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Across the globe, the FSI sector is a key part of promoting economic growth and macroeconomic conditions that help people find jobs. Moreover, digital finance makes it possible to offer better banking and financial products and services for consumers and gives businesses new ways to get money, which improves financial inclusion.
With an effective framework, the full potential of technological innovation in the financial sector can be harnessed. This could create jobs and help achieve robust, steady work and long-term business growth. Thus, it behooves the financial sector to explore tech-enabled digitalisation and innovation.
Because digitalisation is being ubiquitously in the financial sector, there needs to be a discussion about modernisation, the regulatory environment and other ways to protect workers from any negative effects of digitalisation, such as privacy, cybersecurity and data protection.
As relevant, the pandemic revealed how important frontline work is and how important the sector is for the economy as a whole and for keeping businesses going. At the same time, it has sped up the automation of work processes and the change of business models and how work is organised.
As the transition to an increasingly digital world quickens, most consumer interactions will be provided via online channels, where it is more challenging to ascertain sentiment and interpret reactions.
Learning what works, addressing what is broken, and creating a digital customer experience with clarity and intention should be front of mind for every organisation around the world, regardless of whether they are on the front lines interacting with customers or behind the scenes focused on supporting technology.
The OpenGov’s Singapore Data-First Modernisation to Supercharge Financial Institutions on 28 October 2022, at InterContinental Singapore, aimed to help the nation’s financial institutions work on improving technology, customer experience (CE), employee experience (EX), data modernisation and fraud prevention.
Data-Driven Modernisation Boosts Customer Service
Mohit Sagar, CEO & Editor-In-Chief, OpenGov Asia acknowledges that the current customer experience needs to go above and beyond earlier conventional approaches.
The current expectations have been permanently impacted by digital solutions deployed because of the pandemic; indeed, these expectations are continually evolving with evolving technology. “Each consumer-brand touchpoint must consider customer preferences and expectations.”
Client experiences are being driven and shaped by cutting-edge technologies, especially in the financial sector. There are many new ways to communicate with and gain feedback from customers, including augmented reality, voice assistants, cloud computing and more – and this list will keep growing.
Today’s businesses need to discover the most relevant and suitable digital tools for their sector and context if they want to deliver a great customer experience, foster brand loyalty and increase sales.
In addition, employees’ internal experience will determine how well a customer gets served by a company or an organisation. What it boils down to is that the satisfaction of employees and the experience a customer has depends on leaders’ ability to empathise, motivate and manage.
Hence, a positive customer experience is essential for an organisation’s success, and it starts with its first customers – the people who work there.
If a company or organisation values its employees or members and they are motivated and empowered, they in turn will value clients and will be committed to serving them. If a company does not care for its employees, customers will be dealt with by disengaged, unhappy workers and they will remember the interaction for those two reasons.
Innovation strategies differ from other business strategies due to the difficulties of anticipating the process, duration and impact. The utilisation of resources to achieve a company’s goals for innovation, value delivery, and competitive advantage is guided by an innovative strategy.
When IT leaders prioritise data management and all that comes with it, they are pursuing data-first modernisation. This enables them to advance more quickly than their rivals while keeping up with changing business requirements.
Data generates a competitive advantage, and in a world that is changing quickly, organisations must be quick to adapt and agile to develop new capabilities. To do that, it’s necessary to use cutting-edge technology and industrialise data and analytics to get insights that spur revenue growth and combat fraud.
The New Horizon: Data-First Transformation that Drives Financial Institutions
Implementing new hardware, software and services is not sufficient for a data-first transformation. Only until an organisation learns how to optimally gather and act on data and then use that data to create new processes, can true change arise.
According to Joseph Yang, Country Managing Director, Singapore, Hewlett Packard Enterprise, the path to becoming a modern, data-first organisation can seem like a long one, but it can be broken down into smaller steps that are easier to understand and move you forward faster.
Reports cited that 83% of CEOs want their organisations to be more data-driven, but there are obstacles across strategy, people, process and technologies. Yet, despite massive investments in digital transformation, many organisations continue to slip behind, unable to keep up with the industry leaders.
On the other hand, leaders in their field or sector – the top 10 per cent of organisations driving tech innovation – gain two-to-three times the revenue growth of their peers. This digital transformation chasm is referred to as the “Digital Achievement Gap.”
Leaders recognise that data is the vital force required to activate next-generation operating and commercial models. For some, this entails delivering exceptional experiences spanning billions of moments. Others are concerned with accelerating decision velocity to combat organisational lethargy. And finally, many use data to predict the future and generate actionable insights.
“Customers have many questions regarding the key difficulties of digital transformation; one of which is how to accelerate digital transformation in a multi-generational IT ecosystem where data is everywhere – clouds, data centres, devices, and machines,” says Joseph.
Bridging the digital transformation chasm necessitates a new method and that data-first modernisation is the approach that addresses the key data concerns organisations face. Businesses need to address the obstacles to be able to use data profitably.
