Indonesian institutions in the digital banking and fintech sector are witnessing remarkable expansion. This mushrooming complements Indonesia’s national strategy for AI growth. Articulated in a blueprint, it will guide the country’s AI development between 2020 and 2045 in areas like law enforcement, banking and healthcare.
Currently, customers are required to go through a computerised Know Your Customer (KYC) or third-party onboarding. To further simplify online banking operations and cope with demand, financial institutions will prioritise resources to focus on consumer and digital platforms. This paves the way for advancements in AI platforms such as Graph Database technology.
Without a doubt, Graph Database technology will be at the forefront of battling and preventing escalating online fraud, as well as minimising reputational risk and managing financial risk for financial institutions. By deploying graph database capabilities, institutions can prevent and detect financial wrongdoing such as money laundering and counter-terrorism financing.
With the simplicity of learning and the ability to improve decision-making and fraud detection processes in finance operations, Graph Database technology has become A preferred solution with financial institutions. It is particularly effective in detecting and eliminating financial fraud as it can detect fraudulent practices in real-time and allow for transaction tracking and quick human proofing. As a result, mismanagement and misappropriation of funds can be considerably reduced.
The use of Graph Database will be the most effective way to increase compliance and provide a sense of security whereby risk will be effectively mitigated, and any underwriting or loss of reputation can be avoided.
The focus of OpenGovLive! Virtual Breakfast Insight on 11 November 2021 centred on how Graph Database technology can help to deliver an effective method to detail evidence and inform practical decision-making. The is a closed-door, invitation-only, interactive session with delegates from the banking and finance industry.
Harnessing the power of Graph Database technology for critical analytics
Mohit Sagar, Group Managing Director and Editor-in-Chief, OpenGov Asia, kicked off the session with his opening address.
Mohit emphasised that culture has changed fundamentally. 2021 has proven that a remote workforce is possible. The implication of that, he highlighted, is that businesses, banks and governments will need to get on the same wavelength to retain the workforce.
Being able to evolve and keep up with the needs of the time is critical, Mohit asserts. The speed at which transactions are made and settled have evolved over time. While it used to take three days to settle bonds, in some places it is now one day. He makes a point that Graph Database technology is the technology that can accelerate and value-add to what institutions are doing and provide deeper insights that current models do not offer.
Graph Database technology is not new but a mature technology, which means that it can empower teams with the capacity to detect and interpret data faster than their existing tools. It is not a replacement but an add on; “it is the turbo that you need” to get to somewhere faster, Mohit remarked. Graph Database can perform deep, complex queries, maximise value from existing resources, deliver immediate answers at scale and meet security demands.
Fraud is massive and being able to detect that is important, Mohit asserts. As a tool, Graph Database brings tremendous value in criminal investigations through connected data.
With all this power and potential, the question is: Are financial institutions truly tapping the capabilities of Graph Database technology to detect and interpret data to expand the business and understand clients?
Combined with Artificial Intelligence and Machine Learning, Graph Database technology can smoothen data processing and provide a method for mastering the power of graph relationships and deep analytics for speedy decision-making and accurate forecasting.
Mohit is quick to emphasise that the adoption of new technology happens gradually, not “lift-and-shift”. Organisations will need to explore the infrastructure needed to utilise this technology, set up new infrastructure or integrate with the current infrastructure.
Ultimately, Graph Database technology can tackle money laundering and terrorist financing through better visibility, fast screening and real-time information that can inform decision-making.
Mohit exhorts the delegates to consider partnerships with experts who can guide them in the process of deploying Graph Database. Working with people who know what they are doing is an obvious strategy for making a “good” business “greater” with ease.
Applying Graph Database to AI analytics and data science in financial institutions
Johnson Poh, Head Artificial Intelligence and Data Science, UOB Singapore, spoke next on the fundamental concepts of analytics and graph, as well as how institutions can enhance the business world and improve operational efficiency.
Breaking down the various concepts related to analytics and graph, Johnson sets Graph Database technology at the intersection of Data Science and Big Data Analytics but nuanced the relationship it has with AI and Machine Learning.
For instance, the output from Graph Database technology can be channelled as input for machine learning and AI. Specifically, Graph Analytics is the science of analysing and representing relationships among entities of interest by way of vertices and interests. Therefore, Graph Database technology can analyse relationships with graph theory.
Johnson makes a case for Graph Database’s greater versatility and effectiveness due to the relevance of interactive and dynamic visualisations over the traditional tabular data formats. Tabular data formats are cumbersome for data analytics while graph technology is highly interactive.
As a visual representation of data, it allows people to make connections that can inform decisions. When the potential of Graph Database is fully harnessed, it can help elevate the business.
According to studies, graph analytics can generate revenue on annual basis and enhance efficiency. Mckinsey estimates that big data analytics can create between $4 to $6 trillion in value annually, while Accenture reveals that banks can expect potential savings between 20% to 25% using big data analytics.
Johnson provided examples of how analytics can be applied with Graph Database technology within the banking and financial industry – AML management and fraud detection, recommender systems, customer 360 view and cybersecurity.
