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Financing is one of the major pillars for startups, who often require a considerable amount of capital to mobilise their ideas. Investments allow a company to hire necessary talent, develop its concept(s), scale its operations and finally bring its products to market more quickly.
To be successful, a startup must successfully stand out from all, attracting investors’ attention and demonstrating its worth. Following an investment, they must show development and progress within a specified time frame, as monies are most likely to be given in benchmarked tranches. Failure to hit milestones and show growth could result in the investor withdrawing or leading to bankruptcy.
In the high-risk start-up landscape, investors must understand the chances and be prepared to lose their investment. Due diligence is a crucial procedure that investors undergo when examining a potential investment opportunity to guarantee that it is a good fit for their investment portfolio and risk appetite.
When it comes to startup business funding, venture capitalists and angel investors come to mind. However, they are only one of several options for capital. Nowadays, instead of relying primarily on venture capital, a new wave of more democratic and dispersed funding is sweeping the market.
Fuelling Business with Fundraising Best Practices
Diana Florescu, Wolves Summit Partner and Founder of mediaforgrowth, (MFG) Founder, discusses the top fundraising tactics that are fuelling startups in an exclusive interview with Mohit Sagar, CEO and Editor-in-Chief, OpenGov Asia.
Diana recognises that numerous research including Startup Genome reports, over the years, have been conducted to examine the reasons why startups fail. It’s not surprising that some of the main causes of failure are related to securing funding and achieving product-market fit before the company exhausts its funds, as well as team dynamics.
Yet, another area that presents significant challenges is the company’s go-to-market strategy and its product marketing methods. This highlights the importance of achieving not only problem-solution fit but also product-market fit, which is closely tied to having a go-to-market plan. A good plan can translate into marketing growth opportunities and consideration for brand positioning.
“Funding has often been a challenge for first-time founders. This year in particular will be a challenging one for a lot of startups in the market for fundraising. Getting cash from the right investors will continue to always be a concern,” says Diana, “A lot of founders are now turning towards venture debt or raising bridge rounds. She believes that the advent of accelerators and initiatives, such as startup and student competitions or government-funded grants is a step in the right direction. They have helped to decrease the funding gap in industries that are largely focused on producing deep-tech products.
The Rise of Alternative Funding Options
Many investors are grappling with how to segment the industry due to the difficulty of accurately estimating the market size and future applications of AI. This is particularly evident in discussions surrounding technologies such as ChatGPT.
“Microsoft, for instance, is now integrating this technology with Bing, its search engine, to improve search results. This move is intended to give Microsoft a competitive edge over Google and open new avenues for advertisers. The applications of this technology are extensive.” Diana elaborates.
Currently, advanced climate technology, life sciences and biosciences, as well as gaming, with a particular focus on Poland, are receiving significant attention. Poland is currently one of the fastest-growing gaming markets in Europe. The United Kingdom, on the other hand, is heavily investing in industries such as life sciences that demand significant research and development funding.
In addition to venture capital, there has been a rise in alternative forms of funding for startups in recent years, including crowdfunding, venture debt, revenue-based financing, and other options. There are various funding sources available to help a venture without necessarily diminishing an equity stake.
Some funding may be non-dilutive while others involve an exchange of equity. One of these non-dilutive alternatives is a venture loan, which has become increasingly popular in recent years. Additionally, there has been a rise in media for equity as a funding source.
What Investors Look for in a Startup
Most investors typically look for highly-scalable, proven-business models operating in a big-size and growing market and with a clear path to profitability. Historically valuations came down to revenue multiples, and some were very hard to justify. This year investors seek profitability, equality, and value in logical multipliers. When referring to media for equity deals, these funds apply the same due diligence as a traditional investor, however, they also consider the media-startup fit.
There are a lot more investors who prefer to invest in B2B companies than in direct-to-consumer businesses. Therefore, as those consumer enterprises grow and need to spend significantly more budget on advertising, I believe there will be a funding gap to fill,” says Diana.
“The UK has a few more consumer VCs than the rest of Europe. As more VCs are placing their bets on consumer startups and start seeing returns I expect the consumer space to emerge as a key area for VC investment in the upcoming years. In addition, mentoring is essential, especially in the startup phase of a firm. Entrepreneurs should consider early on what skill gaps exist in their team. If they are unable to fill those gaps with the right team members, it could be due to market or financial difficulties.
