- Like
- Digg
- Del
- Tumblr
- VKontakte
- Buffer
- Love This
- Odnoklassniki
- Meneame
- Blogger
- Amazon
- Yahoo Mail
- Gmail
- AOL
- Newsvine
- HackerNews
- Evernote
- MySpace
- Mail.ru
- Viadeo
- Line
- Comments
- Yummly
- SMS
- Viber
- Telegram
- Subscribe
- Skype
- Facebook Messenger
- Kakao
- LiveJournal
- Yammer
- Edgar
- Fintel
- Mix
- Instapaper
- Copy Link
The Monetary Authority of Singapore have announced that 40 solutions to address key challenges have been shortlisted for the MAS FinTech Awards to be presented at this year’s Singapore FinTech Festival x Singapore Week of Innovation and TeCHnology (SFF x SWITCH). The theme for this year’s Awards is “Building Resilience, Seizing Opportunities, Emerging Stronger”.
The Awards are organised in partnership with PwC Singapore. They recognise groundbreaking solutions that enable the financial sector to respond better to two key global challenges such as the new operating environment created by COVID-19, and sustainability and climate change.
Mr Sopnendu Mohanty, Chief FinTech Officer, MAS, said,“2020 has witnessed unprecedented challenges for the global economy and society. It is heartening that despite the upheavals, the international FinTech community has remained resilient and committed to serving their customers while tackling key issues of sustainability and digital transformation. The innovative solutions from the finalists demonstrate how resiliency and sustainability are now integral parts of the design of financial services for the future. We invite the international community to join us in recognising these remarkable innovations at SFF x SWITCH 2020.”
MAS received 326 submissions this year which is a 33% increase from 2019 from applicants across 55 countries. This marks the highest number of submissions received since the FinTech Awards began in 2016.
Many of the submissions focused on enabling the financial industry to operate digitally and remotely by removing the need for face-to-face interaction while maintaining the security, integrity and customer experience of the services provided.
On sustainability and climate change, submissions were geared towards sustainable investing, improving supply chain resilience, enhancing credit access for lower-income individuals and SMEs, and accelerating green finance flows to support low-carbon economic activities. The finalists were selected by a panel of industry judges.
The winners of the FinTech Awards will be announced on 10 December 2020 at SFF x SWITCH. The 40 finalists of the FinTech Awards will also participate in a specially curated Deal Fridays.
Ms Wong Wanyi, FinTech Leader, PwC Singapore’s Venture Hub, said, “The COVID-19 pandemic has created deep unprecedented changes across the world. Despite challenging times, it is very encouraging for us to have received the highest number of innovative solutions since the first FinTech Awards. We see a focus on acceleration of technology advances and digital transformation within the financial services sector, some of them expedited by the new way of life. These innovative solutions demonstrate agility and creativity to overcome the challenges posed by the global pandemic. Some also look to strengthen business resilience and sustainability in the future with the use of technology.”
- Like
- Digg
- Del
- Tumblr
- VKontakte
- Buffer
- Love This
- Odnoklassniki
- Meneame
- Blogger
- Amazon
- Yahoo Mail
- Gmail
- AOL
- Newsvine
- HackerNews
- Evernote
- MySpace
- Mail.ru
- Viadeo
- Line
- Comments
- Yummly
- SMS
- Viber
- Telegram
- Subscribe
- Skype
- Facebook Messenger
- Kakao
- LiveJournal
- Yammer
- Edgar
- Fintel
- Mix
- Instapaper
- Copy Link
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.
- Like
- Digg
- Del
- Tumblr
- VKontakte
- Buffer
- Love This
- Odnoklassniki
- Meneame
- Blogger
- Amazon
- Yahoo Mail
- Gmail
- AOL
- Newsvine
- HackerNews
- Evernote
- MySpace
- Mail.ru
- Viadeo
- Line
- Comments
- Yummly
- SMS
- Viber
- Telegram
- Subscribe
- Skype
- Facebook Messenger
- Kakao
- LiveJournal
- Yammer
- Edgar
- Fintel
- Mix
- Instapaper
- Copy Link
In a significant stride towards enhancing cybersecurity in the realm of consumer Internet-of-Things (IoT) devices, the Cyber Security Agency of Singapore (CSA) and the Connectivity Standards Alliance (Alliance) recently signed a Mutual Recognition Arrangement (MRA). This milestone agreement underscores a shared commitment to bolstering international cooperation and coordination in cybersecurity, with a specific focus on advancing the security standards of consumer IoT devices.