Another application of Graph Databases includes recommender systems. Graph analytics can empower sales teams and analysts to have a unified view of customers and their journey map. With a fuller view of the customer journey, financial institutions can offer personalised and targeted services by analysing the preferences and profiles of customers. By offering a customer 360 view, the technology allows institutions to leverage linkages and relationships and to make connections that can inform operational decisions.
In terms of cybersecurity, Johnson shared that large corporate organisations face challenges in detecting real-time activity and transactions seamlessly. As data increases and operations scale, Graph analytics offers a solution in sifting out critical data.
He concluded his presentation with the assurance that Graph Database technology can greatly benefit the operations of financial institutions, earning the trust of clients, generating revenues and saving on costs.
Staying ahead of the game in a big data environment
The next speaker, Reza Pahlevi, Managing Director-Indonesia TigerGraph, spoke on the use of Graph Database as a tool that can help banking and financial institutions improve operations.
The move towards Graph Database technology is the key to elevating businesses through analytics, Reza believes. By 2025, graph technologies will be used in 80% of data and analytics innovations, up from 10% in 2021, facilitating rapid decision making across the enterprise.
Founded in 2012 and headquartered in California, TigerGraph provides graph database and graph analytics software. In a short span of time TigerGraph has made headway into the financial and government sectors in the Asia Pacific and Indonesia.
Currently, 8 of the top 10 global financial institutions use TigerGraph, he claims. These banks have robust infrastructure and technology to compete in the big data environment, and yet moving to Graph was deemed necessary to improve their operations.
TigerGraph offers a whole gamut of solutions to improve operations at multiple levels – from supply chain management, fraud detection and prevention, to cybersecurity. Increasingly, Graph Database technology is becoming a common tool to solve financial crimes. As an example, within the first year of using TigerGraph, the 2nd largest global bank had savings of US$50 million from early fraud detention.
Handing the time over to Ghulam, Director, Solution Engineering, TigerGraph, the presentation transited to an in-depth look at case examples of how TigerGraph was utilised to detect fraud rings, combat crimes, improve outcomes of healthcare and uncovered tax avoidance and evasions.
TigerGraph was able to help a leading U.S. bank detect fraud and address the issue more swiftly than earlier. The bank was unable to see connected data in context and wanted a better way to detect and remove fraudsters from their credit-card network. With TigerGraph, they were able to expose fraud rings, shut down connected cards and combat fraudulent activity on a massive scale. From a single transaction, the technology can identify the fraud community and identify the main actor and provide a location.
Graph Database technology can also be used in the sphere of healthcare. At United Health Group, TigerGraph combined multiple data sets from various sources of data to create a 360 view of the connections and enabled the organisation to see the user journey in one view. TigerGraph has also been deployed by Gojek, a ride-sharing service, to detect fraud and cheating attempts by drivers and consumers.
Ultimately, he concludes that Graph Database offers the visibility and speed necessary for quicker response time in detecting fraudulent activities, understanding customers and scaling operations. TigerGraph offers a flexible and scalable platform to implement complex logic. It is a necessary solution for financial institutions eager to gain a winning edge.
After the informative presentations, delegates participated in interactive discussions facilitated by polling questions. This activity is designed to provide live-audience interaction, promote engagement, hear real-life experiences, and facilitate discussions that impart professional learning and development for participants.
When asked about whether delegates obtain real-time information with accurate data and information on their current AI or Machine Learning platform, an overwhelming majority (70%) indicated that their current information is not real-time but does offer accurate data and information. Others indicated that their current information is not real-time and are unsure if the data and information are accurate (24%).
For Johnson, the implementation of this solution will require shifts in technology, people and processes.
Mohit agrees that it is not a destination but a journey that progresses incrementally.
The second question inquired about the challenges delegates face in analysing financial information for critical decision-making during the pandemic. The results indicated an even split between screening for the right data or information (40%) and forecasting the accuracy of the decision made in the long run (40%). The remaining delegates opted for drawing a conclusion for decision making to manage risk (13%) and interpreting finance data or information accurately (7%).
Mohit observed that delegates seem to be experiencing challenges with the data and the accuracy of our prediction. It is, therefore, timely to bring in a technology that can provide visibility at rapid speed. In addition, accuracy is becoming more critical in times of the pandemic.
Johnson is convinced that the key lies in making use of real-time data pipelines to support the insight-generation process. Reza explained that the change in behaviour initiated by the pandemic means that there is a need for more accurate data. In that regard, “AI and machine are inevitable.”
On how delegates felt their organisation stood in terms of the speed to screen and detect any unethical actions (Financial Fraud, Money Laundering, Terrorism Financing), the majority of the delegates confirmed that their organisation has moderate speed in screening and detecting unethical actions (71%). The remaining expressed that they do not have a tool or solution to screen and detect unethical actions (29%).
For TigerGraph’s customers, the value-add of the technology lies in speed, accuracy and scalability, Reza elaborated.
Johnson is of the view, where it concerns governance risk and compliance, institutions must always strive for the best practices by leveraging on the tools available. He observes that utilising cutting-edge technology in the next couple of years will become a necessity.
“You can be ahead of the curve or play catch up,” says Mohit.
When asked, most of the delegates (59%) indicated that indicated they are not familiar with the advantages of Graph Databases and how it will enhance their daily decision-making process. The others were split between being familiar but currently not using the technology (29%) and being familiar and currently using the technology (12%).
