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The COVID-19 pandemic has brought unprecedented changes and challenges for Financial Services. More than ever now, people are reliant on digital payments and new payment technologies for transactions. And keeping up with the trend, fraudsters are continuously finding creative ways to perpetuate their scams. Financial services must adopt more effective fraud detection and prevention strategies.
OpenGov Asia had the opportunity to speak with Ian Holmes, Global Lead for Enterprise Fraud Solutions, Director, SAS to gain his insights on fraud detection and prevention strategies in financial services.
Having joined SAS in 2011, Ian’s global role is to provide fraud expertise to drive the product enhancement; pre-sales and business implementation of the banking fraud solution globally.
Ian’s fraud expertise is pivotal in retaining SAS’ recognition and reputation in the industry by customers and analysts; supporting marketing initiatives and strategic collaboration with key third party vendors. His career developed from the ‘ground up’ to embrace a customer focussed approach alongside analytics and strategy.
Why is There a Rise in Scams?
As people are staying and working at home, it provides a prime opportunity for fraudsters to infiltrate people’s lives remotely. Free time and the promise of additional income is a great opportunity to gain the attention of the new victim. Scams probably represent one of the most diverse ranges of modus operandi, in some way they involve a deceived individual.
From a payments fraud perspective, such scams are considered within the area of banking fraud. Most typically in today’s world, this is achieved through remote activities by the fraudster offered by digital devices. The spike in malware and phishing initiated through emails, phones and even SMS also expose us to the risks of fraud.
As recently as 2017, UK Finance, the industry body which reports on all banking fraud types, introduced a new measure covering Authorised Push Payments. This category specifically cites the genuine account holder being involved in the payment. In this category, both volume and value are increasing dramatically.
Acknowledging that genuine customers are involved, banks are having to invest more in the prevention of this type of fraud. At a minimum, this can be due to reputational risk. However, in the UK, the Payment System Regulator introduced a voluntary code. The Contingent Reimbursement Model, which has now been effective for a year, makes Payment Service Provider (PSP) liable under certain circumstances. This has increased the cost of doing business for a bank – meaning a capable fraud detection solution is going to be key.
What Banks Need to Do to Combat Fraud
Ian explains that independent of the reasons, the fraudsters are certainly on the winning team and losses are escalating. Organisations need to manage risks during the movement from traditional payment methods to the new digital options. Additional channel data that the devices of today offer along with advanced analytics can be very beneficial to overcoming digital fraud and financial crime.
Financial institutions (FIs) need to understand all payment entry points. Protecting these entry points from digital fraud can be quite complicated and tedious. The critical first steps are to start processing all data streams in real-time and to combine identity and transaction monitoring to not only identify fraud as it occurs but to prevent it even before it takes place.
The financial services industry as a whole needs to boost the utilisation of available Artificial Intelligence and machine learning technologies. Since the start of the pandemic, financial institutions have tirelessly innovated to meet customers’ needs for flexibility and immediacy. Now, with SAS’ proven technology and expertise, they must redefine how they protect themselves and their customers from the associated risks.
Ian believes that in the digital environment we live in today, the use of channel data will be pivotal for real-time analytics and automated activities within businesses. The level of needs may vary from industry to industry but they will be important to all businesses to counter fraud and make insightful strategic decisions.
Customers now expect digital services with seamless interaction. Financial services need to be meticulous in their fraud prevention while reducing false positives at the same time to improve customer experience. The number of scams is extensive, examples include romance and investment scams. The typical processes which protect other fraud types are undermined by the fact that authentication and verification of payments from a scam perspective will be validated by the deceived customer when prompted. This is very different from the immediate feedback which would come from a situation where the customer had no awareness of the activity.
Considerations include:
- Anomaly detection and beneficiary profiling are key real-time capabilities. For example, Advanced Analytical scoring and link analysis of the beneficiary can be key indicators – mule account propensity models have been used and there is no reason why this principle cannot be expanded to identify accounts used by fraudsters
- Industry initiatives such as the beneficiary validation services. This is currently being offered in the UK and allows checking of the account details and validating these this gives confidence from the consortium perspective.
- When confirming suspicious payments with customers then alternative validation is required.
- Transaction level authentication will help to exclude specific third party fraud scenarios – this is especially true for commercial payment where multiple levels of authorisation should be included.
Increasing Customer Experience
For an overall better and more secure customer experience, digital fraud management requires an approach with a faster response to new threats to reduce false positives. Using this approach, businesses would be making faster, better informed risk-based decisions across the entire organisation. Moreover, an end-to-end fraud detection and prevention solution supports multiple channels and lines of business, enabling enterprise-wide monitoring from a single platform.
Such a solution simplifies data integration and enables FIs to combine all internal, external and third-party data to create a better predictive model tuned to the organisation’s needs. Bringing together this data on a single technology platform gives the flexibility to scale up or out as the business changes, and respond faster to new threats as they arise.
