The established financial sector is implementing digital strategies to remain competitive and relevant in the face of rapidly evolving customer expectations. However, fintech start-ups and big tech firms have already begun to fill that void by providing customers with better and more engaging experiences via intuitive, simple-to-use services. These new entrants have eaten away the profit margins of conventional financial firms. Traditional establishments must now be more innovative and think more creatively if they want to not only survive but thrive.
New-age technologies have created several platforms and solutions that can ensure the immediate survival and long-term growth of such institutions. Social media, cloud, big data and analytics, machine learning (ML), and artificial intelligence (AI) can all contribute to improving processes and customer experience in the existing setup.
That apart, companies must simultaneously reconsider traditional innovation models and launch new offerings. An innovation mindset allows banks to create the right digital strategy to meet their short-term, as well as long-term goals.
Data is becoming increasingly important in economies and societies, not least in the financial services sector. Technological advancements have vastly enhanced financial service providers’ ability to capture, store, combine and analyse a much broader range of customer data, ranging from the current or previous location to customer habits and preferences.
Data is simply the most recent way for banks to deliver on their core promise: to listen to their customers, create services that benefit them, and personalised experiences. Critical banking technology architectures leverage this to include a frictionless process layer for banks of the future to deliver on the foundational pillars of digital customer experience.
This, in turn, will allow organisations to build, optimise and secure digital interactions from frontend to backend, across the entire technology stack in a multi-cloud future environment.
Special-purpose applications will become more adaptable and self-configuring as programmes and devices become smarter. Machine learning encompasses dozens of approaches and algorithms for improving the performance of advanced technologies. Algorithms will improve greatly as they are used, and they will include mechanisms to optimise them.
Overarching all this is the pandemic. The crisis’ acceleration of digital transformation has been responsible for rapid evolution in data architecture, allowing for the use of appropriate production and channel to provide better customer experiences.
This was the focal point of the OpenGovLive! Breakfast Insight on 3 September 2021 – a closed-door, invitation-only, interactive session with Singapore’s top financial institutions and organisations. The session aimed to provide the latest information on delivering an effective and efficient customer experience.
Finding Partners to leverage Data and Technology
To kickstart the session, Mohit Sagar, Group Managing Director and Editor-in-Chief, OpenGov Asia delivered the opening address.
Mohit agreed that technology today is being used at a high speed by people. Now the retail, financial and public sectors are also rapidly rolling out new IT, tech software and solutions to survive and thrive in the digital age. Digital transformation is the ‘latest buzz word’ used by everyone across the world in every imaginable area and sector.
While the adoption of various technologies increased significantly during the pandemic, the solutions cannot be referred to as digital transformation. For the most part, organisations relied on band-aid technologies and ad-hoc platforms to stay afloat.
With remote working models in place early in the pandemic, people have grown accustomed to accessing information at any time, on any platform and with any device – courtesy of retail businesses.
The retail industry has embraced personalisation and transformed itself in a variety of ways, including accessibility, options, ease of doing business and security. Customer expectations, based on the retail service delivery model, have had a significant impact on the financial and public sectors.
Mohit emphasised the importance of partnership to leverage data and cloud computing in an organisation. By partnering with the right people, a company can accelerate its digital journey towards digital transformation.
Technology and Data Strategies for the New Normal
Delegates next heard from Dan Brassington, Chief Technical Advisor, APAC, Splunk. Dan agreed with Mohit’s premise, stating that digital transformation is widely used by organisations across all industries and that the future of organisations must be empowered by data running in a multi-cloud world.
He acknowledged that customers in Splunk have not changed; as consumers, they are still moving forward, and this is what organisations are attempting to achieve to ensure that the company is constantly evolving.
Dan agreed that there are fundamental shifts in data-driven decision-making as a COVID-19 forced unprecedented change at unprecedented speed.
The first is forced adoption is where online, mobile and call centre channels play critical roles in leveraging and communicating with customers. There was a clear tipping point when retail migrated to digital and contactless payments in conjunction with how businesses started to consider the data behind their customers’ journeys.
Another significant fundamental shift that occurred as a result of the pandemic was overnight virtualisation. Every business shifted to remote working. Businesses needed to make data accessible and secure and, simultaneously, had to figure out how to enable the people involved in the process to run the organisation.