“Data-first modernisation must occur anywhere data resides – at the edge, in datacentres, in colocations, and in the cloud – using a uniform operating model. HPE is here to assist you in this endeavour.”
While the first wave of modernisation was the “infrastructure-first” one, the second wave is the “data-first modernisation” one that includes:
- Adopting a data-centric mentality and philosophy;
- Driving unified service delivery and unified experiences across a multi-cloud environment;
- Speeding up decision velocity enterprise-wide via secure connectivity across the edge-to-cloud;
- Having choice, flexibility, and control of your data assets.
HPE believes that there are 5 key data-first modernisation imperatives that enterprises must adopt:
- Data is a core asset that should control;
- Data is everywhere and must be accessible at digital speed from its native location – which changes over time as it grows;
- Data has rights and sovereignty and must be governed and protected from continuous threats like ransomware and cybersecurity threats;
- Embrace a cloud everywhere model with the freedom to choose the right location for data and workloads – and industrialise the data supply chain;
- Data in multiple, disparate operating models must be unified. Hence, driving one integrated model delivers insights, business agility and outcomes.
HPE has its data science teams that work on modelling customers’ likelihood to buy, analysing their digital behaviour and using AI and machine learning to better predict and plan for their customers’ needs.
All of this is governed by strict data privacy and compliance rules where data is treated with the utmost care and protection. The company is also venturing into new areas to create new digital customer experiences through HPE’s My Account, which also uses AI/ML models.
Being data-first means that organisations are always thinking about how to combine hundreds of customer attributes to improve the customer experience with as few people as possible. “HPE is in a unique position to help you move data-first modernisation forward quickly.”
Fireside Chat: Always Go with More: New Financial Service Innovations
Sean Silverio, Head Decision Management, CIMB, believes that the cloud has enabled numerous firms to reinvent themselves. “Thus, the subsequent wave is driven by data, and we should be aware of the information that we are bringing into.”
Sean added that a few regions are already using machine learning (ML), while artificial intelligence (AI) on the other hand, is quite sensitive. “Perhaps because people fear what they don’t understand, so they should learn a little more about this.”
Utilising analytics and other digital infrastructure to reinvent business processes and risk models will undoubtedly offer value to the organisation.
A leader who is going to transform themselves must be persistent in their pursuit of the truth and must have the flexibility to turn as necessary and take new opportunities. To accomplish this, organisations must develop a modern data strategy.
In addition, risk management using data analytics is changing the game in every field. Through this integration, organisations learn more about where risks might come from and how to handle them.
Data analytics is revolutionising industries and transforming risk management. However, there are a variety of aspects that must be considered, as well as their potential future effects on the firm. This includes regulatory, legacy systems, and process optimisation.
In the past 10 years, risk management has changed from the traditional way of avoiding loss to a more risk-reward approach.
Sean highlighted that they are still coming up with strategies to reduce risk, and then they realise that these same strategies can be used to maximise profits or at least minimise costs.
Furthermore, businesses and organisations can focus on customers and product development with predictive models as automating model generation lets them get better software and more accurate projections. Data analytics has also helped organisations to develop team collaboration tools to make predictive models clearer.
With the rise of cybersecurity concerns, businesses are turning to data analytics. “Almost all significant companies utilise data analytics to combat cyberattacks,” says Sean.
Data analytics allows security experts to generate predictions using millions of citizens’ data. Organisations utilise these forecasts to detect and fix vulnerabilities. This prevents data breaches that could compromise their security.
Data analytics also helps redefine the customer experience by meeting or exceeding their expectations. Any decline in service or product quality suggests something must be done to please customers.
Technology as a business strategy can typically be divided into three main categories: protection, enhancement and innovation, depending on the nature of the firm. There are what seems like an infinite number of products and solutions on the market because of the technology’s quick development.
An organisation can make technology decisions from a wider viewpoint when it has adopted technology as a business strategy. They can search for solutions that simultaneously address several needs since they have data to guide their judgments. Organisations can also benefit from a platform’s enhanced capabilities and create customised solutions with enough time to iterate.
Other benefits of incorporating technology into company strategy include increased productivity inside organisations, improved teamwork, setting long-term goals and objectives and increased security.
Fireside Chat: The Importance of ‘People’ Despite the World of Digitisation
Kripa Patel, Head of Trust, Data and Resilience Global Outreach, Standard Chartered Bank observes that as technologies progress at an astounding rate, digital transformation, too, is moving businesses forward rapidly. A workforce with relevant knowledge and digital talent will drive success and capitalise on these advances to acquire a competitive advantage.
The ability to attract and retain exceptional employees is one of the most pressing challenges for any leader. The challenge of how to find, keep and develop the best personnel is also the one that most organisations feel least prepared to handle.