Data analytics and machine learning solutions can enable the monitoring of payments as well as non-monetary transactions and also events, thus enabling businesses to identify and respond to unwanted and suspicious behaviour in real-time. Embedded machine learning methods detect and adapt to changing behaviour patterns, resulting in more effective, robust models.
Key technology components let banks easily spot anomalies for each customer. In-memory processing delivers high-throughput, low-latency response times (even in high-volume environments) – enabling FIs to score 100% of transactions in real-time. Data without analytics is intelligence not realised and monetised, which means businesses are unable to operate at their optimum capacity.
Thus, organisations must understand the value and significance of data analytics in this fast-paced digital world. Organisations that want to survive in today’s competitive market need to build the right infrastructure and adopt the right practices across their infrastructure.
Key Trends in Financial Services
Payments fraud has historically been a third party fraud issue. Although the use of machine learning, rules and operations processes are still valid, scams require a different view of payment account activity than is typical with a bank’s processes. Because of this, there is often a complete review required of the risk management framework in place at banks and how it is applied to fraud detection.
Without technological and operational improvements, the global rise of digital fraud will surpass the losses associated with counterfeiting magnetic stripe payment cards. A and SAS suggests this digital shift is also fuelling a multibillion-dollar fraud surge worldwide.
These are key trends that Ian is seeing in the market:
- Digital payments present an escalating global risk.
- Though prevalent payment technologies vary by region, fraud trends have significant commonalities across geographies.
- This indicates that criminals coordinate and share information more openly than do FIs, giving them a significant advantage in thwarting fraud controls.
- Cross-border fraud is increasingly common.
- Digital fraud is increasing in frequency and sophistication.
- Fraudsters and criminal networks’ arsenal of tricks are becoming as advanced as the technologies used to detect their activities.
- Social engineering, phishing and identity schemes, and the breadth of digital payment methods are shifting the odds in the bad guys’ favour.
- Layered technology and analytic capabilities are needed to identify overlapping threats in real-time.
- The complexity of criminals’ attack vectors demands a layered approach to preventing and detecting fraud, while also providing a means to orchestrate strategies and investigation activities.
- Automated actions and predictive case management powered by AI and machine learning can help reduce reliance on human resources.
- Data is critical.
- Using data for real-time analytics and automated actions will be crucial to thriving in this new digital normal.
Big Data Analytics in Financial Industry
Digital fraud is increasing in frequency and sophistication. Fraudsters and criminal networks’ arsenal of tricks are becoming as advanced as the technologies used to detect their activities. Social engineering, phishing and identity schemes and the breadth of digital payment methods are shifting the odds in the bad guys’ favour.
Organisations should be aware that new payment mechanisms are especially targeted due to ineffective risk mitigation controls at launch. Layered technology and analytic capabilities are needed to identify overlapping threats in real-time. The complexity of criminals’ attack vectors demands a layered approach to preventing and detecting fraud, while also providing a means to orchestrate strategies and investigation activities.
Automated actions and predictive case management powered by AI and machine learning can help reduce reliance on human resources. Data is critical. Using data for real-time analytics and automated actions will be crucial to thriving in this new digital normal.
Capabilities will vary based on technological maturity, but organisations at all stages have a common need for as much real-time data as possible to make effective decisions. Importantly, deploying cloud infrastructure for fraud management systems boosts data ingestion capabilities.
How can Banks Manage Fraud in CryptoCurrency?
Crypto is currently ungoverned and uncontrolled, it is ripe for abuse. And therefore Fraud and Financial Crime is always going levitate towards any such exposure. Ian has seen in this region the combination of the proceeds of fraud and money laundering being converted to cryptocurrencies offer an alternative to the principles of Money Laundering and the underlying placement, layering and integration necessary to support this criminal activity.
Crypto and the underlying Distributed Ledger technology, undoubtedly brings a great deal of additional security in principle but always it’s the endpoints and the consumer who are the weakest link. From a fraud perspective, Ian does not think the fraudsters are needing to be too innovative currently, they are focussed on committing Account Takeover (ATO) and hacking to steal.
Why SAS?
Ian believes that SAS is creating the future of our interactions with data, analytics and AI – delivering an innovative system for a more intelligent, responsible and safer world.
To transform a world of data into a world of intelligence, organisations need to empower and inspire everyone with the most trusted analytics. SAS do this by bringing the capability to curiosity so people and organisations can drive progress – making better decisions and improving lives.
- Better Together – SAS develops strategic partnerships, open integration and drive collaboration in communities and industry. Through developing leading innovations together, SAS creates positive change.
- For Everyone – SAS brings together creators and consumers and give access to data and insights through analytics that adapt to people. SAS does this through simplifying model development, providing end-to-end analytics capabilities and driving responsible and transparent AI.
- Everywhere – SAS’s cloud-native platform drives digital transformation, unleashing value from data analytics wherever it resides, from the cloud, on-premise or coming off the edge in sensors and devices.
