Singapore’s central bank and financial regulatory authority,
the Monetary Authority of Singapore (MAS) is working
with key industry stakeholders to develop a guide to promote the responsible
and ethical use of artificial intelligence (AI) and data analytics by financial
The guide will set out key principles and best practices for
the use of AI and data analytics, helping financial institutions to strengthen
internal governance and reduce risks of data misuse. The guide is targeted for
completion by the end of the year. It will cover all segments of the financial
sector, including FinTech firms.
MAS has brought together a group of thought leaders and
practitioners in data analytics in the financial sector to co-create the guide.
The Fairness, Ethics, Accountability and Transparency (FEAT) Committee, has the
- David Hardoon (Co-Chair), Chief Data Officer, MAS
- Hsieh Fu Hua (Co-Chair), Co-Founder and Advisor,
- V K Rajah (Special Advisor), Senior Counsel and Member of
Essex Court Chambers Duxton (Singapore Group Practice)
- Teo Swee Lian (Advisor), Non-executive Independent Director,
SingTel and Non-executive Independent Director, Avanda Investment Management
- Raymond Au, Chief Data Scientist and Head of Asia Lab,
- Paul Cobban, Chief Data & Transformation Officer, DBS
- Shameek Kundu, Chief Data Officer, Standard Chartered Bank
- Richard Lowe, Chief Data Officer, UOB
- Donald MacDonald, Head of Group Customer Analytics &
Decisioning, OCBC Bank
- Kelvin Tan, Head of FinTech & Data, SGX
MAS will engage with the industry to obtain views and
feedback on the proposed guide during the second quarter of 2018. MAS is also
working closely with the Infocomm Media Development Authority (IMDA) to
co-ordinate a broader understanding of AI governance across different sectors.
Mr Hsieh Fu Hua, former chairman of UOB group, and co-chair
of the FEAT committee, said, “The guide would be very useful for the financial
industry. As the industry increasingly adopts AI and data analytics to serve
their customers, they must also play their part to ensure that these
technologies are used in a responsible manner.”
Dr David Hardoon, Chief Data Officer of MAS and co-chair of
the committee, said, “AI and data analytics have huge potential to transform
the financial industry for the better. But these technologies can also
potentially be misused. MAS looks forward to working with the industry to
encourage innovative uses of these technologies while putting in place the
right conditions for their ethical use based on the principles of fairness,
accountability, and good governance.”
Dr David Hardoon as appointed as the Chief Data Officer and
Head of the new Data Analytics Group (DAG) at MAS. The DAG was set up last year
as part of MAS’ efforts to position itself and the financial sector for the
digital economy of the future. The Group leads the regulator’s efforts to
leverage data analytics and unlock insights, enhance the supervision of
financial institutions, make regulatory compliance more efficient for financial
institutions, and improve work efficiency across the organisation.
Enterprise transformation refers to a significant shift in the way a company conducts its day-to-day operations. This could involve adjusting an organisation’s fundamental technology, the structure of the company’s workforce or the way the company creates and markets its goods.
Enterprise transformation can take many different forms, one of the most prevalent of which is when an organisation makes a significant change in the products or services it offers. Currently, with digital technology, adjustments like this are occurring more frequently.
Companies are realising that they need to modify their approaches to meet the ever-evolving requirements of their customers as well as the consistently expanding standards set by their rivals.
Simultaneously, several Digital technologies, including Artificial Intelligence, the Internet of Things, Blockchain, Big Data, Virtual reality, Augmented Reality, Robotics and automation, among others, have the potential to transform how businesses operate. They can transform various functions of the value chain, such as logistics & supply, manufacturing, engineering, marketing, customer service, corporate management and support functions.
With their versatility and agility, these technologies can be deployed to numerous industries, among these are Healthcare, Food & Beverage, Manufacturing, Services and Mobility.
Innovative Business: What Lies Ahead?
“Businesses need innovation, not only for survival but for future growth,” says Vikram. “Innovation could emerge as product innovation, process innovation, service innovation or business model innovation to create a long-term sustainable advantage.”
Enterprises have been creating legacies based on research and development (R&D) which has LED them to incremental innovations. However, innovation is disruptive or transformational and it can be around product processes, services and business models.