It can be hard to get the right people to work for your business. With the number of remote jobs and flexible schedules going up, candidates are looking for incentives and new ideas.
It’s important to explain the “why” behind a vision to attract customers, but it’s also a built-in way to screen people before hiring them. With this, people who share the same values and business goals will be more likely to apply for open jobs. It’s also important to build an employer brand.
“A positive workplace culture will help you keep your staff and attract new talent,” says Kripa.
Everyone should be able to contribute to the corporate experience and accountability should be uniform across all levels. The larger team can co-create and market the culture to potential new employees through these kinds of interactions.
Kripa added that employee motivation is likely to deteriorate without respect and dedication and innovation are likely to suffer as well. Employee effort and commitment will increase if their input is recognised and considered in business decisions. “As a result, the company will be more attractive to prospective hires who will feel appreciated thanks to this strong morale.”
Some businesses might not be able to match the precise perks and advantages of their bigger competitors, but they can still compete by ingeniously offering some attractive incentives and rewards.
Of course, an unconscious bias is a possibility since the initial choice between successful and failed candidates is made using human judgement. But the choice to select someone based on personal attributes is greatly diminished if technology is used in the hiring process to initially “blind-screen” applicants.
An interviewer’s perception of a candidate will no longer affect their chances of landing a job. Instead, hiring technologies will be used to consider all potential job applicants whose qualifications are in line with the job specifications.
Employee demands and expectations are rapidly changing along with the workplace itself. Lavish offices and corporate happy hours are unlikely to be effective in the work-from-anywhere era. Instead, how content and at-ease people are with office technology determines how satisfying their daily experiences are.
Virtually every encounter employees have is powered by digital tools, from checking up with coworkers to working with outside partners.
Because of this development, cloud-based technologies are already commonplace in the modern workplace. The prevalence of remote work has caused executives to give cloud-based solutions that are accessible from anywhere.
More and more tools that workers rely on every day are hosted in the cloud as cloud technology continues to spread. While facilitating communication and collaboration, cloud-based technology also promotes additional gains in worker productivity.
Power Talk: Modernising Data in Financial Institutions in the Future: What Must You Anticipate to Stay Competitive?
Because of technology, the entire financial services sector has experienced a dramatic change. Clients prefer mobile banking and real-time transactions, as well as cyber security, is now necessary.
Luis C Cruz, Head of Technology Infrastructure and Automation ADA Platform, Big Data and Analytics, DBS Bank Ltd opines that the process starts with data collecting and ends with data testing. “It generally explains to the AI being completely reliant on data at various levels of development.”
Luis believes that human statistics are defined on two or three-dimensional planes. Machines, unlike humans, can construct patterns from higher dimensions and generate more predictions from the patterns -this comes with machine learning.
If data is the fuel for AI, then knowing when to add fuel is just as crucial for keeping the fire going. The most complex difficulty, though, is trust in the partners and the process.
The cloud gives the enhanced flexibility and agility required to stay up with clients who want a seamless user experience – whether it’s the speed with which crucial banking information can be accessed or the quality of customer support.
Agoston Sipos, Vice President AI Lab Group Data Office, OCBC Bank explains that the goal of predictive analytics is to figure out what will happen in the future based on what has already happened. Understanding the customers’ wants, needs, perspectives and experiences with products and services is the ultimate purpose of customer experience analytics, which entails gathering and analysing customer data.
It can help boost customer satisfaction and loyalty by guiding their internal teams to address the issues that are causing customers to feel dissatisfied or lukewarm about their business.
“We pay attention to what our customers want and try to give them extra services to keep them coming back,” says Agoston.
According to Tan Siew Chiun, Head, Digital Platforms, Singlife with Aviva, the first step in removing the barriers that can arise between the business and its customers is to develop a data and analytics strategy. “When your data suggests the best course of action, you can confidently meet your client’s expectations, be there when they need you and offer them seamless support.”
When it comes to customer service, knowing what to do is just as important as being polite. Support is about solving problems in an effective and caring way, which comes from having a deep understanding of the product.
Maintaining a steady balance between data use and the many platforms they employ is also crucial.
“So, good data governance makes sure that data is consistent, reliable and not used wrongly. It’s becoming more important as organisations face new rules about data privacy and use data analytics more and more to improve operations and make business decisions,” Siew Chiun asserts.
Part of the digital transformation journey is making use of and making the most of data in different industries. Thus, organisations should also improve their data collaboration with other parties.
The Country Managing Director of Hewlett Packard Enterprise, Joseph emphasises that data intelligence, which facilitates the processing of multisource data and offers useful insights, may be used to make better decisions. “It enables predictive analytics by merging unstructured data and text analytics results with structured data.”
Data analysis will supply the knowledge needed to run the organisation, such as what course of action is required and whether the strategies were successful. “To accomplish this, you must have the appropriate data; ensure that you collect relevant, accurate, and full information.”
