What is Quantum Technology
When asked what the biggest innovation in the technology and innovation landscape is, one might be quick to go with Artificial Intelligence (AI) or 5G technology.
But while these technologies are still upcoming and are advancing with each stage, the latest buzzword in town making waves is Quantum Technology.
A relatively new term being bandied about, it is actually not a new technology. Quantum technology exploits the laws of quantum mechanics, quantum physics and atomic physics.
Most excitingly, Quantum Technology changes the way we look at any of our existing technologies. It will rebuild the way applications are done, the way we communicate and the way we sense and offer new possibilities currently difficult to imagine.
OpenGov sat down with Professor Dimitris G. Angelakis, Principal Investigator at the Centre of Quantum Technologies (CQT), at the National University of Singapore to get a thorough insight on this technology.
Prof Angelakis joined CQT in 2009 from Cambridge University. He did his doctorate in Imperial College London supported by the Greek State Scholarship Foundation.
His Ph.D. work in quantum light-matter interactions received the Valerie Myerscough prize in 2000, and the Institute of Physics UK prize in 2002. He is also a professor on leave from his native country Greece, at the Technical University of Crete
He is known among others for his pioneering work in quantum simulators using light-matter systems. He received the Google Quantum Innovation Prize in 2018.
Prof Angelakis started by explaining that the abacus and classical computing (laptops, desktops supercomputers) are much closer to each other than a classical computer is to a quantum computer.
Differences Between Quantum and Classical Computers: Speed & Memory
- Quantum mechanics allows things to be at multiple places at a time. Particles can be waves and waves can be particles in quantum computers. They can exist in more than one position or state at a time.
- Using that to encode information (bits) gives an exponentially large number of possibilities, something like a multitude of quantum memory slots. Usual memory slots are made up of bits existing as 0 or 1. A classical computer with 3 bits will be able to store 000, 010, 111 etc, 1 out of the 8 number each time.
- One can imagine classical memories as tiny little magnets located in the hard drive that point upwards to a zero or downwards to a one. 3 bits each give 8 possibilities and 4 bits each give 16 possibilities.
- Memories in a quantum hard drive can point up and down at the same time and thus having an exponentially large number of possibilities.
Applications of Quantum Computing in AI, Energy Management, Medicine, Logistics and Finance
Quantum computers will also allow AI and machine-learning to progress beyond its current abilities. Prof Angelakis said that AI is successful now because there is enough data to train the machines. However, the computing power to process it is being saturated. Quantum will provide the answer to that.
Quantum computing will have massive applications in optimising problems, looking at patterns in data, security problems, and complex financial cases as well. Quantum computing will also aid in logistics in the deliverance of items such as goods and services.
Having an optimal path at the lowest cost and shortest time is difficult but quantum allows for that. It can be used in places such as shipping lanes, gate allocation of airplanes, and traffic flow optimisation in cities.
“When it comes to logistics and optimisation, quantum is a killer application for them,” said Prof Angelakis.
Due to the world running out of oil and resources, there is a need to rely on other sources of energy.
Prof Angelakis stressed that it is imperative to optimise where power plants are placed in relation to where the need is. Knowing the location of storage facilities and of renewable sources of energy is important for optimally transporting energy from the production place to the consumption place.
This is a complex process to ensure that the produced energy is not wasted.
Quantum computing comes into play by efficiently reducing the cost of transporting energy. It will aid by consolidating all the information into algorithms for a city, country or even continent and will determine the ideal location for setting up the power plants, storage facilities and renewable plans.
Prof Angelakis stressed that since Singapore is very reliant on external resources, it needs to have optimal management of its resources for its survival.
Medicine and Drug Design Field
Studying how a certain drug acts on the body at the molecular level is extremely difficult to simulate with classical computers. It requires a lot of memory and processing power.
Currently, the research is done by conducting several random trials. As simulating how drugs act at the molecular or cellular level is impossible, Prof Angelakis said that tests are conducted on patients or animals where they consume certain dosages of medicine and their responses are observed.
