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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.
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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Having robust, effective, and easily accessible healthcare is essential for enhancing the standard of living, achieving better treatment results and increasing lifespan. Tech-enabled progress made in the field of medicine has been a boon, with groundbreaking innovations and discoveries paving the future of healthcare.
The healthcare sector is witnessing a rapid transformation, with the emergence of new technologies that promise to tackle the most pressing global healthcare challenges. MedTech has become increasingly crucial in this context and has opened up a plethora of possibilities for healthcare professionals to advance their skills and knowledge and expand their reach to underserved regions.
The advent of innovative healthcare technology has empowered doctors to provide better care to a greater number of people, irrespective of their geographical location and help prevent and combat emerging diseases effectively.
Technological advancements offer more effective medication, more accurate diagnostics and improved drug delivery systems giving hope for better patient care and prognoses. Integrating healthcare components through technology can also lead to more efficient and accessible healthcare services while lowering costs.
The healthcare industry hugely benefits from technology, which has been the driving force behind the significant progress made thus far. Technology will continue to play a crucial role in catalysing further advancements in healthcare, enabling healthcare professionals to provide better care, develop innovative treatments and improve patient outcomes.
The Impact of Digital Technology on Healthcare
“The outbreak has brought about a significant transformation in the digital healthcare landscape. With social distancing measures in place, teleconsultations have become increasingly prevalent, and patients, as well as healthcare providers, have had to adjust to this new format of healthcare delivery,” Prof Lawrence explains.
While the adoption of teleconsultations has seen a good uptake, other digital systems such as digital identification for tracking hospital entry and exit have encountered hurdles during implementation.
Prof Lawrence has identified the lack of an integrated healthcare ecosystem as a major challenge to the successful implementation of telemedicine. While video consultations are prevalent, the scarcity of examination tools and delays in medication delivery remain major obstacles. The limited access to medical information and the inability to provide detailed explanations or drawings further impede the progress of telemedicine.
Additionally, elderly patients, and other segments of society, may have difficulty using technology. Moreover, telemedicine cannot replicate the nonverbal and emotional aspects of in-person interaction. To overcome these obstacles, he feels, telemedicine in healthcare consultations and visits must be refined and expanded.
Prof Lawrence emphasises the need for the medical industry to evolve and improve its diagnostic and treatment capability. Current diagnostic techniques are limited to the five senses but there is a significant potential to collect more accurate and comprehensive patient data through the integration of sensors and artificial intelligence (AI) technology. This could lead to more precise diagnoses and tailored treatment plans, ultimately improving patient outcomes.
“Telemedicine may have some advantages, such as reduced travel time and longer appointments, but it will only be successful if patients see it as a viable alternative to face-to-face consultations,” Prof Lawrence reiterates. “It is important to have a gradual evolution and improvement in the medical industry, as opposed to dramatic changes driven by hype.”
He believes current medical developments primarily focus on the developers and creators rather than the end-users. This approach needs to be reoriented towards a more user-centric model for future medical development, including its cost-effectiveness.
Systems should be developed that take into account the specific needs and preferences of patients, healthcare providers and other stakeholders. This would ensure that healthcare development is better aligned with the needs and goals of those who will ultimately benefit from it
Academia should be incentivised to look out for interests outside of its own research driven solely by academic interests such as self-serving publications and ranking are no longer practical nor justifiable by public funding. There is a growing consensus that the focus of research should shift towards the development of practical applications.
In addition, he stresses the importance of investors in promoting innovation and addressing gaps within the healthcare ecosystem. He suggests that investors should prioritise addressing population-level issues, rather than focusing solely on niche areas.
As people’s lifespans continue to extend, addressing the requirements of an ageing population has become increasingly critical. It is crucial for startups to thoroughly explore this market and develop innovations specifically tailored to the needs of this demographic.
Drawing on the example of Singapore, which has implemented technology to support its elderly population, he suggests investors consider this increasingly important and growing segment when evaluating potential startups for investment.
“To effectively address the complexity national healthcare poses, a systems approach to problem-solving is necessary, where sustainability and equality take precedence over profits,” advocates Prof Lawrence. “Rather than focusing on building more structures, it is important to prioritise addressing issues of affordability and inequality through technology.”