Risk management is a complicated procedure. Understanding the complete range of risks that may arise and how to manage them is frequently the most difficult problem for organisations.
The use of data, AI, and ML can assist businesses in determining which problems are likely to develop in most business activities, allowing them to generate solutions in advance. A data-driven approach can also help organisations stay on the same page when it comes to business risks.
“This will aid in the prevention of fraud and other forms of harm to the businesses. Improving the customer experience also requires making use of data,” Joseph concludes.
Closing Remarks
Mohit pointed out that data is very useful when it is applied to its full potential. “By using all the data, it has, an organisation can give itself a clear competitive edge.”
When the organisation stores and regularly access relevant information, it will save time and money and make much better decisions.
He believes that people, processes and technology all need to be changed for real, long-lasting digital transformation to happen; and leaders must make brave decisions for digital transformation to go well.
Data insights are the deep understanding of a problem that a person or group gets from analysing information about that problem. “This in-depth knowledge helps organisations make better choices than if they just went with their gut.”
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The Cyber Security Agency of Singapore (CSA) recently unveiled the pivotal insights gleaned from its inaugural Singapore Cybersecurity Health Report 2023. Conducted between May and August of the previous year, the survey canvassed the opinions of 2,036 organisations spanning various sises and sectors.
The objective was to gauge the landscape of cybersecurity readiness across local entities and inform CSA’s strategic initiatives. The importance of bolstering cybersecurity resilience within these organisations cannot be overstated, as they play a critical role in shaping the digital experiences of Singaporeans through their services and products.
The findings unveiled a mixed landscape: while the majority of organisations demonstrated an awareness of cybersecurity imperatives, there remains substantial room for improvement in adoption rates. On average, organisations reported implementing around 70% of essential cybersecurity measures across various categories. Additionally, a significant proportion, approximately 75%, acknowledged CSA’s cybersecurity certification programmes, Cyber Essentials and Cyber Trust, which serve as national standards for prioritising cybersecurity measures.
Despite these positive indicators, CSA sounded a cautionary note, emphasising the inadequacy of partial adoption. Without the full spectrum of essential measures, organisations remain vulnerable to unnecessary cyber risks. Alarmingly, only a third of organisations had fully implemented at least three of the five categories outlined in Cyber Essentials. This underscores the urgency for comprehensive adoption to fortify cybersecurity posture effectively.
A prevalent challenge cited by organisations hindering full adoption was a lack of knowledge and experience, echoed by 59% of businesses and 56% of non-profits. This is compounded by the rapidly evolving cyber threat landscape, exacerbated by a shortage of skilled cyber professionals. Moreover, a prevailing perception of being unlikely targets of cyber-attacks and resource constraints further impedes progress in bolstering defences.
The consequences of inadequate cybersecurity measures were starkly evident, with over 80% of organisations reporting encountering cybersecurity incidents annually, including prevalent threats like ransomware and social engineering scams. These incidents invariably inflicted a negative business impact, with disruptions, data loss, and reputational damage among the most commonly cited consequences.
While the cost of implementing cyber hygiene measures may seem daunting, particularly for small and medium-sized enterprises (SMEs), it pales in comparison to the potential financial ramifications of cyber incidents. CSA emphasises the importance of viewing cybersecurity investment as essential insurance against potentially catastrophic losses.
In response to these challenges, CSA has rolled out a comprehensive suite of initiatives aimed at bolstering organisational cybersecurity resilience. These include cybersecurity resources to raise awareness, tailored health plans delivered by cybersecurity consultants, and certification programmes such as Cyber Essentials and Cyber Trust. Additionally, the collaboration with the Infocomm Media Development Authority has led to the introduction of the Cybersecurity Health Check, providing organisations with a self-assessment tool to benchmark their cyber hygiene and access remedial resources.
Mr. David Koh, Chief Executive of CSA, stressed the imperative for organisations to prioritise cybersecurity and leverage available resources and funding support. Delaying proactive measures until after an incident occurs, he cautioned, would prove significantly more costly in the long run.
The release of the Singapore Cybersecurity Health Report underscores the urgent need for organisations to fortify their cybersecurity posture comprehensively. By embracing a holistic approach to cybersecurity and leveraging available resources and support, organisations can mitigate risks and safeguard against the increasingly sophisticated cyber threats of the digital age.
The Singapore Cybersecurity Health Report 2023 is available at www.csa.gov.sg/cyberhealthreport and the Cybersecurity Health Check can be accessed at https://www.csa.gov.sg/cyberhealthchecktool.
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In a remarkable leap forward in the field of neuroscience, researchers at the Indian Institute of Technology, Guwahati (IIT Guwahati) have introduced a groundbreaking algorithm known as the Unique Brain Network Identification Number (UBNIN). This innovative algorithm is poised to revolutionise the analysis of brain connectivity patterns, offering profound insights into both healthy brain function and neurological disorders such as Parkinson’s disease (PD).
