According to a recent report, a South Korean cryptocurrency exchange, in collaboration with two other organizations, is set to launch the first ever physical blockchain bank in Labuan, Malaysia’s federal territory.
One of the two other firms is an insurance group which supports blockchain and cryptocurrency operations while the other firm is an investment bank which is said to have a global affiliation in excess of US$1 billion.
The bank will be handling financial investments related to the Blockchain, cryptocurrency, and other digital banking services.
The main aim of the bank will be to bridge the gap between the traditional banking sector and the crypto world. The bank will facilitate the expansion of business of all the companies involved with crypto and provide banking services in a way that is effective and timely.
The South Korean cryptocurrency exchange, which according to reports, has attained a daily trading volume of 10 million USD, is to the main funder of the project. They were also successful in raising about $32.5 million during their Initial Coin Offering (ICO).
The exchange will also create a secure digital wallet for the investment bank and release US$100 million worth of STO to ensure that the bank is well funded from its inception.
A memorandum of understanding has been signed by the three organizations, to ensure that the alliance has proper sanctions and is backed by the law. With the hopes that the bank will be established in another year, the terms of the MoU is binding for a year and there are hopes that the bank may be set up during that time.
The collaborators have also sought the support of the other companies who have the possibility of being interested in the project.
Malaysia has been the hub of blockchain development. In November, the country officially started using Blockchain to aid in the traceability of degree certificates, due to the extremely high levels of fake degrees that are in circulation, the process of verifying which is extremely cumbersome.
Moreover, it was recently reported that efforts are being made behind the government-backed coin, which first emerged before the nation’s 14th General Elections.
The coin will reportedly be the world’s first political fundraising platform that meshes crypto and blockchain.
Another report on the subject noted that the new bank will be based in the popular crypto hub of Labuan, Malaysia, and its blockchain activities will be managed by the cryptocurrency firm, which raised US$32.5 million in its recent initial coin offering (ICO).
The firm affirms that it is the world’s first “insured crypto exchange” and offers both crypto-to-fiat as well as fiat-to-fiat trading.
The firm’s CEO noted that the company is setting itself apart in the Distributed Ledger Technology field by providing five platforms rolled into one to offer a wide variety of services to its customers.
It is believed that the firm will donate US$100 million worth of its digital token, STO, to support the establishment of crypto services within the bank and develop a new, multifunctional digital wallet for customers.
Labuan made the news earlier in 2018 as one of the best places in Malaysia for the development of blockchain-based start-ups. It is a free trade zone that has recently become an increasingly popular spot for offshore investment opportunities.
The developments show ongoing optimism in cryptocurrency and blockchain technology at a time when the market is suffering from over 12 months of steadily decreasing value.
The Infocomm Media Development Authority (IMDA) announced the launch of a S$5 million Virtual Production Innovation Fund to support the local media industry in developing the capabilities needed to harness virtual production technology to maintain the local media industry’s competitiveness as the international partner of choice to create premium IP.
To enable the camera to capture actors and visual effects in real time, virtual production technology uses LED panels to produce realistic background landscapes for television or movie sequences driven by video game engines. The site, road closures, location costs, permits, weather, set construction, and space rental will no longer be necessary for production.
With the help of technology, Singapore has a rare chance to get over some of its physical constraints, like the lack of suitable locations for on-location filming and room for large sets.
The ability of the storytellers to reproduce historical sites or any other environment will allow them to generate content that was previously impossible. This will revolutionise the creative process of storytelling.
The adoption of virtual production by the media sector is further encouraged by the strong signals emanating from international media giants that this technology will be widely employed in the creation of movies and television shows and will become the standard in the next years.
To strengthen capabilities in virtual production and ensure that the media companies and talent can keep up with international production methods to remain competitive, IMDA will pursue a two-pronged strategy to prepare the media sector for the future.
The National Film and Television School (NFTS) in the UK has collaborated with IMDA to adapt the school’s Certificate in Virtual Production course to the requirements of the sector to train media professionals to use this technology.
From December 2022 to April 2023, fifteen professors, trainers, and media professionals from Singapore will participate in virtual lectures and undergo hands-on training at NFTS’s virtual production facilities.