“Think about surrounding yourself with mentors or even having a board of advisors. Carefully consider how to structure it and how you want to incentivise these people potentially. But having a mentor, especially as a first-time founder, may give you a head start,” adds Diana.
She emphasises the importance of growth marketing for startups and believes it helps to drive success. During the early stages of a startup, many founders may be struggling to gain traction. Hence, a growth marketing mindset could save a lot of time and a lot of money in the long run for entrepreneurs. “So, try to do digital experiments as soon as possible in your business.”
Diana points out that founders are becoming aware of new trends and recognise the need for a clear path to profitability. Without it, it could be challenging for startups to attract investors in the coming year.
Urban Ideas and Solutions Through LKYGBPC
The Lee Kuan Yew Global Business Plan Competition (LKYGBPC), which began in 2001, is a biennial global university start-up competition hosted in Singapore. Organised by Singapore Management University’s Institute of Innovation and Entrepreneurship, focuses on urban ideas and solutions developed by student founders and early-stage start-ups.
“As I was finishing my bachelor’s degree I decided to take part in a similar contest in the United Kingdom (UK),” Diana reveals, as she shares her “best approach” to making entrepreneurship an integral part of one’s education. “I was aware of it because the organisation that was running the contest worked closely with approximately 100 Universities across the UK. One of the methods of making more students aware of such opportunities is making university “hatcheries” and student competitions part of the curriculum.”
Diana added that there are various strategies for scaling an idea-stage venture it is not part of a programme, module or curriculum, there may be frequent interactions with students as part of a university-based incubator. She witnessed a roadshow that has been touring many European nations, and she believes that this is the best approach.
She believes that understanding the individual preferences and inclinations of students is crucial. This includes identifying students who have entrepreneurial experience and where they are in the process. She believes it is important to help future entrepreneurs from an early age and incorporate entrepreneurship into curricula as soon as practical.
Diana grew up in Romania, where entrepreneurship was not typically taught in schools, like in other countries, and where the norm is to finish university and look for a job before attempting to climb the corporate ladder.
She feels that it is important to teach young people that they can achieve things on their own and provide them with the resources and support they need to succeed. She believes that it is essential to receive assistance from the government and educational institutions to promote entrepreneurship.
Diana suggests that creating a venture capital fund that is tied to the student competition, such as the LKYGBPC could be a great way to support startups. Such a corpus could provide follow-on funding to some of the companies and invest in the portfolio companies as they expand.
The LKYGBPC is positioned as an innovation campus movement with the goal of creating a global start-up ecosystem involving investors such as venture capitalists, corporate conglomerates, and government agencies.
Diana’s experience working with a startup had a profound impact on her and influenced the way she wanted to approach entrepreneurship. Before founding the MFG, she had worked in various industries and tech ecosystems. She specialised in building and delivering marketing and innovation programmes for growth-stage startups and some of the world’s largest accelerators, tech conferences and innovation consultancies.
After launching her food tech startup, Diana became eager to work with accelerators and foster collaboration between startups and investors. She went on to lead global marketing initiatives for companies such as Startupbootcamp and Rainmaking, both of which have programmes in Singapore. Through these initiatives, Diana aimed to bridge the gap between startups and established companies, as well as connect founders with investors.
When she was in Doha, Qatar, Diana helped run a sports tech programme, becoming a meeting point for innovators and investors in the field.
Diana has observed that one of the fundamental issues in the startup ecosystem is the lack of funding or expertise for consumer entrepreneurs and founders who aim to grow their businesses through digital means. This can often create a gap in both financing and skills needed to scale the business.
Her ambition is to support founders from seed to IPO to raise media capital funding and make a distinctive contribution to the media for equity space, which she firmly believes will undergo significant transformation in the coming decade. The idea of MFG emerged from the absence of a well-established global entity that could foster awareness and provide support to entrepreneurs seeking media financing.