Transformational innovation represents innovation that transforms businesses and innovates processes to create long-term sustainable, competitive, profitable business models. Disruptive innovation is targeted more towards identifying and inventing new mechanisms to solve existing and anticipated problem statements in businesses, which is also expected to have a business impact.
Many businesses do not distinguish between R&D and innovation. Enterprises today, however, are better able to distinguish themselves from one another and can understand and appreciate the impact that innovation has in comparison to R&D’s function.
R&D is an essential part of most businesses, and the benefits it brings are usually small and mostly limited to the people who work in R&D.
Innovation, on the other hand, isn’t just a function; it’s also a way of thinking for the whole organisation. It affects everything from the process to the product to the service to the business model, and the expected size of its effects is disruptive rather than incremental.
This further demonstrates how the current difficult business and economic environment has forced companies with lower levels of technology adoption and digital maturity to rethink their operations.
Enterprises can now assess the possibilities that technology integration may bring about, not only to address their current problem statements but also to consider new opportunities, whether it takes the form of a product, service, or business model.
There are a few common KPIs that should be measured regularly to gauge an organisation’s and its employees’ level of digital maturity. Vikram believes that because every organisation is unique, the KPIs used for assessments will vary.
For example, the key metrics for some common functions, like customer experience, data and insights, strategic and leadership, technology, operations, digital skill sets and so on, would need to be customised based on how they have changed and how they are changing now.
“We can get innovations which can predict based on the data analytics for the next 10 years,” Vikram reveals. “Every organisation should think out-of-the-box. Then they only need the right set of people who can guide them for the KPIs to be defined.”
Additionally, a variety of industries, including those in healthcare, food and beverage, manufacturing, services, FMCG, mobility, hospitality, and many more, can adapt to new technologies.
The following are crucial actions that businesses need to take today to digitally transform their futures:
- Identify your key employees’ level of digital maturity
- Research the technologies that are currently being used by the Enterprise’s various functions
- Select current issue citations
- Sort the problem statements according to priority
- Assess a system for locating, evaluating, and integrating digital technologies
- After a framework has been chosen and put into place, make the process iterative
- Establish it as the Enterprise’s mentality
Urban Ideas and Solutions Through LKYGBPC
When it comes to entrepreneurs who are truly pushing the envelope, Vikram is looking for certain characteristics. One of these is how the participants interact with businesses, which is determined by a unique set of criteria.
“And because we engage with various sets of parameters when looking at entrepreneurs, we can combine their efforts with those of the business,” Vikram explains.
Therefore, they bring the enterprise work and the entrepreneurs together when looking at the entrepreneurs, especially in the GHV DX LAB framework – they are the project managers and the system integrator for GHV.
The digital transformation, specifically the adoption of online business models and the general shift of economic and social activities online, particularly during the COVID-19 pandemic, has altered how economies operate, businesses function and societies interact.
The exploitation of data is the driving force behind the emergence of a new type of data-driven economy. It creates new opportunities for international cooperation to leapfrog the intermediate infrastructure of the industrial age, taking advantage of the new markets made available by digital platforms and the improved service delivery made possible by smart technologies.
In addition, the most effective mechanism in education would be to integrate innovation and entrepreneurship at the earliest possible stages of the educational system. In today’s context, entrepreneurship is about more than just passion, raising capital, or coding something; it’s about building a network around yourself to support your entrepreneurial journey. The network is critical.
Vikram spent sixteen years in Japan before relocating to Singapore and India to establish a business. He has realised that he must contribute significantly to society. For Vikram, LKYGBPC is a fantastic platform that can be an integral part of any entrepreneur’s entrepreneurial journey.
As opportunities for entrepreneurs are created through this platform, a global network of mentors and other ecosystem partners are integrated with LKYGBPC to focus on the entrepreneurs. “I think it’s a fantastic platform that is desperately needed right now, not just in the context of Singapore or Southeast Asia, but for the global market,” Vikram is convinced.
He believes that a combination of all these factors pushed him into the venture capital world. “I enjoy being a techie. But I’m enjoying my current role as a mentor to thousands of Asian entrepreneurs.”
Vikram has mentored over 1200 startups to date, including 3 that will soon be unicorns. He has personally invested in over 50 startups, and through the GHV Fund, he has invested in over 20 startups. “Every day, I learn something new and give it back to society in the same way.”
