022 National Science and Technology Week celebration, the Department of Science and Technology-Advanced Science and Technology Institute (DOST-ASTI) showered photo enthusiasts with helpful tips on interactive smartphone photography.
Kooha is a photo-sharing app derived from the Filipino word “kuha,” which means “to take.” It capitalises on the Philippines’ status as “the selfie capital of the world,” with thousands of photographs shared on various social media platforms every day.
With the help of the camera app Kooha, users may take pictures that go beyond simple snapshots. Multiple sensors are embedded into mobile devices; Kooha uses these sensor data while users snap pictures and embeds them in the image.
Users will be able to quickly learn the location where the photo was shot, the background noise when they shoot a selfie, the network provider’s signal strength, the device battery level, camera settings, environment sensor data, motion sensor, and more. All the photographs captured by the app are shared on Kooha Community. Users’ photos become more than just images when they post them to the community; they become contributions.
When the sensor data from the images is combined with the large pool of sensor data from other users, the data becomes societally important. The data can assist data scientists in generating insights and fresh knowledge that can be used by decision-makers across the country. Kooha is a free app that can be downloaded from Google Play.
According to the DOST-ASTI, Kooha uses the built-in sensors of a mobile device to gather real-time data like sound level, temperature, and humidity and embeds it into a snapshot, making it particularly valuable in research operations across industries thanks to the fresh knowledge it produces.
It added that even more useful Kooha features include the ability to contribute images to the community section, rate shared photos based on “awards” from other users, map the locations of pinned photos, and unlock “badges” by completing specific “achievements.”
As a useful tool application, Kooha reflects the reality that science and the arts may collaborate effectively to produce meaningful results. In addition, the DOST- ASTI’s Quality Management System (QMS) was recertified in accordance with the ISO 9001:2015 standard.
Director of DOST-ASTI Franz A. de Leon stated that the ISO recertification demonstrates the DOST-ASTI’s dedication to continuously enhance its operations and assure successful service delivery – bringing science and technology closer to the people.
He added that their partners and stakeholders can be confident that the institute will constantly offer high-quality products and services because they adhere to the quality policy of developing relevant, timely, and impactful ICT- and electronics-based innovations.
The ISO certificate was the result of the DOST-ASTI management and staff’s collaborative efforts to expand its technologies and ensure the smooth execution of its mandate and functions. Reviewing and improving processes is critical to achieving the agency’s purpose of contributing to the achievement of national development priorities and the growth of Philippine firms through the provision of creative solutions centred on ICT and electronics technology.
This is DOST-ASTI’s second recertification since transitioning to the ISO 9001:2015 standard in 2018. Subject to regular surveillance assessments, the certificate is valid until November 2025.
Public-Private Partnerships (PPPs) in education have the potential to enhance how education is provided, financed, and managed as well as offer easier access to the community.
A PPP system operates under the construct that market mechanisms, in conjunction with government inputs, are better for providing education. One of the rationales behind PPPs, which are supported by international organisations, development agencies and academics, is that competition between public and private education providers is a good way to improve the quality and efficiency of education.
PPP policy frameworks should therefore create real market dynamics in which education service providers continue to innovate and improve the quality of their services to attract learners, young and old, who are seen as benefit maximisers and well-informed consumers.
New Era of Partnerships, Building Talent Pipeline
“The structure and framework for any university to launch degree programmes can be fairly onerous, given the emphasis on quality assurance and relevance,” says Annie who is also a Professor Emeritus of Finance (Practice), Lee Kong Chian School of Business and Senior Advisor at the Business Families Institute in Singapore Management University (SMU).
However, academic-industry partnerships play a crucial role in building the future of students and facilitating the transition of young people from school to work. Students need to be exposed to a variety of jobs and workplaces to develop interest and discover where their studies and passion may lead.
Industry partnerships with different sectors offer a variety of experiences, such as simulated job interviews, career development activities, challenge-based learning projects, curriculum-aligned activities, and work-study programmes. In addition, internships have become a vital opportunity for candidates to distinguish themselves prior to full-time employment.
