The HKMA (Hong Kong Monetary Authority) has announced a number of new initiatives aimed at fostering the development of the fintech ecosystem in Hong Kong.
Among the initiatives announced at the Hong Kong Fintech Week was the signing of an MoU between Hong Kong Interbank Clearing Limited and the PBOC’s Institute of Digital Currency to connect eTradeConnect and the PBOC Trade Finance Platform.
eTradeConnect is a blockchain-based trade finance platform launched in October 2018 with support from the HKMA and funded by a consortium of 12 major banks in Hong Kong. The PBOC’s trade finance platform, first deployed for testing last year, is also blockchain-based.
The newly announced proof-of-concept is expected to begin in Q1 2020. Once the connection has successfully been established, it will provide firms in both Hong Kong and China more convenient access to trade finance services, and enable financial institutions to expand their trade finance business.
Separately, eTradeConnect has announced two other proofs-of-concept – one that links banks to a global shipping network through collaboration with CargoSmart, a multinational professional services network, major Hong Kong banks and ocean carriers; and the second to integrate with customer procurement systems to facilitate trade financing.
The HKMA also announced a joint research project underway with the BOT (Bank of Thailand). Known as “Project LionRock-Inthanon”, the initiative is a follow-up to an MoU signed between the two central banks in May to study the application of a CBDC (central bank digital currency) to cross-border payments, with a view to facilitating HKD-THB PvP (payment-versus-payment) capabilities among banks in Hong Kong and Thailand. A joint report on the project is scheduled to be released in Q1 2020.
The recent signing of an operational agreement to set up the BIS (Bank for International Settlements) Innovation Hub Hong Kong Centre was also highlighted. The centre is proof that Hong Kong stands at the forefront of fintech innovation.
According to the HKMA, the BIS Innovation Hub Hong Kong Centre will serve as a focal point for regional fintech collaboration and bring the application of innovative technologies among central banks to a new level.
Initially, the Hong Kong Centre will focus on the use of DLT (distributed ledger technology) to digitalise trade finance processes and study the impact of bigtech in financial markets.
Meanwhile, the HKMA is conducting a study on the application of AI (artificial intelligence) technology in the banking industry and plans to release a series of publications on the topic. To help banks, it has already issued two circulars in the past week, one offering high-level guidance on the use of AI, and the other on the related consumer protection issues.
HKMA’s Chief stated during his keynote speech that everyone involved needs to explore exactly how technology should be implemented and overseen in practice.
In this regard, the HKMA has published a fact sheet highlighting the key findings of an industry-wide survey conducted in Q3 2019. It shows that almost 90 per cent of Hong Kong retail banks have either already adopted or are planning to adopt AI applications.
The fact sheet also shows that total capital investment in AI is expected to grow 70 per cent in the next five years and that over 92 per cent of retail banks plan to “significantly expand” their AI workforce over the same period.
Besides the HKMA’s work to understand and provide insights into the application of AI in financial services, it also seeks closer collaboration with banks and technology firms to develop regtech tools, Yue said.
It is widely accepted that data analytics and machine learning can help the industry perform compliance work more accurately and more cost-effectively. As a start, the HKMA will organise an ‘AML RegTech Forum’ later this month to bring together the banking industry, technology firms and other experts to explore technological collaboration on AML/CFT issues.
The Chief also discussed the HKMA’s own digitalisation programme, which cuts across banking supervision, AML, financial stability surveillance, research and investment.
With regards to supervision, the HKMA has started a pilot which aims to collect more granular data from banks (i.e., the GdR (Granular Data Repository) initiative). The data gathered will give experts a fuller and more up-to-date picture of banks’ business.
The advantage is that, in time, banks could use the tech to replace many template-based regulatory reports and lessening the reporting burden on banks.
The digitalisation programme will fundamentally overhaul the HKMA’s IT and data infrastructure over many years. The agency is working closely with technology consultants and service providers to explore new technologies, including Supervisory Technology, or SupTech.
Moreover, the government initiative, known as “iAM Smart”, will roll out electronic IDs in the fourth quarter of 2020. The initiative will enable Hong Kong citizens to authenticate their identities using mobile devices for access to financial services.