Over the course of the following 12 months, several masterclasses and workshops given by professionals from the business will be offered. A Singapore-based firm that specialises in developing immersive experiences, held a display to exhibit how virtual production can enhance imaginative storytelling.
Hands-on demonstrations will be given by guest speakers from virtual production leaders. They will discuss and explore best practices in the workflow to inventive ways to use different technology in storytelling.
Local businesses can also test out virtual production to realise their creative ideas for brief pieces of content, such as music videos, short films, and brand advertisements, among others. Companies can submit their suggested content concepts from now until February 15, 2023.
The capacity to best utilise virtual production technologies to realise a project’s creative vision will be taken into consideration while evaluating proposals.
Additionally, IMDA is working to organise an industry challenge with an internationally renowned gaming company. This challenge will encourage organisations to experiment with and use the cutting-edge real-time 3D creation tool developed by this gaming company. Currently, the aforementioned tool powers globally popular video games.
Teams whose concepts are shortlisted will receive personalised coaching and training from the gaming company. In addition, they will receive prize money from IMDA to assist with content creation.
Since virtual production technology has advanced in recent years, the country is now able to produce visual effects in real-time without building actual sets, thereby overcoming the constraints of scale, complexity, and space.
To strengthen the nation’s local industries and reduce its reliance on imports, Philippine President Ferdinand R. Marcos Jr. invited enterprises to engage in digitalising processes as well as other crucial areas including education, skills training, and research and development.
The president of the Philippines stated that imported goods continue to be the main cause of inflation and that import substitution must be considered. For its part, the Philippine government is dedicated to accelerating economic growth with the broader objectives of reducing poverty and reviving job creation.
Notably, the government works to hasten the nation’s economic expansion by reducing travel and movement restrictions, even more, enacting economic reforms, and fostering stronger economic ties with trading and investment partners.
The President also emphasised the efforts being made by the government to increase the ease of doing business, public-private partnerships, and bureaucratic efficiency through the development and digitalisation of information and communication technology (ICT).
The Chief Executive said that the Philippine economy is on pace to sustain its good economic performance and meet the government’s growth target of 6.5 to 7.5 per cent for this year as it continues to recover from the pandemic’s negative effects. Inflation must be controlled, the country’s growth rate appears robust, the peso is strengthening slightly in comparison to other currencies, and the unemployment rate is reasonable given the circumstances.
The Chief Executive anticipates that the meeting will aid in creating new economic prospects, reviving the industries that have been most negatively impacted by the pandemic, as well as addressing upcoming difficulties.
Meanwhile, one of the first Intergovernmental Relations (IGR) entities established and constituted under the Bangsamoro Organic Law, the Intergovernmental Fiscal Policy Board (IFPB), recently had their meeting.
The primary role of the IFPB is to address revenue imbalances and variations in the Bangsamoro Autonomous Region in Muslim Mindanao’s (BARMM) financial demands and income-raising capability. The body will specifically suggest tax-collecting strategies and changes to fiscal policy for the BARMM.
THE IGFP discussed 17 issues on the agenda, including the BARMM’s tax system’s digitalisation. Assuring solid financial management and improved bureaucratic efficiency through digital transformation is in line with the administration’s 8-Point Socioeconomic Agenda.
To further this objective, IFPB pledges to build and uphold positive and constructive relationships to meet BARMM’s financial demands and strengthen the region’s potential for revenue-raising. In addition to the IFPB, the Intergovernmental Relations Body (IGRB), which is made up of officials from the national and Bangsamoro administrations, had its 12th meeting and press conference to talk about issues pertaining to the local development of the BARMM.
In response to the difficulties posed by the Fourth Industrial Revolution (Industry 4.0), the Technical Education and Skills Development Authority (TESDA) has reaffirmed its strong commitment to keep developing its programmes and services.
To adapt and alter its programmes to the increasing needs of the industries, TESDA is constantly trying to improve its systems and procedures. And this is where their partner industries step in, assisting them in creating training programmes that will equip graduates with skills relevant to their business.