Urban Ideas and Solutions Through LKYGBPC
The Lee Kuan Yew Global Business Plan Competition (LKYGBPC), which began in 2001, is a biennial global university start-up competition hosted in Singapore. Organised by Singapore Management University’s Institute of Innovation and Entrepreneurship, focuses on urban ideas and solutions developed by student founders and early-stage start-ups.
Prof Lawrence, who serves as a member of the judging panel, believes assigning mentors to teams based on their area of expertise can offer valuable guidance and support. This is just one of the many initiatives undertaken by the panel to foster, encourage, and sustain the entrepreneurial drive of the LKYGBPC participants.
In his view, when discussing the fundamental contrast between innovation and entrepreneurship, he feels that innovation involves tackling issues with fresh perspectives and novel ways, while entrepreneurship requires both discipline and adaptability in managing growth.
“Many people fail in business because they lack discipline and work independently,” says Prof Lawrence. “Cultivating a larger community of individuals who are adaptable and capable of working as part of a team is critical to entrepreneurship success.”
He considers seeking advice and collaborating with others crucial to surmount obstacles in innovation and entrepreneurship. Innovators should be willing to seek the assistance and counsel of others, particularly those with expertise in areas such as regulation or commercialisation.
People must understand that there are unique challenges at each stage of the process and bringing them to the right people to help solve them is important. Moreover, entrepreneurship demands financial discipline that benefits from the guidance and mentorship of multiple individuals.
Singapore’s drive to remain competitive in the global arena is a case in point. The country, he says, serves as a springboard, connecting people and providing access to other countries. To attract and retain talent and expand into new markets, he recommends leveraging Singapore’s strengths, such as its robust education system and its position as a hub for the Asian ecosystem.
Prof Lawrence co-invented the revolutionary Master and Slave Transluminal Endoscopic Robot (MASTER), which has now been incorporated into Endomaster.
He has mentored three startups in the fields of photonics and medical technology to identify potential failures and early warning signs through his own experiences.
Prof Lawrence has served as co-chair for the Gut & Obesity in Asia (Go Asia) Workgroup, which investigates the correlation between obesity and gastrointestinal and liver ailments in Asia.
In summation, he stresses the importance of perseverance in the face of adversity, as it enables individuals to learn and prepare for future challenges.
“Those who have never failed or struggled in the trenches may not be able to achieve long-term success,” Prof Lawrence concludes.
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Kemajuan teknologi dan sains telah membawa efektivitas dan efisiensi industri kesehatan sehingga bisa menjangkau lebih banyak orang di pelosok wilayah. Kemudahan akses pada layanan perawatan kesehatan ini diharapkan bisa meningkatkan kualitas hidup dan umur warga.
Telemedicine menjadi salah satu perkembangan terbaru di industri ini yang populer imbas pandemi COVID-19. Saat itu, telemedicine berhasil membantu pasien untuk berkonsultasi dengan dokter, melakukan diagnosis, dan pengobatan dari jarak jauh.
Perkembangan kecerdasan buatan (AI) ikut berkontribusi memodernisasi layanan kesehatan. AI berpotensi membantu dokter untuk membuat diagnosis yang lebih cepat dan akurat, memprediksi hasil kesehatan, dan melakukan asistensi rencana perawatan. Layanan berbasis AI seperti chatbots dan asisten virtual, juga bisa dimanfaatkan untuk menjembatani komunikasi layanan kesehatan dengan pasien.
Pengobatan yang efektif, teknik diagnostik yang lebih akurat, dan sistem pemberian obat yang lebih baik diarahkan untuk memperbaiki sistem perawatan, pengobatan, dan prognosis pasien. Selain itu, kemajuan teknologi juga diharapkan bisa mengurangi biaya perawatan kesehatan lantaran operasional yang makin efisien.
Menggali potensi dari celah di teknologi kesehatan
“Jika Anda menggunakan konsultasi video, Anda hanya dapat melihat tapi Anda tidak dapat memeriksa. Tentu saja pemeriksaan adalah hal yang penting. Semestinya kita bisa memiliki kemampuan yang sama serupa dengan pertemuan tatap muka. Menurut saya, alat pengujian untuk melakukan diagnosa masih kurang pada layanan telemedicine,” jelas Lawrence dalam wawancara dengan CEO & Pemimpin Redaksi OpenGov Asia, Mohit Sagar.