“Having worked closely with numerous founders, I had first-hand insight into the challenges they faced. This prompted me to delve deeper into the industry and investigate the space,” says Diana. “And that’s when the idea of media for equity came about. I could leverage my background in marketing and media.”
As of present, numerous investors and media businesses support entrepreneurs, but there is no single formal industry body to help educate both founders and investors.
Over the 12 months or so, Diana has built a network of30+ investors globally including media investors in Singapore and Southeast Asia. Her experiences have helped her develop a strong understanding of the industry, and every year the organisation creates an annual report on the state of the industry
Diana is astounded by the number of young entrepreneurs seeking to enhance their skills and their eagerness to learn from success stories. She observes a rise in small and medium-sized businesses participating in global business competitions, indicating an upward trend year by year.
In the end, this is where she wants to be. She enjoys the pace of the sector and the impact she knows her company has had and will continue to have.
“I’m excited to see how the media capital space will evolve over the next decade. I feel fortunate to have a front-row seat to this transformation and to be able to create a tangible impact for both media companies and founders. As you may have noticed, I have a lot of energy and I strive to direct this energy towards finding creative and innovative solutions to problems Diana concludes.
About mediaforgrowth (MFG)
The MFG is a media for equity advisory firm and a global network of media investors specialised in Series A to pre-IPO media capital fundraising. Their goal is to optimise media capital fundraising for startups and emerging fund managers.
First, they partner with founders to grow revenue and scale internationally using media for growth investments. Secondly, MFG connects emerging and established media for growth funds with investors to accelerate the flow of media capital and the creation of new funds. For more information, please visit www.mediaforgrowth.co
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The Cyber Security Agency of Singapore (CSA) recently unveiled the pivotal insights gleaned from its inaugural Singapore Cybersecurity Health Report 2023. Conducted between May and August of the previous year, the survey canvassed the opinions of 2,036 organisations spanning various sises and sectors.
The objective was to gauge the landscape of cybersecurity readiness across local entities and inform CSA’s strategic initiatives. The importance of bolstering cybersecurity resilience within these organisations cannot be overstated, as they play a critical role in shaping the digital experiences of Singaporeans through their services and products.
The findings unveiled a mixed landscape: while the majority of organisations demonstrated an awareness of cybersecurity imperatives, there remains substantial room for improvement in adoption rates. On average, organisations reported implementing around 70% of essential cybersecurity measures across various categories. Additionally, a significant proportion, approximately 75%, acknowledged CSA’s cybersecurity certification programmes, Cyber Essentials and Cyber Trust, which serve as national standards for prioritising cybersecurity measures.
Despite these positive indicators, CSA sounded a cautionary note, emphasising the inadequacy of partial adoption. Without the full spectrum of essential measures, organisations remain vulnerable to unnecessary cyber risks. Alarmingly, only a third of organisations had fully implemented at least three of the five categories outlined in Cyber Essentials. This underscores the urgency for comprehensive adoption to fortify cybersecurity posture effectively.
A prevalent challenge cited by organisations hindering full adoption was a lack of knowledge and experience, echoed by 59% of businesses and 56% of non-profits. This is compounded by the rapidly evolving cyber threat landscape, exacerbated by a shortage of skilled cyber professionals. Moreover, a prevailing perception of being unlikely targets of cyber-attacks and resource constraints further impedes progress in bolstering defences.
The consequences of inadequate cybersecurity measures were starkly evident, with over 80% of organisations reporting encountering cybersecurity incidents annually, including prevalent threats like ransomware and social engineering scams. These incidents invariably inflicted a negative business impact, with disruptions, data loss, and reputational damage among the most commonly cited consequences.
While the cost of implementing cyber hygiene measures may seem daunting, particularly for small and medium-sized enterprises (SMEs), it pales in comparison to the potential financial ramifications of cyber incidents. CSA emphasises the importance of viewing cybersecurity investment as essential insurance against potentially catastrophic losses.
In response to these challenges, CSA has rolled out a comprehensive suite of initiatives aimed at bolstering organisational cybersecurity resilience. These include cybersecurity resources to raise awareness, tailored health plans delivered by cybersecurity consultants, and certification programmes such as Cyber Essentials and Cyber Trust. Additionally, the collaboration with the Infocomm Media Development Authority has led to the introduction of the Cybersecurity Health Check, providing organisations with a self-assessment tool to benchmark their cyber hygiene and access remedial resources.