The MRA, signed by Mr Chua Kuan Seah, Deputy Chief Executive of CSA, and Mr Tobin Richardson, President & Chief Executive Officer of the Connectivity Standards Alliance, facilitates the mutual recognition of cybersecurity labels for consumer IoT devices.
By harmonising standards and procedures, the arrangement aims to reduce duplication in testing and costs for manufacturers, thereby fostering a more robust cybersecurity environment for consumer IoT devices globally.
Central to the MRA is the exchange and alignment of information related to relevant standards, requirements, and practices concerning the cybersecurity labeling of consumer IoT. This collaboration lays the groundwork for future developments in cybersecurity certification and labeling schemes, ensuring that evolving threats and technological advancements are adequately addressed.
Mr Chua Kuan Seah emphasised the significance of achieving global alignment for consumer IoT cybersecurity, citing it as a key objective since the launch of Singapore’s Cybersecurity Labelling Scheme in 2020. The agreement with the Alliance represents a significant step forward in this endeavor, bringing Singapore closer to its goal of establishing internationally recognised cybersecurity standards for IoT devices.
By promoting Cybersecurity-by-Design and Cybersecurity-by-Default principles, the MRA incentivises manufacturers to embed robust security measures into their IoT devices, ultimately enhancing cybersecurity for consumers worldwide.
The Connectivity Standards Alliance, formerly known as the Zigbee Alliance, is a consortium of companies devoted to developing standards envisioning seamless interaction to enhance daily experiences. With a membership of over 500 companies, the alliance collaboratively creates application profiles for interoperable products, thereby advancing IoT connectivity and fostering innovation in the industry.
Singapore remains deeply committed to bolstering cybersecurity measures both domestically and internationally. At the national level, initiatives are aimed at fortifying the nation’s digital defences, safeguarding critical infrastructure and protecting citizens and businesses from cyber threats. These efforts include the implementation of robust cybersecurity frameworks, regular cybersecurity exercises and drills, and the promotion of cybersecurity awareness among the populace.
The Cyber Security Agency of Singapore (CSA) plays a pivotal role in safeguarding Singapore’s cyberspace to bolster national security, support the digital economy, and protect the digital way of life. Through initiatives like the Singapore Cyber Emergency Response Team (SingCERT), CSA swiftly responds to cybersecurity incidents, ensuring the detection, resolution, and prevention of cyber threats.
As part of the Prime Minister’s Office and managed by the Ministry of Communications and Information, CSA oversees national cybersecurity functions, collaborates with sector leads to protect critical information infrastructure, and engages stakeholders to raise cybersecurity awareness.
OpenGov Asia reported that Singapore, represented by CSA, collaborates closely with ASEAN Member States (AMS) to establish the ASEAN Regional Computer Emergency Response Team (CERT), facilitating information-sharing and enhancing cybersecurity incident response coordination across the region.
Despite a significant increase in scam cases by nearly 50% to 50,376 in 2023 from 33,669 in 2022, proactive cybersecurity measures have led to a positive outcome. These positive trends are attributed to collaborative efforts among various agencies and stakeholders, including the Singapore Police Force, Infocomm Media Development Authority, Cyber Security Agency of Singapore, Smart Nation Group, Monetary Authority of Singapore, and private sector partners.
Singapore’s proactive efforts, including the proposal to host and fund the ASEAN Regional CERT’s physical activities, demonstrate its commitment to fostering regional cooperation and safeguarding critical information infrastructure on a transnational scale.
- Like
- Digg
- Del
- Tumblr
- VKontakte
- Buffer
- Love This
- Odnoklassniki
- Meneame
- Blogger
- Amazon
- Yahoo Mail
- Gmail
- AOL
- Newsvine
- HackerNews
- Evernote
- MySpace
- Mail.ru
- Viadeo
- Line
- Comments
- Yummly
- SMS
- Viber
- Telegram
- Subscribe
- Skype
- Facebook Messenger
- Kakao
- LiveJournal
- Yammer
- Edgar
- Fintel
- Mix
- Instapaper
- Copy Link
In a significant advancement in health technology, scientists at Nanyang Technological University, Singapore (NTU Singapore), have unveiled a revolutionary device capable of rapidly isolating blood plasma with unparalleled precision. Named ExoArc, this coin-sized chip offers a transformative alternative to the cumbersome and time-consuming multi-step centrifugation process currently used in diagnostics and precision medicine.