How SAS Determines the Best Strategy for Effective Fraud Detection
- Security by design
This is not a bolt-on option to a financial instrument, it’s the core battleground for consumer adoption and recommendation – 83% of millennials would change the bank account for better CX. Security is not locking the doors, nor is it raising the bar so high you inflict overdue pressures on your good clients and operational staff. It is using all the intelligence available to ensure you can correctly identify risk, and seamlessly move to the correct challenge response – visiting the branch with physical ID is not an option in COVID-19 times, but even before, you are likely to lose a customer.
- Data
While SAS controls the use of personal data FI’s should all be very aware of the provisions for fraud detection and maximise the use and analytics using relevant data. SAS can ingest and process in real-time both internal and external data which can all add to understanding the traits of normality or not. Establish clear fraud definitions and continuously question the value of data and the quality of AI decisions.
You need to orchestrate and adapt using external providers which add value to the ability to trust an interaction, analytically led examination understanding the value both positive and negative allow for better decisions for your business and customers, given the ability to leverage various data sources and change both a waterfall of events and enrich certain decision points is the right way to make those decisions.
- Consortium Intelligence
Use the intelligence from wider networks, share and syndicate fraud reporting. Experience is a competitive issue – fraud needs a concerted intelligence sharing on a real-time basis, use systems such as innovation which enables sharing with minimum personal data facilitating a common language for the exchange of fraud data
To handle digital fraud, businesses need more than just standard analytics. They need to implement adaptive techniques including AI and machine learning, supervised machine learning, unsupervised machine learning, network analysis and text analysis. All of these technologies form a powerful force for improving both the accuracy and efficiency of fraud detection. It only makes sense to bring fraud, Anti Money Laundering (AML) and cyber functions together.
Here are key considerations of a strategy for an effective defence using analytics:
- Converge fraud and AML programmes. Centralise insights from multiple sources, including cyber-event data, for more complete customer risk assessments in a broader context.
- Establish consistent business processes. Intuitive workflow and case management support more efficient investigations, faster resolutions, fewer false positives and higher productivity.
- Reduce false positives. Advanced analytics and machine learning can reduce such anomalies so investigative analyses can focus on the cases that pose the most risk to the organisation.
- Intelligently prioritise alerts for triage, investigation and disposition. Advanced analytics can let defenders quickly see areas of interest and where to focus first.
- Leverage interactive visualisations. Investigations can be more targeted and conducted more efficiently through the use of interactive graphics and tables. Import, search, filter and visualise the results in different ways to reveal patterns, people and events hidden in complex data.
- Easy report generation. Findings can be documented with screen captures, analyst notes and images and advanced reporting that presents data to stakeholders and decision-makers much more impactful.
The Future of Fraud Prevention and Management
The pandemic has opened Pandora’s box of global fraud. Based on a recent survey (Association of Certified Fraud Examiners (ACFE) and SAS) responses from nearly 900 ACFE members worldwide, the 2022 Anti-Fraud Technology Benchmarking Report illuminates how organisations across sectors are using technology to fight fraud.
More than 40% of respondents reported accelerating their use of data analytics significantly (14%) or slightly (29%) amid the pandemic. The majority (60%) expect their anti-fraud tech budgets to grow over the next two years. Advanced analytics topped the investment list, particularly artificial intelligence (AI) and machine learning (cited by 26% of respondents) followed by predictive analytics/modelling (22%).
Analytics is an indispensable fraud detection tool. When asked about their use of analytics, nearly all survey participants indicated their organisation’s use of data analytics was beneficial in helping them:
- Boost the volume of transactions reviewed or suspected fraud cases identified (99%);
- Timeliness of their anomaly detection (98%);
- Efficiency in automating time-consuming tasks (98%); and
- Overall accuracy in reducing false-positive rates (97%).
Data-sharing consortiums are gaining momentum. Internal structured data sources remain the crux of most organisations’ anti-fraud analytics initiatives (cited by 80% of respondents), but many are also tapping a variety of external data sources, including:
- Public records (41%),
- Law enforcement or government watch lists (31%),
- Social media (29%),
- Other third-party data (25%), and data from connected devices (25%).
Organisations are using a variety of emerging technologies to fight fraud. The report highlights the growing use of technologies like physical and behavioural biometrics, computer vision analysis, robotic process automation (RPA), blockchain, and virtual and augmented reality.
Current use of these technologies ranges from:
- 7% (virtual/augmented reality) to
- 34% (physical biometrics) of surveyed organisations.
- Among respondents from organisations not using particular emerging technology,
- 13% (virtual/augmented reality) to
- 19% (RPA) expect to deploy it within the next one to two years.
Technology and SAS Cloud/SaaS is making deployments quicker and easier. Cloud capability is making updates and new functions available. Digital data such as identity, biometrics and user behaviours are becoming key. Although the level of data is massive, it’s all for the great good and is helping to make our lives safer.