The HKMA has also launched the ‘Fin+Tech Collaboration Platform’ with the Hong Kong Science and Technology Parks, which aims to further support the fintech ecosystem and foster its development.
The platform will allow industry players to organise fintech-related activities such as accelerators and hackathons to explore innovative solutions, identify talents, and seek opportunities to collaborate. The HKMA will also be using the platform’s hardware and software facilities for some of its own fintech projects.
It is thus evident that the HKMA’s fintech initiatives have successfully created a vibrant fintech ecosystem. The agency will continue working with financial institutions, end-users, start-up firms, technology service providers, investors and regulators to drive innovation, enhance customer experience and facilitate financial inclusion.
As medical technology advances, breakthroughs in diagnosing and treating various critical illnesses are achieved, and as the design of patient treatment plans becomes more precise and personalised, healthcare practitioners are expected to keep abreast of the latest developments to master the most sophisticated technologies.
In a cancer treatment team, members are specialised in their respective fields, yet they work together seamlessly to devise the most effective treatment for patients. One of the lesser-known of the specialists in such a team, the Medical Physicist, is responsible for formulating treatment plans, as well as monitoring and maintaining radiation equipment used to ensure the precise, effective and safe delivery of treatment.
Medical Physicists specialise in radiation treatment technology, with their expertise spanning from diagnostic imaging to radiotherapy, and they are “strong backers” of the cancer treatment team. However, a higher degree programme in Medical Physics was previously not available in Hong Kong or nearby regions.
To meet the future demand for Medical Physicists, The Hong Kong Polytechnic University (PolyU) has, this academic year, launched the first Master of Science in Medical Physics (MScMP) programme in Hong Kong. The curriculum is designed to cover various aspects including health technology, physics and engineering, offering interdisciplinary training for professionals who are keen to pursue a career in the field of medical physics.
High demand for cancer treatment Creating local training opportunities
The ageing population in Hong Kong poses immense challenges to the local healthcare system and the rising demand for cancer treatment is one of them. To maintain the quality of healthcare services, it is essential to have more qualified professionals in the workforce.
There are about 150 Medical Physicists currently practising in Hong Kong, serving at the Hospital Authority as well as in public and private hospitals. They possess both physics and medical expertise, playing a vital role in diagnosis and the formulation of treatment plans, as well as ensuring proper operation of equipment to achieve the treatment goal.
The Dean of the Faculty of Health and Social Sciences of PolyU stated with the advancement of technology and patients’ growing expectation of higher service standards, there is a need for the additional workforce. Besides those working on the frontline, experts in innovative health technology at the back-end to achieve effective treatment are needed. Thus the new masters programme in medical physics will both prepare students for a career in medical physics and help to promote the development of the field itself.
Leveraging interdisciplinary expertise Striving for the well-being of patients
Medical Physics is an interdisciplinary field that crosses the boundaries of medicine, physics and engineering. The Head of the Department of Health Technology and Informatics of PolyU pointed out that the demand for radiotherapy is ever-increasing.
In Hong Kong, cancer has long been the leading cause of death and radiotherapy plays a crucial role in cancer treatment. In the past, no dedicated master programme was offered by local institutions, and people have little understanding of the role of the Medical Physicist.
It is hoped that through this new programme, more people will understand the importance of medical physics and hence help to open new research areas in this field.
The programme leader and Professor of the Department of Health Technology and Informatics, added that the programme is taught by an interdisciplinary team, striking a good balance between theory and practice by incorporating modules in health technology and informatics, applied physics, applied mathematics, biomedical engineering and computing. The aim is to broaden students’ perspectives in medical science and technology development and equip them with professional knowledge, relevant skillsets as well as research capabilities.
The Vice President (Education) of PolyU noted that the university is considering switching some of its undergraduate and postgraduate programmes from single-disciplinary to interdisciplinary, to better address societal needs. This new MScMP programme is a good example of PolyU’s interdisciplinary efforts. Thus, while students enrolled on this programme already have a bachelor’s degree in a specific discipline, they can acquire new professional knowledge in the areas of health technology, physics and engineering, and create a synergy of different subjects. This will provide a solid basis upon which they can develop a career in the field of healthcare.