He observed that as technology evolution take place, businesses must become more resilient and take into consideration the market structure and the reality of national economics.
Speaking on digital channels, he emphasised how they have become the new drivers – the latest ways used to communicate with customers. The caveat is that companies must continue to expand, grow and manage these digital channels. Dan has had to resolve various challenges for their customers – how they plan to continue to evolve within their digital channel, how they will support it with data and what the future of it will be.
The fact of the matter is that all of the innovation and transformation is so that businesses can meet their customers’ expectations and provide smooth experiences in a bid to remain relevant and profitable.
Dan firmly believes that adopting a cloud strategy is essential for organisations to enjoy a better data experience. He claimed that organisations currently only use 60%-70% of their data, they must better leverage data if they are to offer digital services and experiences everywhere they operate. This will then ensure the organisation’s digital transformation.
Dan knows that success is dependent on a cloud strategy. To achieve their goals, organisations must consider visibility, control security posture, the ability to detect an issue before it occurs and observability by understanding the end processes around the application for a better customer experience.
Dealing with an Ecosystem
Simron Sharma, Director of Client Experience, Standard Chartered Bank, revealed that the bank is always looking to their customers or clients, listening to their needs and exploring ways to meet their needs and demands.
Nonetheless, Simron says it is no longer adequate in and of itself as customer demands have increased over time. It is no longer just about listening to them but about listening to an entire ecosystem. Despite all the methods and solutions for connecting with their customers – surveys, ratings, NPS and complaint forms – the question remains, “Is it enough?”
Simron elaborates, “At Standard Chartered Bank, we firmly believe that our relationship managers are probably the bank’s biggest critics because they interact with clients every day and provide us with insights on what the clients demand.”
Simron agrees that the right partners help significantly in providing insights as well as future trends that can guide the bank’s digital journey effectively.
After the informative presentations, representatives from the different organisations participated in interactive discussions facilitated by polling questions. This activity is designed to provide live-audience interaction, promote engagement, hear the real-life experience, and impart professional learning and development for participants.
Delegates were first asked how mature their organisation’s cloud strategy is. Over half (54%) answered that they have defined a cloud strategy and were starting to implement it. About a third (31%) said they are still evaluating cloud and experimenting with different options. 15% confirmed that they have a comprehensive cloud strategy and are well ahead in its practical implementation.
Interestingly, one of the companies said it had actually started its cloud journey a few years ago, had recently developed a cloud strategy and has ever since been working on furthering its cloud adoption.
Commenting on barriers, a representative from a Japanese Bank said that not all banks are ready to store data in the cloud environment as they worry about governance and the risk of exposing client’s data.
A delegate from an insurance company shared that they are in between these adoptions as their cloud system does not have an appropriate database. The cost of migration was also a concern for their company to fully adopt the cloud.
The second question asked what the main drivers for data analytics and data capabilities within their organisation were. Similar to the previous question, over half (54%) said it was to gain better insights and to create a personalised customer experience. Over a third (35%) indicated it was to help generate additional revenue through highly targeted marketing strategies and 11% use it for risk mitigation and improving the employee experience (as organisations think that risk and security play the most important part to secure customers data).
The third question inquired about the challenges their financial institutions’ face with getting data insights. An overwhelming majority (82%) agreed the issue is disparate data sources from multiple data silos. The remaining delegates were evenly split (7% each) between of shortage of staff who understand big data analytics and data storage and quality. The last group (4%) went with no proper software for data analytics.
With many financial institutions looking at digital transformation today, delegates were questioned on the importance of digital transformation to their organisations. Almost three fourths (73%) confirmed that it was very important, and they are undergoing transformation currently. Interestingly, about 15% acknowledged that it is important but said it came with certain constraints.
The fifth poll asked if customer-centric organisations are structured around the experiences of their customers. To answer this, delegates had to indicate which statement (presented to them) they most agree with.
A third (33%) opted for design and offer the right services, products and experiences to the right customers. Another 33% said they ensure that their customer requirements are filtered through to capabilities – as such, processes, capabilities, and systems are systematically aligned to customer needs. A fifth (21%) agreed that they understand who “banks with us “– the market, types of customers and how the needs of customers differ. Just over a tenth (13%) indicated that they are a collaborative organisation, where top-down and bottom-up decisions are aligned.