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An international team of researchers has developed a scanning tool to make websites less vulnerable to hacking and cyberattacks. The black box security assessment prototype, tested by engineers in Australia, Pakistan and the UAE, is more effective than existing web scanners which collectively fail to detect the top 10 weaknesses in web applications.
UniSA mechanical and systems engineer Dr Yousef Amer is one of the co-authors of a new international paper that describes the development of the tool in the wake of escalating global cyberattacks.
Cybercrime cost the world US$ 6 trillion in 2021, reflecting a 300% hike in online criminal activity in the past two years. Remote working, cloud-based platforms, malware and phishing scams have led to skyrocketing data breaches, while the rollout of 5G and Internet of Things (IoT) devices has made us more connected – and vulnerable – than ever.
Dr Yousef Amer and colleagues from Pakistan, the UAE and Western Sydney University highlight numerous security weaknesses in website applications and how these are costing organisations dearly. Due to the widespread adoption of eCommerce, iBanking and eGovernment sites, web applications have become a prime target of cybercriminals who want to steal individual and company information and disrupt business activities.
Despite a projected US$ 170 billion global outlay on internet security in 2022 against a backdrop of escalating and more severe cyberattacks, existing web scanners are falling way short when it comes to assessing vulnerabilities, according to Dr Amer.
The team identified that most of the publicly available scanners have weaknesses and are not doing the job they should. Nearly 72% of organisations have suffered at least one serious security breach on their website, with vulnerabilities tripling since 2017. A world leader in web application security estimates that 86% of scanned web pages have on average 56% vulnerabilities. Among these, at least one is classified as critical. The researchers compared 11 publicly available web application scanners against the top 10 vulnerabilities.
The team found that no single scanner is capable of countering all these vulnerabilities, but the prototype tool caters to all these challenges and is a one-stop guide to ensure 100 per cent website security. There is an urgent need to audit websites and ensure they are secure if these breaches are to be curbed and companies and governments can save millions of dollars. The researchers are now seeking to commercialise their prototype.
The global cyber security market was valued at US$ 139.77 billion in 2021. The market is expected to grow to US$ 376.32 billion by 2029, exhibiting a CAGR of 13.4% during the forecast period. The COVID-19 pandemic has been unprecedented and overwhelming, with security solutions undergoing higher-than-anticipated demand across the world compared to pre-pandemic levels.
The key drivers of the cyber security market are the emerging online e-commerce platforms and the advent of core technologies such as the internet of things (IoT), artificial intelligence (AI), cloud security, and others. Key market players focus on developing internet security solutions based on artificial intelligence (AI) platforms.
The growing demand for solutions is anticipated to gain traction with cumulative investments from Germany, France, India, Spain, South Korea, Italy, Canada, and Qatar, among others. The growing adoption of enterprise security solutions from manufacturing, banking, financial services, insurance (BFSI) and healthcare is expected to drive market growth in the future.
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The Government of Queensland has launched the third of its state-wide regional science and innovation hubs in Cairns, boosting research opportunities in Far North Queensland. Under the Partner Up Queensland Regional Science and Innovation Network, the hubs aim to provide people living in regional Queensland with more opportunities to engage with science and innovation in a meaningful way.
The Member for Cairns stated that the hub in Cairns will enable Far North individuals and community groups to participate in a range of STEM-based (Science, Technology, Engineering and Mathematics) and innovation-related activities and events. He noted that the events will be developed by the hub and by local science and innovation champions within the community and will include mentoring, networking and collaboration opportunities; the engagement of youth in the design, implementation, product pitching and entrepreneurship; and engagement with researchers, technologies experts, business and First Nations mentors.
The network will provide opportunities for skills development and establish local networks that will drive growth and development in the science sector and innovation economy throughout regional Queensland. This will result in enhancing how businesses, research organisations and industries can meet the changing scientific and innovation needs of the community.
The region’s Science Minister stated that Cairns joined Gladstone and Toowoomba as locations, with each regional hub being provided with funding of up to $70,000 over 12 months to employ a regional coordinator to support events, activities and projects that encourage Queenslanders’ participation and awareness of science and innovation within their region.
She noted that science and innovation are helping to drive the Queensland Government’s COVID-19 economic recovery plan – whether that’s through renewable energy, advanced manufacturing or our education and research sector. Recent research commissioned by the Office of the Queensland Chief Scientist showed that 83% of Queenslanders believe science is critical for the Queensland economy, she said.
Survey results from the 3M State of Science Index show that 9 in 10 Australians back more investment in science. The findings indicated that during the pandemic, almost two in three Australians thought that scientists and medical professionals are inspiring a new generation to pursue a science-based career.
This is the reason the hubs are being delivered, together with major investments like the additional $35.5 million to ramp up the development and manufacture of locally-based vaccines that build on last’s announcement of $20 million as part of our flagship Queensland Jobs fund.
The Partner Up Queensland Regional Science and Innovation Network is a joint initiative of the Department of Environment and Science and the Department of Tourism, Innovation and Sport. The region’s Innovation Minister said the hubs would help to supercharge regional Queensland science and innovation.