Kedua, layanan telemedicine masih harus mematangkan ekosistem pendukung, salah satunya terkait dengan pengantaran obat. Di Singapura, layanan pengantaran obat bisa dikirim dalam satu minggu. Hal ini tentu akan menghambat proses pengobatan ketimbang langsung datang dan diberi obat ketika melakukan kunjungan tatap muka.
Meski demikian, Lawrence menyebut layanan telemedicine masih dilakukan di masa setelah COVID-19 untuk pasien yang kondisinya sudah cukup stabil di rumah. Sementara sebagian besar pasien sudah kembali melakukan kunjungan tatap muka seperti biasa.
Selain itu, penjelasan yang bisa dilakukan lewat telemedicine menurut Lawrence masih terbatas. Ia merasa kesulitan jika harus melakukan penjelasan dengan tambahan gambar yang dengan mudah dilakukan dalam pertemuan tatap muka secara langsung.
Selain itu, ia pun menaruh perhatian pada kesulitan akses teknologi yang dialami oleh pasien lanjut usia. Telemedicine sulit untuk membaca dan menyampaikan aspek nonverbal dan emosional dari interaksi langsung.
Ia menekankan industri medis perlu mengembangkan dan meningkatkan metode untuk mendiagnosis dan merawat pasien. Ia berharap telemedicine bisa mendukung diagnosis dengan memanfaatkan sejumlah panca indera untuk memeriksa gejala. Dalam pertemuan tatap muka, dokter bisa langsung mengukur detak jantung dengan stetoskop, merasakan dengan sentuhan jari, pendengaran, atau diagnosis sensoris lain untuk mendapat data dari pasien. Kesamaan proses diagnosis seperti inilah yang perlu dikembangkan untuk layanan telemedicine ke depan.
Untuk memperbaiki layanan perawatan medis jarak jauh, semua kekurangan itu perlu ditambal. Tambahan sensor, metaverse dan kecerdasan buatan (AI) dapat dimungkinkan untuk melakukan hal ini dan membantu menganalisa data pasien yang lebih akurat dan komprehensif. Ia optimis kemajuan teknologi bisa mengatasi semua kelemahan itu karena saat ini kita sedang berevolusi untuk meningkatkan layanan telemedicine secara bertahap.
Sebagai seorang investor, menurut Lawrence, inovasi itu menjadi pendorong inovasi yang cukup besar. Namun, agar bisa lebih berdampak, menurutnya baik inovator, akademisi, dan startup mesti benar-benar menyentuh permasalahan di akar rumput. Selama ini, penelitian-penelitian yang dilakukan para edukator kurang peka dengan kebutuhan masyarakat. Mereka melupakan mengapa mereka ada di institusi akademis yang semestinya menelurkan solusi bagi masyarakat. Begitupula dengan para investor. Mereka pun mesti memiliki visi untuk melayani dan menyelesaikan masalah di masyarakat terlebih dulu sebelum menajamkan sasaran ke ceruk pasar yang lebih sempit.
LKYGBPC untuk majukan entrepreneurship
Bagi Lawrence, inovasi berangkat dari inisiatif untuk menyelesaikan masalah dan mengeksekusi ide solusi itu dengan kedisiplinan. Disiplin dalam memperbaiki produk, mengelola konsumen, membangun tim dan organisasi, serta mengelola keuangan. Lawrence menganggap kompetisi bisnis internasional seperti LKYGBPC bisa memberikan kesempatan bagi para pebisnis muda untuk melakukan ekspansi pasar ke negara lain.
Prof Lawrence menjadi investor di tiga startup. Pertama adalah Master and Slave Transluminal Endoscopic Robot (MASTER). MASTER kini telah diintegrasikan menjadi Endomaster, startup MedTech yang paling banyak mendapat kucuran dana di Asia pada 2017. Ia pun mendanai startup di bidang fotonik dan bioteknologi yang mengembangkan peringatan dini dibidang kesehatan.