Building intellectual property (IP) rights has been the best part of his digital journey so far, and he hopes to keep doing this. “The level of self-satisfaction I feel is never as high as when I say IP is greater. You can make a lot of money consulting, but that doesn’t get me excited if you can’t create IP and work together. And that’s why what we’ve been doing around it can be great,” Vikram concludes.
The Department of Architecture under the National University of Singapore College of Design and Engineering (NUS CDE) opened the Architectural Conservation Laboratory (ArClab), a unique living laboratory housed in a conserved building which will serve as a site for researchers, graduate students and built heritage professionals to conduct a wide range of teaching and research activities on sustainable development of the built environment.
ArClab was established in January 2022 to achieve four key goals:
- augment the training capabilities of Singapore’s building industry in built heritage conservation;
- develop innovative use of technologies to enhance conservation;
- conduct high-impact research into broader conservation issues; and
- promote climate resilience and net-zero retrofit in historic buildings.
Over the next four to five years, ArClab will undertake the restoration of 141 Neil Road, a historic townhouse in the Blair Plain Conservation Area. The Portabella family, who owned the house, had recently donated it to the University, along with a gift of S$2 million, to support its repair and conservation works.
The Head of the NUS Department of Architecture and UNESCO Chair on Architectural Heritage Conservation and Management in Asia noted that as the first of its kind in Southeast Asia, the ArClab aims to be an exemplar and pedagogical demonstration of sensitive repair and conservation, adaptive reuse of heritage, and sustainable management of the historic environment.
The building’s conservation process will provide opportunities for both teaching and research. Using the conserved townhouse as a living lab, ArClab will showcase a new model for learning about the historic environment, building professional capacity to manage historical resources, and promoting historical and environmental studies.
The Deputy Dean (Research), the NUS College of Design and Engineering noted that ArClab is a timely endeavour that gathers expertise in engineering, design and architecture from the NUS College of Design and Engineering to preserve our history and build skills to address Singapore’s unique urban sustainability concerns.
Speaking at the opening of ArClab, the Minister for National Development and Minister-in-charge of Social Services Integration noted that he is excited to see ArClab become an engine to develop the knowledge of conservation practices and skills locally; develop heritage capacity building in Singapore and the region; support building owners in the maintenance and restoration of heritage buildings; grow Singapore’s overseas presence in built heritage and break new ground internationally and see how sustainability and liveability can be imbued inbuilt heritage.
Bring cultural heritage to life
One of the oldest buildings in the entire stretch of Neil Road, the historic house was built as part of the Everton Estate in the 1880s. The historic building contains a collection of decorative tiles depicting English Art Noveau and Chinese motifs. It is adorned with several auspicious Chinese character plaques in clerical and cursive font styles.
Housed within the historic building, ArClab will be a dynamic “classroom in the city” for students taking graduate programmes and doctoral studies in built heritage management. They will play a significant role in the repair and conservation works.
Students will learn and conduct research on areas such as traditional building materials and craftsmanship; the use of innovative technologies for repair works, energy efficiency and comfort; and net-zero retrofit in historic buildings. ArClab will also design and deliver advanced courses for professionals working in the field of built heritage.
The research will be conducted alongside teaching activities in the conserved building. NUS researchers will carry out various projects, including conducting research, documentation and restoration of Singapore’s heritage using innovative technologies such as 3D modelling; developing an integrated approach for energy efficiency and net-zero retrofit of Singapore’s historic buildings; testing and developing traditional building materials and techniques as well as using innovative technologies for conservation and repair works in the Singapore context; and estimating the impact of the high-density urban surroundings on the microclimate of historic districts.
A broad range of advanced equipment will be available for researchers and students to conduct holistic research and training.
The Indonesian government supports accelerating digital transformation in education by encouraging teaching staff to hone their digital skills. Research in 2020 showed that digital skill improvement could contribute IDR 4,434 trillion to Indonesia’s Gross Domestic Product (GDP) in 2030.
In light of this, the Ministry of Communication and Informatics (Kemkominfo) is eager to accelerate technology advancement in every sector to support Indonesia’s 2045 vision to become a sovereign and independent country.
The government recognises that educators need to have digital proficiency to overcome and adapt to teaching and learning that has transitioned from offline to online.