Mr. David Koh, Chief Executive of CSA, stressed the imperative for organisations to prioritise cybersecurity and leverage available resources and funding support. Delaying proactive measures until after an incident occurs, he cautioned, would prove significantly more costly in the long run.
The release of the Singapore Cybersecurity Health Report underscores the urgent need for organisations to fortify their cybersecurity posture comprehensively. By embracing a holistic approach to cybersecurity and leveraging available resources and support, organisations can mitigate risks and safeguard against the increasingly sophisticated cyber threats of the digital age.
The Singapore Cybersecurity Health Report 2023 is available at www.csa.gov.sg/cyberhealthreport and the Cybersecurity Health Check can be accessed at https://www.csa.gov.sg/cyberhealthchecktool.
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In a remarkable leap forward in the field of neuroscience, researchers at the Indian Institute of Technology, Guwahati (IIT Guwahati) have introduced a groundbreaking algorithm known as the Unique Brain Network Identification Number (UBNIN). This innovative algorithm is poised to revolutionise the analysis of brain connectivity patterns, offering profound insights into both healthy brain function and neurological disorders such as Parkinson’s disease (PD).
The human brain, with its intricate network of neural connections, is a marvel of complexity. Each individual possesses a unique pattern of brain connectivity, akin to a fingerprint of the mind. Recognising the significance of these individualised brain networks, the researchers at IIT Guwahati set out to develop a method capable of decoding and quantifying these intricate patterns.
The UBNIN algorithm represents a paradigm shift in how we understand and analyse brain connectivity. Drawing upon data from structural MRI scans, the algorithm constructs a network model of the brain, with each region of the brain represented as a node. These nodes are interconnected by edges, reflecting the strength of connectivity between different brain regions.
What sets UBNIN apart is its ability to distil this complex network into a single numerical identifier. This unique identifier, akin to a digital signature for the brain, encapsulates the individualised connectivity patterns of each person. By quantifying these patterns into numerical values, UBNIN offers a powerful tool for understanding the structural organisation of the brain.
The implications of UBNIN are far-reaching. One potential application lies in the realm of brainprinting, where individual brain signatures could be used for identification purposes. Much like a fingerprint uniquely identifies an individual, UBNIN could serve as a digital identifier for the brain, with applications in personalised medicine, biometrics, and cognitive neuroscience.
Moreover, UBNIN holds promise as a biomarker for neurological disorders such as Parkinson’s disease. Parkinson’s is a progressive neurodegenerative disorder characterised by the loss of dopaminergic neurons in the brain. Early detection of Parkinson’s is crucial for initiating timely interventions and improving patient outcomes. By analysing changes in UBNIN values over time, researchers may be able to identify subtle alterations in brain connectivity associated with the onset and progression of Parkinson’s disease.
To validate the utility of UBNIN as a biomarker for Parkinson’s disease, researchers conducted a comprehensive study involving structural MRI scans from both PD patients and healthy individuals. The results were promising, with UBNIN values exhibiting distinct patterns in PD patients compared to healthy controls. This suggests that UBNIN has the potential to serve as a sensitive and specific biomarker for Parkinson’s disease, offering new avenues for early diagnosis and disease monitoring.
Furthermore, the researchers explored the impact of age on brain connectivity patterns. Aging is associated with changes in brain structure and function, which may contribute to the development of neurological disorders. By analysing structural MRI data from individuals across different age groups, the researchers found that brain connectivity patterns indeed change with age. Specifically, they observed a decrease in the clustering coefficient—a measure of network connectivity—with increasing age. These findings provide valuable insights into the dynamic nature of brain plasticity and aging.
Dr. Cota Navin Gupta, Assistant Professor at the Neural Engineering Lab, Department of Biosciences and Bioengineering, IIT Guwahati, commented on the significance of these findings. “UBNIN offers a unique window into the structural organisation of the brain,” he remarked. “By quantifying individualised brain connectivity patterns, UBNIN has the potential to transform our understanding of brain function and dysfunction.”