The organisation emphasised how quickly technology is advancing in the workplace. Since tech-VOC training encompasses the study of technologies and allied sciences as well as the learning of practical skills, Industry 4.0 has a direct impact on this field. To create a workforce with competencies appropriate for the industry, the agency urged people in the education and business sectors to collaborate closely.
The Ministry of Industry and Trade has concluded the National E-Commerce Week and Online Friday 2022 event. The first programme offered opportunities for enterprises operating in the fields of e-commerce and digital technology to introduce their products, services, and solutions to advance the country’s digital economy. The Online Friday 2022 event aimed to promote the sustainable growth of e-commerce and the application of solutions to boost domestic firms’ revenue.
An opening ceremony was held earlier this month in Ho Chi Minh, jointly organised by the Ministry of Industry and Trade, the Vietnam E-commerce and Digital Economy Agency, and the municipal People’s Committee. According to Duong Anh Duc, the Vice Chairman of the municipal People’s Committee, a Concentrated Promotion Month has been implemented in the city for many years with the participation of many businesses across the country. The programme is a part of the Ministry of Industry and Trade’s goals to stimulate domestic consumption, expand the domestic market, and support production and business.
Along with the programme, the National E-Commerce Week and Online Friday 2022 provided domestic consumers and international visitors with opportunities to have enhanced shopping experiences in the online environment during the big year-end shopping festival. The Ministry of Industry and Trade worked with the largest affiliate marketing platform in Vietnam to share and offer solutions to help businesses use technology to increase profits. Businesses were able to take advantage of and optimise support tools and features on e-commerce platforms, expand access to a wide range of customers and raise online revenue.
As of 29 November, the second Concentrated Promotion Month (which will run from 15 November to 22 December) attracted the participation of 3,326 businesses with 6,981 promotions offered. The first Concentrated Promotion Month (which ran from 15 June to 15 July) witnessed the participation of 151,298 firms and 5,488 promotion programmes.
In Vietnam, the use of digital platforms, e-commerce sites, social networks, and specialised applications has increased sharply, and the country is expected to become the fastest-growing e-commerce market in Southeast Asia by 2026. Global e-commerce is estimated to grow by 28.4% annually between 2020 and 2027. Meanwhile, revenue from business-to-consumer (B2C) e-commerce in Vietnam is expected to increase by over 20% each year. As OpenGov Asia reported, over the last ten years, e-commerce in the country has continually grown by 25-30% while its size increased to US$ 13.7 billion in 2021. It has made up over 7% of the total flows of consumer goods and services and become an important distribution channel, in addition to traditional ones.
Despite the pandemic’s impacts in 2020 and 2021, e-commerce has still been flourishing in Vietnam. It is forecast to post double-digit growth this year to rank third in Southeast Asia. In fact, the pandemic fueled a significant uptick in e-commerce, which recorded a 16% growth last year. Although the pandemic drove the e-commerce market, it slowed down economic growth, which was the lowest in 30 years last year (2.58%), with key services sub-sectors experiencing a downturn. Data from the General Statistics Office showed that retailing and wholesaling declined 0.21% year-on-year, causing the economy to decrease by 0.02 percentage points. Warehouse and logistics dropped by 5.02% and lodging and catering services by 20.81%, leading to a drop in contribution by 0.3% and 0.51%, respectively, to the GDP growth.
Meanwhile, the share of turnover from e-retailing to last year’s total retail sales of goods and services was 7%, a year-on-year rise of 27% from 2020. E-retailing is forecast to surge 20% this year to US$ 16.4 billion, compared to US$ 5 billion in 2015.
Communication remains the backbone of organisational operations and has been bolstered by cutting-edge technology. Many organisations have migrated from Public Switched Telephone Networks (PTSNs) to cloud communications, which resulted in faster and more efficient communications with vastly increased reach.
Cloud communications remain the primary solution for meeting the growing demand for effective organisational communications in the hybrid workplace. It is agile enough to adapt to ever-changing business environments while keeping mission-critical business functions unified on all levels.
Organisations can place and receive phone calls using cloud calling from phones and any internet-connected device, including computers and tablets, from any location with an internet connection.