The human brain, with its intricate network of neural connections, is a marvel of complexity. Each individual possesses a unique pattern of brain connectivity, akin to a fingerprint of the mind. Recognising the significance of these individualised brain networks, the researchers at IIT Guwahati set out to develop a method capable of decoding and quantifying these intricate patterns.
The UBNIN algorithm represents a paradigm shift in how we understand and analyse brain connectivity. Drawing upon data from structural MRI scans, the algorithm constructs a network model of the brain, with each region of the brain represented as a node. These nodes are interconnected by edges, reflecting the strength of connectivity between different brain regions.
What sets UBNIN apart is its ability to distil this complex network into a single numerical identifier. This unique identifier, akin to a digital signature for the brain, encapsulates the individualised connectivity patterns of each person. By quantifying these patterns into numerical values, UBNIN offers a powerful tool for understanding the structural organisation of the brain.
The implications of UBNIN are far-reaching. One potential application lies in the realm of brainprinting, where individual brain signatures could be used for identification purposes. Much like a fingerprint uniquely identifies an individual, UBNIN could serve as a digital identifier for the brain, with applications in personalised medicine, biometrics, and cognitive neuroscience.
Moreover, UBNIN holds promise as a biomarker for neurological disorders such as Parkinson’s disease. Parkinson’s is a progressive neurodegenerative disorder characterised by the loss of dopaminergic neurons in the brain. Early detection of Parkinson’s is crucial for initiating timely interventions and improving patient outcomes. By analysing changes in UBNIN values over time, researchers may be able to identify subtle alterations in brain connectivity associated with the onset and progression of Parkinson’s disease.
To validate the utility of UBNIN as a biomarker for Parkinson’s disease, researchers conducted a comprehensive study involving structural MRI scans from both PD patients and healthy individuals. The results were promising, with UBNIN values exhibiting distinct patterns in PD patients compared to healthy controls. This suggests that UBNIN has the potential to serve as a sensitive and specific biomarker for Parkinson’s disease, offering new avenues for early diagnosis and disease monitoring.
Furthermore, the researchers explored the impact of age on brain connectivity patterns. Aging is associated with changes in brain structure and function, which may contribute to the development of neurological disorders. By analysing structural MRI data from individuals across different age groups, the researchers found that brain connectivity patterns indeed change with age. Specifically, they observed a decrease in the clustering coefficient—a measure of network connectivity—with increasing age. These findings provide valuable insights into the dynamic nature of brain plasticity and aging.
Dr. Cota Navin Gupta, Assistant Professor at the Neural Engineering Lab, Department of Biosciences and Bioengineering, IIT Guwahati, commented on the significance of these findings. “UBNIN offers a unique window into the structural organisation of the brain,” he remarked. “By quantifying individualised brain connectivity patterns, UBNIN has the potential to transform our understanding of brain function and dysfunction.”
Looking ahead, the researchers envision further applications of UBNIN in diverse fields, ranging from personalised medicine to cognitive neuroscience. By harnessing the power of UBNIN, researchers may unlock the mysteries of the human brain, paving the way for new insights into neurological disorders and brain health.
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Bushfires represent one of the most formidable challenges faced by firefighters worldwide. With their unpredictable behaviour and rapid spread, combating these blazes demands innovative solutions to ensure the safety of both responders and communities at risk. In a groundbreaking initiative, researchers are harnessing the power of robotics to revolutionise bushfire response, paving the way for more effective firefighting strategies and enhanced situational awareness.
At the heart of this endeavour lies the Silvanus Project, an ambitious international collaboration aimed at developing ground robots capable of navigating fire fronts and gathering crucial data in real-time. Led by researchers from Data61’s Queensland Centre for Advanced Technologies, this project represents a pioneering effort to address the inherent dangers associated with traditional firefighting methods.
Bushfires, fueled by factors such as vegetation density and weather conditions, can escalate rapidly, outpacing conventional firefighting techniques. To stay ahead of the inferno, firefighters require accurate information about fire location, direction of spread, and potential hazards. However, obtaining such data often entails placing personnel in hazardous environments, risking their safety in the process.
Drones have emerged as a promising tool for aerial reconnaissance, offering valuable insights into fire behaviour from above. However, their effectiveness is limited by factors such as smoke interference, high winds, and restricted flight times. Recognising these limitations, researchers turned their focus to ground-based solutions, envisioning robots capable of operating in the most challenging of conditions.
The ground robots developed as part of the Silvanus Project are equipped with advanced sensors and navigation systems, allowing them to traverse rugged terrain and navigate through smoke and debris. Some robots are designed to move on legs, mimicking the mobility of insects, while others utilise tracks for increased stability and manoeuvrability. These robots venture into the heart of the fire, gathering critical data such as fire intensity, fuel availability, and environmental conditions.