“We need to pay special attention to education and proficiency in digital technology. The 2020-2024 RPJMN (National Medium-Term Development Plan) has seen that digital transformation in national strategic sectors needs to be implemented and accelerated,” said the Director of Digital Economy of the Ministry of Communication and Information, I Nyoman Adhiarna in his remarks at the Digital Transformation Education Sector online seminar.
Based on the Ministry of Communication and Informatics development plan, education is one of the strategic sectors that will support national economic growth in 2020-2024. Moreover, the Directorate of Digital Economy endorses the plan as a programme enabler to support the Ministry of Education and Culture.
Throughout 2022 Kominfo has organised digital technology adoption programmes in the education sector in various locations in Indonesia. Covering Bali, Bintan Regency, Batam City, Sorong Regency, Biak Numfor Regency, Klaten Regency, Kendal Regency, Kuningan Regency, Medan City, Padang City and Tual City, Nyoman explained.
Meanwhile, the Regional Secretary (Sekda) of the Government of Kuningan Regency, West Java, Dian Rahmat Yanuar said the education sector digital technology adoption programme would expand teachers’ skills and knowledge and increase their confidence.
“The pandemic era was a challenge, as well as a momentum for us to declare ourselves to be more competitive in the future complex challenge, therefore teachers are required to adapt faster,” he shared.
New Curriculum to Boost Digitalisation
Kemkominfo has collaborated with the Ministry of Education and Culture (Kemendikbud) in driving the “Merdeka Mengajar” (Independent Teaching) platform as a new curriculum. The Executive Director of CERDAS, Indra Charismiadji, explained the new “Merdeka Mengajar” curriculum concept focuses on the learning process of students.
“The essence of differentiated learning is that it focuses on students as every student cannot be the same. Teachers need to know how to deal with these different students,” expanded Indra.
Other participants emphasised the importance of teachers providing relevant context in the learning process. Educators have to adopt different approaches when writing in academic media and on social media. They can become teacher influencers by trying new things.
The seminar entitled “Digital Transformation of the Education Sector” was organised by the Ministry of Communication and Information to celebrate National Teacher’s Day. The Ministry worked with provincial, district/city governments and all public and private schools to broaden the activities outreach.
The webinar discussed various problems in the learning system. In the event, participants discussed how to accelerate technological advancement and agreed that it requires teachers to adapt and maximise the use of technology to make better school learning.
Kominfo has given digital transformation top priority at the Indonesian G20 Presidency Summit in 2022. Mira Tayyiba, secretary general of the Ministry of Communication and Informatics, is concerned about the issue of digital transformation. The forum working groups discussed several digital issues, such as employment, discussing digital, education, health, and other topics.
The School of Business and Management of The Hong Kong University of Science and Technology (HKUST Business School) and The Institute of Sustainability and Technology (IST) signed a Memorandum of Understanding (MoU) to foster the partnership on ESG initiatives through education and technology. Both parties are working to accelerate the transition to a circular economy and drive innovation towards a net-zero future.
The Founder & Faculty Advisor of IST, Adjunct Professor of the Department of Management at HKUST and the Dean of HKUST Business School signed the MoU to affirm the strategic partnership. Industry leaders and business elites representing over 100 organizations joined to show their overwhelming support and commitment to sustainability.
The Chief Secretary for the Administration of HKSAR stated that Hong Kong, as an international financial centre connecting global capital with opportunities, has a unique role to play in addressing the world’s most pressing environmental and social challenges brought about by climate change.
By making a thorough effort including the issuance of green bonds, implementation of the Green and Sustainable Finance Grant Scheme and nurturing of talent, and leveraging its close partnership with relevant stakeholders, the HKSAR Government aims to develop Hong Kong into a green and sustainable hub in the region.
The Founder & Faculty Advisor of IST, Adjunct Professor of the Department of Management at HKUST said that to nurture the next generation of ESG talent, IST is working with HKUST to co-create a series of globally recognised executive training programs to inspire purpose-driven business management.
While striving for net zero by 2050, Hong Kong is uniquely positioned to maximize synergies with GBA cities to play a strategic gateway role as a regional green finance hub for sustainable investments and cross-border carbon trading. By deploying catalytic capital, innovation can be fuelled, and triple returns can be empowered via a thriving ecosystem for decarbonization technologies to accelerate the transition to a circular economy. By leveraging innovative technology, education initiatives and strategic collaboration, the net zero targets can be achieved.