Looking ahead, the researchers envision further applications of UBNIN in diverse fields, ranging from personalised medicine to cognitive neuroscience. By harnessing the power of UBNIN, researchers may unlock the mysteries of the human brain, paving the way for new insights into neurological disorders and brain health.
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Bushfires represent one of the most formidable challenges faced by firefighters worldwide. With their unpredictable behaviour and rapid spread, combating these blazes demands innovative solutions to ensure the safety of both responders and communities at risk. In a groundbreaking initiative, researchers are harnessing the power of robotics to revolutionise bushfire response, paving the way for more effective firefighting strategies and enhanced situational awareness.
At the heart of this endeavour lies the Silvanus Project, an ambitious international collaboration aimed at developing ground robots capable of navigating fire fronts and gathering crucial data in real-time. Led by researchers from Data61’s Queensland Centre for Advanced Technologies, this project represents a pioneering effort to address the inherent dangers associated with traditional firefighting methods.
Bushfires, fueled by factors such as vegetation density and weather conditions, can escalate rapidly, outpacing conventional firefighting techniques. To stay ahead of the inferno, firefighters require accurate information about fire location, direction of spread, and potential hazards. However, obtaining such data often entails placing personnel in hazardous environments, risking their safety in the process.
Drones have emerged as a promising tool for aerial reconnaissance, offering valuable insights into fire behaviour from above. However, their effectiveness is limited by factors such as smoke interference, high winds, and restricted flight times. Recognising these limitations, researchers turned their focus to ground-based solutions, envisioning robots capable of operating in the most challenging of conditions.
The ground robots developed as part of the Silvanus Project are equipped with advanced sensors and navigation systems, allowing them to traverse rugged terrain and navigate through smoke and debris. Some robots are designed to move on legs, mimicking the mobility of insects, while others utilise tracks for increased stability and manoeuvrability. These robots venture into the heart of the fire, gathering critical data such as fire intensity, fuel availability, and environmental conditions.
During a demonstration conducted for fire service representatives and researchers, the capabilities of these ground robots were showcased, highlighting their potential to transform firefighting operations. With the ability to transmit data in real-time to a cloud-based platform, these robots provide firefighters with unprecedented situational awareness, enabling more informed decision-making and proactive firefighting strategies.
Senior experimental scientist Tom Lowe emphasises the significance of these ground robots in enhancing firefighter safety and operational effectiveness. By deploying robots into areas deemed too hazardous for human intervention, firefighters can access vital information without exposing themselves to unnecessary risks. Furthermore, the integration of remote sensing technologies allows robots to assess vegetation density and predict fuel availability, further aiding in fire suppression efforts.
While the technology is still in the developmental stage, researchers are optimistic about its potential impact on future firefighting practices. Navinda Kottege, Cyber-Physical Systems Research Director, underscores the life-saving potential of ground robots, particularly in high-risk firefighting scenarios where human intervention may be impractical or unsafe.
The Silvanus Project represents a collaborative effort involving researchers from across Europe, Australia, Indonesia, and Brazil, united in their mission to develop innovative solutions for forest management and fire prevention. By harnessing the power of robotics and cutting-edge technologies, this initiative aims to bolster preparedness and response capabilities, ultimately saving lives and protecting communities from the devastating impact of bushfires.
As ground robots continue to evolve and mature, fueled by ongoing research and international collaboration, the vision of leveraging technology to mitigate the impact of bushfires grows ever closer to reality. With each technological advancement, firefighters gain new tools and capabilities to confront one of nature’s most formidable adversaries, ensuring a safer and more resilient future for all.
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Prime Minister Pham Minh Chinh has called upon the youth to take the lead in propelling Vietnam’s digital transformation, emphasising their crucial role in shaping the nation’s future amidst the burgeoning digital economy. The Prime Minister made these remarks during a dialogue held in Hanoi on March 26, where he engaged with 300 outstanding young individuals from various regions of the country.
With the digital economy projected to contribute 30% to the gross domestic product (GDP) by 2030, PM Chinh underscored the urgency for Vietnam to embrace digitalisation as an indispensable global trend. He highlighted digital transformation as a cornerstone alongside the green economy, circular economy, sharing economy, and intellectual economy, essential for realising the nation’s development objectives of transitioning into a modern, upper-middle-income country by 2030 and achieving developed, high-income status by 2045.
