On December 30th 2016, the Prime Minister of India, Narendra Modi, announced the launch of an Android app called BHIM (Bharat Interface for Money) for facilitating digital transfer of funds using mobiles. Developed by the National Payment Corporation of India (NPCI), the umbrella organization for all retail payments system in India, the app is inter-operable with Unified Payment Interface (UPI, which went live in August 2016) applications, and bank accounts. Users can check bank balance and transactions details, scan a QR code for faster entry of payment addresses and more. 32 banks, including the majority of large public sector and private banks are supporting the app. There are limits of Rs. 10,000 per transaction and Rs. 20,000 within 24 hours.
This is the latest initiative in a massive drive by the government of India to reduce the role of cash in the Indian economy.
According to a report by the United States Agency for International Development (USAID), as of January 2016, 97% of retail transactions in India were still conducted in cash (a Boston Consulting Group report estimated the number to be 78%), only 11% of consumers used debit cards during the previous year and only 6% of merchants accepted digital payments. The numbers demonstrate the enormity of the task the government has set for itself.
The big driver for the ongoing push came from the surprise demonetisation announcement on November 8th.
All 500 and 1000 Rupee notes, accounting for 86% of all currency in circulation, would cease to be legal tender from the midnight of that day. People could deposit the old notes in banks till December 30th. The initially stated objectives were a crackdown on black money, curbing corruption, and tackling the counterfeiting of currency for funding terrorism. The subsequent cash crunch led to long queues at banks and ATMs across the country and adversely impacted businesses, though precise countrywide statistics are hard to come by at the moment. Over 95% of the banned currency had been deposited in banks by early January according to news reports, raising doubts on the effectiveness of the measure in countering black money. However, towards the end of November, the government started talking about using this opportunity for promoting a cashless society by embracing technology and mobile platforms, as was evident from speeches by the Prime Minister. A social media campaign was launched for advocacy of digital payments.
Soon, incentives were introduced to spur the adoption of digital payment platforms. Simultaneously, studies were initiated to analyse the regulatory aspects.
The government is seeking to leverage the so-called JAM trinity of Jan-Dhan Yojana (JDY) or People Money Scheme, Aadhar (a 12 digit unique identity number linked to a citizen’s basic demographic and biometric information and mobile penetration to boost the adoption of digital platforms for majority of transactions.
The JDY scheme, launched in August 2014, to promote financial inclusion by extending the reach of affrodable and convenient banking services, had around 16 million accounts on 28th December 2016. Zero balance accounts had dropped from a high of 77% in September 2014 to 24% in September 2016. Around 86% of the country’s population had the unique identifier assigned to them at end of 2016. As of September 2016, there were over a billion mobile subscribers, along with 346 million wireless internet subscribers, constituting 84% and 30% of India’s population respectively (according to the same report, 62% of urban residents have internet subscriptions, which falls to 13.7% for rural India).
Bringing together the high penetration of mobiles (though there could be concerns over the rural/urban divide and internet speeds with slightly over half of internet subscriptions being broadband) and Aadhar, the government is promoting a range of payment methods and platforms, including some, such as Unstructured Supplementary Service Data (USSD) which do not require sophisticated hardware in the form of smartphones and do not require internet data.
On December 8th, the government announced a ‘Package for Promotion of Digital and Cashless Economy’. It included measures such as the elimination of service tax on digital transaction charges/MDR (Merchant discount rate or the charge to a merchant by a bank for accepting payment from their customers in credit and debit cards) for transactions up to Rs. 2000 per transaction, extension of financial support to eligible banks for deployment of 2 POS (Point-of-Sales) devices each in 1 Lakh villages with population of less than 10,000 and capping the monthly rental paid by merchants for PoS terminals/Micro ATMs/mobile POS to public sector banks.
NITI Aayog, the premier policy ‘Think Tank’ of the Government of India, formed a Committee under the leadership of its CEO, Mr. Amitabh Kant, to ‘identify and operationalize in the earliest possible time frame user-friendly digital payment options in all sectors of the economy’. The aim is to establish and monitor an implementation framework with strict timelines to ensure that nearly 80% of transactions in India moves to the digital-only platform. The committee is also expected to co-ordinate between the public and private sector and the various stakeholders, such as regulators, State governments, district administration, local bodies, trade and industry associations. The committee has representation from Department of Financial Services, Ministry of Finance; Secretary, Ministry of Electronics and Information Technology; Secretary, Department of Industrial Policy and Promotion, Department of Investment and public Asset Management, National Payments Corporation of India, Ministry of Rural Development and National Highways Authority of India.
On 30th November, NITI Aayog constituted a Committee of Chief Ministers, also including representatives from academia and consultancy to examine and promote the use of digital payment systems across the country.
Meanwhile, a Committee on Digital Payments, constituted by the Ministry Of Finance issued a report in December, entitled, ‘Medium Term Recommendations to Strengthen Digital Payments Ecosystem’. The report is supposed to provide material for the Committee of Chief Ministers.