In response to the results, Reza clarifies that Graph Database technology is an easy-to-deploy option and that it is important to take baby steps towards more strengthening the infrastructure.
Johnson concurred with Reza. While it might seem difficult to implement Graph Database technology at scale and ensure that it is well governed, he believes that institutions can harness the expertise of platforms like TigerGraph to manage the end-to-end flow of work processes and implement real-time pipelines to enrich the insights generated.
Government institutions seem to be ahead of the banking sector in the understanding of Graph Database technology. According to a poll from a previous OpenGovLive! session held for top Indonesian government institutions, 43% of the delegates indicated that they are familiar but have not implemented this technology. This points to a government that is taking the lead in exploring new technologies.
The final poll inquired about the current focus of delegates in utilising a Graph Database platform on their daily and future decision making. Most delegates indicated that their focus was on making the right decision to mitigate risk (35%). Votes were split between detecting and mitigating financial fraudulent related activities (29%) and other focuses (29%).
For Mohit, all the options are equally important. If institutions want to cover every use case, they will need a well-structured platform and process that will help to scale up the implementation in a seamless fashion.
Wrapping up the session, Reza emphasised that adopting Graph Database technology can be a gradual process. It is an add-on feature that is versatile and easy to deploy. As the challenges in a rapidly changing world grow, Graph Database technology will be the key to a competitive edge. It can help institutions stay ahead of the game and accelerate businesses in achieving their business objectives.
Before bringing the session to an end, Reza thanked thank everyone for their participation and honest sharing. He encouraged the delegates to continue to learn and understand Graph Database technology, exchange ideas and connect with him if they have any queries.
Singapore and the United Kingdom held the 7th UK Singapore Financial Dialogue, where they renewed their commitment to deepening their financial partnership, which was agreed upon in 2021. They also discussed sustainable finance, fintech, and innovation.
The two sides signed a memorandum of understanding (MoU) on the UK-Singapore FinTech Bridge, which is based on an agreement signed in 2016, which removes barriers to fintech trade by opening new regular talks between regulators and businesses. The FinTech Bridge will build on the active interest of fintech players in the areas of payments, regulatory technology, and wealth management. It will also provide a structured engagement that will aid the development of policy actions, enhance assessments of emerging issues, such as the development of distributed ledger technologies and data sharing, and support trade and investment flow between respective markets.
According to a press release, the countries recognised the importance of the UK-Singapore Digital Economy Agreement (DEA), which was signed earlier this year. They exchanged views on recent developments in the fintech sector, including advancements in crypto-assets, and agreed on priority areas for further cooperation. They shared their latest assessments of market developments, opportunities, trends, and longer-term expectations for the crypto-assets sector.
Further, the risks and challenges relating to financial stability and regulatory arbitrage were discussed. They shared their progress in strengthening rules on consumer protection and developing the regulation of stablecoins. Both sides agreed there is a strong need to support the safe development of a digital assets ecosystem while ensuring that risks posed by digital assets are consistently managed.
They will continue to actively participate in the shaping of robust global regulatory practices through engagement within international multilateral fora such as the Financial Stability Board (FSB), the Committee on Payments and Market Infrastructures (CPMI), and the International Organisation of Securities Commissions (IOSCO).
Regarding digital payments, Singapore provided updates on the progress of its review of e-wallet caps and the expected next steps. The event covered the recently released consultation, with the UK providing views on the key proposals. Singapore also updated on the new digital banks that recently launched their operations in Singapore.
Moreover, the sides have agreed to a roadmap for activities in sustainable finance, fintech and innovation, and other areas of mutual interest, leading up to the next Dialogue scheduled to take place in London in 2023.
The Financial Dialogue was co-chaired by the Deputy Managing Director (Markets and Development) of the Monetary Authority of Singapore (MAS), Leong Sing Chiong, and the Director General (Financial Services) of HM Treasury (HMT), Gwyneth Nurse.
Two industry-led UK-Singapore business roundtables on sustainable finance and FinTech took place on 24 November 2022. Industry participants from both countries participated in this discussion. The sustainable finance Roundtable examined the implementation challenges faced by corporates in meeting their net zero targets, and how the financial industry could help to address these challenges. The FinTech Roundtable discussed the opportunities and challenges faced by FinTech firms, and how these firms could better access overseas markets, including by partnering with financial institutions.
The Minister of State for Electronics and Information Technology (MeitY), Rajeev Chandrasekhar, has inaugurated a Digital India start-up hub at the Software Technology Parks of India (STPI) centre in Davanagere, Karnataka. According to a press release, this is the 63rd STPI centre in the country and the fifth in the state of Karnataka. STPIs are autonomous bodies under MeitY, established to encourage, promote, and boost software exports from India. They fuel a culture of tech entrepreneurship and innovation in the country.
The state government had provided 10,000 square feet of built-up space in the Karnataka State Open University (KSOU) Regional Centre to establish the STPI. Among other facilities, the centre has a plug-n-play 102-seater incubation facility, network operations centre (NOC), 16-seater conference room, 32-seater cafeteria and provisions for high-speed data communication facilities, and other amenities for export of software and services.