Cloud communications’ inherent capacity enables organisations to expand as needed without regard to geographical boundaries quickly. It makes it simple for organisations to scale up to accommodate changing needs. Less capital expenditure means expansion can be undertaken and completed more quickly, resulting in increased
These possibilities make businesses more accessible and responsive to customers. Having scalability and flexibility in communications regardless is a vast advantage irrespective of a company’s geographical spread.
The OpenGov Breakfast Insight with the Philippines’ top public sector leaders on 6 December 2022 at the Dusit Thani Manila provided the current information on the benefits of the most recent cloud communications technology that can greatly empower the nation’s public, education, financial services and healthcare sectors.
Intensifying the Cloud’s Role in Fostering Digital Transformation
The adoption and implementation of cloud-based strategies are currently used by businesses of all sizes to boost growth and profits, says Mohit Sagar, CEO & Editor-in-Chief of OpenGov Asia. Moreover, cloud technology has drastically changed how businesses communicate.
Cloud technology is bringing massive change to how various sectors of modern-day digital communities interact with each other. Cloud communications vendors allow businesses to delegate management of their IT infrastructure by taking on provisioning, switching, data storage and security responsibilities. The cloud’s cutting-edge features and functionality facilitate unprecedented staff collaboration and communication across time and space.
These changes have transformed the way people work where employees experience increased levels of productivity. With the cloud, people have the option to follow the traditional work model, a hybrid one, or a purely remote work model. Such possibilities for workers also translate to added advantages for employers with geographical boundaries; hiring only locally has become passé.
A hybrid or remote work setting makes cloud communications a necessity. Collaborative technology like cloud communications allows employees to transition or shift from one work model to another without losing productivity, effectiveness or efficiency. However, Mohit cautions, remote and hybrid models can still fail if they are not built on the right technology.
As shared by one of the attendees, their company did not experience any downturn when the pandemic hit because they were prepared for remote work. The experience of this company highlights that preparedness with the right technology enables an organisation to weather a black swan event.
Having workers functional in various locations amid an unexpected situation will prevent work disruptions. Moreover, a company gets empowered to collaborate with other groups and individuals regardless of their geographical location. Globalisation is further strengthened with cloud communications technology.
Cloud communications allow businesses to maximise resources by facilitating rapid deployment, enhanced adaptability and unlimited high-volume data sharing. Additionally, the safety measures built into cloud communication ensure compliance with privacy regulations.
Cloud security refers to the set of tools, protocols, and best practices used to keep cloud-based servers, apps and data safe. The first step in protecting cloud services is gaining an awareness of what must be protected and what parts of the system must be managed.
The development of the backend to guard against security flaws is the responsibility of cloud service providers, in general. Customers’ primary focus should be on establishing a secure service configuration, developing secure routines for using the service, and choosing a service provider who takes security seriously.
“Nonetheless, clients should also confirm that any end-user networks and hardware are properly secured,” Mohit advises.
Cloud security goals include protecting against malicious data theft on networks and storage, preventing data leaks caused by human error or carelessness, facilitating data recovery in the event of data loss, and limiting the impact of any data or system compromise.
Since the advent of cloud computing, conventional methods of protecting digital assets have undergone extensive development. Although cloud models improve efficiency, constant online access requires innovative safety safeguards. Compared to traditional IT models, a few key features set cloud security apart as a cutting-edge cyber protection option.
There have been major shifts in the macro business environment, says Nathan Guy, Zoom’s Phone Leader for Asia Pacific. There is a lot of pressure on businesses to improve productivity, to be flexible in the face of intensifying competition, and to be more productive to keep up with the ever-quickening pace of technological innovation and advancement.
With the global economy in shambles, the urgency has only increased. It will be impossible to solve these problems if customers, prospects and employees cannot communicate effectively.
Nathan pointed out that a generational shift is also occurring in the labour force. Remote work is becoming increasingly popular. They have also requested state-of-the-art tools and communication infrastructure to carry out their duties better.
When a new app or device is released, it adds another layer of complexity to a complicated process. Stakeholders, including employees, clients, and potential customers, have individual preferences and expectations regarding the manner, frequency, and location of business interactions.