A PPP is mutually beneficial, allowing industry access to fresh talent and looking at the industry’s challenges from the perspective of future consumers or employees acknowledges Annie. In fact, the private sector has indicated to all institutions that they need future talent in the area of data analytics, so SMU has recently launched a track in data analytics hosted in both their business school and computer and info systems school so universities also benefit from the insights from the industry to stay relevant in our curricula.
With the help of data analytics tools, a company may take unstructured raw data and use this information to discover patterns, draw conclusions and turned into useful insights. Therefore, data analysis aids businesses in so many ways, including making educated judgments, developing a more successful marketing plan, enhancing the customer experience and streamlining processes.
Education is not only under the charge of the Ministry of Education but also needs the support of other ministries since future jobs and capacity building are expected of the Ministries of Trade and Industry, Finance, Maritime, Health and others. Partnering with the whole of government allows for students’ skillsets to be increased and all students become more relevant, valuable and workplace ready.
Prof Annie knows that no one has a monopoly on knowledge, and no one knows the exact skills which will be needed in the future. Thus, PPPs have the most value when it forms a part of “lifelong learning.”
The exciting thing about lifelong learning, Annie believes “…is that when you get your degree, you think you’re done, but you’re just getting started. Even as you gain experience and learn on the job, you’ll need to keep reinventing yourself and the skills needed to extend your runway will keep changing.”
Passion extends beyond degrees and ongoing learning is a crucial element to keep employees engaged That’s why higher education now permits a variety of pathways to marry passion with career aspirations and is no longer a paper chase, she explains.
Two good cases to illustrate the value of PPP in the context of SMU’s innovative programmes that Prof Annie is very proud of are the partnership approach in launching the International Trading track and the Maritime Business Operations track under the Finance and Operations majors in SMU’s business school.
In accordance with the creation of a strong Singaporean core, wholesale trade and maritime businesses have been focusing on both skillset development and attracting new talent supply to ensure a pipeline of sustainable human capital. So, the trading and maritime sectors do need to build a case for making the jobs in their sectors more appealing – particularly with the assistance of government grants and scholarships.
Companies can play a crucial role by showing how an organisation can provide a feeling of purpose with support and development opportunities available to make building a career in their organisations appealing and attractive to the candidate
A part of Annie’s challenge in the early days was to set up an International Trading Institute (ITI) where students could take for-credit classes under the business school and get a certificate of completion for the non-credit practice-oriented sessions, learning from practitioners in the evenings.
“My goal at SMU is to link external relevance to internal degree requirements while upholding the quality assurance requirements of the education system. Different industry partners help us with this mission to co-create and deliver the applied learning content with us.”
SMU is therefore a strategic asset for the country and both the tracks had, over the last decade, created a pool of more than 300 alumni who are knowledgeable about wholesale trading, largely in the commodities trading space and maritime operations. Now, there is available talent who are able to speak and work with more confidence up and down the trade value chain and contribute to Singapore’s relevance as a trade and maritime hub.
Another great example of PPP was manifested during the last three years of the COVID-19 crisis which saw a spate of job cuts and many experienced PMETs were laid off. Annie worked with her teams at ITI and BFI to design a nine-month Business and Digital Transformation programme which combined in-class training modules with a capstone project for candidates who are matched to SMEs to also deliver a project for these sponsoring companies. Candidates have a chance to learn and apply the knowledge and sponsoring companies also benefit from the capstone projects delivered. In addition, 70% to 90% of the programme fees are supported by SSG grants, while WSG grants provide funding support towards the candidates’ commensurate salaries.
All these partnerships were possible because a pool of companies is available and can be accessed to match the candidates as a result of SMU’s external network of trusted companies, which was strengthened by the BFI that Annie had set up 10 years ago with the support of SMU’s senior leadership. Many of Asia’s SMEs are family owned with different sets of challenges and aspirations other than the usual business issues. In addition, many of these business families have longer horizons and they are the ones that countries depend on to build businesses sustainably as they think beyond current generations.
Therefore, business families with an entrepreneurial spirit, not only make money but also contribute to changing the world through their businesses and other new ventures, including building social enterprises and philanthropic activities.
By addressing business family-specific issues such as succession, family governance, entrepreneurship and wealth management, BFI aims to strengthen the ecosystem of entrepreneurial business families and stakeholders in their creation of sustainable impact by leveraging SMU’s core competence as a thought leader. In turn, BFI has been a strong partner to the LKYGBPC. Many of LKYGBPC’s sponsors are family-owned businesses, such as Wilmar International and Frasers.