Speaking at the event, Chandrasekhar said that STPI, Davangere will usher in new opportunities for jobs and entrepreneurship for the people in the region. Over the past few years, the government’s emphasis has been on the growth of information technology (IT), IT-enabled services (ITeS), and the electronic system design and manufacturing (ESDM) industries in newer cities. This should not be confined to the metropolitan centres, he noted.
STPI centres across the state have IT exports of US $35 billion while just Karnataka state exports more than US $70 billion each year. India has the fastest-growing innovation system with more than 80,000 start-ups and over 107 unicorns, Chandrasekhar said. “We have assumed the presidency of the G20, a league of [the] world’s largest economies, and the GPAI an international initiative on artificial intelligence. It is the fastest growing major economy that has surpassed the UK to emerge as [the] fifth largest economy, receiving its highest ever FDIs of US $83 billion,” he explained.
India aims to transform its electronics production sector into a US $300 billion electronics manufacturing powerhouse by 2026. In August, Chandrasekhar launched a report that detailed how India can achieve this electronics production target and an export target of US $120 billion over the next few years. The report is titled, ‘Globalise to Localise: Exporting at Scale and Deepening the Ecosystem are Vital to Higher Domestic Value Addition’. It was prepared by the India Council for Research on International Economic Relations (ICRIER), in collaboration with the India Cellular and Electronics Association (ICEA).
As OpenGov Asia reported, to achieve its targets, the government has emphasised strengthening the country’s domestic manufacturing ecosystem to make it more resilient to supply chain disruptions. The aim is to emerge as a reliable and trusted partner in global value chains. The report postulates that the country must export aggressively to reach the scale in electronics manufacturing. “In addition to domestic production, and supplies and domestic consumption, the exports are [an] important way to get the scales of the other economies that are competing with us,” Chandrasekhar said. Exports will create a network effect of creating supply chain interests, and supply chain investments that in turn will increase value addition in the Indian electronics segment.
The global spread of COVID-19 has been a disaster of unparalleled proportions. Not only has it halted the world economy, but it has also made even the most optimistic leaders reconsider how soon things would return to how they were before the outbreak.
Even as the pandemic disrupted businesses and services around the world, a sudden and dramatic increase in internet consumption was observed. Businesses had to shift to digital communications and tools as the key medium for maintaining productive and interesting relationships with their many stakeholders – internal and external.
While the private sector was quicker to alter procedures in the early phases of the pandemic, the public eventually successfully adapted and innovated to continue citizen service delivery. Of course, early on, most governments rapidly put into place digital communication and emergency response platforms.
By allowing users to access their data and applications from any internet-connected device, cloud computing expands the scope of digital transformation beyond simple technology adoption to encompass a comprehensive redesign of all related procedures, resources and user interactions.
The cloud and digital transformation are now inextricably linked. Organisations across the board need to adopt a cloud-first strategy if they want to ensure the longevity of their operations and realise their transformation objectives.
Most organisations and agencies have benefited from the digital change, but some industries are behind the curve. To keep up with the fierce competition in their industries, they must guarantee the reliable operation of the cloud communication platforms that serve as a direct line of contact between the organisations and their consumers and aid in the promotion of their offerings.
The OpenGov Breakfast Insight on 25 November 2022 at M Hotel Singapore provided Singapore’s public, education, financial and healthcare sectors with the advantages of the most recent cloud technology.
Simplifying Things via Cloud Communication
Mohit Sagar, CEO & Editor-in-Chief, OpenGov Asia believes that the cloud has transformed the way organisations communicate, cooperate and carry out many other critical business and service functions.
Cloud communications are voice and data communications solutions that organisations employ to manage cloud-hosted applications, storage and switching.
“Cloud communications services are becoming an increasingly intrinsic choice for organisations looking to streamline their operations and enable their remote workforces to stay connected and productive,” observes Mohit.
Cloud communications enable organisations to interact with their employees and customers over many channels, including email, audio calls, chat and video. All of these leverage internet-based connectivity to minimise faulty connections and lag in communication.
This communication model has become the go-to option for addressing the growing need for efficient internal communications in the hybrid workplace. As numerous workers are returning to the office, and for many of those who have remote work capabilities, hybrid work arrangements are swiftly becoming the new standard.
Organisations are figuring out ways to make hybrid work as interesting and effective as they can. Leaning into what is working, changing what is not working and adapting as lessons are gained are the first steps in creating an effective hybrid strategy, work environment, and culture.
Employee access to the system from anywhere on any device is the need of a mixed work environment. Regardless of the apparatus they are using or their location, employees need to be able to connect to the system.
“User-friendly features in cloud communications make it simpler for staff to become used to the technology,” Mohit explains. “Up until now, better work-life balance, more effective time management, control over working hours and location, prevention of burnout and higher productivity have been the main benefits of hybrid work.”
Having the appropriate tools to be productive at work, feeling less a part of the organisation’s culture, poor cooperation and relationships, and disturbing work processes are some of the biggest obstacles to hybrid work.
Apart from the initial expenditure, virtual meetings result in reduced expenses because of the decline in maintenance and transportation costs. Moreover, integrations of cloud telephony enable companies to place and receive calls from any device that is connected to the Internet.