Having a quantum computer will allow the custom designing of drugs using efficient quantum simulations algorithms, with fewer possible side effects and maximum efficiency.
This is a more medium to long term applications with optimisation and chemistry application. Prof Angelakis said that some of them are already happening.
Innovations and Other Aspects of Quantum Technology
Quantum Communications and Sensing
Secure quantum cryptography devices are used for transmitting information signals via fibres or satellites. They are so secure that classical computers cannot be used to break them down for finding out the security key. This based on the laws of physics.
Prof Angelakis explained that classical cryptography is based on encoding complicated large security keys in mathematical functions, such as the prime factors of a large number.
These are also known as RSA protocols in cybersecurity where data is encoded in large numbers which are difficult to break down into factors.
Quantum computers can break it down exponentially faster. A quantum computer with hardware of a few thousand qubits can break down security keys in a few minutes which would take decades for the fastest classical supercomputers.
Encoding information in a quantum system can provide absolute security as quantum systems cannot be copied. If someone is trying to hack into a conversation the signal will change, and both the sender and receiver will be notified. The receiver can then correct or delete that message.
CQT has a collaboration with SingTel for a corporate lab that is aimed at making the island more Quantum secure by using fibre network. There is also a satellite quantum cryptograph program where CQT leads an international effort to establish secure communications over large distances mediated by satellites.
Beyond quantum computers function, other applications of quantum technologies include quantum sensors and quantum clocks
Quantum mechanics can be used to detect very tiny signals. It can be used to detect what is underground (eg. oil) and underwater (eg. Submarine detection).
Putting it on a mobile device, like a phone, for example, will allow for navigation without GPS and satellites. Prof Angelakis explained that this is possible as quantum gravitometers, for example, can detect very tiny variations of the gravitational field.
Quantum sensors of this type will allow for an individual to locate their specific position within a building.
All applications mentioned above, including pattern recognition and machine learning problems via quantum algorithms, quantum optimisation for military logistics applications, quantum cryptography, and quantum sensors have immediate relevance to military defence.
Quantum technology has attracted the interest of various defence agencies since about 20 to 25 years ago. Numerous agencies such as DARPA, NSA, AFRL, and the UK defence ministry, have funded and supported quantum technology projects in various sectors.
The European Union (EU) has launched an EU level Quantum Flagship Program. In the EU for every 10 years, two or three key areas of technology are picked. Quantum technology is currently one of them.
US has also recently launched a quantum initiative while Singapore has been investing in quantum research for many years, spearheaded by CQT for more than 12 years now.
CQT also has collaborations with DSO National Laboratories on its innovation and research work in the future of quantum technologies.
Singapore’s Journey in Quantum Technologies and Quantum Computing
Prof Angelakis said that Singapore has already been in the quantum technologies race for more than a decade. In quantum computing and simulations, there is a lot of development of quantum software and algorithms. There is also a growing interest from data analytics companies, medicine and finance sectors.
Singapore has also created various quantum-enabled devices, such as quantum clocks and quantum sensors with advanced capabilities, and is leading the in the quantum communication area
Prof Angelakis added that is still difficult to predict the future of the adoption rate of this technology as it is a very disruptive technology.
The View on Quantum Technology
While Quantum technology seems to provide many promising solutions and revolutionise the way technology is looked at, it is important to make a reality check on it.
“People must be careful in separating hype from reality. Care must be taken when talking of what is possible and what’s not,” said Prof Angelakis.
He added that making big promises, or predictions of such disruptive technology beyond 3 to 5 years is pointless. He said that in the same way that someone in the 60s could not predict the invention of our era such as the smartphone, more cautious assessments should be made for quantum technology.
One thing is for sure, quantum will change the world and the way we think about it.
A virtual bank based in Hong Kong has confirmed the public launch of its digital banking services. It is notably the only stand-alone firm to acquire a virtual bank license from the Hong Kong Monetary Authority (HKMA), the city-state’s de facto central bank that’s also responsible for promoting the efficiency, integrity and development of its financial system.
The new virtual bank reportedly began pilot services back in April 2020 (under the HKMA Fintech Supervisory Sandbox).