In addition, many of these family enterprises have footprints beyond Singapore and are always on the lookout for quality start-ups to invest in or be part of their accelerator programmes. Innovation is essential for a company to improve its operations, introduce new and enhanced products and services to the market, raise its efficiency, and most crucially, boost its profitability.
Annie feels that her journey in academia is more about building entrepreneurship and Technology, Talent and Trust (3Ts) are important drivers in helping companies in their transformation journeys. As such, public-private-people partnerships are even more relevant in today’s challenging and uncertain times to build back better and broader for everyone.
According to Annie, the road to digital and business transformation success is paved with courageous actions by caring and forward-looking leaders. The right leaders will build a firm sustainably and attract the right people, the right leaders will inspire and motivate the right people to learn, improve and grow.
“Developing people is my calling but learning to develop people is everyone’s responsibility. And because the world is bigger than yourself, you need to be big-hearted, purpose-oriented, and have an open mind to be successful on any path you choose,” Annie concludes.
Cleveland train users will be the next to benefit as the rollout of the Smart Ticketing system continues. Customers travelling from Central station and Cleveland station will have access to the system from 30 November 2022. Queensland’s Minister for Transport and Main Roads stated that the AU$ 371 million project continued to gather pace, with Cleveland line customers now having more ways to pay.
He said that delivering better public transport services for Queenslanders is not just about acquiring more trains or buses but about making it easier for people to use the trains without barriers. This trial allows adult customers to use their credit card, debit card, smartphone, or smartwatch to pay for their train journey – meaning you do not need to think before hopping on a train, you can just tap and go.
The Member for Capalaba stated that the system would put Queensland on par with major cities like London, Singapore, and New York. He said that record levels of investment in the region mean that commuters can get home safer and sooner, spending more time with family and friends.
Meanwhile, the Member for Lytton encouraged commuters to use the new system. She said that there is no doubt this trial is proving to be immensely popular with public transport users. She looks forward to seeing the rollout extend onto local buses, which is set to take place next year.
The project will replace 1300 fixed devices and 12,000 onboard readers to bring 18 different payment systems across the regional bus network together under one Smart Ticketing umbrella. Whether commuters are visiting family and friends in Cairns, Bowen, Rockhampton or Bundaberg, there will be one seamless way to pay.
The Member for Bulimba praised the success of the trial, which had already clocked up more than two million trips. She said that commuters and tourists alike are finding it easy to use, and we’ve seen incredible numbers tap on and off using the system since it began.
The region will continue to develop the system to bring concession card holders onboard while also encouraging those who travel at a discounted rate to continue using the go card for the time being.
The Member for Greenslopes noted that the expansion added new destinations to the Smart Ticketing map, adding that this is another crucial step toward rolling out the system across the South East Queensland heavy rail network, following on from trials already underway.
Next, the South Brisbane and South Bank transport hubs will begin the rollout of the Smart Ticketing system. This will connect the area to the hospital and health precinct as well as South Bank businesses.
Smart Ticketing is already operational on the Ferny Grove, Ipswich/Rosewood, Springfield Central, Sunshine Coast/Caboolture, Redcliffe Peninsula, Doomben and Shorncliffe train lines. Next, it will launch at the Airport, Beenleigh, and Gold Coast lines, enabling customers to interconnect from the Gold Coast Light Rail through to Brisbane CBD and the airport, with buses and ferries set to follow next year.
Train users who prefer to pay with their go card will be able to continue doing so. Customers travelling on a child or concession fare should continue to use their go card for now, as should customers travelling to or from destinations not yet using the trial, or anyone using a connecting bus or ferry service.
What is smart ticketing?
Smart Ticketing is an innovative ticketing technology that enables more ways to pay for public transport across Queensland. Over time, more Queenslanders will be able to pay for travel with contactless payment methods using a Visa, Mastercard and American Express debit card, credit card, smartphone, or smart device. As a long-term project, the aim is to have more Queenslanders tap on and off to conveniently pay for everyday travel on train, tram, bus, and ferry.