Contribute to the community with medical physics knowledge
According to the President of the Hong Kong Association of Medical Physics half of the practising Medical Physicists in Hong Kong obtained a relevant higher degree overseas, while the other half pursued their master degree in physics or engineering in Hong Kong, and received “on-the-job” training while working as a Resident Physicist.
He is encouraged to see the launch of the first MScMP programme at PolyU, noting that Medical Physicists play a pivotal role in a medical team, although they spend most of their time behind the scenes, they are irreplaceable in the planning and implementation of cancer treatment. They are responsible for formulating treatment plans, calculating radiation doses, as well as testing and monitoring equipment to ensure that all arrangements are perfectly executed.
Currently, the minimum entry requirement for Resident Physicists in Hong Kong is a master degree in medical physics, physics or engineering-related subjects. While working as a Resident Physicist in a hospital, one can start taking a three-part professional examination. Generally speaking, it takes about four to five years to attain certified recognition as a Medical Physicist.
Authorities in the central city have put on trial the DaNang Smart City app for smartphone users to access public information services and connect with local authorities. The Deputy Director of the city’s Department of Information and Communications, Tran Van Thạch, noted that all local residents and tourists can download the app to search for information related to public services, tourism, rescue, bus trips, open data, smart car parks, hotlines, or send comments and complaints to the local government.
He said the application would be a step towards the city becoming ‘smart’, an objective the city has been following since 2014. Local authorities were available for all online connections or switchboard 1022; zalo 1022 and chatbot. In 2016, the city launched gopy.danang.gov.vn to get feedback on city services from the local community.
The online portal, available in English and Vietnamese, allows residents and tourists to conveniently post opinions and suggestions, as well as complaints on urban, environmental, administrative, and tourism-related services. Apps for public bus routes (Dana Bus and Bus Map) are also available from the Apple and Google Play stores.
All problems related to security, tourism, public disorder, environmental pollution, and administrative procedures sent via the website will be dealt with within three working days.
Da Nang was the first city in Vietnam to offer free wireless internet, with a maximum of 20,000 connections at a time for locals and tourists on major streets in the city, including living quarters, schools, and beaches. Da Nang plans to become a smart and green city by 2025.
According to statistics of the Department of Informatics, by September this year, the rate of online public services at level 4 reached 19.1%, nearly 4.2 times higher than in 2018. Nine ministries and agencies under the government and 15 provinces and cities reached a rate of over 30%. Typically, the Ministry of Health and the Ministry of Information and Communications (MIC) have provided 100% of online public services at level 4.
Earlier, MIC launched an online portal, which provides data on state agencies in service of political and socio-economic activities, contributing to the process of e-government building in Vietnam. New digital services, in the process of a digital government building, as well as open data will be provided on the portal. This will make it easier for the public to use them to serve research, study, or product invention, as well as offer feedback to state agencies to improve operating efficiency.
The state-owned group Viettel also recently developed an AI platform, which is part of a chain of events to introduce Made-in-Vietnam digital platforms to serve the national digital transformation program for 2025, with a vision to 2030 approved by Prime Minister Nguyen Xuan Phuc.
As OpenGov Asia reported earlier, the platform is currently focusing on areas such as Vietnamese speech processing technology (Speech Processing), Vietnamese natural language processing technology (Natural Language Processing), and computer vision technology (Computer Vision).
An American multinational developer of analytics software has committed to up-skill a minimum of 500 students in analytics across Malaysia by the end of 2020, in response to increased demand for data science expertise. Under the banner of the firm’s Software Certified Young Professionals (SCYP), the program will collaborate with the Malaysia Digital Economy Corporation (MDEC) to help drive the adoption of emerging technologies across the country.
Central to such efforts will be enabling students to work towards the certification in programming, machine learning and visual analytics through e-learning courses, supported by access to online communities and webinars.
The Managing Director of Malaysia at the firm stated that the company has a deep-rooted history in academia. Launching a program to empower Malaysian students with the firm’s analytics knowledge and expertise helps in answering the rising demand for technology professionals in Southeast Asia.
Business organisations need people who can make sense of data, manage and analyse it, build models and determine what information delivers the most value. Students with an analytical skillset will be highly sought after.