The President of HKUST stated that the two parties both aim to guide the city towards a net-zero, sustainable future through education and technology. Through their core missions in research, teaching, and innovation, the next generation of talent is being nurtured into responsible professionals and leaders and contributing to solving pressing environmental and social issues.
The Dean of HKUST Business School noted that this partnership with IST supports Hong Kong’s brown-to-green transition through talent development and technology deployment. Marking a key event under this partnership, the ESG Forum familiarised participants with key aspects of ESG management through expert insights covering strategy, risks, benchmarking, and future trends. HKUST looks forward to pursuing a broad range of sustainability-related opportunities in training, research and development, and community engagement with IST.
An ESG Forum was held after the MoU signing ceremony. Various renowned academics and industry veterans participated in the forum, exchanged their views, and shared insights on ESG and sustainability.
About the Institute of Sustainability and Technology
To nurture the next generation of ESG talent, IST is partnering with HKUST Business School to co-create a series of globally recognised training programs for business executives. Catering to the diverse context of Asian markets, IST seeks to establish robust impact measurement and management methodology as well as ESG ratings and benchmark standards for different sectors across Asia Pacific. To promote thought leadership and best practices, IST sponsors interdisciplinary research studies to provide compelling data to advance the agenda for sustainable development. For more details about the Institute, please visit
Seven intelligent robots have been installed in the wards of Yishun Community Hospital (YCH) to welcome patients and bring supplies to the bedside. These brand-new Temi Robots, known as Angel, were introduced to support nursing care so that nurses could focus their time and energy on clinical tasks while still giving patients a personal and meaningful touch.
These robots are loaded with patient education materials that patients and their caregivers can easily access, in addition to providing announcements and reminders throughout the day in all four major languages.
They also have a variety of features like games and entertainment, teleconference tools, and translation capabilities. YCH hopes to further improve patient engagement and satisfaction in its wards with the new addition.
A pilot project using Nao Robots was also used by YCH in previous years to assist dementia patients in their rehabilitation. Robot Therapy, which was started by the staff at YCH in 2018, is now a part of the therapy-related services offered there.
YCH, which is conceived of as a healing space for patients, offers intermediate care for recovering patients who do not require the intensive care services of an acute-care hospital. With rehabilitation and therapy at the heart of the hospital’s mission, the team was eager to investigate the potential of the innovation, Robot Therapy.
Because they can perform a wide range of tasks with little to no value added, hospital robots offer a reliable solution, freeing up doctors, nurses, and surgeons to focus on more high-value work. Robots have become an integral part of the healthcare industry, with many hospitals now using them to perform both surgical and administrative tasks.
In addition, prior to the arrival of Nao Robots in Singapore, a few local nursing homes used Paro, a robot that mimics the appearance, movement, and sounds of a baby seal. The therapeutic robot seal’s use is like animal therapy in that the robot helps to calm elderly people who have dementia or a loss of cognitive function.
The Nao robot, on the other hand, came with higher expectations: it can express emotions like laughter or sadness during interactions; it can interact and communicate with patients in different languages; and it has optic, audio, and impact sensors and motors to detect surroundings, interpret detection, and activate programmed responses.
Various interaction and language modes can be programmed into the Nao robot. The YCH Robot Therapy team took advantage of this by incorporating the robot into specific therapy sessions. This increased efficiency freed up nursing time, which could then be used for other care activities. Nao robot therapy sessions were trialled with 48 patients from the Dementia ward in October 2018.
Patients with Behavioural and Psychological Symptoms of Dementia (BPSD) require more care and attention, so this was chosen as the pilot ward. By introducing the Nao robot, YCH has increased patient engagement, motivate them to engage in social activities, and shorten the time required for social activities so that caregivers could concentrate on other care-related tasks.
The implementation process was divided into three stages: training staff, selecting suitable patients and assessing seniors who participated in the Robot Therapy programme using the Observed Emotion Rating Scale.
Singhealth asserts that the COVID-19 pandemic, which hastened the adoption of these solutions and accelerated the digital transformation of healthcare systems globally, has sparked a tremendous interest in digital technology and virtual health solutions.
A group of clinician innovators from SingHealth sought to ascertain whether digital interventions are more affordable and provide patients with greater value and benefits in anticipation of this continuing upward trend, and they discovered that this may not always be the case for some eye conditions.