For local entrepreneurs and business leaders, the hubs aim to deliver support and partnerships to identify and develop real-world opportunities. Be it robots, hydrogen or medical technology, the government understands that science and innovation will be critical to building regional Queensland’s industries and jobs of the future.
The Far North Queensland Hub will be led by James Cook University and will be supported by Cairns Regional Council, Gulf Savannah NRM, Y(E)P Entrepreneurship Facilitators Cairns, Regional Development Australia and Cairns Chamber of Commerce.
James Cook University Acting Deputy Vice-Chancellor welcomed the initiative and said that the hub will strengthen linkages between the region’s very active science and innovation community, the Office of the Chief Scientist and the Office of the Chief Entrepreneur.
Having the Hub here in Cairns will boost connectivity between important state government programs and those working on research and innovation in our region, and will support projects that encourage community awareness of science and innovation.
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The establishment of the China-Singapore (Chongqing) Multi-Modal Distribution and Connectivity Centre or DC Centre aims to improve both countries’ transportation and logistics ecosystems, as well as strengthen supply chain resilience and accelerate trade digitalisation.
The partnership, according to Josephine Teo, Minister of Communications, and Information, is an important step in the continued development of Singapore’s and Chongqing’s roles as mutual hubs of Southeast Asia and Western China, respectively.
As a key project of the China-Singapore (Chongqing) Demonstration Initiative on Strategic Connectivity (CCI) and logistics priority area, the DC Centre will be a physical location for multimodal operations in Chongqing and help build the CCI-New International Land-Sea Trade Corridor.
With this new facility in place, there will be greater opportunities for collaboration between Singapore, Chongqing, and other international partners in some areas.
– Josephine Teo, Minister of Communications and Information
Minister Teo emphasised first the improving logistics and transportation systems on both sides. To better integrate Chongqing’s key road, rail, and river logistics nodes and give logistics participants a smooth experience, the DC Centre will complement current and planned facilities including the Guoyuan Port and Yuzui Terminal South Yard.
In 2017, Minister Teo recalls the inauguration of the two joint venture companies of Singapore and China -the Sino-Singapore (Chongqing) Connectivity Solutions Company Limited or S1 and Sino-Singapore (Chongqing) DC Multimodal Logistics Company Limited or S2. Now, a training and placement programme will be formed between S1 and the Chongqing Finance and Economics College, with specialised training taking place within the DC Centre itself, to expand the talent pool of Chongqing’s logistics business.
Second, the Minister highlighted the improved supply chain resilience. In an era of global supply chain disruption, the CCI-New International Land-Sea Trade Corridor can determine its value by linking land and sea routes to provide the flow of essential goods, specifically perishable and time-sensitive supplies. To that end, she encourages all interested parties to join the Corridor by utilising key nodes such as the DC Centre and improving connectivity and trade flows between regions.
Minister Teo also stressed the hastening of trade digitalisation. In response to the growing importance of the digital economy, Singapore and Chongqing are encouraging the exchange of digital data and documents to improve supply chain visibility and facilitate seamless cross-border cargo movement. She welcomes more companies to join them in these endeavours, including those from adjacent sectors such as trade financing.
OpenGov Asia earlier reported that 17 Memorandums of Understanding (MoUs) were signed among Singapore and Chongqing businesses in 2020 on the side-lines of the Smart China Expo (SCE) Online, as enterprises continue to explore opportunities despite pandemic restrictions. The MoUs included collaborations in the built environment and manufacturing, as well as logistics and tourism for markets in Chongqing, Western China, and Singapore.
On the other hand, at the annual Smart China Expo in Chongqing in 2019, Singapore and Chinese companies signed 13 agreements for collaborative efforts to use digital technologies in education, manufacturing, and telecommunications.
In the same year, the Infocomm Media Development Authority (IMDA), Enterprise Singapore, and the Chongqing Application Development Administration Bureau launched the Joint Innovation Development Fund (JIDF), an RMB$ 40 million initiative to promote the joint development of innovative products and solutions, which may include research and development and pilots to promote innovative technologies such as robotics, IoT, augmented reality, virtual reality, and artificial intelligence. The fund’s goal is to catalyse projects that have the potential to generate significant economic benefits for the companies and countries involved.
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Vietnam is keen to promote local innovation and the creation of digital solutions and platforms. The aim is to have products that address national issues and that can be used easily in the local context. Since 2020, Make in Vietnam has turned towards a focus on digital orientation.
Minister Nguyen Manh Hung of the Ministry of Information and Communication was quoted as saying, ‘The Make in Vietnam represents technology products created in Vietnam, designed in Vietnam, made in Vietnam!’ In laying out the government’s ambitions, he called it a ‘…slogan of action and promotes the spirit of design, innovation and production in Vietnam. Instead of just assembling, production is encouraged to help solve the problems of Vietnam itself and aid export to other international markets.’