In his address, PM Chinh urged the youth to champion digitalisation by raising public awareness, advocating for policy reforms, driving administrative modernisation through digital technologies, and advancing research and development efforts in the digital domain. Emphasising their role as pioneers, he expressed confidence in the youth’s ability to contribute, innovate, integrate into society, and pursue personal growth.
Moreover, PM Chinh called upon the youth to collaborate with the government in establishing a digital government, digital economy, digital society, and nurturing digital citisenship. This collaborative approach is deemed essential for harnessing the full potential of digital technologies to address societal challenges and drive inclusive growth.
Responding to the Prime Minister’s call, the youth presented recommendations to the government, emphasising the need to refine the legal framework governing digital platforms and establish effective communication channels to engage citisens in the digital transformation process. They stressed the importance of inclusivity and transparency in policymaking to ensure the successful implementation of digital initiatives.
During the dialogue, PM Chinh addressed queries from the youth regarding data protection, cybersecurity measures, integration of public services with the national population database, and strategies to preserve cultural identity in the digital age. Acknowledging these concerns, the Prime Minister reaffirmed the government’s commitment to safeguarding data privacy, enhancing cybersecurity, and promoting cultural heritage preservation in the digital era.
Furthermore, PM Chinh instructed relevant ministries, authorities, and localities to expedite the implementation of the National Digital Transformation Programme, refine existing mechanisms and policies, and create an enabling environment for youth-led initiatives. This concerted effort aims to foster innovation, entrepreneurship, and digital literacy among the younger generation, thereby ensuring their active participation in shaping Vietnam’s digital future.
The dialogue served as a platform for meaningful exchanges between the government and the youth, highlighting the importance of collaborative efforts in driving Vietnam’s digital transformation agenda. With the youth at the forefront, Vietnam is poised to harness the opportunities offered by digital technologies to achieve sustainable development and prosperity for all.
As reported by openGov Asia, Vietnam is undergoing a digital revolution, characterised by concerted endeavours to advance the country’s digital transformation. With aspirations to attain high-income status by 2045, Vietnam’s digital technology sector focuses on mastering technology, fostering innovation, and developing domestic manufacturing capacities.
In this context, inclusivity and collaboration are essential, serving as key drivers to unleash the transformative power of technology and foster economic expansion, ensuring broad societal participation and contribution to the nation’s advancement.
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Artificial Intelligence (AI) stands at the forefront of technological innovation, promising transformative solutions to complex challenges across various domains. Recognising its potential to revolutionise industries and improve societal well-being, the National University of Singapore (NUS) has inaugurated the NUS AI Institute (NAII). Led by Professor Mohan Kankanhalli, NAII aims to accelerate AI research and its practical applications, fostering collaboration, innovation, and societal impact.
In an era marked by rapid technological advancements, AI has emerged as a powerful tool with the capacity to reshape diverse sectors, ranging from healthcare to finance, education, logistics, and beyond. The establishment of NAII underscores NUS’s commitment to harnessing AI for the greater good, addressing critical issues facing Singapore and the global community.
At the core of NAII’s mission is the advancement of fundamental AI research, aimed at pushing the boundaries of AI capabilities and exploring novel applications across various domains. Through foundational research initiatives, scientists at NAII will tackle complex AI problems, spanning hardware and software systems, AI theory, responsible AI, reasoning AI, and resource-efficient AI. By delving into these areas, the institute seeks to develop cutting-edge AI technologies that address real-world challenges and drive innovation.
Moreover, NAII will prioritise research into the ethical and societal implications of AI, aiming to develop robust governance frameworks that ensure responsible AI development and deployment. This includes examining issues related to transparency, accountability, and ethical decision-making in AI systems. By fostering dialogue and research on AI ethics and governance, NAII aims to guide the responsible use of AI technology and mitigate potential risks.