Berdasarkan pengalaman memiliki tiga startup teknologi kesehatan, Lawrance menyarankan agar startup perlu fleksibel dan membuka diri. Mereka mesti bersedia menerima masukan dari konsumen, tim, dan mereka yang lebih ahli. “Saya merasa bahwa beberapa inovator sangat protektif terhadap produk mereka sendiri, mereka pikir ini adalah bayi mereka.”
Sebab, dari berbagai masukan itu, founder dan tim bisa memetakan dengan cepat berbagai tantangan yang mungkin mereka hadapi di sepanjang jalan. Setelah itu, mereka mesti menemukan orang yang tepat untuk memecahkan tantangan tersebut.
Mereka pun harus berjuang untuk mewujudkan apa yang mereka janjikan dari konsep yang diajukan. Menurut Lawrence, beberapa orang lebih jago menuliskan ide mereka di kertas dan Power Point ketimbang terjun langsung ke lapangan.
“Para pejuang kertas dan Power Point sangat sulit untuk berhasil. Anda harus benar-benar melakukannya hingga berdarah-darah, hingga Anda menguasai dan memenangkan pertempuran,” tegasnya.
Tantangan berikutnya untuk startup kesehatan adalah soal regulasi. Startup perlu menemukan ahli untuk membantu merancang uji klinis agar lolos berbagai uji klinis dan regulasi.
Tantangan yang terakhir adalah masalah komersialisasi produk. Bagaimana menghasilkan pendapatan dari produk yang akan dijual.
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The Singapore University of Technology and Design (SUTD) and an online delivery company have formed a three-year partnership to provide students with the digital skills they will need in the future. This collaboration, which is part of SUTD and Ecole 42’s collaboration programme, will give SUTD’s 42 Singapore students access to the online delivery firm’s mentorship and internship opportunities, with the goal of providing tech talent with a launchpad to enter the tech industry once they graduate.
This collaboration is part of the online delivery firm’s PowerUp! Tech Academy, which includes programmes and partnerships to expand the tech talent pool and strengthen the tech ecosystem.
With a SG$600,000 contribution to SUTD’s 42 Singapore programme, the company reaffirmed its commitment to the partnership. This is Singapore’s first tuition-free, no-instructor programme. The funds will be allocated over a three-year period, from 2022 to 2024, and will be used to organise skill-development initiatives such as workshops and events.
According to the SUTD provost, Professor Phoon Kok Kwang, as Singapore strives to realise the full potential of its digital economy, they are eager to collaborate with the online delivery company. Their timely support and collaboration with 42 Singapore programmes enable SUTD to provide a transformative digital skills development path for future tech talent.
SUTD’s mission is to equip and continuously shape socially conscious, adaptable, and responsible talent who will have rewarding careers and catalyse positive change in a world that is rapidly changing.
By bringing together students with aspirations and mentors who share the same passion, the company is committed to creating an inclusive tech ecosystem that they believe will help drive and advance digitalisation not only in Singapore but throughout Asia.
Recent research indicates that Singapore’s Internet economy has the potential to increase by 19% and reach USD 22 billion by 2025, with the highest proportion of digital consumers in the region. Therefore, merchants are more likely to expand their use of digital services.
Therefore, this partnership is essential for the development of a robust tech talent pipeline to support the imminent expansion of Singapore’s digital economy. The three-year partnership encompasses the following:
- Internship opportunities: The online delivery firm will offer 42 Singaporean students internship opportunities in its tech teams over the course of three years. This will allow aspiring talent to gain professional working experience within a world-class technology team and learn how to apply their knowledge to real-world scenarios.
- Mentorship programmes: Students will be able to enrol in the online delivery firm’s mentorship programme, which will provide them with direct access to the tech team’s resources and executives. The firm’s one-on-one interactions with senior leaders aim to not only equip them with the necessary digital skills but also to inspire talent.
- Employment opportunities: The online delivery firm will give those who finish the programme first consideration for jobs if there are any that match their qualifications. This makes it possible for the firm to grow its community and give the next generation the technical skills that will be valuable in a world that is becoming more digital.