The bank is a homegrown digital bank that acquired an operational license in April 2019. It’s one of only eight virtual bank licenses in Hong Kong.
It claims to be completely digital, and has been developed for customers to take advantage of “a range of next-generation digital services 24/7 from their mobile phones.”
The digital bank allows account opening to be completed within minutes. There are zero monthly fees for maintaining accounts, the bank’s management confirmed.
The services being offered include time deposits, along with a virtual debit card and real-time payments via the Faster Payment System (FPS). The WeLab debit card is a numberless card that has been issued with the help of Mastercard.
The bank’s public launch has come after the introduction of ZA Bank by ZhongAn/Sinolink, and Airstar Bank by Xiaomi/AMTD.
The bank is the third digital bank to launch in Hong Kong at a time when the Coronavirus crisis has accelerated the shift towards digital platforms and services.
The bank appears to have entered a saturated market with around 155 traditional lenders and eight digital banks that are offering services to Hong Kong’s over 7 million residents.
The Bank is offering a 4.5% annual rate on deposits, starting from HK$10 (appr. $1.30). The company is also offering a time-limited 8% rebate on customer spending.
The CEO of the bank stated that the Covid-19 pandemic offers opportunities and challenges. It has forced many people to work and shop from home. Many people are more comfortable using their mobile phones to open an account and conduct banking transactions.
The Chairman of the bank stated that the bank aims to offer a high deposit rate and cash rebate to help customers better cope with the Covid-19 outbreak. Hong Kong residents can earn more by saving their cash handouts with the bank or by spending with our debit card.
Last year, the HKMA awarded eight digital bank licences. Some of the other licensees include Mox, Ant Bank, Livi, Ping An OneConnect, and Fusion Bank. These banks are still in the process of completing their pilots.
A partner at stated that all the virtual banks which have launched to date have, understandably, focused on customer acquisition in the form of promotional discounts, time-limited interest rates, referral bonuses, and so on.
The real challenge will be engaging customers beyond these initial launch offers. Right now, we believe that only a handful of new players will truly be able to differentiate.
OpenGov Asia previously reported that since the Hong Kong Monetary Authority has started issuing banking licenses to several local virtual banks in the first half of 2019, the Hong Kong Institute of Bankers (HKIB) has swiftly strengthened its training offering in the fields of Fintech, cybersecurity and digital banking.
The institute has launched more than 30 related courses and seminars, ranging in subjects from risk management, business development, blockchain, data security to global regulatory and compliance that has been attended by over 2,000 participants.
Over the next year, the HKIB will continue efforts to promote Fintech development in Hong Kong. As the Fintech ecosystem in Guangdong-Hong Kong-Macao Greater Bay Area continues to grow in prominence, the institute remains committed to improving the cross-border and cross-sector financial and market knowledge of banking practitioners through its professional training programmes to help local professionals sustain their competitiveness.
The Foreign Service Institute (FSI) of the Department of Foreign Affairs (DFA) has announced it is shifting from traditional classroom training to 100% online learning to ensure that its training programs reach more audience amidst the current COVID-19 pandemic.
The current global health emergency requiring physical distancing has prompted the FSI to advance the timetable for implementing the institute’s earlier plans to shift its courses from the traditional face-to-face modality to online, a press release explained.
The FSI serves as the centre for development and professionalisation of DFA’s foreign service units as well as other government agencies that have offices and employees assigned abroad.
On 3 August, the DFA announced the completion of the first run of two online courses: the Basic Foreign Service Staff Employees’ Course (BFSSEC) and the Pre-Departure Orientation Seminar (PDOS).
It is one of the institute’s core training programs and was designed to equip participants with the basic knowledge and skills required of their positions and enabled them to carry out their functions more effectively.
The course focused on enriching the knowledge of participants in clerical, administrative, and technical work while enhancing basic communication skills.
The course was conducted for DFA personnel who were going on assignments abroad for the first time.