The final question asked what the main challenge was they faced when implementing a digital strategy. Over a third (35%) felt it was legacy technologies lacking integration capabilities – even though they understood that legacy issues are always going to be here. Under 30% went with inflexible business processes and teams while 22% opted for regulatory constraints. About 13% said it was the lack of properly skilled teams.
The Breakfast Insight concluded with remarks from Dan Brassington, who re-emphasised the role of data technology and the need for businesses to begin adapting to it. He urged organisations to become data-driven, digital organisations and advised them to accelerate their digital transformation.
In closing, he clarified that Splunk was not there to sell their products but to assist organisations in leveraging data and the cloud. He invited the delegates to reach out to his team to explore ways they could work together to assist them on their journey.
The trial Mobile Money service approved by the Prime Minister will set a precedent for applying a “sandbox” scheme for new services and professions in the digital society. Sandbox is a controlled institutional framework applied to new technologies, products, services, and business models. It is an environment for technology firms to try their new technological apps and business models. After the trial period, management agencies will review the trial implementation and then accept or reject it.
Using laws to set rules to deal with new issues arising from the application of new technologies is a challenge. As per a press release, the apps may have a rapid impact on society that management systems may not be able to keep up with. Many traditional business fields have changed, and businesses have to utilise technology to work more effectively. It is impossible to manage new services and business models within the existing framework because policies tend to lag behind practices. Therefore, a sandbox model is more advantageous.
According to an industry expert, it is impossible to demand state management agencies to create policies for the future. Many countries apply sandbox policies to encourage enterprises to develop new business models, with certain limitations in deployment. The Prime Minister has put into effect the pilot implementation of Mobile Money services – making payments for small-value goods and services with telecom accounts. The pilot programme will last two years.
This is the first service that the government has applied the sandbox mechanism managed by several ministries and branches. The government hopes the service will contribute to the development of non-cash payments, and promote the access and use of financial services, especially in rural areas. Businesses can only provide Mobile Money to remit money and make payments for legal goods and services in Vietnam in accordance with current laws. Mobile Money is only applied to domestic transactions with a monthly transaction value limit of VND10 million (US$4,397).
Vietnam is not the first country that has accepted a new technology platform, but experts said that it has an advantage by learning lessons from predecessors. In Vietnam, the proportion of credit card users is still low, but mobile subscriber density is very high. 99% of transactions with a small value of below VND100,000 (US$4) are carried out in cash. Mobile Money will be a strong solution to promote non-cash payments in society.
The Minister of Information and Communications stated that Mobile Money is a convincing example that shows that telecom carriers can become platforms for many things, not only telecom infrastructure. They can become platforms for data, computing, digital content, authentication, IT services, and the Internet of Things (IoT).
Mobile Money is expected to help Vietnam become a digital society. The project is the first sandbox involving many ministries and sectors to be piloted to meet the needs of society. It will pave the way for more sandboxes to be applied to other new services and business models in the future. He added that Mobile Money is a great opportunity for mobile network operators to build an ecosystem to accelerate digital transformation.
A team of scientists from Nanyang Technological University, Singapore (NTU Singapore) has developed a predictive computer model. When tested on real pandemic data would have reduced the rate of both COVID19 infections and deaths by an average of 72% based on a sample from four countries.
The model, called NSGA-II, could be used to alert local governments in advance on possible surges in COVID-19 infections and mortalities, allowing them time to put forward relevant countermeasures more rapidly.
The main goal of our study is to aid health authorities to make data-driven decisions in fighting the global COVID-19 pandemic. The critical knowledge discovered in historical data enables us to provide early warning, preparation, and prevention for crisis control and enhance the resilience of human societies.
– Assistant Professor NTU’s School of Civil and Environmental Engineering and lead researcher
Through the testing of the model in four Asian countries using data available, the team demonstrated that it could have helped reduce the number of COVID-19 infections and deaths by up to 76% in Japan, 65% in South Korea, 59% per cent in Pakistan and 89 per cent in Nepal.
The computer model achieved the result by recommending timely and country-specific advice on the optimal application and duration of COVID-19 interventions, such as home quarantines, social distancing measures, and personal protective measures that would help to thwart the negative impact of the pandemic.