Therefore, according to Nathan, many companies are selective in the ways they invest in improving internal communication.
They might do this in several ways, including staying up to date with systems already in use that is judged to be adequate, using built-in communication tools that are part of other software packages or investigating a variety of potential solutions. These plans aim to improve the company’s ability to spread the word.
Although these approaches provide more leeway, they also alter the dynamics between businesses and their prospective clients, employees and customers. Depending on their predicament, people are forced to switch between several potential answers.
In the event of a communication breakdown, the firm will inevitably fail. An essential trait of effective leaders is the capacity to chart a course for their people, providing a sense of purpose and direction even when difficult situations arise.
In Nathan’s opinion, organisations need to expand their communication strategies beyond the bare minimum and into the global scope. An enormous advantage in today’s unstable business climate will go to the company that can always make seamless connections to all stakeholders, regardless of location, device, or business activity.
To achieve this, as Nathan puts it, “You deliver a consistent and quality experience for all participants, making human connection effortless, and enabling rapid innovation to maintain relevance by combining the connection needs of the individual and organisation.”
By taking these measures, businesses may be able to better respond to their customers’ wants and needs, free up internal resources that were previously spent on communications management and expand their capabilities and agility.
The credibility of a company rises or falls with its communication strategies. Since employees, clients, and customers can do their jobs from anywhere, the channels through which the message is sent must be fit for the times, the resources, and the ever-changing need of organisations.
The failure of a session owing to dropped participants or bad audio and video is now considered unacceptable. Businesses must adapt to a more complex hybrid environment and ensure that all clients, regardless of location or condition, receive the same high level of service.
Nathan recognises that “business transactions become impossible” when communications are disrupted in today’s world. In solving communications needs amid disruptive situations, an unpredictable risk that has the potential to impede productivity for businesses also gets removed. The result is a continuance of operations and avoidance of deterioration or decline of productivity.
Zoom will shield businesses from communications breakdowns because its top-notch infrastructure was explicitly designed to prevent failures. Examining the root cause of problems is essential in giving lasting and effective solutions. In the case of communications strategy and technology for organisations, addressing various approaches made by organisations and guiding them to dig up the root cause will allow them to focus on the now without overly worrying about the future.
However, some users may be unable to fully participate due to severe audio and video quality degradation due to differences in network performance and bandwidth. This is a reality in the Philippines, where many areas still lack fast internet speed.
Zoom allows businesses to host effective meetings even in the face of significant packet loss. If you’re doing business on a global scale, having this kind of consistent network and infrastructure in every country is a must.
The complexity of communications is increasing. Now, besides travelling or working from home, “you have workers returning to the office, frequently in a hotel setting,” acknowledges Nathan.
During the pandemic, people are often left trying to balance ad hoc, piecemeal solutions developed as the crisis unfolded. As a result, three significant environments have emerged: at-home/in-the-office and on the go. A personal mobile phone, a videoconferencing method for in-person gatherings of a few people, and something else for more momentous occasions all fall under this category.
Nathan believes that both staff and customers will need to adjust to a new user interface. “Communication platforms are undeniably crucial to the success of hybrid teams.” A cutting-edge communications platform like Zoom could help increase output, expand possibilities, and reveal levels of employee engagement.
Fireside Chat: How to Prepare for the Transition to the “Cloud Culture”
According to Dr Jennalyn Raviz, Director, Management Information Service, Department of Transportation, when it comes to promoting, developing, and regulating a dependable and coordinated network of transportation and communications systems, the Department of Transportation (DoT) is the primary policy, planning, programming, coordinating, implementing, and administrative entity within the executive branch of the Philippines. “Transport by air, sea, rail, and highway are all included.”
Since multiple parties are involved and a hybrid structure has been established, maintaining consistency may prove difficult.
“The pandemic has become a motivator for us, and we seek secure communication across many platforms, which is why we use cloud communication,” says Dr Jennalyn.
Despite some reservations, cloud communications are the preferred method of meeting the growing demand for efficient organisational communications in today’s hybrid workplaces. With cloud computing and communications, businesses can quickly expand or contract to meet fluctuating demand.