Its recommendations included Making regulation of payments independent from the function of central banking, Updating the current Payments and Settlement Systems Act, 2007 and Promoting digital payments and receipts within Government. The report also looked at global best practices and directions from jurisdictions, such as Singapore, the European Union (EU), Australia and UK. Issues such as interoperability, consumer protection through penalties and appeal mechanisms, systemic risks and data protection and security are considered and emerging technologies, such as Blockchain are listed.
In late December, the Reserve Bank of India, the central bank, issued ‘Special Measures to incentivise Electronic Payments’ involving the use of Pre-Paid Payment Instruments.
There has been some increase in digital transactions, as seen from provisional central bank data for December and November 2016. Combined transactions based on UPI, USSD and PoS debit and credit cards, increased by 87% in volume month-on-month and 42% in terms of value. Bulk of the boost in value of transactions came from USSD. The BHIM app has crossed 3 million downloads on the Play Store (the Play Store page shows between 1 and 5 million downloads) and 500,000 transactions.
But there is a long way to go. A range of concerns from internet connectivity, access to banking, inter-operability, regulation of private players, such as mobile wallet providers and cybersecurity (As citizens are being strongly encouraged to shift to digital transactions, cybersecurity and privacy measures should be handled diligently. Failing to do so could result in severe setbacks by affecting user trust.) have to be dealt with, several of which are outlined in the Ministry of Finance report, before the vision of a cashless or nearly cashless economy can be realised. Development of a comprehensive blueprint by the NITI Aayog at the earliest possible would be the first step in that direction.
Photo by Richard Tanzer Fotografie / VeroPay/ Creative Commons Attribution-Share Alike 3.0
Cleveland train users will be the next to benefit as the rollout of the Smart Ticketing system continues. Customers travelling from Central station and Cleveland station will have access to the system from 30 November 2022. Queensland’s Minister for Transport and Main Roads stated that the AU$ 371 million project continued to gather pace, with Cleveland line customers now having more ways to pay.
He said that delivering better public transport services for Queenslanders is not just about acquiring more trains or buses but about making it easier for people to use the trains without barriers. This trial allows adult customers to use their credit card, debit card, smartphone, or smartwatch to pay for their train journey – meaning you do not need to think before hopping on a train, you can just tap and go.
The Member for Capalaba stated that the system would put Queensland on par with major cities like London, Singapore, and New York. He said that record levels of investment in the region mean that commuters can get home safer and sooner, spending more time with family and friends.
Meanwhile, the Member for Lytton encouraged commuters to use the new system. She said that there is no doubt this trial is proving to be immensely popular with public transport users. She looks forward to seeing the rollout extend onto local buses, which is set to take place next year.
The project will replace 1300 fixed devices and 12,000 onboard readers to bring 18 different payment systems across the regional bus network together under one Smart Ticketing umbrella. Whether commuters are visiting family and friends in Cairns, Bowen, Rockhampton or Bundaberg, there will be one seamless way to pay.
The Member for Bulimba praised the success of the trial, which had already clocked up more than two million trips. She said that commuters and tourists alike are finding it easy to use, and we’ve seen incredible numbers tap on and off using the system since it began.
The region will continue to develop the system to bring concession card holders onboard while also encouraging those who travel at a discounted rate to continue using the go card for the time being.
The Member for Greenslopes noted that the expansion added new destinations to the Smart Ticketing map, adding that this is another crucial step toward rolling out the system across the South East Queensland heavy rail network, following on from trials already underway.
Next, the South Brisbane and South Bank transport hubs will begin the rollout of the Smart Ticketing system. This will connect the area to the hospital and health precinct as well as South Bank businesses.
Smart Ticketing is already operational on the Ferny Grove, Ipswich/Rosewood, Springfield Central, Sunshine Coast/Caboolture, Redcliffe Peninsula, Doomben and Shorncliffe train lines. Next, it will launch at the Airport, Beenleigh, and Gold Coast lines, enabling customers to interconnect from the Gold Coast Light Rail through to Brisbane CBD and the airport, with buses and ferries set to follow next year.
Train users who prefer to pay with their go card will be able to continue doing so. Customers travelling on a child or concession fare should continue to use their go card for now, as should customers travelling to or from destinations not yet using the trial, or anyone using a connecting bus or ferry service.
What is smart ticketing?
Smart Ticketing is an innovative ticketing technology that enables more ways to pay for public transport across Queensland. Over time, more Queenslanders will be able to pay for travel with contactless payment methods using a Visa, Mastercard and American Express debit card, credit card, smartphone, or smart device. As a long-term project, the aim is to have more Queenslanders tap on and off to conveniently pay for everyday travel on train, tram, bus, and ferry.
Hong Kong Science and Technology Parks Corporation (HKSTP) and an IT service management company jointly launched the “Idea Launcher” co-ideation initiative to foster and accelerate innovation and technology (I&T) development in Hong Kong through extensive support, mentoring and coaching to help early-stage start-ups nurture innovative ideas and research projects.