Once students have completed the e-learning courses and attended the associated webinars, a certification exam will follow before connections with SAS customers seeking young data science professionals.
Within Southeast Asia, “free or heavily subsidised” online courses are available to undergraduate, postgraduate and PhD students who are enrolled at a university, business school or university college in Malaysia, Indonesia or Vietnam. There are currently three courses available for students in Malaysia and Vietnam, and five courses on offer in Indonesia, spanning data analytics, statistics, machine learning and virtualisation.
The CEO of MDEC stated that the agency’s strategic partnership with the software company aligns perfectly with its commitment to ensuring delivery of technology relevant programmes to Malaysian students and help Malaysians make the digital leap into the era of the Fourth Industrial Revolution.
The agency sees its public-private partnership initiatives such as the tech firm contributing to Malaysia’s overall growth of the data science skills required in the workforce to support the digitally-driven economy, which is also critical to meet the demand of the current and future job market.
Growing demand for tech professionals
OpenGov Asia earlier reported that Malaysians with niche skills in technology have far brighter prospects in 2020 as many sectors are hiring in their push forward with digitalisation. A Malaysia-based consultancy’s 2020 salary survey revealed that job opportunities and higher pay were expected for those in mid to high-level management positions in eight sectors.
Talents with niche skills who are changing jobs, on the other hand, are looking at an increment of up to 30 per cent due to demand outstripping supply, the firm’s Country Manager for Malaysia said in a statement accompanying the survey report.
The survey also encouraged as employers may be more open to hiring job seekers with the necessary tech skills but who may have less industry experience.
Moreover, as Malaysia invests more into its technological infrastructure, the more it will see tech talent flooding into the nation, thereby growing its digital economy and pushing forward its Industry 4.0 goals.
Adoption and convergence of cloud, virtualisation, cybersecurity technologies, etc. have caused a dramatic change in the financial services industry significantly impacting its functioning. Further, most organisations were already on their digital journey when the pandemic hit – forcing a seismic shift in urgency and scope of the transformation.
The OpenGovLive! Virtual Breakfast Insight on 22 September 2020 engaged delegates from the financial services industry across ASEAN to better understand the impact of digital disruption in this sector. The session witnessed overwhelming attendance and engagement from senior digital executives, keen on sharing and learning more about this timely and highly relevant topic.
The pressure to transform digitally should not out innovation on a back seat
The session was opened by Mohit Sagar, Group Managing Director and Editor-in-Chief, OpenGov Asia.
Mohit concurred that the financial sector industry was seriously hit during the pandemic and were, for the most part, reactive in their response.
Before COVID, organisations were working hard balancing different aspects of their business – regulations, stakeholders, customers, employees – in a F2F, physical context. With strict stay-at-home, remote working and quarantine measures in place, almost all fiscal and commercial transaction transitioned online. The need to go digital almost immediately, besides managing the regular aspects of business, has put the financial sector under immense pressure.
Under such pressure, Mohit cautioned delegates, organisations must not hold back on innovation. In fact, the industry should look at the pandemic as an opportunity to pivot – to ramp up digital transformation.
None the less, in this expedient endeavour, operational resilience must be maintained and security strategies must be reassessed. Existing protocols and processes must not only be maintained but need to be strongly augmented – adding new chapters as appropriate and necessary.
Mohit encouraged delegates to prioritise the well-being and happiness of employees as much as that of their customers. In urgent times like these, it is a well-trained, motivated and committed workforce that will help organisations stay afloat and thrive.
In closing, Mohit advised delegates to must partner with the right people who are experts in this field, it if they want to correctly balance the different aspects of their business efficiently and have a smooth transition into the digital world.
Empower and augment employees to achieve operational resilience
Elisha Harrington, Head of Financial Services Innovation, ServiceNow shared her insights with the delegates.
Elisha spoke about operational resilience as a driver of transformation and coordinated delivery of business outcomes. She echoed Mohit’s sentiments about financial institutions being under a lot of pressure as they were pivoting to paradigms that were unknown to them.
They had to deal with technological shortcomings, cybersecurity issues, connectivity gaps, compliance requirements, etc. along with adjusting to remote working. In such an environment, operating at scale necessitates that employees collaborate across teams and work with each other virtually.