A landmark decision was taken to enable open-source technology combined with an open approach to data to enable the realisation of the country’s vision. It is expected that the information, electronics and telecommunications industry will master or develop technologies to produce cover more than 45% of relevant content by 2025. The country is expected to have 100,000 digital technology enterprises by then, with at least 10 internationally competitive unicorns playing a major role.
Moreover, the government is keen to encourage and acknowledge people and organisations that show exemplary progress in this area. One of the key ways the government motivates and recognises these contributions has been the ‘Make in Vietnam’ Digital Technology Product Awards.
The Ministry of Information and Communications launched the ‘Make in Vietnam’ Digital Technology Product Awards 2022. Held since 2020 and in its third year, these awards recognise contextualised solutions to solving problems the country is facing. Clarifying that eligible enterprises as those which are at least 51% owned by Vietnamese investors, the Deputy Minister said, ‘There are products that have contributed to changing lives in many remote villages, difficulties that we previously thought would take a long time to solve.’
To facilitate international collaborations and domestic innovation, the Ministry of Planning and Investment in Vietnam recently launched a portal to provide information and support services to local businesses, especially SMEs.
As reported by OpenGov Asia, the portal is built on an open platform and the government is inviting stakeholders to participate in creating a smooth, multi-dimensional information system. The portal will be a source of research and reports on various topics from leading agencies, research units, and consulting organisations, helping local businesses quickly and easily access relevant information about the industry and market.
In early 2021, Minister Hung said that people live in both a fast-changing and unpredictable world where they move from the real world to the digital world. As they transition to an increasingly online realm there are both great challenges and great opportunities.
The ICT sector has never had as important a role as it has now. It offers a rare opportunity for the industry to reposition, reinvent and reimagine itself, realise challenges and identify new living spaces that are decisive for development.
Digital technology, digital transformation and the media play a particularly important role in this transformation. This, therefore, requires the ICT sector to grasp opportunities and effectively address challenges to meet the ambitions set out in the “Make-in-Vietnam” strategy.
“Make in Vietnam” is an expression to emphasise the initiative in the creation and design of high-tech products by the Vietnamese.
Pham Duc Long, Deputy Minister of Information and Communications said that the Ministry of Information and Communication will facilitate winners of the ‘Make in Vietnam’ Digital Technology Product Awards to access a wider market thus promoting the flagship ‘Make in Vietnam’ agenda to benefit Vietnamese citizens at large.
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Business not as usual
COVID-19 has affected everyone; it is a global phenomenon that has forced all sectors to rethink and strategise, prompting many businesses to implement emergency work-from-home plans and the use of various digital platforms.
Simultaneously, many organisations are looking for a solution that offers content design and development with data analytics that would speed up software adoption and serve clients more effectively.
A low-code software platform has been developed to enable organisations to measure, drive and act to maximise the efficacy of their digital transformation and accelerate the return on investment in software applications. This low-code software is a Digital Adoption Platform (DAP) that enables teams to add on-screen navigation hints to websites and apps without recoding them.
In an exclusive interview with Mohit Sagar, Group Managing Director and Editor-in-Chief of OpenGov Asia, Rafael Sweary, President and Co-Founder of WalkMe, elaborated on the latest trends seen in digital transformation and innovation. The explanation was accompanied by a website demonstration during the interview.
Because of the numerous intricacies involved, digital transformation used to be a lengthy process that could take months to complete for businesses. Nowadays, the transition can be completed in a couple of weeks or even days.
“The goal of technology is to help people. Instead of you trying to understand systems and know-how to run systems, you would tell the programme what to do and the platform would walk you through the process and do it for you, making you much more efficient and focused on your task,” said Rafael.
WalkMe guides end-users through business applications used in today’s workplace, identifying pauses and hesitations to provide real-time assistance onscreen without having to toggle between interfaces. Rafael shared that digital adoption has three main objectives: 1) Data – we must unlock visibility into the tech stack and into the workflows required to complete a business process through the use of software, 2) Action–take action right on top of the application to automate mundane tasks, allowing end-users to focus on their most valuable work, and 3) Experience – Data and Action will drive the perfect experience for the end-user, no matter where they sit within the organisation.
Trends that drive the next normal
In his article – Focus on the Future: The Dawn of the Next Normal is Brighter Than You Might Think – Rafael discusses the transition from crisis to a new era. Long-term, he sees four significant shifts that will alter corporate conventions.
First is the new paradigm of business continuity planning (BCP). Continuity was typically done keeping in mind a short-term crisis, such as a data leak or an accident. Most businesses did not plan for an event on the scale of COVID-19.
The pandemic has altered the current context of planning, pushing organisations to accept and deal with a new reality. Most leaders, now, agree that BCP must address long-term type possibilities as well, ensuring that a company is agile and adaptable to any situation.