Cloud computing allows workers to do their jobs from any Internet-connected device; it has the dual benefits of increased productivity and expanding the geographical scope of their operations.
Since the cloud facilitates remote work, organisations will gradually reduce their reliance on outsourcing. As a result of the use of the cloud’s effect of reducing in-office and staff expenses, businesses are now able to hire more full-time workers across the globe.
Dr Jennalyn highlighted that getting cloud is cost-effective. Additionally, cloud computing can be particularly cost-effective for organisations due to the improvement in workforce efficiency in addition to direct labour savings. “Cloud software deployment is far quicker than a traditional installation.”
Because of this, more employment possibilities can be made available to people in the area who possess the necessary skills. As the popularity of self-sufficiency rises, organisations can select from a greater pool of eligible candidates for a wider variety of positions.
More efficient teamwork is one of the main advantages of cloud computing. The advent of the cloud has had a profound effect on teamwork, and this transformation will continue so long as the cloud undergoes progress and improvement.
Improved communications, cheaper technology, and the ability for smaller organisations to cooperate with worldwide partners and expand their reach in the global arena are all possible because of the cloud’s ability to provide capabilities that were previously only available to major companies.
Dr Jennalyn believes that to have the greatest possible effect, digital transformation must occur in tandem with a thoughtful cultural shift.
As most businesses are already utilising cloud computing in some form, Nathan emphasised the importance of cloud security. While cloud storage has many advantages, “organisations are still hesitant to move more data and applications to the cloud due to security, governance, and compliance concerns.”
Collaborating with Zoom could streamline human connection while also adding safety measures. Businesses can benefit from workers’ improved routines and skill sets over the past two years. They also guarantee uniformity in a wide variety of applications.
“The key to progress is providing the appropriate value in each solution,” Nathan asserts.
Businesses can stay competitive through Zoom’s partnership with rapid innovation, Zoom allows clients to have access to a continuous stream of new capabilities that reflect actual user requirements.
Mohit stressed the importance of communication in fostering collaboration. He concurred with an attendee that when their partners offer a secure platform for cloud communications, organisations become more powerful. Mohit believes that rather than just being providers, vendors are also the transformation partners of every organisation.
An important aspect of cloud security, in Mohit’s opinion, is making sure sensitive information like customer orders, confidential design documents and financial records are safe. Maintaining customer confidence and protecting strategic assets necessitates a solid data security programme. “Cloud security’s ability to safeguard data and assets makes it essential for businesses moving to the cloud.”
Through collaboration with development partners, businesses can better serve a diverse set of customers and expand their customer base. Therefore, it is important to incorporate platform or integration capabilities and a partner strategy when creating cloud-based applications.
It is important to consider business potential, engineering prowess, and platform marketing when formulating a strategy for your cloud partners. Mohit concludes that a well-rounded approach will allow for an expansion of the partner ecosystem, the delivery of more comprehensive customer solutions, and higher earnings potential.
China Provincial Development and Reform Commission announced the list of the second batch of digital transformation promotion centres in Liaoning Province. There are 13 additional provincial-level digital transformation promotion centres to help small and medium-sized enterprises improve transformation capabilities, reduce transformation costs, and shorten transformation cycles. There are currently 29 digital transformation promotion centres in the province, in addition to the previously announced first batch of lists.
The centres will assist the government in promoting digital construction in Liaoning and cultivating a digital transformation ecology. The programme is under the construction of the second batch of digital transformation promotion centres in Liaoning Province according to the Provincial Development and Reform Commission. The listed enterprises in this programme are based on self-declaration and recommendations from provincial and municipal departments. Experts then review the voluntary requests before being finalised and publicised.
According to the Provincial Development and Reform Commission, the digital transformation promotion centre should fully integrate resources to assist small and medium-sized enterprises.
The province government will provide transformation tools, products, technologies, and customised solutions to support business digital transformation and development. The centre promotes traditional businesses, internet platform enterprises, industry platform enterprises and financial institutions.