This four-module seminar covered Diplomacy and Philippine Foreign Policy, Philippine Foreign Service Work Operations, Crisis Management and Assistance to Nationals (CMAN), and Adapting to Foreign Assignments and Building Resilience.
The DFA said that BFSSEC has been completed by 45 DFA personnel while a total of 37 personnel participated in the PDOS Course, 20 from DFA and 17 from other government agencies: i.e., Department of Labor and Employment (DOLE), Overseas Workers Welfare Administration (OWWA), Department of National Defense (DND), and Philippine National Police (PNP).
Online deliveries of the courses are conducted via Google Meet and Zoom platforms while trivia games and quizzes were done through applications such as Kahoot and Mentimeter.
Despite all the technical challenges in the new modality, one of the resource persons highlighted in her feedback of the Course that, during a pandemic, online classes are better than traditional face-to-face classes, the release stated.
Many local government units around the country are boosting digital methods to cope with the pandemic.
The Department of Information and Communications Technology (DICT) is set to improve the internet connectivity in Batanes, in response to the online education program of the Department of Education.
Acting Governor Ignacio Villa admitted that internet connection remains to be a challenge in most areas in the province thereby limiting web-based services, where the connection is reliable.
He also said setting up of internet services in the different municipalities will also back up the move of public and private agencies to implement online transactions.
On the other hand, Villa said the tourism industry, which is the main livelihood source of the majority of the Ivatans, is greatly affected by the Corona Virus Disease 2019 pandemic.
The government has given some assistance in the form of goods and cash grants to the affected families. This is aside from the assistance given by other government agencies.
The Indian Tax department has been appreciated for its continuous efforts towards making India’s tax administration taxpayer-friendly, transparent and geared towards facilitating voluntary compliance by Union Minister for Finance & Corporate Affairs, Ms Nirmala Sitharaman
There has been a paradigm shift in its role in recent years, from being just a revenue collecting organisation to becoming a more citizen-centric organisation.
Various reform measures will pave the way for an Aatma Nirbhar Bharat, India’s ambitions of becoming self-reliant.
Dr Ajay Bhushan Pandey, Finance Secretary, recognised that the tax department has had to navigate a delicate balance between enforcement and service.
He appreciated the Department for having increasingly oriented itself towards becoming taxpayer-service centric without compromising its enforcement role by deploying non-intrusive tools of data mining and data analytics.
In the Union Budget 2019, the Finance Minister proposed the introduction of a scheme of faceless e-assessment.
The scheme, first announced by the Finance Minister Ms Nirmala Sitharaman in the 2019 budget speech, is seen as a big leap towards transparent tax administration.
The scheme, a procedure to carry out a faceless assessment through electronic mode, sought to eliminate the human interface between the taxpayer and the income tax department.
The Indian IT Department looks to complete Faceless e-Assessments by mid-September 2020.
Over 3,100 tax personnel, including 600 IT officers are busy implementing the Faceless e-Assessment scheme of Income Tax. Out of 58,319 cases selected for faceless assessment, 8,700 cases have already been disposed.
“This is the first time that we are doing the faceless e-assessment. The work has picked up since July, after having addressed all the issues related to infrastructure, manpower, hardware and software. Our target is to finish all the cases by mid-September” said S K Gupta, Principal Chief Commissioner of Income Tax and Member, Central Board of Direct Taxes (CBDT).
The Income Tax Department in October 2019 rolled out the faceless e-assessment scheme that eliminates physical interface between an assessing officer and an assessee.
Eight cities – Mumbai, Delhi, Kolkata, Chennai, Bangalore, Hyderabad, Ahmedabad and Pune are covered under the scheme.
The cases taken up for faceless e-assessment include a mix of returns filed by individuals, businesses, MSME as well as big companies.
The National e-Assessment Centre in Delhi is the single point of contact for the taxpayer as well as for all units conducting assessment.
It is the NEC which issues notices under Section 143(2) to the assessee for which the assessee is required to respond within 15 days of receipt of notice.
Upon the issue of a notice, NEC allocates the case to any Assessment Unit through an automated allocation system, ensuring anonymity.