Second, remote capabilities are now an essential component of businesses to remain functional in any situation. When the pandemic began in 2020, most businesses were forced to implement a work-from-home policy, regardless of their readiness. Organisations quickly recognised that their reliance on technology was growing, and to assist their staff, they required the appropriate digital tools.
However, companies will need to examine their technology to enhance communication, onboarding and training, productivity, and employee engagement as the trend toward permanent remote work continues.
Rafael feels that the third major change is in corporate culture and that it will continue to evolve. Across the board, companies acknowledge that employees are their greatest asset. The more the investment and care for employees, the more likely the chances that a company will prosper in the next normal.
Undeniably, the Covid-19 pandemic has had a major and swift impact on the workplace, with companies making significant efforts to build a distinct culture that reflects their views and keeps the employees content, engaged, and feeling supported.
The fourth change, Rafael proposes, is that digital offerings will drive revenue in the future. Industries are entering into a contactless era where all goods and services can be obtained through technological means. To that end, companies will have to invest in digital offerings that are easy for their customers to navigate and their employees to use.
Businesses that cannot serve their customers digitally have suffered greatly and are struggling to recover. The Next Normal involves increasing the digitalisation of operations and the virtualisation of communication.
It is undeniable that technology priorities have shifted, Rafael opines. Companies may have dabbled with “nice to have” technology before COVID-19, but everything that isn’t critical to core business must go now. Budget cuts will affect all firms, requiring the need to make the best software options possible to maximise ROI. Companies that can find the best technology for their purposes will prosper.
Navigating the New and the Next Normal
Digital transformation is made up of several applications that must collaborate and focus on the outcomes rather than the implementing technologies. Rafael explained that most businesses fail to complete their digital transformation journey because they define it primarily by changing many software or platforms and they begin digitising everything simultaneously.
The fundamental changes in digital transformation are in how organisations work and, as a result, how value is added for customers. Rafael recommends companies begin with their desired results, deploy their chosen platform and understand what they want to achieve based on the benchmarks. He added that when considering digital transformation, avoid thinking about systems.
“Consider the bottlenecks, obstacles and financial opportunities. Then define success, act on it, start working on it, and evaluate whether you met your goal,” he advises.
Because there is a possibility of multiple outcomes, an organisation does not have to worry about just one transformation. Think about, as an alternative, the tasks that need to be completed and the aspects of their firm that they wish to alter.
Businesses employ new strategies and processes to stay relevant as technology rapidly evolves. This modification may need to be implemented promptly for the company to reap the benefits and it must constantly adapt, and experiment with new technology.
“We could help them manage the complete cycle, beginning with review and finishing with benchmarks identifying friction and detailing project action, among other things,” Rafael offers confidently.
WalkMe apart, he says, if businesses want to be more successful in their digital transformation, they must focus on outcomes rather than systems implementation.
Without a doubt, WalkMe is a highly successful option. Close to two thousand organisations around the globe utilise the system, from both the public as well as the commercial sector. Product managers and application owners can make use of the software and feature adoption tools, as well as the change management solutions, that this platform provides for internet, desktop, and mobile applications.
The platform aims to empower business leaders to achieve the potential of their people and technology investments, which he considers to be the most valuable assets of an organisation in the digital economy.
The enterprise-class guidance, engagement, insights and automation platform of WalkMe’s Digital Adoption Platform enables businesses to maximise the full value of their digital assets by providing executives with greater visibility into digital usage and making employees more efficient and productive.
“The Next Normal is different. We can’t ever ‘go back’, but we are being offered incredible opportunities for better business processes, better work experiences, and stronger companies and products. Jump on, the time is now,” Rafael advises.
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The difficulties faced by businesses in accelerating the development and production of farmed meat and seafood through public-private partnerships are addressed by a multi-institutional research programme by A*STAR and its partners through the CentRe of Innovation for Sustainable banking and Production of Cultivated Meats or CRISP Meats.
The use of animal serum in the manufacturing process and high costs of culture media are key contributors to the challenging commercial viability of bringing cultivated meat and seafood products to the general population.
– Dr Ng Say Kong, Principal Scientist and Co-Director of CRISP Meats
Dr Ng added that projects are made to address the demands of the cultivated meat and seafood business, from the isolation and documentation of cell lines to the development of novel bioprocesses and animal serum-free growing mediums. It also addresses the high cost of animal serum and cell culture media. They use cutting-edge technology, such as multi-omics analysis to determine the metabolic needs of cells from various species to accelerate their growth rate, and artificial intelligence and machine learning modelling (AI/ML) techniques to speed up the media formulation process.
A diverse team of researchers is led by Dr Ng together with Dr Andy Tan, Senior Scientist and Co-Director of CRISP Meats in their collaborative efforts to develop various technologies that can support a profitable value chain for produced meat.
They also collaborate with cultivated meat companies to help them develop a variety of product formats, ranging from mincemeat products like nuggets and patties to whole-cut meat products like steaks and sliced meat parts.