Hong Kong Science and Technology Parks Corporation (HKSTP) and an IT service management company jointly launched the “Idea Launcher” co-ideation initiative to foster and accelerate innovation and technology (I&T) development in Hong Kong through extensive support, mentoring and coaching to help early-stage start-ups nurture innovative ideas and research projects.
The project is another addition to HKTSP’s co-incubation mission with sector leaders, with the Idea Launcher being the first partnership with a corporate leader under HKSTP’s IDEATION Programme. The IT service management company collaborate closely with HKSTP to specifically support the development of early-stage ideas from emerging start-ups and next-generation entrepreneurs.
The Idea Launcher continues the strategic collaboration that the two parties began earlier this year, covering the four key pillars of Research & Development, Technology Simulation, Co-incubation, and Talent and Culture Cultivation. It is a six-month co-ideation initiative that provides early-stage start-ups and entrepreneurs with technical training, business consulting, capabilities assessment as well as project feasibility to optimise start-up solutions and concepts.
HKSTP will offer HK$ 100,000 in seed funding and incubation training to selected start-ups, while the IT service management company will provide tailor-made AWS innovation culture workshops to help start-ups build up their innovation capacity. Programme participants will also receive up to US$ 25,000 in the IT service management company’s cloud resources, as well as technical support and training through their Program, set up especially to help start-ups optimise their business models and fuel future development.
The Head of Business Development at the IT service management company’s Hong Kong and Macau branch stated that with its established start-up ecosystems and investment development teams in Hong Kong and beyond, the firm gathers talent with investment institution backgrounds and entrepreneurial experience that is geared to supporting start-ups throughout their growth cycle. He noted that the company looks forward to deepening its partnership with HKSTP to advance local start-ups and propel Hong Kong on its journey to international I&T hub status.
The Chief Corporate Development Officer of HKSTP stated in partnering with one of the world’s largest and most iconic start-ups, HKSTP is ready to elevate Hong Kong’s talented entrepreneurs onto the global stage.
About the IDEATION programme
The IDEATION programme was launched by HKSTP in 2019, furthering its support for early-stage research and development projects and innovative ideas. Well-received in the start-up community, the number of participating members and teams in the programme has more than tripled from 60 to over 230.
Start-ups will receive help turning realising their ideas and beginning their entrepreneurial journeys with the Ideation Programme – an up to one-year start-up support programme for tech-focused entrepreneurs. Through the programme, participants can develop the fundamental skills they need to kickstart their businesses. All-round support will be provided from designing a business model to finding investment. Participants will receive guidance along every step of the way, to fine-tune their ideas for technical development.
The programme provides seed funding in the form of a grant worth up to HK$ 100,000; a mentor for business advice; training on a variety of topics including Hong Kong’s start-up ecosystem, business modelling, pitching and investment, and more; access to centre facilities like co-working spaces (subject to availability), and potential to bridging programmes which means participants will be prepared for admission into other HKSTP incubation programmes.
Singapore and the United Kingdom held the 7th UK Singapore Financial Dialogue, where they renewed their commitment to deepening their financial partnership, which was agreed upon in 2021. They also discussed sustainable finance, fintech, and innovation.
The two sides signed a memorandum of understanding (MoU) on the UK-Singapore FinTech Bridge, which is based on an agreement signed in 2016, which removes barriers to fintech trade by opening new regular talks between regulators and businesses. The FinTech Bridge will build on the active interest of fintech players in the areas of payments, regulatory technology, and wealth management. It will also provide a structured engagement that will aid the development of policy actions, enhance assessments of emerging issues, such as the development of distributed ledger technologies and data sharing, and support trade and investment flow between respective markets.
According to a press release, the countries recognised the importance of the UK-Singapore Digital Economy Agreement (DEA), which was signed earlier this year. They exchanged views on recent developments in the fintech sector, including advancements in crypto-assets, and agreed on priority areas for further cooperation. They shared their latest assessments of market developments, opportunities, trends, and longer-term expectations for the crypto-assets sector.
Further, the risks and challenges relating to financial stability and regulatory arbitrage were discussed. They shared their progress in strengthening rules on consumer protection and developing the regulation of stablecoins. Both sides agreed there is a strong need to support the safe development of a digital assets ecosystem while ensuring that risks posed by digital assets are consistently managed.