The conventional system of scrutiny assessment involved a high level of personal interaction between the tax payer and the Income Tax Department officials.
Under the faceless e-assessment system, the tax payer would not know by whom his /her return is being assessed or in which city.
Instead of territorial jurisdiction, the new system has brought in dynamic jurisdiction.
Mr Gupta noted that, “The anonymity and the absence of human interface will go a long way in addressing the issue of harassment as well as curb instances of corruption.”
Union Minister of Agriculture & Farmers’ Welfare Shri Narendra Singh Tomar today launched the Sahakar Cooptube National Cooperative Development Corporation (NCDC) Channel.
The channel is a new initiative by National Cooperative Development Corporation and is designed to help operationalising different aspects of Atma Nirbhar Bharat (Self-reliant India).
A series of guidance videos produced by NCDC on ‘Formation and Registration of A Cooperative’ for eighteen different states in Hindi and regional languages was simultaneously launched.
More states would be added to the collection of guidance videos on NCDC Sahakar Cooptube Channel in due course of time.
Formation of new cooperatives is a prerequisite for bringing new life and dedication in the realm of cooperative movement.
The guidance videos in different languages covering 18 States would also strengthen and deepen the major initiatives of the government to promote and form 10,000 FPOs.
Cooperatives have a major role in the country in boosting the Indian economy for decades. Largely as association of small and marginal farmers and rural poor, the cooperatives have acquired a huge network of over 8.50 lakh organizations and 290 million members.
They have come a long way and have proven their success in improving the condition of farmers and overall economic development.
Almost 55% of India’s population depends on agriculture as its primary source of revenue. India is expected to achieve the ambitious goal of doubling farm income by 2022.
The agriculture sector in India is expected to generate better momentum in the next few years due to increased investments in agricultural infrastructure ad agritech.
India accounts for more than 450+ start-ups in the agritech space, which translates that every 9th agritech startup in the world is an Indian one.
The Indian government has recently announced a series of transformative measures and sector specific financial packages to help agriculture.
NCDC has achieved tremendous success with cumulative financial assistance to cooperatives to the tune of Rs.1,54,000 crore (US$ 23.5 billion). NCDC disbursed around Rs.28,000 crore (US$ 4.3 billion) during 2019-20 and has made unprecedented progress in the last six years.
All these initiatives are steps towards One Nation One Market with the objective for India to become food factory of the world.
The gamut of exhaustive reforms and measures are intended to strengthen all activities and services in agriculture, horticulture and allied sectors.
The strengthening of these sectors will be through creation and development of agriculture infrastructure, micro food enterprises, value chains and logistics for fishery and animal husbandry, medicinal and herbal plants, bee keeping and Operation Green.
Significant legislative amendments have been made to create conducive environment for agriculture as well as provisions for It and tech related advancements.
The Government of India planning Rs 2,000 crore (US$ 306.29 million) for computerisation of Primary Agricultural Credit Society (PACS) to ensure cooperatives are benefitted through digital technology.
Early in July the National Bank for Agriculture and Rural Development (NABARD) announced a Rs 5,000 crore (US$ 765 million) grant-based scheme for computerisation of 35,000 Primary Agricultural Credit Societies (PACS) by FY23. Under the scheme, assistance will be released to state governments which will also have to contribute a matching grant for disbursement to the PACS.
As many as 40% of 12.5 crore small and marginal farmers depend on PACS to get short-term loans. Not only computerisation, the scheme also will ensure integration of these PACS with the Core Banking System (CBS) of District Central Co-operative Banks (DCCBs) to ensure seamless flow of credit.
Apart from the financial and technological input, the minister said that a key strategy in the ecosystem is to facilitate involvement of youth in cooperatives.
The COVID-19 pandemic has irreversibly impacted and changed the world as we know it. Social distancing has made us much more dependent on technology, and new health techniques highlight the power of 5G, cloud technology and artificial intelligence, according to the President of the Carrier Business Group of the Asia Pacific branch of a Chinese multinational technology company.
Overall, ICT has played an important role in battling COVID-19, and it will continue to factor in economic recovery in the new normal.