The team also showed NSGA-II could make predictions on the daily increases of COVID-19 confirmed cases and deaths that were highly accurate, at a confidence level of 95%, compared to the actual cases that took place in the four countries over the past year.
Harnessing the power of machine learning, the research team developed the model by inputting large amounts of data on COVID-19 mortalities and infections worldwide that is available for the whole of 2020, helping it learn the dynamics of the pandemic.
As the pandemic progresses and the COVID-19 virus undergoes many mutations, it threatens the resilience of global society across every aspect of daily life, the environment, and the economy, and it requires the prompt and prioritised attention of policymakers worldwide.
The developed computer programme could serve as a useful tool to help governments formulate strategies and interventions at an early stage to limit or even counter a predicted surge in cases, reducing infections and mortality rates.
The team plans to introduce more variables, such as economic status and cultural differences, into the model to further improve its accuracy. They are seeking to validate its efficacy by including data from additional countries in Europe and North America, providing insights into COVID-19 evolution across different geographies.
As reported by OpenGov Asia, Singapore’s healthcare community have learned various things from the Covid-19 experience that can guide the way they deliver care in the future. Accurate information is essential as the basis for informed decisions. Moreover, people can take more control of their healthcare destinies when they are empowered by information and technology.
As Singapore and much of the world is turning the corner on the pandemic, it is driving the adoption of transformative technologies in healthcare. In the last year, it was the intense and unrelenting pressures of the pandemic that ultimately proved to be the most potent agent of change for digital transformation in healthcare.
The necessary elements of this transformation—the required infrastructure—are rapidly coming to maturity. It starts with the increasing availability of health data from connected devices. It is unleashed by the increasing sophistication of technologies like Artificial Intelligence (AI), hybrid cloud and automation.
To achieve its targets to become a modernity-oriented industrialised nation by 2030 and a developed country with high income by 2045, Vietnam must succeed in the digital transformation process, in which agriculture is one of the priority areas, the Minister of Foreign Affairs stated at the Vietnam Agricultural Digital Transformation International Forum 2021.
The event was co-organised via videoconference by the Ministry of Foreign Affairs, the Vietnam Digital Agriculture Association (VIDA), and an e-newspaper outlet under the theme “Keeping up with market trends, ensuring the pivotal role of the economy during and after the COVID-19 pandemic.” The forum was an activity within the framework of the Vietnam International Agricultural Exhibition 2021 (AgriTech Expo 2021).
According to a news report, the forum consisted of two discussions that focussed on policy orientations and the theme “Shaping Vietnam’s digital agriculture until 2035” with the presentation of 20 speakers representing local authorities and leaders of businesses and corporations. Participants at the event shared scenarios of Vietnam’s agricultural digital transformation; key issues in Vietnam’s agricultural development strategies towards digitalisation given the complicated effects from the COVID-19 pandemic, supply chain disruption, and climate change.
The Minister of Foreign Affairs noted that the Vietnamese government should proactively and actively participate in the fourth industrial revolution and speed up the digital transformation process. The country must consider it a vital solution and an opportunity to make a breakthrough in socio-economic development.
Speaking at the event, the Minister of Agriculture and Rural Development pledged to offer all resources and the most favourable policies for businesses, aiming to bring added value to Vietnamese agricultural products and improve their trademarks. The Ministry will strongly support the digital transformation process and replace agricultural technology models as the Vietnamese agricultural sector is not only the “backbone” of the economy in difficult times but also a measurement of sustainability, the Minister said.
Representatives of foreign diplomatic agencies in Vietnam and from research institutes and socio-economic organisations attended the event. Also, domestic and foreign experts in the field of agricultural digital transformation from Japan, the Netherlands, Israel, and the World Bank as well as those from business associations and enterprises.
In August, the Ministry of Information and Communications (MIC) unveiled a plan to put farming households on e-commerce sites. Farming households will be supported to enter e-commerce sites to connect, advertise, and introduce their products. This will help them access new distribution channels and expand to domestic and international markets. Vietnam has nine million agricultural production households and four million private business households. All the households will be brought onto e-commerce sites, and this will be the first breakthrough to be made in developing the digital agricultural economy.