- Industry guidance: A Chief Technology Officer (CTO) of the online delivery firm will join the Advisory Board of 42 Singapore, offering advice on key industry trends and advocating for other businesses to support the programme. His direction will also ensure that SUTD’s programmes are relevant and valuable to students and the broader tech community.
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The Hong Kong Polytechnic University (PolyU) has formed a strategic partnership with a venture capital investment company to promote the integration of the university’s scientific research with innovative industries. The collaboration’s main objective is to support PolyU research teams and start-ups with high potential, while also advancing the practical application of scientific research and the commercialisation of technology. The partnership is expected to contribute to the innovation and technology (I&T) development of Hong Kong and the Greater Bay Area.
The signing of the Memorandum of Understanding (MoU) was witnessed by the Secretary for Innovation, Technology and Industry; the President of PolyU; and the Founding Partner of a global private equity firm. The Executive Vice President of PolyU and a partner at the global private equity firm signed the MoU.
During the same event, the Innovation & Investment Connect Panel Session was conducted. It gathered industry leaders and I&T stakeholders to participate in a stimulating panel discussion titled “How to facilitate research commercialisation from policymaker and investor perspectives.”
The panellists deliberated on the opportunities and challenges associated with the commercialisation of scientific research. Furthermore, two parallel thematic sessions were organised, where PolyU scholars and representatives from six investees at the venture capital investment company engaged in roundtable discussions on biomedical and sustainable innovation. The discussions highlighted the opportunities in the biomedical innovation ecosystem in Hong Kong, as well as the development trends in clean energy technologies and related industries.
According to the Hong Kong Innovation Activities Statistics 2021, Innovation plays a crucial role in promoting economic growth and development. It encompasses not only research and development (R&D) but also product and business process innovation, which are vital in enhancing competitiveness and business performance.
The Census and Statistics Department (C&SD) has been gathering various statistical indicators to measure the progress of innovation activities in Hong Kong. Among these indicators, the most significant ones are related to R&D activities.
Hong Kong’s gross domestic expenditure on research and development (GERD) in 2021, which includes total spending on in-house R&D activities performed locally in the business, higher education, and government sectors (including public technology support organisations), amounted to HK$27,827 million. This represents a 5% increase compared to 2020. During the same period, the Gross Domestic Product (GDP) increased by 7%. The GERD to GDP ratio slightly decreased from 0.99% in 2020 to 0.97% in 2021.
In recent years, the total spending on in-house R&D activities in the higher education sector has been consistently increasing. In 2021, the total expenditure on such activities in the higher education sector amounted to HK$14,735 million, representing a 4% increase compared to 2020.
On the other hand, the total expenditure on in-house R&D activities in the government sector, which mainly includes public technology support organisations, was HK$1,392 million in 2021, showing a 1% increase when compared with 2020.
The majority of in-house R&D activities in the business sector were focused on information technology and engineering technology. Specifically, computer software technology, information system and technology, and electrical and electronics engineering technology areas accounted for 21%, 17%, and 16% of the total expenditure on in-house R&D activities in the business sector, respectively.
Rather than being a significant performer of R&D activities, the government primarily serves a facilitative role in driving the economy’s technology and innovation advancement. This is achieved through the provision of funding support and technological infrastructure.
In 2021, the government sector, which primarily includes public technology support organisations, spent a total of HK$1,392 million on R&D activities. This amount represents a 1% increase compared to 2020. Additionally, the ratio of this expenditure to GDP remained the same at 0.05% in 2021.
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The Thai government’s Office of Economic Promotion and Assistance (depa) is preparing to train a new generation of technologically savvy farmers. The team led by Apichatbut Rodyang, Director of the Central and Eastern Regions, met with Chanawat Sitthoon, Agriculture and Cooperatives of the Chanthaburi Province, to explore ways to increase farmers’ and enterprises’ use of digital technology.
During a meeting of the Chanthaburi Integrated Provincial Administration Committee, which consists of government agencies and business agencies, Apichatbutr brought up the need for a plan to boost the digital economy in Chanthaburi Province. Many efforts for local agricultural communities and independent company owners have been nurtured and supported by the depa and the New Age Fruit Trade Association (MAFTA), and he updated the progress.