In some cases, proactive and cooperative initiatives have enabled governments and operators to aggressively build out telecom infrastructure before and during COVID-19, easily absorbing this increase in demand on infrastructure.
In other regions, complex decision processes have paralyzed digital infrastructure investment, leaving countries struggling to cope.
In a report by OpenVault, Broadband Insights, in the first quarter of 2020, social distancing practices led to an average broadband consumption increase of 47 percent to 402.5GB, from 273.5GB during the same time in 2019.
While most of this is attributable to an increase in online video consumption, the pandemic has given rise to new consumer behaviour that includes increased use of delivery apps, more frequent and immersive video conferencing, and greater dependence on e-Education and work-from-home solutions.
These systems have existed for years but the uptick in usage in the last few months has brought them to the forefront; it is believed that even post-pandemic, usage levels are expected to remain high.
Globally, several countries have moved forward with very aggressive policies to address critical voice and data communication during the pandemic.
For example, Ireland released a temporary extra radio spectrum to provide additional capacity, and allowed free upgrades to unlimited bandwidth, eliminated fair usage policies, and applied zero-rating to healthcare and education resource websites.
In the APAC region, the Cambodian government offered temporary 5G licenses for crucial services. Specifically, 5G healthcare enables healthcare professionals to conduct remote treatment of patients and consultation with experts around the world.
This agile policing enabled Cambodia ability to efficiently handle a major crisis while also protecting human lives and minimizing economic damage.
Thailand, which is striving to become the region’s digital technology leader, has also taken a very aggressive approach towards both mobile and fixed broadband development.
To stimulate the 5G development and alleviate some of the investment required for operators, the Thai government has introduced flexible payment terms that allow 700 MHz and 2600 MHz licenses to be paid over ten years.
In addition to long-term planning well underway, Thailand has also proactively accommodated the needs of users dealing with social distancing and financial uncertainty with additional support for users including providing upgrades of FTTH services to 100Mbps and xDSL services to maximum capacity.
Policies like this have allowed the country to easily accommodate the change in digital dynamics brought on by COVID-19 and these early investments will also better position the economy for faster recovery post-pandemic.
Zooming out, the ASEAN region is predicted to be one of the biggest, if not the biggest, economic entities in Asia.
Many countries are pushing hard to secure the leading position in digital transformation, and while the title is still for the taking, 5G will help all ASEAN nations move from predominantly 2C-focused mobile broadband business models to 2B.
This will be paramount for digital transformation in many vertical industries including healthcare, hospitality, manufacturing, logistics and more.
Proactive policies that accelerate the deployment and adoption of digital services are key to moving the economy ahead and ensuring continued reliable operation even in the face of adversity.
Thailand’s digital infrastructure of the future needs to be agile enough to accommodate new applications and behaviours as well as robust enough to serve as a reliable digital platform for the economy even when unpredictable situations arise.
While the COVID-19 pandemic has resulted in Thailand enacting tight budgets, investment in IT and cybersecurity systems continues to grow.
This growth is driven by accelerated digital transformations and changes in cyber-attack patterns, according to a global cybersecurity service provider.
The firm’s Country Director for Thailand and Indochina stated that Thailand’s IT and cybersecurity spending is expected to continue to grow, even though businesses face limited budgets as they pivot towards digital transformation.
Firms’ priorities are technology to support employees working in flexible locations, the application of cloud services for scalability and the reduction of upfront investment, as well as cost savings.
Businesses could save costs by optimising existing systems and equipment to reduce maintenance costs.
The Country Director said the need for cloud security is underscored by the rise of cloud applications.
The government, for example, developed a contract-tracing app, Thai Chana, on the cloud for scalability.
The adoption of Secure Access Service Edge (SASE), a security framework for enabling secure and fast cloud use, is gathering pace to support remote work.
The first half of 2020 saw that cybersecurity spending predominantly concerned elements stipulated under the Personal Data Protection Act (PDPA), including e-signatures.