This means that cloud communications can potentially maximise resources for organisations. Procedures, implementation and adaptability can all be accelerated with a cloud communications strategy, which also offers limitless high-volume information transmission.
According to Mohit, cloud communications must have robust security components to ensure compliance with data privacy laws and the security of all stakeholders. “To assist in safeguarding data in the cloud, emerging cybersecurity tools should also be taken into account.”
These include Artificial Intelligence (AI) for IT Operations (AIOps) and Network Detection and Response (NDR). Both programmes gather data on the security and stability of cloud infrastructure. After data analysis, AI notifies administrators of any unusual behaviour that might represent a threat.
Ultimately a well-thought-out cloud communication strategy with strong security features can serve organisations and gain a competitive advantage in an increasingly digital landscape and VUCA environment.
According to Lucas Lu, Head of Asia, Zoom, if communication fails to give the greatest possible experience, everyone suffers – from employees to consumers to investors. And neglecting to address this essential avenue has ever-worsening implications.
Organisations are going through some significant changes, he explains. The first is in the general business environment. Organisations are under tremendous pressure to boost efficiency, adapt fast as competition rises and keep up with the rapid pace of innovation and technological advancements.
This problem is becoming even more pressing because of economic uncertainties. Furthermore, solving these problems requires effective communication between consumers, prospects and staff.
The workforce is likewise seeing a paradigm shift. People desire the option of remote employment and are asking for the cutting-edge equipment and communication systems they need to do their jobs.
HR managers concur that a high-performing workplace’s future requirements would include collaboration, regular communication and a mentorship culture between managers and teams. “You run the risk of losing the ‘War for Talent’ if you don’t deliver,” Lucas asserts.
With every new tool and software that is made available, communication becomes more difficult and complex. Employees, clients and potential consumers are just a few of the stakeholders who have preferences and expectations about how, when and where they conduct business.
Due to this, many businesses choose their battles carefully when it comes to facilitating communication. They follow a variety of routes, including:
- Maintaining already-established systems that are deemed adequate
- Making use of the fundamental, built-in communication capabilities that are provided with other software packages, even if they don’t entirely satisfy the organisation’s demands
- Using different approaches based on the circumstances. You might, for instance, employ one communication tool for internal cooperation and another for clients, investors, and outside events
“All these strategies are meant to provide organisations with fundamental communication,” says Lucas. “These methods provide some flexibility, but they also change the environment for prospects, employees and consumers. People are compelled to alternate between various options based on their needs as a result.”
This causes unneeded annoyance, rework, expenditures and misunderstanding. Employees may feel alienated and impatient. Customers’ interactions with the brand are disorganised and unprofessional. And various instruments frequently make business slower.
In this uncertain business environment, organisations that can move beyond basic communication into universal communication have extraordinary potential. They can develop intuitive connections to all parties, employees, customers and investors, regardless of location, technology or business activity.
This will be accomplished by integrating the individual and organisational connection demands that will result in a) Delivering a consistent and quality experience for all participants, b) Making human connection effortless, and c) Enabling rapid innovation to maintain relevance.
These results may:
- Satisfy both the primary business requirements and the consumers’ expectations
- Redirect internal resources from managing communications to new services and capabilities; and
- Increase the marketability and perceived agility within the organisation and in the market.
An organisation’s reputation is directly related to the quality of its communication services. In addition to the fact that employees, clients and customers can work remotely, those returning to the office do not t want to compromise on the at-home office environment to which they have grown accustomed.
Organisations must adapt to this new hybrid environment to guarantee that everyone receives high-quality service regardless of circumstance or location. Expectations are simply greater and it is unacceptable if a session fails due to dropped participants or subpar audio or video.
“With Zoom, you may use a top-notch infrastructure that is specially made to prevent failures to safeguard your company from communications disruptions. You eliminate a work-limiting unpredictability risk by doing this,” Lucas says confidently.
When communications are down nowadays, it is impossible to conduct business. Hence, organisations may provide a controlled experience by enabling their staff to work without being concerned about the underlying technology. Additionally, they can analyse the underlying cause of any problems in their surroundings and take preventative measures.
With this, employees can concentrate on their work without unneeded interruptions or ambiguity and will have faith that the communication solution their organisation has deployed will work as planned.
“Partnering with Zoom enables quick innovation to keep up with the times. You can take advantage of a constant flow of fresh features that correspond to actual user requirements,” Lucas says. “Moreover, by frequently communicating with their support group, organisations will rapidly realise what is possible.”
Fireside Chat: How to Prepare for the Transition to the “Cloud Culture”
Geetha Gopal, Head of Infrastructure Projects Delivery and Digital Transformation, Panasonic Asia Pacific believes that every day, new technologies emerge and the culture of change is driving a paradigm shift for which an organisation must be prepared.
“As the COVID-19 outbreak rocked the world and we were unsure of what to do, our investments in technology became our strength,” says Geetha.
As the trend toward digitisation of remote work transforms the traditional office culture, a cloud culture has evolved. Likewise, cloud computing has become a competitive advantage for these organisations.
Every step toward better efficiency in the manufacturing sector increases competitiveness. Because of this, the industry’s embrace of cloud communications has become a crucial turning point. Cloud communications have changed the game for manufacturing by enabling increased efficiency while lowering IT expenditures.
