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HKUST and EY tax lab announce partnership

Image Credits: HKUST, Press Release

The Hong Kong University of Science and Technology (HKUST) recently announced a collaborative partnership with EY’s Advanced Technology Tax Lab (Tax Lab).

This unique collaboration brings together experts in data science, machine learning and business research, as well as a global leader in professional services, to solve complex tax issues through the use and application of advanced technologies.

The agreement between HKUST and EY will establish a platform for joint research and technology development opportunities of mutual interest relating to the application of emerging technology to practical tax scenarios, thereby facilitating collaborations between the two organizations.

This will include practical tax technology case study projects, speaking opportunities for HKUST academic staff and EY partners, and internship and graduate employment opportunities for students.

Leading the collaboration from HKUST are; a lead professor from the Department of Accounting; and a leading professor from the Department of Computer Science & Engineering at the School of Engineering.

The expert team from HKUST underscores the value of interdisciplinary knowledge and the role of technology in business in the new digital economy.

The Dean of HKUST Business School stated that the department is honoured to become the first Asia-Pacific university to be associated with the EY Advanced Technology Tax Lab.

The collaboration allows HKUST researchers and students to build relevance to the corporate world and address real challenges faced by the industry.

The EY Global Tax Technology and Transformation Co-Leader and Asia-Pacific Tax Technology and Transformation Leader stated that the digitalisation of tax administrations is dramatically disrupting the tax profession.

New technology enables more reporting requirements, more real-time data, digital data collection, application of data analytics and machine learning, as well as more data sharing between tax authorities.

The new partnership reinforces HKUST’s vision to transfer its technology and expertise leading to economic or social improvements and EY’s commitment to helping the tax profession navigate the evolving tax landscape as new technologies enter the market.

FinTech in Hong Kong

The Hong Kong FinTech Buzz Index (FBI) is a quarterly index which represents a quantified sentiment of the local FinTech-related news articles in local Chinese news media, OpenGov Asia reported.

According to the 2,315 news articles analysed in the past three months, Hong Kong FBI for the last quarter (Q4) of 2019 is 101.3, a drop of 3.2 index points (or 2.99%) from the third quarter of 2019 (104.5 for Q3, 2019), and continuing on a downward trend from the peak in 2019Q2 and back to the level in 2018Q2.

The indices of all six subsectors moved downward, with the sub-indices for Insurance Technology and Regulatory Tech & Cybersecurity falling below the base level of 100.

The drop in the sub-index of Regulatory Technology & Cybersecurity mainly reflects negative news reports concerning regulatory compliance and cybersecurity breaches in Hong Kong, such as the misuse of e-payment apps and money laundering allegations against a crowdfunding platform in Hong Kong.

This reflects opportunities for solutions from the Regulatory Technology & Cybersecurity sector.

The reasons underlying the drop in the FBI are complicated. Since Hong Kong has experienced social unrest and political instability during this period, the public view of the Hong Kong economy including the FinTech market has turned negative in general.

The news articles also reflect an increasing level of concern by the general public about cybersecurity as well as possible risks associated with the soon-to-be-launched virtual banks.

However, this also presents several opportunities for the government, companies and financial institutions to ramp up their tech game and push forward inclusive digitalisation and support. In addition, this is a chance for them to establish a better dialogue with their customers/citizens.

PARTNER

Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

PARTNER

CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Well-known for our strengths in system integration and consultation, CTC Global proves to be the preferred IT outsourcing destination for organizations all over Singapore today.

PARTNER

Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

SUPPORTING ORGANISATION

SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

PARTNER

HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

PARTNER

IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.

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