As OpenGov Asia reported, through e-commerce sites and digital platforms, farming households will receive useful information about farm produce markets, predicted demand and production capacity, weather forecasts, and seed and fertilizer supply. High-quality input materials and tools for agriculture production will be introduced to farmers via the platforms. Overall, MIC will put 12-13 million agricultural production and private business households on e-commerce sites. The targeted figure is five million households by the end of the year.
The President of Indonesia had unveiled a three-pronged strategy to boost Indonesia’s economic growth, providing insight into the direction of government policy for the remainder of his term. The green economy, the digitalisation of micro, small, and medium-sized enterprises (MSMEs), and the development of downstream industries are the three key aspects. Regarding the first of those three, he mentioned that the government intends to construct a “green industrial park” by October 2021 to produce “green products” using only renewable energy.
We know that the future of green products looks promising, and we have a great opportunity in this.
– President of Indonesia
The government also wants all 60 million MSMEs to be able to sell their goods and services on e-commerce and other digital platforms. Elaborating on the third key point, the President stated that the government began downstream industrial development in early 2020 with a ban on one of an ore export, which increased steel exports to US$10.5 billion. The scheme would be expanded to include additional goods and services such as bauxite, gold, copper, and palm oil.
The President’s speech represents the next step in a long-term shift in economic policymaking for a government that has previously appeared to be focused on short-term gains from extractive industries with little regard for environmental consequences. As per the Finance Ministry, the main sources of revenue from export levies and non-tax income are coal, crude palm oil (CPO), and raw mineral exports.
OpenGov Asia in an article reported that in recent years, the Indonesian government has taken concrete policy steps to advance its digital transformation agenda, and while steady progress has been made in that direction, the good news is that the pace of change is expected to accelerate. To address this, Indonesia’s President has pledged to press ahead with economic reform plans, despite the heavy burden that COVID-19 has imposed on the country since the outbreak began.
In his speech, the President stated that in today’s disruptive world, the spirit to change, the spirit to make changes, and the spirit to innovate has become the foundation for building an advanced Indonesia. In this context, the president’s agenda remained focused on structural reforms designed “to promote inclusive and sustainable economic development.” Repeating the promises made at the beginning of his second term, he added that the development of “quality human capital” and infrastructure development will remain priorities, the latter a hallmark of his seven years in power.
The Indonesian leader also expressed hope that reform would help the country begin the transition to a more sustainable economy. “A significant change in our economy will be the transition to new and renewable energy, as well as the acceleration of an economy based on green technology. The President believes that using clean energy and green technology will contribute to the development of a more environmentally friendly economy. As a result, efforts will be made to strengthen national research to align with the country’s development agenda.
Meanwhile, according to the Energy and Mineral Resources Ministry, renewable energy sources accounted for 11.2% of the national energy mix in 2020, with the remainder coming from fossil fuels. As per the executive director of the Institute for Essential Services Reform (IESR), the idea of environmental economics should be accompanied by responsibilities to reduce emissions, waste, and natural resource extraction.
“The term ‘green’ must not just be a slogan; there is a lot to do to [justify] such a claim,” IESR executive director told. The concept, he said, should be incorporated into a clear transition for all industries in Indonesia, reducing reliance on natural resources and extractive industry exports. He went on to say that one industrial park is insufficient to [declare] a green economy. As a result, the entire industry must follow suit.
Minnesota is among the latest states to introduce a secure digital option for residents to provide proof of vaccination against COVID-19. Using an app called Docket, Minnesotans can now view and share their immunisation records with local businesses, restaurants and other public venues where COVID vaccination is required.
The release of the app comes after the state Department of Health has been flooded with requests for vaccination records. So far this year, there have been more than 33,000 vaccine record requests, with 19,000 coming since July 1.
We recognise the importance of having a secure and convenient way to find, view, and share people’s their your family’s immunisation records, such as needing records for school or child care.
– Minnesota Department of Health, Infectious Disease Division Director
Residents who were vaccinated within the state can use the app to pull up their records through the Minnesota Immunisation Information Connection (MIIC), a confidential system that stores electronic immunisation records. The app then gives users the option of saving and distributing a PDF document of the record as they see fit.