“Cloud computing is the future, and organisations are successfully transitioning from the traditional office culture to the cloud culture,” Geetha says firmly.
Streamlining operations using scalable technological solutions for essential tasks and process optimisation not only helps reduce costs but also frees up time for businesses to devote to value-adding endeavours.
This is crucial now more than ever as operations teams struggle to keep up with the quickening speed of product and investment strategy development being observed among clients.
The new service-focused, client-centric operating model for investment operations will be made possible by technology, data and scalability. Organisations need to realise that the greatest way to prepare for the future is to create it as they deal with this period of constant innovation.
As a result, operations leaders who are taking steps to redesign, reinvent and adapt their operations may ultimately be in a stronger position.
Geetha emphasises that collaboration, communication and connectivity are crucial for success in today’s work environment. The key to maximising these contacts is digital communication. “For efficient communication and productivity, your company primarily depends on specific systems, platforms, and applications.”
More organisations are understanding the enormous advantages of migrating their systems to the cloud as technology continues to progress. In addition to allowing organisations to remain relevant in a competitive market, innovation plays a vital role in economic growth. Innovations are required to solve key problems.
One of the tactics that may be employed to save money while maximising organisational resources and extending communication skills and reach is advance planning.
An advantage of cloud communications for aiding staff members in a hybrid workforce is the reduction in time spent travelling to the workplace. Employees can save time travelling with the hybrid model simultaneously offering the chance to be more productive.
Despite the importance of enabling technology, it is the human workforce that will not only execute the organisation’s digital transformation strategy but also ensure its long-term success.
Guaranteeing that personnel are up to the task, however, needs not only technical training but also a radical transformation in thinking and decision-making.
It is important to focus on organisational culture by changing the management programme and making concerted efforts to close the gap between the internal aspect and employees.
Organisations that are unable to develop and achieve new goals that will assist their employees and business to thrive are those that are unwilling to alter existing practices.
“The pandemic can no longer be an excuse or the reason – remote work is here to stay. If we want skilled employees then we need to concentrate on their needs – we must empower our employees,” Geetha concludes.
Lucas believes that every problem has a solution since most organisations fail to connect their strategy to their innovation objectives. “Change is a constant process, and what we say today might leave a legacy tomorrow. Any plan for digital transformation, in our opinion, must be built around digital innovation.”
The road of digital transformation must involve a competitive advantage that can only be sustained by introducing innovations and contemporary methods if it is to stay modern and please clients with cutting-edge goods and services.
For every change, there is a call for managerial backing to be successful and transformative. Zoom is happy to discuss how digital transformation budgets differ from traditional business or IT budgets to meet the demands of any organisation.
Lucas believes that cloud computing is transforming not only how many organisations access and store data, but also how many of these businesses run. It provides greater protection, flexibility, data recovery, minimal to no maintenance and ease of access.
“Although many people used to hesitate the cloud computing, they have now realised how important it has become to organisations,” Lucas has observed.
Mohit believes that changes in computers and how technologies are distributed are altering the ecosystem, especially for those who work in a hybrid environment. He encourages delegates to start establishing a strategy to utilise the cloud’s benefits for their businesses and services. “Organisations should determine the types of cloud services for which you require solutions, then meet with cloud service providers to determine the best long-term match.”
Both public and private organisations benefit from the adaptability, efficiency, scalability, security, improved collaboration and cost savings that cloud computing offers. “The COVID-19 pandemic has accelerated cloud adoption, but it is anticipated that cloud computing is here to stay, especially since hybrid work assumes a central role,” Mohit concludes.
At the Launch Ceremony of the national system of Policy Research Centre for Innovation and Technology (PReCIT)” as one of the PolyU’s 85th Anniversary celebratory events, the Hong Kong Polytechnic University (PolyU) hosted the “Forum on Integrating I&T into GBA. PReCIT is a University-level interdisciplinary policy research centre with the aspiration to be the leading I&T think tank in Hong Kong and the region.
Some 300 staff, students, alumni, leaders from I&T, finance, academia and guests gathered to exchange views on how Hong Kong can proactively integrate into the Nation’s development plan.
The Secretary for Innovation, Technology, and Industry, HKSAR Government stated that the new Policy Research Centre for Innovation and Technology will play a key role in facilitating interdisciplinary collaboration for more impactful research, in the I&T field.
PolyU’s President stated the establishment of PReCIT is just another timely step taken by the University to respond to key national strategies that unleash unlimited opportunities for Hong Kong’s future development.
The Vice President (Research and Innovation) and Director of PReCIT introduced the Centre’s background and three major research foci – carbon-neutral cities, the Greater Bay Area I&T development, and the Belt and Road Initiative development in Southeast Asia, with a view to dovetailing with the National 14th Five Year Plan in supporting Hong Kong to develop into an international I&T hub.
He stated that the respective strengths of Hong Kong and the mainland must complement each other in deliberation on cross‑boundary integration proposals which aim to foster R&D commercialisation to unleash the potentials of the GBA and Belt and Road economies as well as the opportunity associated with re‑industrialisation. To achieve this, a cross‑boundary policy on I&T cooperation including regarding the flows of I&T material, capital, data and people between Hong Kong and mainland provinces is needed. PReCIT, as the advocacy body of PolyU, endeavours to formulate strategies that support Hong Kong’s participation in the national pioneering technology missions.