They will continue to actively participate in the shaping of robust global regulatory practices through engagement within international multilateral fora such as the Financial Stability Board (FSB), the Committee on Payments and Market Infrastructures (CPMI), and the International Organisation of Securities Commissions (IOSCO).
Regarding digital payments, Singapore provided updates on the progress of its review of e-wallet caps and the expected next steps. The event covered the recently released consultation, with the UK providing views on the key proposals. Singapore also updated on the new digital banks that recently launched their operations in Singapore.
Moreover, the sides have agreed to a roadmap for activities in sustainable finance, fintech and innovation, and other areas of mutual interest, leading up to the next Dialogue scheduled to take place in London in 2023.
The Financial Dialogue was co-chaired by the Deputy Managing Director (Markets and Development) of the Monetary Authority of Singapore (MAS), Leong Sing Chiong, and the Director General (Financial Services) of HM Treasury (HMT), Gwyneth Nurse.
Two industry-led UK-Singapore business roundtables on sustainable finance and FinTech took place on 24 November 2022. Industry participants from both countries participated in this discussion. The sustainable finance Roundtable examined the implementation challenges faced by corporates in meeting their net zero targets, and how the financial industry could help to address these challenges. The FinTech Roundtable discussed the opportunities and challenges faced by FinTech firms, and how these firms could better access overseas markets, including by partnering with financial institutions.
The Minister of State for Electronics and Information Technology (MeitY), Rajeev Chandrasekhar, has inaugurated a Digital India start-up hub at the Software Technology Parks of India (STPI) centre in Davanagere, Karnataka. According to a press release, this is the 63rd STPI centre in the country and the fifth in the state of Karnataka. STPIs are autonomous bodies under MeitY, established to encourage, promote, and boost software exports from India. They fuel a culture of tech entrepreneurship and innovation in the country.
The state government had provided 10,000 square feet of built-up space in the Karnataka State Open University (KSOU) Regional Centre to establish the STPI. Among other facilities, the centre has a plug-n-play 102-seater incubation facility, network operations centre (NOC), 16-seater conference room, 32-seater cafeteria and provisions for high-speed data communication facilities, and other amenities for export of software and services.
Speaking at the event, Chandrasekhar said that STPI, Davangere will usher in new opportunities for jobs and entrepreneurship for the people in the region. Over the past few years, the government’s emphasis has been on the growth of information technology (IT), IT-enabled services (ITeS), and the electronic system design and manufacturing (ESDM) industries in newer cities. This should not be confined to the metropolitan centres, he noted.
STPI centres across the state have IT exports of US $35 billion while just Karnataka state exports more than US $70 billion each year. India has the fastest-growing innovation system with more than 80,000 start-ups and over 107 unicorns, Chandrasekhar said. “We have assumed the presidency of the G20, a league of [the] world’s largest economies, and the GPAI an international initiative on artificial intelligence. It is the fastest growing major economy that has surpassed the UK to emerge as [the] fifth largest economy, receiving its highest ever FDIs of US $83 billion,” he explained.
India aims to transform its electronics production sector into a US $300 billion electronics manufacturing powerhouse by 2026. In August, Chandrasekhar launched a report that detailed how India can achieve this electronics production target and an export target of US $120 billion over the next few years. The report is titled, ‘Globalise to Localise: Exporting at Scale and Deepening the Ecosystem are Vital to Higher Domestic Value Addition’. It was prepared by the India Council for Research on International Economic Relations (ICRIER), in collaboration with the India Cellular and Electronics Association (ICEA).
As OpenGov Asia reported, to achieve its targets, the government has emphasised strengthening the country’s domestic manufacturing ecosystem to make it more resilient to supply chain disruptions. The aim is to emerge as a reliable and trusted partner in global value chains. The report postulates that the country must export aggressively to reach the scale in electronics manufacturing. “In addition to domestic production, and supplies and domestic consumption, the exports are [an] important way to get the scales of the other economies that are competing with us,” Chandrasekhar said. Exports will create a network effect of creating supply chain interests, and supply chain investments that in turn will increase value addition in the Indian electronics segment.