Seksan Phanboonmee, head of the digital economy strategy depa in Chanthaburi Province, proposed developing smart agriculture to boost the digital economy. In this way, the province’s potential and needs are met by its preparedness to join the digital economy.
New agricultural products and services may be created with the help of digital innovation, which benefits the commercial and service sectors and the smart tourism industry. In subsequent phases, the initiative integrated commercial and service sectors with the technology-reliant “smart tourism” field.
The notion may be put into action through the cultivation of human resources, the promotion of digital technology, and the construction of digital infrastructure and facilities. The next phase is for Chanthaburi to establish a city data platform, enhance cyber security, and construct a smart city.
In his role as meeting chairman, Chanthaburi Province Governor Monsit Phaisanthanawat expressed gratitude to depa for its contribution to the growth of the digital economy in the province. A strategy to enhance the digital economy in Chanthaburi Province was accepted during the meeting and prepared to be bundled with the provincial development plan.
Using the umbrella term “Digital Infinity,” the Chanthaburi Provincial Chamber of Commerce is preparing to promote various initiatives. In May, they’ll display alongside the Chanthaburi Provincial Administrative Organisation showcase their findings at the provincial agricultural fair.
Concurrently, in Suphan Buri province, depa kicked out a workshop to train company owners on “wing SMEs to drive business with digital” as part of the initiative “Transform Fresh Market in the New Normal (Expansion). Small business owners, shopkeepers, vendors, farmers’ market sellers, street vendors, and proprietors of other similar establishments were targeted by the Digital Economy Promotion Agency, which thus initiated the initiative. Bringing in more money while cutting expenses is essential.
The workshop’s agenda includes the following:
- Training in digital marketing strategies.
- Access to financial resources.
- The pairing of businesses with suppliers of digital services.
By introducing these applications, we hope to inspire local company owners to use digital tools better.
Up to 70% of the total participants at such events can be expected to develop business matching quickly. The provinces of Thailand will continue to host events for the Transform Fresh Market in the New Normal Era (Expansion) initiative.
Separately, the Director of Central and Eastern Regions Apichatbut Rodyang met with the Eastern Province Group 1 Public-Private Joint Committee to discuss economic issues. (Chachoengsao, Chonburi, Rayong). Regarding smart city development, Apichatbutr lays the groundwork by offering digital infrastructure, city data gathering and administration (City Data Platform), and management procedures.
Depa encouraged the eastern provinces to work together on creating a “smart city” to improve the effectiveness of municipal administration. For up to 13 years, he said, the Office of the Board of Investment (BOI) will exclude a portion of the Smart City area in the Eastern Economic Corridor’s (EEC) earnings from taxes.
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The Ministry of Ports, Shipping, and Waterways (MoPSW) has launched a real-time performance monitoring dashboard called Sagar Manthan. The digital platform includes integrated data related to the Ministry and its subsidiaries. It was virtually launched by the MoPWS Minister Sarbananda Sonowal.
The dashboard is expected to enhance the efficiency of various departments by providing well-coordinated real-time information. According to a press release, it was developed completely in-house in less than two months.
At the inauguration ceremony, Sonowal stated that the Sagar Manthan dashboard is a positive step towards realising the Digital India vision. The platform will significantly impact the overall performance of organisations as effective project monitoring can facilitate the timely completion of projects, improve decision-making, and increase productivity. He further added that the platform promotes real-time project tracking, risk management, resource allocation, and progress reporting.
Apart from enabling users to track progress and performance in real-time, the dashboard offers data visualisation, which provides clear and concise displays of data in the form of charts, graphs, and maps.
The platform will enhance communication within organisations by providing a single platform for data and information sharing. The dashboard promotes data-driven decision-making, allowing officials to make informed decisions based on accurate and up-to-date information. The dashboard also increases accountability by providing transparent and accessible data, making it easier to track performance and identify areas for improvement.
In the future, the Sagar Manthan dashboard will be advanced through the integration of input from CCTV cameras, live streams from drones, AI-based algorithms to map actual progress and a digital twin feature on board. Additionally, a mobile app will be introduced to improve access and usability for all stakeholders.
The launch of this dashboard is a significant step towards digitalisation and transparency in the maritime transport sector. The Ministry has said it is committed to supporting the growth of this sector in India, and they claim that this platform will play a crucial role in achieving this goal.