The Co-Founder of the Greater Bay Area Association of Academicians; the President of the Hong Kong Academy of Engineering Sciences; the Chairman of the Federation of Hong Kong Industries; and the Senior Vice President and Executive Director of the Public Policy Institute, Our Hong Kong Foundation, were invited to share their insights, ahead of the announcement of the Hong Kong I&T Development Blueprint, in the panel discussion session moderated by
The Co-Founder of the Greater Bay Area Association of Academicians shared his experiences in cooperating with the innovation and technology sector on the mainland. He reiterated that it is important for the HKSAR government to work together with stakeholders, especially experts and the capital market, to advance I&T development.
The President of the Hong Kong Academy of Engineering Sciences called on the government to set an R&D policy direction that supports the Nation’s development. He also suggested Hong Kong and other cities in the GBA together establish an intellectual property exchange platform for university researchers to present their research outcomes and attract further funding.
Chairman of the Federation of Hong Kong Industries explained how Hong Kong serves as an industrial and I&T headquarters in connecting the GBA and ASEAN for research commercialisation and empowering advanced manufacturing, capitalising on the City’s strengths in the industry chain and as a financial centre.
The Senior Vice President and Executive Director of the Public Policy Institute, Our Hong Kong Foundation stressed that joint cross-border policy initiatives are needed to overcome barriers to deepening market access and facilitating movements of factors of production.
Finally, the Head of the Department of Applied Social Sciences and Co-Director of PReCIT concluded that concerted effort from all sectors of the community is essential to provide a sustainable and supportive environment for high-calibre and potential I&T talents to be persuaded to stay in Hong Kong.
Hybrid networking took place in Hai Phong city earlier this week, connecting Vietnamese and Republic of Korean (RoK) businesses with the supply capacity and demand for technology. The event was co-organised by the municipal Department of Science and Technology and the Korea Trade and Investment Promotion Agency (KOTRA Hanoi). Many participants joined remotely from the RoK’s Incheon, Gyeonggi, Busan, and Seoul.
At the event, more than 50 networking sessions were scheduled to introduce a series of technologies such as dry ice blasting for industrial cleaning, product error detection technology to control and monitor the production process, and solutions for smart factories and machinery manufacturing.
According to the Department, the organisation of the networking was based on a survey of demand from more than 100 Vietnamese firms, most of whom lauded the RoK’s sci-tech products for their diversity and easy application. The Director of the department, Tran Quang Tuan, noted that applying science, technology, and innovation is an important role in business development, as the world and Vietnam no longer rely on available resources and advantages such as land and labour for economic growth.
This year, the department organised four networking events to connect Vietnamese enterprises to their peers from Taiwan, Israel, Japan, and the RoK. As a result, more than 200 working sessions between the sides took place and over 50 foreign technological solutions found customers in Vietnam.
In October, a Republic of Korea-Vietnam digital transformation forum was organised by the Ministry of Information and Communications (MIC) and the RoK Ministry of Science and ICT (MIST), as part of Vietnam International Digital Week. Vietnamese and Korean information technology enterprises shared digital transformation solutions in manufacturing industries at the forum.
As OpenGov Asia reported, the Director of the Authority of Radio Frequency Management suggested that businesses from RoK share their experiences in the implementation of digital transformation with their Vietnamese counterparts. He said that digital transformation is one of the breakthrough strategic solutions implemented by the Vietnamese government. One of the key targets of the country’s digital transformation is to put peoples’ and businesses’ activities on digital platforms and encourage businesses to use digital technologies, especially those relating to artificial intelligence (AI) and digital platforms to improve productivity and operational efficiency.
Digital technology and digital transformation will enhance administrative reform, help people access public services more easily and conveniently, and bring the government closer to the people. That is the basic goal of Vietnam’s digital transformation.
In 2020, Vietnam approved a National Digital Transformation Programme by 2025, with an orientation toward 2030. The strategy helps accelerate digital transformation through changes in awareness, enterprise strategies, and incentives toward the digitalisation of businesses, administration, and production activities.
The programme targets businesses, cooperatives, and business households that want to adopt digital transformation to improve their production, business efficiency, and competitiveness. The plan aims to have 80% of public services at level 4 online. Over 90% of work records at ministerial and provincial levels will be online while 80% of work records at the district level and 60% of work records at the commune level will be processed online.
Scientists from Nanyang Technological University in Singapore (NTU Singapore) have created a method to transform wastepaper from cardboard boxes and single-use packaging into a vital component of lithium-ion batteries.
The NTU researchers used a process called carbonisation, which turns paper into pure carbon, to transform the paper’s fibres into electrodes that can be used to create rechargeable batteries for electric cars, medical equipment, and mobile devices.
Paper is used in many aspects of daily life, from gift wrapping and crafts to a wide range of industrial uses, including heavy-duty packaging, protective wrapping, and the filling of voids in construction, according to Assistant Professor Lai Changquan of NTU’s School of Mechanical & Aerospace Engineering and the project’s coordinator.