During a demonstration conducted for fire service representatives and researchers, the capabilities of these ground robots were showcased, highlighting their potential to transform firefighting operations. With the ability to transmit data in real-time to a cloud-based platform, these robots provide firefighters with unprecedented situational awareness, enabling more informed decision-making and proactive firefighting strategies.
Senior experimental scientist Tom Lowe emphasises the significance of these ground robots in enhancing firefighter safety and operational effectiveness. By deploying robots into areas deemed too hazardous for human intervention, firefighters can access vital information without exposing themselves to unnecessary risks. Furthermore, the integration of remote sensing technologies allows robots to assess vegetation density and predict fuel availability, further aiding in fire suppression efforts.
While the technology is still in the developmental stage, researchers are optimistic about its potential impact on future firefighting practices. Navinda Kottege, Cyber-Physical Systems Research Director, underscores the life-saving potential of ground robots, particularly in high-risk firefighting scenarios where human intervention may be impractical or unsafe.
The Silvanus Project represents a collaborative effort involving researchers from across Europe, Australia, Indonesia, and Brazil, united in their mission to develop innovative solutions for forest management and fire prevention. By harnessing the power of robotics and cutting-edge technologies, this initiative aims to bolster preparedness and response capabilities, ultimately saving lives and protecting communities from the devastating impact of bushfires.
As ground robots continue to evolve and mature, fueled by ongoing research and international collaboration, the vision of leveraging technology to mitigate the impact of bushfires grows ever closer to reality. With each technological advancement, firefighters gain new tools and capabilities to confront one of nature’s most formidable adversaries, ensuring a safer and more resilient future for all.
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Prime Minister Pham Minh Chinh has called upon the youth to take the lead in propelling Vietnam’s digital transformation, emphasising their crucial role in shaping the nation’s future amidst the burgeoning digital economy. The Prime Minister made these remarks during a dialogue held in Hanoi on March 26, where he engaged with 300 outstanding young individuals from various regions of the country.
With the digital economy projected to contribute 30% to the gross domestic product (GDP) by 2030, PM Chinh underscored the urgency for Vietnam to embrace digitalisation as an indispensable global trend. He highlighted digital transformation as a cornerstone alongside the green economy, circular economy, sharing economy, and intellectual economy, essential for realising the nation’s development objectives of transitioning into a modern, upper-middle-income country by 2030 and achieving developed, high-income status by 2045.
In his address, PM Chinh urged the youth to champion digitalisation by raising public awareness, advocating for policy reforms, driving administrative modernisation through digital technologies, and advancing research and development efforts in the digital domain. Emphasising their role as pioneers, he expressed confidence in the youth’s ability to contribute, innovate, integrate into society, and pursue personal growth.
Moreover, PM Chinh called upon the youth to collaborate with the government in establishing a digital government, digital economy, digital society, and nurturing digital citisenship. This collaborative approach is deemed essential for harnessing the full potential of digital technologies to address societal challenges and drive inclusive growth.
Responding to the Prime Minister’s call, the youth presented recommendations to the government, emphasising the need to refine the legal framework governing digital platforms and establish effective communication channels to engage citisens in the digital transformation process. They stressed the importance of inclusivity and transparency in policymaking to ensure the successful implementation of digital initiatives.
During the dialogue, PM Chinh addressed queries from the youth regarding data protection, cybersecurity measures, integration of public services with the national population database, and strategies to preserve cultural identity in the digital age. Acknowledging these concerns, the Prime Minister reaffirmed the government’s commitment to safeguarding data privacy, enhancing cybersecurity, and promoting cultural heritage preservation in the digital era.
Furthermore, PM Chinh instructed relevant ministries, authorities, and localities to expedite the implementation of the National Digital Transformation Programme, refine existing mechanisms and policies, and create an enabling environment for youth-led initiatives. This concerted effort aims to foster innovation, entrepreneurship, and digital literacy among the younger generation, thereby ensuring their active participation in shaping Vietnam’s digital future.
The dialogue served as a platform for meaningful exchanges between the government and the youth, highlighting the importance of collaborative efforts in driving Vietnam’s digital transformation agenda. With the youth at the forefront, Vietnam is poised to harness the opportunities offered by digital technologies to achieve sustainable development and prosperity for all.
As reported by openGov Asia, Vietnam is undergoing a digital revolution, characterised by concerted endeavours to advance the country’s digital transformation. With aspirations to attain high-income status by 2045, Vietnam’s digital technology sector focuses on mastering technology, fostering innovation, and developing domestic manufacturing capacities.
In this context, inclusivity and collaboration are essential, serving as key drivers to unleash the transformative power of technology and foster economic expansion, ensuring broad societal participation and contribution to the nation’s advancement.
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Artificial Intelligence (AI) stands at the forefront of technological innovation, promising transformative solutions to complex challenges across various domains. Recognising its potential to revolutionise industries and improve societal well-being, the National University of Singapore (NUS) has inaugurated the NUS AI Institute (NAII). Led by Professor Mohan Kankanhalli, NAII aims to accelerate AI research and its practical applications, fostering collaboration, innovation, and societal impact.