The app allows residents to access a digital copy of their vaccination records without having to sign up for an app specifically intended for verifying COVID-19 vaccines. Docket uses two-factor security and searches for immunisation records based on a person’s name and date of birth.
The app also gives state residents a faster way to access their immunisation records. The volume of recent records requests to the health department means it is taking weeks for people to get their vaccination records back, but the app gives an option for people to more directly and quickly access their immunisation information.
Efforts to provide U.S. residents with digital versions of their immunisation records have picked up steam in recent months as employers and retail businesses increasingly require such proof. Reports of individuals providing fake COVID vaccine records have pushed states to launch their own verification apps to give residents a state-verified digital option for proving their vaccination status.
Residents who do not have a smartphone or do not want to use the app can still request a record of their vaccinations from the state or their health care provider. Those requests are currently taking weeks because of increased demand.
Virginia has also announced the addition of QR codes to its vaccination records. The code, which can be scanned using a smartphone, provides the same information as the paper records – however, since it is digitally signed by the Virginia Department of Health, it cannot be altered or forged. Virginia is the fifth state to adopt the secure SMART Health format.
As reported by OpenGov Asia, the COVID-19 pandemic revealed how big data and analytics technologies are being used in the public health sector. For example, governments and organisations developed contact tracing, where phone numbers and location data from mobile devices were combined with lab results in public health systems to issue alerts when an individual came in contact with a confirmed COVID patient. This information empowered people to preemptively self-isolate and/or head for rapid testing.
Public health agencies must understand how to use data effectively as the use of big data during the pandemic is essential. They should start working on plans to protect the privacy of the end-user and comply with the evolving laws around personal data privacy.
Additionally, organisations should determine what they will do with the data they are gathering. Data is only worthwhile if the organisations use the right tools to read and interpret it. Artificial Intelligence (AI) is vital for processing the vast amounts of data collected by today’s technology.
The Bangko Sentral ng Pilipinas (BSP) has introduced a revised circular requiring designated payment systems (DPS) to embrace the Principles for Financial Market Infrastructure (PFMI) to ensure the country’s national payment system’s continued safety, the efficiency of the flow of funds, and reliability (NPS).
The BSP Governor, who signed Circular No. 1126, asserted in the memo that the mandatory adoption of the PFMI will necessitate the adoption of its principles by all DPS participants. As of July, of this year, the BSP’s Peso Real-time Gross Settlement System (PhP-RTGS) is the country’s first DPS.
The Governor stated that the BSP will use PFMI assessment methodology to determine the DPS’s adherence to relevant principles, as well as identify potential risks and induce changes in the NPS. In terms of non-designated payment systems, he stated that the BSP could evaluate DPS participants’ practises and operations using key considerations under relevant principles such as credit and liquidity risk management and settlement.
The adoption of the standard is very timely given the surge of digital payments in the country, as it ensures payment systems to have safeguards in place which are at par with global practices.
– Bangko Sentral ng Pilipinas
The deployment of PFMI is in accordance with the Payment System Oversight Framework (PSOF) of the BSP and the National Payment Systems Act (NPSA). Implementation of the PFMI may be subject to cooperative arrangements with other regulatory authorities in cases involving non-payment system financial market infrastructures (FMI) and cross-border payment systems, according to the governor. The circular also established expectations for critical service providers (CSPs) as defined by the PSOF. It provides guidance and assistance in ensuring that a CSP’s operations are held to the same standards as the DPS’s.
The Bank for International Settlement and the International Organisation of Securities Commissions formed the PFMI. PFMI is essentially a collection of international standards for financial market infrastructures such as payment systems, central securities depositories, securities settlement systems, central counterparties, and trade repositories. Adoption of the PFMI will ensure that the payment system operates in accordance with global best practices in terms of safety, efficiency, and reliability. With the DPS conforming to the PFMI to be more resilient to financial crises and participant defaults, the public interest is better protected, promoting trust in payment systems.
All DPS, whether a systemically important payment system or a prominently important payment system, will use PFMI to design and conduct its operations. “Each DPS is expected to demonstrate adequate governance and risk management arrangements covering areas including access of participants to the system, management of liquidity, credit, operational, settlement and general business risks, efficiency, and transparency,” said the BSP.