Elisha opined that operational resilience comes down to an institution’s ability to absorb shock and set out risk tolerances for those parts of the business that are highly critical to its survival.
The strategy to survive she proposed, and indeed, thrive rests four main pillars: People, Technology, Facilities and Supplies. These pillars need to be in place and need to be consistently and continuously improved.
Additionally, technology and supplier resilience are critical in keeping organisations going. Elisha outlined three major components under this:
- Technology Supply Chain
- IT resilience and Outsource
- Cost of Resilience
Elisha concluded by highlighting the need to transform the risk and controls management across the organisations. To successfully transform, there needs to be integrated risk management which coupled with workflow optimisation will lead to better customer outcomes.
Digitisation is essential to serve customers effectively and efficiently
Kaspar Situmorang, Executive Vice President & Head, Digital Center for excellence at PT Bank Rakyat Indonesia spoke to the audience from a scale of operations perspective. For organisations serving a large number of customers more effectively and satisfactorily, Kasper felt, it is imperative to go digital.
To underscore his position, he then shared that his organisation’s digital transformation strategy that has two major focus points: First is digital business optimisation, that focuses on increasing efficiency and productivity by bringing in new business processes. The second is making the business digital, that includes creating new business models, generating new revenue streams and improving gross margins.
Kaspar stressed that good customer experience in both digitising and digital is their organisation’s top priority. To do that, they utilise AI as to both expand their customer base and better the customer experience.
He listed five critical competencies in which they invest heavily to grow: People with the right customer-centric mindset, Open Innovation Ecosystem, Data-driven organisation, Agile way of working and Scalable, reliable and secure technology
In conclusion, Kaspar shared the transformation framework of his organisation that comprises:
- Digitising core: Digitising their existing services. transactions and business processes
- Digital Ecosystem: Building an ecosystem to offer products and services beyond core business
- New Digital Propositions: Creating and launching an independent greenfield digital bank in Indonesia
He also shared various examples of the products and services under the above three categories to give delegates a better understanding of their work.
After Kaspar’s presentation, it was time for a more interactive and engaging session. The delegates were polled with a series of questions that was the foundation for discussion around the topic.
On the first question regarding major challenges faced by their organisation in operational resilience, a majority of delegates voted for lack of definition for ‘client business Services’ across organisations (30%).
A senior executive from Malaysia shared that it was imperative that the top management, (who grant the budget and the IT personnel in an organization), are aligned in one direction; if they are not aligned then there will be a lot of ambiguity around the business goals and objectives.
On the next question regarding the most important consideration for the future of their organisation, over half (52%) of delegates voted for data-driven decisions, i.e. using insights from big data and advanced analytics in workforce decision making.
A delegate from Singapore shared that he chose this option because he has observed that while there is a lot of data, it is not easy to assimilate and draw insights from it. So that is a journey they need to undertake.
On the final question about the need to do things differently in your organisation, the largest section voted for creating a better digital experience for customers (37%).
A delegate reflected that they chose the above option because it is a changing environment for the customers as well. Due to the pandemic, they want to go more and more digital. They want to avoid coming to the branch physically for things. So, the focus is on creating a better digital experience for customers.
After the polling session, Elisha addressed the audience with closing remarks. She thanked all delegates for their participation in the session.
Elisha concluded that if organisations have a good handle over their system, service health and necessary automation in place, they have the ability to start to innovate the core business services. This allows employees more time to add value to the core rather than spending time resolving simple/routine problems or getting lost in too many fragmented systems. This is the ultimate goal of service excellence.
She signed off by reminding delegates that ServiceNow solutions can assist and support them in attaining this goal and encouraged them to reach out to the ServiceNow team to explore ways they can collaborate.
The Ministry of Information and Communications (MIC) and the Cuban Ministry for Communications held an online training course: “Designing and developing big data systems” for Cuba. It was officially opened at Hanoi and La Habana. The training course took place within a week with the coordination of the Embassy of Cuba in Vietnam and two of Vietnam’s leading ICT groups: VNPT and Viettel.
According to a press release, the objective of the course was to provide advanced knowledge about big data such as analysing, designing, and developing big data systems for IT application and e-government development in regulatory agencies.