In an era marked by rapid technological advancements, AI has emerged as a powerful tool with the capacity to reshape diverse sectors, ranging from healthcare to finance, education, logistics, and beyond. The establishment of NAII underscores NUS’s commitment to harnessing AI for the greater good, addressing critical issues facing Singapore and the global community.
At the core of NAII’s mission is the advancement of fundamental AI research, aimed at pushing the boundaries of AI capabilities and exploring novel applications across various domains. Through foundational research initiatives, scientists at NAII will tackle complex AI problems, spanning hardware and software systems, AI theory, responsible AI, reasoning AI, and resource-efficient AI. By delving into these areas, the institute seeks to develop cutting-edge AI technologies that address real-world challenges and drive innovation.
Moreover, NAII will prioritise research into the ethical and societal implications of AI, aiming to develop robust governance frameworks that ensure responsible AI development and deployment. This includes examining issues related to transparency, accountability, and ethical decision-making in AI systems. By fostering dialogue and research on AI ethics and governance, NAII aims to guide the responsible use of AI technology and mitigate potential risks.
In addition to foundational research, NAII will spearhead applied research initiatives, focusing on developing AI-driven solutions for specific application domains. Collaborating with experts from diverse fields, including healthcare, logistics, manufacturing, finance, urban sustainability, and education, the institute will tackle pressing challenges and explore opportunities for AI-driven innovation. From optimising supply chains to improving healthcare outcomes and enhancing urban infrastructure, NAII’s applied research efforts aim to deliver tangible benefits to society.
Furthermore, NAII will serve as a hub for AI talent development, providing comprehensive education and training programs for students, professionals, and policymakers. By offering hands-on learning experiences and internships, the institute seeks to nurture the next generation of AI leaders and entrepreneurs, equipping them with the skills and knowledge needed to drive innovation in AI.
To support its research and educational endeavours, NUS has allocated significant resources to NAII, including external research grants and institutional funding. Moreover, the institute will collaborate closely with government agencies and industry partners to amplify its impact and drive innovation. Strategic partnerships with leading companies such as IBM and Google Cloud will enable NAII to leverage industry expertise and resources, accelerating the translation of research outcomes into real-world applications.
In alignment with Singapore’s Research, Innovation, and Enterprise (RIE) strategy, NAII aims to contribute to the nation’s AI ecosystem by fostering collaboration, innovation, and talent development. By positioning NUS as a global leader in AI research and application, the institute seeks to drive positive societal change and economic growth.
The establishment of NAII represents a significant milestone in NUS’s journey towards harnessing the power of AI for societal benefit. Through cutting-edge research, education, and collaboration, the institute aims to unlock the full potential of AI and pave the way for a more innovative, sustainable, and inclusive future. With its interdisciplinary approach and commitment to excellence, NAII is poised to make a lasting impact on Singapore and the global AI landscape.
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The Vietnam Posts and Telecommunications Group (VNPT) has reached a significant milestone with its artificial intelligence (AI) platform, VNPT eKYC, logging over 1 billion user authentication requests. This accomplishment solidifies VNPT’s position as a pioneer in electronic identification and verification solutions within Vietnam.
Since its inception, VNPT eKYC has been at the forefront of electronic Know Your Customer (eKYC) services for over five years, serving a diverse range of clients including banks, financial institutions, telecommunications companies, and e-commerce entities. With over 100 organisations utilising its services, VNPT eKYC has facilitated electronic identification for more than 40 million individuals across the country.
On average, the VNPT eKYC system processes an impressive 600,000 requests daily, with peak days witnessing over a million requests being handled seamlessly. This demonstrates the platform’s robustness and reliability in managing high volumes of authentication transactions efficiently.
The significance of VNPT eKYC extends beyond its technological capabilities, particularly in the context of evolving regulatory requirements. The State Bank of Vietnam’s decision mandating biometric authentication for transactions exceeding 10 million VND (approximately 416 USD) and other significant transactions from July 1, 2024, underscores the critical role of advanced authentication solutions like VNPT eKYC in ensuring compliance and security in financial transactions.
Moreover, the platform’s success highlights the increasing importance of domestically developed solutions in the banking and financial sector. Domestic solutions such as VNPT eKYC offer several advantages, including rapid implementation, cost-effectiveness, adherence to global technology standards, scalability, and high readiness to meet evolving regulatory requirements.
Central to the effectiveness of VNPT eKYC is its advanced AI models, which enable the verification of facial biometric data with an impressive accuracy rate of up to 99.99%. This high level of accuracy not only enhances the security of authentication processes but also contributes to building trust and confidence among users and regulatory authorities.