The NPSA empowers the BSP, as payment system regulator, to designate a payment system if it determines that the payment system poses or has the potential to pose systemic risk, or if the designation is required to protect the public interest. The PhP-RTGS is the Philippines’ only payment system that allows for settlement with central bank money.
In an article, OpenGov Asia reported that the government of the Philippines has made e-commerce and electronic payment methods a priority in efforts to boost both financial and digital inclusion throughout the country. In line with this, the Bangko Sentral ng Pilipinas (BSP) recently reaffirmed that they will continue to promote the digitalisation of financial products and services in the country even after the restrictions forced by the pandemic are lifted.
Last year, the central bank released the Digital Payments Transformation Roadmap (DPTR) for 2020-2023. Under the DPTR, the BSP aims to increase customer preference for digital payments by converting 50% of total retail payments to digital form and increasing the number of financially included Filipino adults to 70% by onboarding them to the formal financial system via payment or transaction accounts.
The BSP’s open market operations, issuance of its securities, the Philippine Peso leg of the PhP-US Dollar transaction, and domestic securities transactions are all settled via the PhP-RTGS. It also provides deferred net settlement for retail payment systems such as checks, ATMs, and E-payments.
China developed a miniaturised quantum satellite ground station. The ground station is light and portable and can be installed within 12 hours, allowing users in remote areas to use quantum communication conveniently. The piece of quantum key distribution equipment is about the same size as a laptop, which can greatly reduce the cost of quantum network building and maintenance.
In recent years, China has achieved a series of breakthroughs in quantum technology, including the world’s first quantum satellite, a 2,000-km quantum communication line between Beijing and Shanghai, and the world’s first optical quantum computing machine prototype.
With the active participation of leading enterprises and the guidance of the government, an industrial chain that covers the equipment, network, safety and standards of quantum communication has been basically formed in China.
– Quantum Scientist, University of Science and Technology, China
A hub for China’s quantum technology is home to over 20 quantum technology enterprises and achieved an output value of some 430 million yuan (about $66.5 million) in 2020. The quantum information technology is to be further integrated, convenient and low-cost, allowing more people to have access to it.
China’s quantum company has tried out the quantum encryption calls in 15 provinces and has garnered some 10,000 users. The users can have secure calls and messages encrypted with quantum keys after inserting a SIM card and installing a related app, which can ensure information security.
Besides quantum communication, quantum precision measurement and quantum computation have also seen great breakthroughs in industrial applications. Quantum precision measurement instruments can achieve nanoscale high spatial resolution and single spin ultra-high detection sensitivity, which has been applied to study magnetic and superconducting materials.
Chinese scientists have set up an integrated quantum network that combines 700 fibre and two ground-to-satellite links and realised quantum key distribution between more than 150 users over a combined distance of 4,600 km.
Based on the laws of quantum physics, quantum communications have ultra-high security. It is impossible to wiretap, intercept or crack the information since the quantum state of a photon that transmits data along optical fibre will collapse once it is wiretapped.
In the quantum network, several services such as video call, audio call, fax, text transmission and file transmission have been realised for technological verification and real-world demonstrations, adding commercial use is expected in the near future.
A global quantum network can be realised by connecting more national quantum networks from different countries via ground connections or ground-to-satellite links. In the future, quantum communication will be applied in fields of finance, political affairs and national defence. A whole industry chain and eventually a truly secure quantum internet will be possible.
As reported by OpenGov Asia, China issued a guideline that detailed measures to promote the region’s economic growth, scientific and technological innovation, urbanisation, green development, opening-up, and people’s well-being. By 2025, the comprehensive strength and competitiveness of the region should be further enhanced, and marked progress should be achieved in innovation capacity, with its proportion of research and development input in the regional Gross Domestic Product (GDP) reaching the national average.
Regarding promoting advanced manufacturing, the guideline urges the building of industrial bases focused on sectors including intelligent manufacturing, new materials, new-energy vehicles and electronic information.
The supply of high-quality public goods, such as world-class universities and large-scale medical institutions, should be increased in the region, the guideline says, specifying that world-renowned universities will be encouraged to run schools in partnership with local institutions and conduct research and develop technology to solve problems. Large-scale comprehensive medical institutions are welcome to set up subsidiaries in the region.