The course will aid Cuba to solve challenges and tools for big data as well as related content. It attracted nearly 50 attendants from Cuba’s Ministry of Communications, ministries, sectors, corporations, and ICT enterprises.
Topics conveyed by Vietnamese lecturers and experts from the Authority of Information Technology Application (MIC), VNPT, and Viettel included: general knowledge about big data; big data processing; the storage and handling of big data; infrastructure requirements; how to manage big data using IPv6; analysis and presentation tools, models, methods and techniques math for analysing and integrating big data, etc.
The event is one of the activities in a series of activities celebrating the 60th anniversary of the establishment of diplomatic relations between Vietnam and Cuba and the Vietnam – Latin America Relationship Development Plan in 2020.
In the framework of cooperation between the two ministries, in July 2019, MIC coordinated with VNPT, Viettel, and Bkav to organise training courses on cybersecurity in Havana for Cuba. Furthermore, to promote the specialised ICT cooperation between the two, MIC undertook several activities like participating in the La Havana international book fair in Cuba, publishing two books in Spanish and copyright granting activities, exchanging radio and television programs, and promoting images and the relationship between the two countries.
In the coming time, MIC will host an investment promotion conference in the field of ICT with Latin American countries in October and continue to host a 01 information security training course for Cuba, scheduled for November.
Vietnam has also been providing support to Laos’ digital transformation. As OpenGov Asia earlier reported, thanks to a program under Viettel, all citizenship data has been uploaded to the system, improving the capacity to manage data and information about people, and helping reduce administrative procedures. This is the first time that Laos has implemented the management of electronic civil status instead of the registration of civil status as before.
The unit in Laos was the first licensed by the Central Bank of Laos to officially deploy mobile money and is also the only company developing this service in the country, offering a new secure and quick payment method for more than six million people. This field is expected to generate 30-50% of Unitel’s telecoms revenue in the future. Founded in October 2009, the Viettel subsidiary operates across all 17 provinces and cities in Laos and has led the market for eight consecutive years. It is also the Laos government’s partner in implementing the country’s key e-government systems.
The Department of Science and Technology (DOST) Secretary, Fortunato T. Dela Pena, has announced future-proof initiatives through research and development programs and private sector collaboration.
According to a press release, the Secretary mentioned that the DOST’s new programs and initiatives are set to future-proof industries and the environment amidst the pandemic. Among the programs the secretary mentioned are the integrated mapping, monitoring, modeling, and management system for the Manila Bay or the IM4 Manila Bay Program and the Charted Dream.
The IM4 Manila Bay program aims to characterise Manila Bay and its watersheds and the link environments. The Charted Dream project aims to develop technology for the management and utilisation of dredge materials from the Tullahan -Tinajeros rivers system. The team from the DOST-Industrial Technology Development Institute and the Department of Public Works and Highways have already met to identify possible sampling sites and are already preparing initial laboratory analysis.
These projects are said to complement the government’s current initiatives in cleaning up the Manila Bay and its adjacent rivers and tributaries. The Tullahan- Tinajeros River system is a 27-kilometer long river system and a major tributary of Manila Bay. It spans from La Mesa Water Reservoir in Fairview, Quezon City, all the way to Manila Bay. It is one of the most polluted waterways in Metro Manila.
The secretary also mentioned other DOST programs such as the Collaborative Research and Development to Leverage the Philippine Economy or CRADLE. The program aims to help create collaborative research and development between the academe and the industry by working with the private sector in identifying problems; academe and other research institutions will provide science-based solutions.
Currently, there are 18 new projects from 18 private companies that have partnered with 11 universities to work in the areas of new pharmaceutical products, research on the dietary fibre of sugarcane bagasse (the natural antioxidant on sugarcane), the development of new materials from carrageenan, “soysage”, a sausage derived from okra, and nursery tanks for shrimp production.
Apart from that, research will be conducted on the development of tomography imaging devices, semiconductor packaging and electronics products, and home energy storage and energy management.
DOST has also announced it will stage the 2020 National Science and Technology Week (NSTW) celebration in virtual mode for the first time, in November. It aims to highlight the efforts and initiatives of DOST and the entire scientific community in the area of research and development; practical technologies; innovation in agriculture, industry, and health; technical services and training; and financial assistance to entrepreneurs to help citizens adapt to COVID-19.