The researchers intend to create a diverse range of cell lines to produce cultivated chicken, pork, and selected seafood, including fish, as these products are commonly used in Asian cuisines and are expected to gain popularity in Asian markets.
Sixteen (16) labs from A*STAR, the Singapore Institute of Technology, and the National University of Singapore are involved in CRISP Meats. The research teams focus on regional seafood, fish, and premium chicken breeds to identify cell lines from food species that cater to Asian palates.
Furthermore, in December 2020, the Singapore Food Agency approved the sale of the world’s first cultivated chicken nuggets, making Singapore the first country in the world to do so. The country is leading efforts to assist industry partners in making cultivated meat safe and affordable. This aligns with Singapore’s “30 by 30” food security national agenda, which aims to meet 30% of Singapore’s nutritional needs locally by 2030.
The demand for food is rising along with the middle class due to the expanding global population and rising protein intake. Alternatives to conventional protein sources, such as farmed meat and seafood, may be more durable and sustainable.
In addition, cultivated beef uses a lot less space for farming and is less prone to seasonal variation and climate change because it can be produced on demand in a lab. The commercial production of farmed meat and seafood will advance with research into reducing costs and increasing production and processing efficiency.
The Singapore Food Story Grant Call on Future Foods in 2021 funded the CRISP Meats, which was administered by A*STAR in collaboration with the Singapore Institute of Technology and the National University of Singapore to advance R&D in the cultivated meat and seafood industry. The goal is to attract companies for collaboration to develop integrated platform technologies across the value chain to support and anchor Singapore’s cultivated meat and seafood industry.
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The Government of India recognises the contributions of the private sector in driving change and innovation in the logistics sector. The efforts of service providers in the country during the pandemic are a strong display of innovation, diversity and efficiency.
Shri Piyush Goyal, Union Minister for Commerce & Industry, Consumer Affairs, Food and Public Distribution and Textiles, referred to the PM GatiShakti digital platform which brings together 16 ministries, such as Railways and Roadways for integrated planning and coordinated implementation of infrastructure projects across the country. He was keen that the “government and private sector should work together to bring down logistics costs, increase economic efficiency, and indigenous innovation.”
GatiShakti will benefit the logistics sector most with investment across roads, highways, ports, airports, multi-modal terminals etc. The Minister emphasised the expansion of infra spending from Rs. 2.5 lakh crore to Rs. 7.5 lakh crore (US$ 36.6 billion to US$109 billion) will help in efficient planning and implementation, thereby ensuring last-mile connectivity. He also informed the gathering that the government is considering the promotion of the manufacturing of containers and shipbuilding.
PM GatiShakti, the National Master Plan for Multi-modal Connectivity is a digital platform that was launched in October 2021 by the Prime Minister of India, Shri Narendra Modi. Created to leverage technology and improve connectivity between infrastructure schemes and ministries, the 16 departments involved have visibility through the centralised portal.
This addresses systemic issues in India’s complex infrastructure management. Coordination between departments was distinctly lacking. For example, after a road had been constructed, it would be dug up to lay underground cables or gas pipelines. Not only was this a public inconvenience, but it also led to wasteful expenditure.
In addition to avoiding such issues in the future, PM GatiShakti also enables faster approval processes, reduces the number of regulatory clearances and creates a holistic outlook toward infrastructure and development in the country.
PM GatiShakti is based on six pillars:
- Comprehensiveness: It will include all the existing and planned initiatives of various Ministries and Departments with one centralised portal. Each and every Department will now have visibility of each other’s activities providing critical data while planning and executing projects in a comprehensive manner.
- Prioritisation: Through this, different Departments will be able to prioritise their projects through cross-sectoral interactions.
- Optimisation: The National Master Plan will assist different ministries in planning for projects after the identification of critical gaps. For the transportation of the goods from one place to another, the plan will help in selecting the most optimum route in terms of time and cost.
- Synchronisation: Individual Ministries and Departments often work in silos. There is a lack of coordination in the planning and implementation of the project resulting in delays. PM GatiShakti will help in synchronising the activities of each department, as well as of different layers of governance, holistically by ensuring coordination of work between them.
- Analytical: The plan will provide the entire data in one place with GIS-based spatial planning and analytical tools having 200+ layers, enabling better visibility to the executing agency.
- Dynamic: All Ministries and Departments will now be able to visualise, review and monitor the progress of cross-sectoral projects, through the GIS platform, as the satellite imagery will give on-ground progress periodically and the progress of the projects will be updated regularly on the portal. It will help in identifying the vital interventions for enhancing and updating the master plan.
PM GatiShakti will provide the public and business community with information regarding the upcoming connectivity projects, other business hubs, industrial areas and the surrounding environment. This will enable the investors to plan their businesses at suitable locations leading to enhanced synergies.
It will create multiple employment opportunities and give a boost to the economy. Moreover, the initiative will improve the global competitiveness of local products by cutting down the logistics costs and improving the supply chains, and also ensure proper linkages for local industry and consumers.