The government also promotes collaborative innovation in industries, education, medical care, employment, elderly care, and other fields. Companies participating in the programme will use the projects as a starting point to develop digital technology application scenarios. Participants in the programme are also permitted to complete personnel training with universities and colleges and vocational training and education.
The Provincial Development and Reform Commission will regularly evaluate provincial-level digital transformation promotion centres. The results will be used to recommend applicants for national-level digital transformation promotion centres.
China is currently driving the country’s digital economy. In early November, the General Office of the Ministry of Industry and Information Technology issued the “Guidelines for the Digital Transformation of SMEs.” The regulation aims to fully implement the Party Central Committee’s and State Council’s decision-making deployment to encourage SMEs to improve their overall strength and core competitiveness through digital transformation.
The General Secretary of the Communist Party of China, Xi Jinping, stated that “small and medium-sized enterprises can do great things.” He also emphasised the importance of grasping the direction of digitisation, networking, and intelligence. Moreover, promoting the digitisation of manufacturing, service industries, agriculture, and other industries is also necessary.
The guidelines aim to implement Party Central Committee and State Council decision-making and deployment, strengthen policy coordination, strengthen scientific guidance, deepen transformation awareness, and gather work synergy. The report also needed to promote high-quality economic development through the digital transformation of small and medium-sized businesses. The effort also had to be consistent with the overall economic and social digital transformation trend.
Furthermore, China will use the guidance to increase specialisation and new development of small and medium-sized businesses. The government intends to expand the use of digital technology in various sectors, including research, production, supply, marketing, and clothing. They plan to empower and refine products, increase value, plus accelerate technological innovation and new development in small and medium-sized businesses.
Another role of guidance is strengthening the digital transformation system and the comprehensive path of small and medium-sized businesses. Digital transformation is a multifaceted, cross-cutting project. The guidelines thus aid transformation from the demand side, the supply side, and local governments at all levels. All interested parties can use the guidelines to clarify their positioning and path and strengthen the collective force of transformation.
Stakeholders in the payments industry were challenged to step up their technological advancement. The appeal was issued as a government effort to ensure that the country stays current in advancing the money and payments landscape.
“My overarching message is that we all work and live in a period of substantive change. (The change) offers enormous opportunity if embraced, but potentially greater risk if not,” Karen Silk, Assistant Governor of the Reserve Bank of New Zealand – Te Ptea Matua, said at a conference in Auckland.
Silk emphasised the technological improvement needed because New Zealand does not yet have scalable electronic, instant, peer-to-peer payments and lacks real-time retail payment systems. She also encouraged speeding up the fintech developments in the country. She noted that the country could become more digitally competitive by nurturing home-grown fintech enterprises.
The government has recognised the importance of increasing domestic competition and efficiency savings in the payment space and the broader financial system. However, lingering reliance on legacy systems, failure to understand regulatory impetus and focus, and limitations in cohesion and provision of regulatory support for innovation are impeding real progress.
Nevertheless, Silk praised recent legislative changes. Financial regulators provide a one-stop shop for fintech firms and system-level work to improve cross-border payments. The positive movement makes domestic interbank payments available seven days a week.
Silk stated that challenges could arise from new players who “inadvertently” introduce design or technology risks. She called it a risk as the nature of the business avoiding New Zealand regulation or undermining the role of central bank money, whether cash or a possible Central Bank Digital Currency (CBDC). Even though the Reserve Bank is still researching the CBDC.
The Reserve Bank of New Zealand published a paper recently describing the current state of the country’s payments system. It will issue another next month, consulting on the potential need to regulate private crypto assets until March 2023.
The Reserve Bank remains committed to improving the cash system’s efficiency and resilience to ensure that it continued providing payment options for everyone and financial and social inclusion for those who rely on it, Silk said. Next year, the Bank has planned small live experiments to investigate various ways to expand merchants’ roles in the cash system.
This could include assisting merchants in recycling cash at the point of sale; compensating them for cash-out services; facilitating frequent, affordable cash delivery and collection for merchants; and consolidating the cash system through the creation of utility entities, Silk explained.
Payments represent the flow of money. Sooner or later, the global payment evolution will also impact New Zealand. Hence, the country demands better, smarter, and faster payment. As a result, the study of payments has come under scrutiny.