Technologies and services will be featured by DOST agencies and regional offices, academe, and private sectors in the virtual exhibit. Several webinars and other virtual activities will take the spotlight during the seven-day festivity, a release noted.
In the previous NSTW celebrations, all techno-exhibits and activities were usually held for five days either at the SMX Convention Centre or at the World Trade Centre in Pasay City.
From 1993 until 2019, the NSTW has been celebrated during every third week of July pursuant to Proclamation 169. However, in August 2019, by virtue of Proclamation 780 signed by President Rodrigo Duterte, the NSTW celebration will now be conducted every fourth week of November. The change of date was meant to ensure “maximum participation” of schools, students, stakeholders, and the public during the week-long celebration due to the change in the academic calendar of most universities, schools, and educational institutions.
Universiti Kebangsaan Malaysia (UKM) announced that a strategic partnership has been forged with the National Sports Institute (ISN) to help improve the diet of Malaysian athletes through the development of a mobile application, iDiet Score.
The IDiet Score is a mobile application was designed to help athletes and active individuals monitor their food intake through menu plans devised using Artificial Intelligence (AI).
Going forward the application can be developed is one of the products developed by UKM scholars that can be commercialised relatively soon. It is hoped that the project will wrap up development in December 2020 and then the next grant (which is a marketing grant for commercialisation) can begin to be discussed.
The ceremony was officiated by the Minister of Youth and Sports. Also present was the Deputy Vice-Chancellor for Student Affairs at UKM.
Approximately 50 ISN athletes were involved in research which focused on endurance, rhythmic, strength and other active individuals. These active individuals included people who went routinely to fitness centres or gyms and who were keen on clearly defining their needs. While the application was created with athletes in mind, any tier of active individual can download the app.
A total of eight UKM researchers were involved in the project, six from the Faculty of Health Sciences and two from the Faculty of Technology and Information Science, while two were from ISN. The iDiet Score application was developed by the UKM Information Technology Center appointed as a vendor.
The ISN Chief Executive Officer stated that as a national sports institute, ISN is continually seeking to expand its strategic networks and collaborations holistically through collaborations with various domestic and foreign entities including government and private agencies.
He noted that ISN officially has entered into cooperation through the signing of a Memorandum of Understanding (MoU) with four public universities, namely IIUM, UPM, UKM and UTM. These collaborations will see cooperation in the fields of services, research, sports science, innovation, sports medicine and commercialisation in various fields that are the core business of ISN. The agency is ready to build a balanced relationship with more strategic partners collectively in the future.
According to another article, the National Sports Institute of Malaysia (ISN) and Futurise Sdn Bhd (Futurise) signed a Memorandum of Understanding (MOU) aimed at developing a regulatory framework within the sports market for sports technology and advancements that can potentially allow a new ecosystem to be established.
Futurise is a company under the Ministry of Finance that focuses on innovation, regulation and commercialisation. In collaboration with ISN, the company aims to ensure that there is a continuous effort in developing regulatory frameworks for sports be it the sports technological improvements, new guidelines or policy issues.
There is a huge prospect in the sports market that can be transformed into a potentially lucrative ecosystem in Malaysia, with technological advances, the Futurise CEO stated.
The MOU will see the two parties identify and explore potential collaboration towards building a sustainable business model and pilot innovative solutions within the sports technology space. While Futurise, through the National Regulatory Sandbox (NRS), will work on exploring innovation-friendly regulatory approaches for emerging solutions and business models developed by ISN partners and ecosystem participants, ISN will be looking towards providing expertise in the area of R&D with regards to sports technology and innovation. Currently, Futurise is in a preliminary discussion with one of ISN’s partners to address their regulatory issues.
The Futurise CEO concluded that the sports industry is incredibly diverse. Very shortly, the Malaysian sports market has the opportunity to be an ecosystem that will fuel new markets that attract investors looking to enter the sports investment landscape. The firm aims to contribute to the strengthening of technology innovation in sports for Malaysia and we look forward towards a fruitful partnership with ISN.