Both in normal circumstances and in times of crisis, Thai people are known to generate a lot of innovative ideas and continue to develop products that make their lives better. This encompasses and encapsulates the nation’s most recent campaign, Innovation Thailand, which promotes Thai creativity to a global audience.
The Innovation Thailand Alliance consists of partners from a variety of sectors including government agencies, private organisations, educational institutions, and civil societies. Through it, the National Innovation Agency of Thailand (NIA), is expanding the scope of its Innovation Thailand platform.
The fundamental goal is to use national/local ideas to revitalise the nation by promoting awareness of and pride in inventive Thai works. Allies will serve as ambassadors in the effort to promote Thailand as an innovative nation. They will be able to exchange knowledge and skills with one another at the same time.
All stakeholders are enthusiastic to help Thailand achieve its goal of being one of the world’s top 30 innovative nations by 2030 and turning Thailand into an innovation-driven country.
Innovation Capabilities of Thai People
The National Innovation Agency’s mission is to support and develop Thailand’s innovation system to promote economic restructuring and competitive enhancement.
“We began the Innovation Thailand campaign before COVID-19 because we faced a significant challenge in terms of how not only Thai people but also global clients, perceive the nation’s unique products and services,” explains Dr Pun-Arj.
Even though this may not be directly related to innovation, the NIA has attempted to communicate and brand national innovation in such a way that it can be easily connected not only with Thais but also with international customers – this is how they started the Innovation Thailand platform.
Thailand is a tourist destination and one of the top three in the world, which has caused the country to innovate their lifestyle as well as their livelihood.
Thai culture places a high value on craftsmanship and attention to detail. Thai innovation for artful living is a process created exclusively by the fusion of modern technology and knowledge passed down from one generation to the next.
“We have created ingenious solutions through this method that enhances the standard of living in terms of society, prosperity, health, safety, and the environment,” Dr Pun-Arj furthers.
They began to construct a community to exchange ideas, develop, and manage innovation that would result in delivering some information or any significant strategic movement that the government could initiate.
They are recruiting more Chief Innovation Officers from not only the private sector but also the public sector and universities, as part of their primary target group.
Dr Pun-Arj is looking to enhance the opportunities brought in by innovation, particularly at the regional level in the city. This is because they are working not only on economic development but also on the skillset of the social innovation division and platform.
“As a result, our primary focus is on regionalisations of innovation possibilities, as well as startups – innovation-based firms,” reveals Dr Pun-Arj.
He believes that every successful community is built upon a robust and well-functioning infrastructure. Hence, Thailand’s industries and infrastructure will be modernised to meet upcoming challenges.
“In the past, one of our five-year priorities included buildings which we identify as system integrators. As the system and ecosystem become more robust, we are transitioning from system integrators to full core facilitators.”
He emphasised the need to consider the impact of being a system integrator before transforming themselves into focal facilitators. Furthermore, the country wants to make better use of the enormous resource of innovation in universities to conduct research and technology in collaboration with other organisations across the world.
Through the City Innovation Index, which focuses primarily on districts and cities, the NIA promotes and monitors the constant innovation and evaluation of diverse organisations. Periodically, they performed surveys in particular industries to evaluate and propose answers for the difficulties they face.
A strong innovation strategy will evaluate the overall objectives, the target portfolio for innovation initiatives, and the process for allocating the necessary resources. The portfolio clearly defines innovation-critical benchmarks and bounds. Therefore, the nation will become democratic and transparent.
“I believe the government’s most essential innovation strategy focuses on three specific concerns. You must have highly strong and capable businesses of all sizes that will establish a very strong enterprise on its own. And secondly, you must have laws and regulations,” Dr Pun-Arj asserts. “In addition, governance is also required and identifying future risks.”
Thailand is struggling with several issues, including inequality, which includes limited access to public services, digital technology, education, and environmental problems. High manufacturing costs and new types of competition in the global supply chain became challenges for Thailand, with this, innovation has emerged as the country’s answer.
Additionally, there are many challenges in terms of digital transformation and government service and the nation is pushing for innovation that can deliver a good policy and deploy it into practice.
In the previous five-year plan, NIA primarily focused on the job of system integrator into four core facilitators. “That is why the short-term strategy is to train management in the methods, programmes, and activities that we have implemented over the last five years.”