As Vietnam’s digital economy continues to grow and evolve, the role of advanced authentication and verification solutions like VNPT eKYC becomes increasingly indispensable. Beyond facilitating seamless and secure electronic transactions, these solutions contribute to enhancing the overall digital infrastructure and ecosystem of the country, paving the way for further innovation and economic growth.
Looking ahead, VNPT remains committed to advancing its AI platform and expanding its capabilities to meet the evolving needs of its clients and the regulatory landscape. With a strong focus on innovation, reliability, and security, VNPT eKYC is poised to play a pivotal role in shaping the future of electronic identification and verification in Vietnam’s dynamic digital economy.
VNPT’s achievement of logging over 1 billion authentication requests with its AI platform, VNPT eKYC, marks a significant milestone in Vietnam’s journey towards digital transformation.
Amid a swiftly changing global landscape, Vietnam emerges as a frontrunner in a digital revolution, strategically positioned to harness technology’s transformative power for economic progress and societal development.
It is embracing its digital transformation journey, highlighting collaborative efforts to drive the nation’s digital transformation. The nation’s digital technology industry aims to propel Vietnam towards high-income status by 2045 through technology mastery, innovation, and indigenous manufacturing capabilities.
Moreover, the nation is working to harmonise its regulations, streamline laws, and promote consistency in its legal framework to foster a more favourable and appealing cyber environment.
As the country continues to embrace technology-driven solutions to address emerging challenges, VNPT eKYC stands as a testament to the potential of domestic innovation in driving progress and excellence in the digital era.
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In a significant scientific breakthrough in a space sector, Dr Sarah Kessans has developed hardware designed to operate autonomously in orbit, transforming the study of protein crystallisation in microgravity. This technology provides scientists on Earth with unprecedented insights into protein behaviour, with far-reaching implications for developing more effective medicines and vaccines, among other applications.
Minister for Space Dr Megan Collins lauds Dr Kessans’ research as an inspiring example of how space technology can drive innovation on Earth. This achievement follows the recent successful launch of MethaneSAT, a satellite designed to track and monitor global emissions from space, highlighting the significant potential of space technology in addressing some of the world’s most pressing challenges while bolstering our globally competitive space sector.
The MethaneSAT satellite will be equipped with a highly sensitive spectrometre that can detect concentrations as low as two parts per billion, and it will have high-spatial resolution coupled with a broad, 200-kilometre view path, allowing it to quantify even small emission sources over large areas.
Dr Kessans’ research culminated in successfully launching her hardware on a rocket from the Kennedy Space Centre at Cape Canaveral, USA. This mission also included protein experiments from leading New Zealand universities, including Canterbury, Otago, Victoria, and Waikato, showcasing the collaborative efforts of the country’s academic institutions in advancing space science and technology.
The launch of Dr Kessans’ project results from a strategic agreement between the Ministry of Business, Innovation and Employment (MBIE) and the US commercial space company Axiom Space. This partnership aims to facilitate New Zealand researchers’ advancement in space science and technology, fostering innovation and driving collaboration between academia, government, and private enterprise.
Dr Kessans’ project has also received government funding for further development through the MBIE-administered Endeavour Fund, highlighting the government’s commitment to supporting cutting-edge research and innovation in the space sector. This collaborative effort between academia, government, and private enterprise is a testament to New Zealand’s growing presence in the global space economy, positioning the country as a key player in space research and technology development.
Previously, New Zealand had collaborated with several countries, including Australia, to advance space research, as reported by OpenGov. The collaboration between SmartSat and the New Zealand Space Agency (NZSA) is an important development. The signing of a Memorandum of Understanding (MoU) between the two entities aims to accelerate the growth and technological advancement of the Australian and New Zealand space industries, marking a pivotal moment in the evolution of space exploration and innovation in the Australasian region.
This partnership is underpinned by a shared commitment to fostering innovation, driving research and development (R&D), and nurturing a skilled workforce capable of propelling technological breakthroughs in the space sector. The MoU, ceremoniously signed at the NZSA headquarters in Wellington, signifies a strategic alignment between SmartSat and NZSA to leverage their combined resources and expertise.
At the core of this collaboration, it is designated to support joint research initiatives in three key technological domains: Earth Observation, Space Situational Awareness, and Optical Communications. These areas represent the forefront of space exploration, offering immense potential to revolutionise humanity’s perception and interaction with the cosmos.
Minister Judith Collins, New Zealand’s Minister for Space, praised the new agreement as a testament to the enduring collaboration between Australia and New Zealand in space exploration. In a statement on her official website, she reiterated her commitment to fostering innovation and collaboration, recognising the transformative potential of space technology in addressing global challenges.
Minister Collins reaffirmed the government’s dedication to developing the country’s space sector, promoting innovation, and strengthening partnerships with the New Zealand research community, international space agencies, and commercial collaborators. These collaborative approaches underscore New Zealand’s commitment to advancing space science and technology to benefit society and the economy, paving the way for future breakthroughs in the field.