The PDPA was scheduled to take full effect in May 2020 after a one-year grace period. However, the government agreed to postpone the enforcement of most chapters of the legislation by another year to give the public and private sectors more time to get prepared as they cope with the impact of the coronavirus pandemic.
Cloud services in Thailand are forecast to grow by 29% from 2018 to 2025, with the market value projected to reach 31.5 billion baht by 2025, based on the Digital Economy Promotion Agency’s forecast.
Cloud-native security (70%) was reported as the most commonly adopted cybersecurity solution in Thailand. Familiar tools such as anti-malware and antivirus software (61%) are still popular in the country, but software-defined wide area networks (60%) and SaaS application security (42%) have likewise become widely adopted.
As Thailand becomes the first-mover for 5G in ASEAN, 28% of the surveyed companies in Thailand have already ventured into 5G security for the Internet of Things (IoT).
75% of the surveyed companies in Thailand increased their cybersecurity budget from 2019 to 2020.
The survey is part of the firm’s recently released “State of Cybersecurity in ASEAN” report, which surveyed 400 respondents in Thailand, Singapore, Indonesia and the Philippines, 100 from each, during 6 to 10 February 2020.
Some 40% of the surveyed companies in Thailand reported allocating over half of their IT budget to cybersecurity.
This mainly stemmed from the sophistication of threats (75%), the need to upgrade existing frameworks to incorporate automation (69%) and the ability to deal with the growing volume of attacks (68%).
The firm is providing cybersecurity services for business customers with deferred payment to the year’s end, as firms are facing difficult times, as well as offering a leasing programme.
The Southeast Asia manager for Thailand and Indochina at the firm stated that ransomware is likely to continue as a threat, and social engineering is still a matter of concern as attackers aim to steal user accounts or credentials.
Cyber-attacks will also shift to IoT devices in line with the 5G roll-out.
The adoption of robotic process automation (RPA) technology in Thailand has been forecasted to continue growing. Many businesses in the region are preparing to roll out automation in efforts to re-engineer their operations.
This is aimed at improving performance, according to the Thailand operating unit of a Japan-based consulting firm.
As a result of the Covid-19 pandemic, RPA tech is likely to help various business sectors enable enhanced business process engineering and targets achievement. This includes process enhancement, customer experience improvement, service delivery improvements and cost reduction, the Managing Director of the local branch stated.
Enterprises are being urged to learn and adopt RPA in their businesses in order to thrive in the new normal from both consumer and business side, as well as to be ready for the next wave of disruption in the future.
The MD stated, “from now on, the new normal will impact every business sector because consumer behaviour is changing.”
Businesses of all sizes and across all industries should invest in and adopt RPA, starting with processes that have high transaction volumes or which are highly repetitive, such as data entry, data processing, reconciliation, and report generation in the back office.
This will not only help firms cope with the new normal but will also prepare companies to be ready for the next wave of inevitable disruption.
Based on the company’s research on the country’s digital transformation situation, many firms in Thailand expressed interest in adopting RPA for their business.
RPA is able to support any organisation across different industries, as the technology allows anyone today to configure computer software, or a robot to emulate and integrate the actions of a human interacting within digital systems to execute a business process.
The MD mentioned that through a partnership with a leading RPA tech developer, the consulting firm is capable of providing RPA service capabilities in the area of business process re-engineering utilising the tech developer’s RPA tools.
The consulting firm’s RPA service value in Thailand increased by more than double in 2019 and is projected to continue with strong demand from the market in 2020.
RPA technologies have been adopted more and more in the past year, particularly by the banking and insurance sectors.
Last year, the firm conducted a survey through its 180 clients in Thailand by looking into digital transformation approaches.
In terms of the planning level of the digital transformation strategy, which is divided into three development stages, most Thai enterprises were found to be in the first stage with no strategy ironed out.
The second stage concerns individual digitalisation that has been put in place in particular divisions or areas, while the third stage involves a broad digital strategy adopted throughout a company.
The firm also looked into the stages of digital adoption at the execution level. Most Thai enterprises were found to be in the second stage, where they have connected with other business partners through digital tech with recognised value improvement.