The project is another addition to HKTSP’s co-incubation mission with sector leaders, with the Idea Launcher being the first partnership with a corporate leader under HKSTP’s IDEATION Programme. The IT service management company collaborate closely with HKSTP to specifically support the development of early-stage ideas from emerging start-ups and next-generation entrepreneurs.
The Idea Launcher continues the strategic collaboration that the two parties began earlier this year, covering the four key pillars of Research & Development, Technology Simulation, Co-incubation, and Talent and Culture Cultivation. It is a six-month co-ideation initiative that provides early-stage start-ups and entrepreneurs with technical training, business consulting, capabilities assessment as well as project feasibility to optimise start-up solutions and concepts.
HKSTP will offer HK$ 100,000 in seed funding and incubation training to selected start-ups, while the IT service management company will provide tailor-made AWS innovation culture workshops to help start-ups build up their innovation capacity. Programme participants will also receive up to US$ 25,000 in the IT service management company’s cloud resources, as well as technical support and training through their Program, set up especially to help start-ups optimise their business models and fuel future development.
The Head of Business Development at the IT service management company’s Hong Kong and Macau branch stated that with its established start-up ecosystems and investment development teams in Hong Kong and beyond, the firm gathers talent with investment institution backgrounds and entrepreneurial experience that is geared to supporting start-ups throughout their growth cycle. He noted that the company looks forward to deepening its partnership with HKSTP to advance local start-ups and propel Hong Kong on its journey to international I&T hub status.
The Chief Corporate Development Officer of HKSTP stated in partnering with one of the world’s largest and most iconic start-ups, HKSTP is ready to elevate Hong Kong’s talented entrepreneurs onto the global stage.
About the IDEATION programme
The IDEATION programme was launched by HKSTP in 2019, furthering its support for early-stage research and development projects and innovative ideas. Well-received in the start-up community, the number of participating members and teams in the programme has more than tripled from 60 to over 230.
Start-ups will receive help turning realising their ideas and beginning their entrepreneurial journeys with the Ideation Programme – an up to one-year start-up support programme for tech-focused entrepreneurs. Through the programme, participants can develop the fundamental skills they need to kickstart their businesses. All-round support will be provided from designing a business model to finding investment. Participants will receive guidance along every step of the way, to fine-tune their ideas for technical development.
The programme provides seed funding in the form of a grant worth up to HK$ 100,000; a mentor for business advice; training on a variety of topics including Hong Kong’s start-up ecosystem, business modelling, pitching and investment, and more; access to centre facilities like co-working spaces (subject to availability), and potential to bridging programmes which means participants will be prepared for admission into other HKSTP incubation programmes.
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.
India ranked 61st in the recently released Network Readiness Index 2022 (NRI). The report ranks a total of 131 economies that collectively account for almost 95% of the global gross domestic product (GDP). The United States ranked first place as the most network-ready society. The report is titled ‘Stepping into the new digital era: how and why digital natives will shape the world’.
According to a press release by the Ministry of Communications, this year, India jumped six places. It ranked 11th within Asia and the Pacific. Further, the country not only increased its ranking but improved its score from 49.74 in 2021 to 51.19 in 2022. Apart from placing first in AI talent concentration, the country has done well in mobile broadband Internet traffic within the country, international Internet bandwidth, and annual investment in telecommunication services and domestic market size. Its ICT services exports ranked fourth, followed by FTTH/building Internet subscriptions and AI scientific publications. The country’s weakest indicators were happiness, online access to financial accounts, and the gender gap in Internet use.
As per the report, India has greater network readiness than expected, given its income level. The nation scores higher than the income group average in all pillars and sub-pillars. It said the country’s main strength relates to people and the greatest scope for improvement concerns governance.
Major progress was made by Singapore, which jumped from the seventh position to ranking second in this year’s index, pushing Denmark (6th) and Finland (7th) out of the top 5. The other five countries that made up the top ten included Sweden (3rd), the Netherlands (4th), Switzerland (5th), Germany (8th), the Republic of Korea (9th), and Norway (10th). The ranking is based on each country’s performance in technology, people, governance, and impact, covering 58 variables.
Recently, to secure digital data, the government, through the Ministry of Electronics and Information Technology (MietY), announced it would discuss various aspects of digital personal data and its protection. It has formulated a draft bill titled ‘The Digital Personal Data Protection Bill 2022’. As OpenGov Asia reported, the purpose of the draft Bill is to provide for the processing of digital personal data in a manner that recognises both the right of individuals to protect their personal data and the need to process personal data for lawful purposes.
The Ministry has invited feedback from the public on the draft Bill. The submissions will not be disclosed and held in a fiduciary capacity, to enable people submitting feedback to provide the same freely. The government has said no public disclosure of the submissions will be made. The government said the draft Bill uses simple language, allowing citizens to understand it easily. It is accessible on the Ministry’s website, along with an explanatory note that provides a brief overview of its provisions.
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.