Dashboards have become a vital tool in the government’s efforts to improve governance by enabling officials to make data-driven decisions and ensuring transparency and accountability in their operations. Dashboards have been implemented in various sectors, including healthcare, education, and transportation. The government uses dashboards to collect and analyse data, track progress, and monitor performance.
The Swachh Bharat Mission Dashboard monitors the progress of the Swachh Bharat Mission (Clean India Mission), a national campaign aimed at cleaning up India’s streets, roads, and infrastructure. The dashboard provides information on the number of toilets built, the amount of waste collected, and other metrics related to the cleanliness of different areas.
The government also launched the Digital India Dashboard. The Digital India initiative is aimed at transforming India into a digitally empowered society and knowledge economy. The dashboard provides information on the progress of various initiatives under the Digital India programme, such as digital payments, BPO promotion schemes, DigiLocker, Aadhaar, Digital Literacy, Common Service Centres, eProcurement, eTaal, eHospital, UMANG, Project MeghRaj, and the EMC Electronics Manufacturing Cluster.
Last year, the Minister of Science and Technology, Jitendra Singh, announced plans to set up a dashboard to share best technology practices among the centre and states. Through the dashboard, states can emulate initiatives and achievements related to science and technology. The government will also create a mobile application for the dashboard.
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Digital technology is being used at tourist sites and by travel businesses to build tour packages and attract visitors to Hanoi. To encourage tourism businesses to renovate their travel services, the city has successfully completed the data sharing of over 300 tourist attractions through an integrated database.
Using the database, domestic and foreign tourists can find out more information about destinations before setting out. With digital technology, tourism businesses can reach out to potential customers, expand new services to meet market trends, optimise human resources, operating costs, and save time.
Several tourist sites in the city have applied new technologies in product development and operation management. At the Thang Long Imperial Citadel, the management is using QR codes for visitors to find information about relic sites. Meanwhile, the Vietnam National Fine Arts Museum launched the iMuseum VFA, a multimedia guide app. It is one of the museum’s first efforts to introduce artworks to visitors and promote museum artefacts in the digital environment.
The Temple of Literature uses 3D mapping to recreate ancient documents and artefacts while digitising data from ancient examination courses and doctoral steles. An official from the Centre for Cultural and Scientific Activities of the Temple of Literature said that the management has introduced an audio guide service in 12 languages. The Bat Trang Pottery Village in Gia Lam District uses virtual reality (VR) technology to help visitors immerse themselves in the village’s handicraft festival. According to an official, digital transformation is one of the important solutions for tourism businesses to build tours to attract tourists to Hanoi. The Deputy Director of the Municipal Department of Tourism noted that the city also continues to upgrade its website and social networking sites to promote Hanoi tourism in line with new market trends.
Over the years, the Ministry of Culture, Sports, and Tourism and the Vietnam National Administration of Tourism (VNAT) have built digital platforms to create a smart tourism ecosystem towards synchronisation across the country. This strengthens connectivity and support for industry stakeholders, from central and local authorities to tourism sites, service providers, and tourists. The VNAT’s Tourism Information has developed and published a guide on digital transformation in the tourism industry to support localities in digital transformation and build a synchronised digital ecosystem.
At a recent national conference on tourism, the Deputy Minister of Information and Communications (MIC), Nguyen Huy Dung, urged the VNAT and the Ministry of Culture, Sports, and Tourism to continue investing in websites and mobile applications. Vietnam is making efforts to build a professional and synchronised national tourism data portal and connect with localities to promote the tourism industry.
Recently the Ministry authorised a plan to preserve and promote the significance of traditional literature of ethnic minorities using digital technology. As OpenGov Asia reported, the initiative will concentrate on gathering and conducting yearly assessments to create an inventory of intangible cultural heritages related to the folk literature of ethnic minorities. Accordingly, it will digitalise and publish 40% of folk literature works, and preserve and complete the documentation of 40% of others at risk of oblivion. It will offer financial support to 50% of authors and artisans in intangible cultural heritage and folk literature of ethnic minorities, and provide training for 50% of civil servants, cultural officials, artists, folk authors, village elders, and village chiefs.