Only some understand the intricacies of New Zealand payments, and because they are complex and interconnected, creating a single view of the payments landscape takes time and effort. Furthermore, payment systems and services differ from country to country.
The Reserve Bank plays a multifaceted role in the payment landscape. The bank runs, participates in, regulates, and monitors core payment systems. It has also recently taken on the part of money steward in New Zealand. In addition, it is interested in supporting and ensuring that money and payment systems are efficient and reliable and supporting innovation and inclusion.
Indonesia has great ambitions for its digital economy and has deployed strategies to achieve its ambitions with a goal to reach USD315 billion by 2030. The 2021-2024 Indonesia Digital Roadmap is set on 4 pillars, namely digital infrastructure, digital government, digital economy and digital society.
As part of its strategy, the government is promoting four important digital skills to accelerate its digital economy. The government believes that the future demand for digital skills will be focused on four areas Artificial Intelligence, Bitcoin, Cloud Computing, and Data Analytics (ABCD). The ABCD skills are projected to help the national economy hit its US$315 billion by 2030 target.
Therefore, the Indonesian government is encouraging young people to start businesses through a variety of free programs such as Beta School, 1,000 Startup Movement, Startup Studio, HUB.ID and IGDX.
“Aside from university disciplines, the ABCD is becoming increasingly important for everyone. I believe that all young people require ABCD,” stated Dedy Permadi, Expert Staff of the Minister of Communication and Informatics, in a discussion forum.
Mastering ABCD technical hard skills apart, Indonesian digital talents are also expected to be proficient in non-technical or soft skills known as the 4C’s, which are Complex Problem Solving, Critical Thinking, Creativity and Communication.
The Director of SDPPI Kominfo, Ismail, expressed his hope that the young generation in Indonesia would capture the golden opportunity for digitalisation. Digitalisation will transform Indonesia from a consumer country to a prominent player in the new normal.
The government recognises the importance of good infrastructure support in boosting the digital economy. As a result, the government is working to ensure an equitable distribution of internet connection networks across Indonesia, particularly in frontier, remote, and underdeveloped (3T) areas.
According to Ismail, the development of ICT infrastructure must meet three criteria: broad coverage, the deployment of a fibre-optic cable network on the backbone, and affordability, which means that the price is reasonable for the community.
Private operators focus on developing infrastructure in high-demand urban areas and, as a result, the digital divide between cities and towns has grown wider. Consequently, the government is beginning to develop 3T telecommunications in rural, underserved areas.
“We cannot rely solely on private-sector investment. To speed up and accelerate digital transformation, the government must invest in infrastructure,” Ismail said emphatically.
The Ministry of Communication and Information Agency and Telecommunications and Information Accessibility (BAKTI) have also worked to improve and expand internet access for public services throughout Indonesia. BAKTI is working with telecommunications companies to build Base Transceiver Stations (BTS) in remote areas of Indonesia.
“We hope to finish building BTS in all remote areas by 2023 and connect them to the 4G network,” Deddy stated.
Indonesia is a vast archipelagic country. So, relying solely on fibre optic cable networks will make it difficult to provide connectivity. As a result, the government is combining the fibre optic cable network constructed with the 150 Gbps SATRIA 1 satellite.
This multifunctional satellite can provide internet access to 150,000 public service locations in Indonesia, including educational institutions, local governments, defence and security administration, and health facilities. This satellite is scheduled to launch in 2023.
The government has begun construction of the first National Data Centre in the Delta Mas Region, GIIC, Cikarang District, Bekasi Regency, West Java Province, in connection with its digital strategy. It will then gradually expand data centres in Nongsa Digital Park in Batam, Riau Archipelago, the new National Capital City (IKN) in Balikpapan, East Kalimantan, and Labuan Bajo, East Nusa Tenggara.
The creation of this government data centre is intended to promote efficiency, effectiveness, state data sovereignty, and national data consolidation as part of the One Data Indonesia initiative. “This (data centre) is critical because government data management is critical to developing society’s transformation into a digital society,” Deddy said.