In addition to foundational research, NAII will spearhead applied research initiatives, focusing on developing AI-driven solutions for specific application domains. Collaborating with experts from diverse fields, including healthcare, logistics, manufacturing, finance, urban sustainability, and education, the institute will tackle pressing challenges and explore opportunities for AI-driven innovation. From optimising supply chains to improving healthcare outcomes and enhancing urban infrastructure, NAII’s applied research efforts aim to deliver tangible benefits to society.
Furthermore, NAII will serve as a hub for AI talent development, providing comprehensive education and training programs for students, professionals, and policymakers. By offering hands-on learning experiences and internships, the institute seeks to nurture the next generation of AI leaders and entrepreneurs, equipping them with the skills and knowledge needed to drive innovation in AI.
To support its research and educational endeavours, NUS has allocated significant resources to NAII, including external research grants and institutional funding. Moreover, the institute will collaborate closely with government agencies and industry partners to amplify its impact and drive innovation. Strategic partnerships with leading companies such as IBM and Google Cloud will enable NAII to leverage industry expertise and resources, accelerating the translation of research outcomes into real-world applications.
In alignment with Singapore’s Research, Innovation, and Enterprise (RIE) strategy, NAII aims to contribute to the nation’s AI ecosystem by fostering collaboration, innovation, and talent development. By positioning NUS as a global leader in AI research and application, the institute seeks to drive positive societal change and economic growth.
The establishment of NAII represents a significant milestone in NUS’s journey towards harnessing the power of AI for societal benefit. Through cutting-edge research, education, and collaboration, the institute aims to unlock the full potential of AI and pave the way for a more innovative, sustainable, and inclusive future. With its interdisciplinary approach and commitment to excellence, NAII is poised to make a lasting impact on Singapore and the global AI landscape.
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The Vietnam Posts and Telecommunications Group (VNPT) has reached a significant milestone with its artificial intelligence (AI) platform, VNPT eKYC, logging over 1 billion user authentication requests. This accomplishment solidifies VNPT’s position as a pioneer in electronic identification and verification solutions within Vietnam.
Since its inception, VNPT eKYC has been at the forefront of electronic Know Your Customer (eKYC) services for over five years, serving a diverse range of clients including banks, financial institutions, telecommunications companies, and e-commerce entities. With over 100 organisations utilising its services, VNPT eKYC has facilitated electronic identification for more than 40 million individuals across the country.
On average, the VNPT eKYC system processes an impressive 600,000 requests daily, with peak days witnessing over a million requests being handled seamlessly. This demonstrates the platform’s robustness and reliability in managing high volumes of authentication transactions efficiently.
The significance of VNPT eKYC extends beyond its technological capabilities, particularly in the context of evolving regulatory requirements. The State Bank of Vietnam’s decision mandating biometric authentication for transactions exceeding 10 million VND (approximately 416 USD) and other significant transactions from July 1, 2024, underscores the critical role of advanced authentication solutions like VNPT eKYC in ensuring compliance and security in financial transactions.
Moreover, the platform’s success highlights the increasing importance of domestically developed solutions in the banking and financial sector. Domestic solutions such as VNPT eKYC offer several advantages, including rapid implementation, cost-effectiveness, adherence to global technology standards, scalability, and high readiness to meet evolving regulatory requirements.
Central to the effectiveness of VNPT eKYC is its advanced AI models, which enable the verification of facial biometric data with an impressive accuracy rate of up to 99.99%. This high level of accuracy not only enhances the security of authentication processes but also contributes to building trust and confidence among users and regulatory authorities.
As Vietnam’s digital economy continues to grow and evolve, the role of advanced authentication and verification solutions like VNPT eKYC becomes increasingly indispensable. Beyond facilitating seamless and secure electronic transactions, these solutions contribute to enhancing the overall digital infrastructure and ecosystem of the country, paving the way for further innovation and economic growth.
Looking ahead, VNPT remains committed to advancing its AI platform and expanding its capabilities to meet the evolving needs of its clients and the regulatory landscape. With a strong focus on innovation, reliability, and security, VNPT eKYC is poised to play a pivotal role in shaping the future of electronic identification and verification in Vietnam’s dynamic digital economy.
VNPT’s achievement of logging over 1 billion authentication requests with its AI platform, VNPT eKYC, marks a significant milestone in Vietnam’s journey towards digital transformation.