NIA is primarily concentrated on strengthening the potential of regional innovation in several key sectors such as new technologies, assistance for startups, venture capital creation or investment for innovation, and internationalisation of Thailand’s innovation.
Dr Pun-Arj envisions a stronger Thai economy and society, with innovation playing a key role in propelling it. The Bio-Circular-Green Economy (BCG) model is a plan for the country’s growth and post-pandemic recovery. The BCG model focuses on four strategic sectors: agriculture and food, wellness and medicine, energy, materials, and biochemicals and tourism and creative economy.
It emphasises using science, technology, and innovation to turn Thailand’s comparative advantage in biological and cultural diversity into a competitive advantage. The primary aim is to support the sustainability of biological resources, develop local economies and communities and make Thai BCG industries more competitive and resilient to societal changes.
The approach is meant to make Thailand’s economy, society, and environment more sustainable and inclusive. “To achieve the 2030 goal, we must work incredibly hard to encourage innovation in this BCG economy. At the same time, the national policy needs to be improved.”
Dr Pun-Arj has been recognised as a pioneer in the domains of foresight and innovation management in the country. He counsels anyone aspiring to be a great innovator to fully comprehend the concepts of uncertainty and failure.
“Innovation will help us grow as a community or nation by making ourselves and others aware of the importance of innovation,” Dr Pun-Arj concludes.
The Indian Space Research Organisation’s (ISRO) Polar Satellite Launch Vehicle (PSLV) has launched nine satellites, including eight nanosatellites, into space from the first launch pad at the Satish Dhawan Space Centre in Andhra Pradesh.
The 44-metre-long rocket’s primary payload is the Earth Observation Satellite-6 (EOS-6) or Oceansat-3, a third-generation satellite to monitor oceans. It is a follow up to OceanSat-1 or IRS-P4 and OceanSat-2 launched in 1999 and 2009, respectively. Oceansat-3 will provide data about ocean colour, sea surface temperature, and wind vector data for oceanography, climatology, and meteorological applications.
The Oceansat-3 was placed in the polar orbit at a height of about 740 kilometres above sea level. While it weighs approximately 1,100 kilogrammes, which is only slightly heavier than Oceansat-1, for the first time in this series, it houses three ocean observing sensors. These include an Ocean Colour Monitor (OCM-3), Sea Surface Temperature Monitor (SSTM), and Ku-Band scatterometer (SCAT-3). There is also an ARGOS payload, a press release mentioned.
The OCM-3, with a high signal-to-noise ratio, is expected to improve accuracy in the daily monitoring of phytoplankton. This has a wide range of operational and research applications including fishery resource management, ocean carbon uptake, harmful algal bloom alerts, and climate studies. The SSTM will provide ocean surface temperature, which is a critical ocean parameter to provide various forecasts ranging from fish aggregation to cyclone genesis and movement. Temperature is a key parameter required to monitor the health of the coral reefs, and if needed, to provide coral bleaching alerts. The Ku-Band Pencil beam scatterometre will provide a high-resolution wind vector (speed and direction) at the ocean surface, which will be useful for seafarers, including fishermen and shipping companies. Data regarding temperature and wind is also particularly important for ocean and weather models to improve their forecast accuracies.
ARGOS is a communication payload jointly developed with France and it is used for low-power (energy-efficient) communications including marine robotic floats (Argo floats), fish-tags, drifters, and distress alert devices valuable in search and rescue operations.
The Minister of State (Independent Charge) for Science and Technology, Jitendra Singh, stated that ISRO will continue to maintain the orbit of the satellite and its standard procedures for data reception and archiving. Major operational users of this satellite include Ministry of Earth Sciences (MoEs) institutions such as the Indian National Centre for Ocean Information Services (INCOIS) and the National Centre for Medium Range Weather Forecasting (NCMRWF).
INCOIS has also established a state-of-the-art satellite data reception ground station within its campus with technical support from the National Remote Sensing Centre (ISRO-NRSC). Singh asserted that ocean observations such as this will serve as a solid foundation for India’s blue economy and polar region policies. A representative from MoES noted that the launch of Oceansat-3 is significant as it is the first major ocean satellite launch from India since the initiation of the UN Decade of Ocean Science for Sustainable Development (UNDOSSD, 2021-2030).
The Indian Space Research Organisation is the national space agency of India, headquartered in Bengaluru. It operates under the Department of Space, which is overseen by the country’s Prime Minister.