However, besides incineration, which produces high levels of carbon emissions because of its composition, not much is done to manage it when it is disposed of. “Our method to give kraft paper another lease of life, funnelling it into the growing need for devices such as electric vehicles and smartphones, would not only help cut down on carbon emissions but would also ease the reliance on mining and heavy industrial methods,” says Ass Prof Lai.
The team heated the paper to high temperatures to carbonise it, which turns it into pure carbon, water vapour and oils that can be used to make biofuel. As carbonisation occurs in the absence of oxygen and produces very little carbon dioxide, it is a more environmentally friendly method of disposal for kraft paper than incineration, which releases a lot of greenhouse gases.
The carbon anodes created by the research team also demonstrated superior durability, flexibility, and electrochemical properties. According to laboratory tests, the anodes are at least twice as durable as the anodes in today’s phone batteries and could withstand 1,200 charges and discharges.
The NTU-produced anode-based batteries could withstand physical stress better than their rivals, absorbing crushing energy up to five times better. In comparison to current industrial techniques for producing battery anodes, the NTU-developed method also employs less energy-intensive processes and heavy metals. This newest technique, which uses a cheap waste material, is anticipated to lower the cost of manufacturing lithium-ion batteries because the anode accounts for 10% to 15% of their overall cost.
Using wastepaper as the raw material for battery anodes would also reduce reliance on traditional carbon sources, such as carbonaceous fillers and carbon-yielding binders, which are mined and then processed with harsh chemicals and machinery.
In 2020, paper waste, which includes discarded paper bags, cardboard, newspaper, and other paper packaging, comprised nearly one-fifth of the waste generated in Singapore. A separate 2020 NTU study discovered that kraft paper bags, which account for most of Singapore’s paper waste, have large environmental footprints when compared to cotton and plastic counterparts, due to their greater contribution to global warming when incinerated and the eco-toxicity potential in their production.
The current innovation, which provides an opportunity to upcycle waste products and reduce our reliance on fossil fuels while accelerating our transition to a circular economy, green materials, and clean energy, reflects NTU’s commitment to reducing our environmental impact, which is one of four grand challenges that the University seeks to address through its NTU 2025 strategic plan.
The NTU team will carry out additional research to increase the material’s capacity for storing energy and lower the amount of heat energy needed to turn paper into carbon.
The Australian National University (ANU) is hosting a new training centre aimed at upskilling the next generation of researchers in cutting-edge 3D imaging and analysis technology to help repair bones, safely store CO2, deactivate viruses on surfaces and recycle car parts among a range of critical applications.
The ARC Training Centre for Multiscale 3D Imaging, Modelling and Manufacturing, M3D Innovation, is using a “disruptive” digital imaging, analysis, modelling and manufacturing technology developed at ANU for more than 15 years.
The micro-imaging technology provides users with 3D “supervision” into a range of materials at scales ranging from metres to 10 nanometres – a measurement 1,000 times smaller than the width of a human hair.
The technology was originally developed by a team of researchers with M3D Innovation Director, Professor Mark Knackstedt, who has won a Eureka Prize as well as an ENI award – the ‘Nobel prize’ for energy resources research – for his innovation.
He noted that the aim is to gather researchers from ANU and Queensland University of Technology, 15 industry partners and end users to harness the ‘super-power’ of advanced imaging and analysis technologies. He added that a vibrant research training environment is being built and a workforce that is expert in applying the new technology to a range of new industry sectors is being created. Moreover, PhD students and early career researchers in industrial collaboration and commercialisation are being mentored.
Already, incredible strides have been made through a range of exciting projects. This includes using the technology to investigate green steel production via hydrogen-based processes; safely storing CO2 in aquifers to fight climate change, recycling car parts for a circular economy, regenerating bones with biodegradable scaffolds and designing custom bone implants.
Partners at QUT have developed new technology during the COVID-19 pandemic, using etching techniques to roughen surfaces to deactivate bacteria and viruses. This is a technique that could be used to deactivate COVID-19 on metal surfaces in hospitals and clinical settings.
M3D Innovation is funded by the Australian Government under the Australian Research Council Industrial Transformation Training Centres scheme. Professor Knackstedt said they are grateful for the Australian Government’s investment and support for this important field of science and for the translation to industry partners.
ANU and Australia are world leaders in this space. Their work at M3D Innovation will boost the country’s capacity and deliver new graduates and researchers with critical skills and knowledge across novel manufacturing, modelling and imaging.
The global 3D imaging market size was valued at US$25.7 billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 18.2% from 2022 to 2030. 3D imaging is the procedure of rendering a three-dimensional image to create the optical illusion of depth.
During the 3D imaging process, two or more motion cameras are employed to capture a three-dimensional object for these 3D images to be produced. High-resolution images are created by combining 3D image sensors, cameras, and screens. As a result, 3D imaging is widely used in hospitals, the entertainment industry, architecture, construction, and automotive.
While the COVID-19 pandemic negatively impacted market growth, ongoing technological developments in the field of 3D imaging and the widespread adoption of and need for 3D imaging systems in different sectors are expected to drive the market in the coming future.
The growing prevalence of chronic diseases worldwide coupled with increased awareness of the benefits of 3D imaging technology are also factors contributing to the growth in demand for 3D imaging solutions.