Amid a swiftly changing global landscape, Vietnam emerges as a frontrunner in a digital revolution, strategically positioned to harness technology’s transformative power for economic progress and societal development.
It is embracing its digital transformation journey, highlighting collaborative efforts to drive the nation’s digital transformation. The nation’s digital technology industry aims to propel Vietnam towards high-income status by 2045 through technology mastery, innovation, and indigenous manufacturing capabilities.
Moreover, the nation is working to harmonise its regulations, streamline laws, and promote consistency in its legal framework to foster a more favourable and appealing cyber environment.
As the country continues to embrace technology-driven solutions to address emerging challenges, VNPT eKYC stands as a testament to the potential of domestic innovation in driving progress and excellence in the digital era.
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In a significant scientific breakthrough in a space sector, Dr Sarah Kessans has developed hardware designed to operate autonomously in orbit, transforming the study of protein crystallisation in microgravity. This technology provides scientists on Earth with unprecedented insights into protein behaviour, with far-reaching implications for developing more effective medicines and vaccines, among other applications.
Minister for Space Dr Megan Collins lauds Dr Kessans’ research as an inspiring example of how space technology can drive innovation on Earth. This achievement follows the recent successful launch of MethaneSAT, a satellite designed to track and monitor global emissions from space, highlighting the significant potential of space technology in addressing some of the world’s most pressing challenges while bolstering our globally competitive space sector.
The MethaneSAT satellite will be equipped with a highly sensitive spectrometre that can detect concentrations as low as two parts per billion, and it will have high-spatial resolution coupled with a broad, 200-kilometre view path, allowing it to quantify even small emission sources over large areas.
Dr Kessans’ research culminated in successfully launching her hardware on a rocket from the Kennedy Space Centre at Cape Canaveral, USA. This mission also included protein experiments from leading New Zealand universities, including Canterbury, Otago, Victoria, and Waikato, showcasing the collaborative efforts of the country’s academic institutions in advancing space science and technology.
The launch of Dr Kessans’ project results from a strategic agreement between the Ministry of Business, Innovation and Employment (MBIE) and the US commercial space company Axiom Space. This partnership aims to facilitate New Zealand researchers’ advancement in space science and technology, fostering innovation and driving collaboration between academia, government, and private enterprise.
Dr Kessans’ project has also received government funding for further development through the MBIE-administered Endeavour Fund, highlighting the government’s commitment to supporting cutting-edge research and innovation in the space sector. This collaborative effort between academia, government, and private enterprise is a testament to New Zealand’s growing presence in the global space economy, positioning the country as a key player in space research and technology development.
Previously, New Zealand had collaborated with several countries, including Australia, to advance space research, as reported by OpenGov. The collaboration between SmartSat and the New Zealand Space Agency (NZSA) is an important development. The signing of a Memorandum of Understanding (MoU) between the two entities aims to accelerate the growth and technological advancement of the Australian and New Zealand space industries, marking a pivotal moment in the evolution of space exploration and innovation in the Australasian region.
This partnership is underpinned by a shared commitment to fostering innovation, driving research and development (R&D), and nurturing a skilled workforce capable of propelling technological breakthroughs in the space sector. The MoU, ceremoniously signed at the NZSA headquarters in Wellington, signifies a strategic alignment between SmartSat and NZSA to leverage their combined resources and expertise.
At the core of this collaboration, it is designated to support joint research initiatives in three key technological domains: Earth Observation, Space Situational Awareness, and Optical Communications. These areas represent the forefront of space exploration, offering immense potential to revolutionise humanity’s perception and interaction with the cosmos.
Minister Judith Collins, New Zealand’s Minister for Space, praised the new agreement as a testament to the enduring collaboration between Australia and New Zealand in space exploration. In a statement on her official website, she reiterated her commitment to fostering innovation and collaboration, recognising the transformative potential of space technology in addressing global challenges.
Minister Collins reaffirmed the government’s dedication to developing the country’s space sector, promoting innovation, and strengthening partnerships with the New Zealand research community, international space agencies, and commercial collaborators. These collaborative approaches underscore New Zealand’s commitment to advancing space science and technology to benefit society and the economy, paving the way for future breakthroughs in the field.