ExoArc’s innovation lies in its ability to directly isolate blood plasma from a tube of blood in just 30 minutes, eliminating the need for labour-intensive centrifugation. By leveraging unique flow phenomena in tiny channels within the chip, ExoArc achieves high plasma purity, removing over 99.9% of blood cells and platelets precisely and gently.
This breakthrough technology accelerates the clinical analysis of cell-free DNA, RNA molecules, and extracellular vesicles, which are vital for screening biomarkers indicative of various cancers and diseases.
Traditionally, blood plasma isolation has relied solely on centrifugation, a method prone to residual cell contamination and time-sensitive processing constraints. Even after multiple centrifugation rounds, lingering biological cells can compromise the accuracy of diagnostic tests, prolonging waiting times for results and exacerbating patient anxiety.
ExoArc’s streamlined process significantly reduces contamination risks, enabling quicker and more precise diagnoses, particularly crucial in cancer treatment and disease management.
To validate ExoArc’s efficacy, a portable prototype device was developed in collaboration with clinician-scientists from the National Cancer Centre Singapore (NCCS), Tan Tock Seng Hospital (TTSH), and the Agency for Science, Technology and Research (A*STAR). Clinical validation demonstrated ExoArc’s ability to diagnose non-small cell lung cancer with a sensitivity of 90%, highlighting its potential for real-world applications.
Furthermore, ExoArc’s versatility extends beyond cancer diagnostics, as demonstrated in studies involving microRNA analysis in individuals with type 2 diabetes mellitus. By identifying distinct microRNA profiles, ExoArc holds promise in identifying disease-related biomarkers and driving precision medicine initiatives, offering tailored treatments and improving patient outcomes.
In contrast to conventional centrifugation methods, ExoArc’s compact size and scalability present a transformative approach to blood plasma isolation. Its one-step process reduces processing time and operator variability, paving the way for automated and standardised diagnostic procedures. Moreover, ExoArc’s potential for scaling up through multiple channels ensures faster and more consistent plasma isolation, with future automation promising further efficiency gains and cost reductions.
Supported by a Proof-of-Concept and Proof-of-Value grant from the NTUitive Gap Fund, ExoArc epitomises NTU’s commitment to translating research into practical innovations with societal impact. With contributions from esteemed institutions such as the Massachusetts Institute of Technology and the University of Texas Medical Branch (Galveston), ExoArc’s development underscores collaborative efforts in advancing healthcare technology.
ExoArc represents a significant leap forward in health technology, offering a paradigm shift in blood plasma isolation for diagnostics and precision medicine. As ExoArc continues to evolve, its potential to enhance patient care and drive medical advancements holds promise for a healthier future globally.
NTU Singapore has positioned itself at the vanguard of deploying cutting-edge technology within the healthcare sector, striving relentlessly to pioneer advancements that not only enhance patient outcomes but also revolutionise the overall healthcare experience.
OpenGov Asia reported that a team of researchers from NTU Singapore developed WellFeet, a mobile application designed to provide comprehensive support for individuals living with diabetes. WellFeet educates patients and caregivers about the disease while assisting them in monitoring medication adherence, physical activity, and dietary habits, addressing the myriad challenges associated with diabetes management.
WellFeet offers tech-enabled support for individuals with diabetes and their caregivers, serving as a vital source of empowerment and assistance. As Singapore tackles its diabetes epidemic, initiatives like WellFeet pave the way for transformative healthcare solutions with the potential to change lives.
- Like
- Digg
- Del
- Tumblr
- VKontakte
- Buffer
- Love This
- Odnoklassniki
- Meneame
- Blogger
- Amazon
- Yahoo Mail
- Gmail
- AOL
- Newsvine
- HackerNews
- Evernote
- MySpace
- Mail.ru
- Viadeo
- Line
- Comments
- Yummly
- SMS
- Viber
- Telegram
- Subscribe
- Skype
- Facebook Messenger
- Kakao
- LiveJournal
- Yammer
- Edgar
- Fintel
- Mix
- Instapaper
- Copy Link
An internationally recognised card service company, with a significant presence in the digital payments domain, released insights shedding light on Vietnam’s evolving payment landscape. Through its comprehensive consumer payment attitudes study, the company, highlights a surge in cashless transactions among Vietnamese consumers, signifying a progressive shift towards embracing novel financial technologies.
According to the study’s findings, a staggering 56% of Vietnamese respondents reported carrying less physical cash than they did a year prior, indicative of a growing inclination towards digital payment methods. Notably, the younger demographic is leading the charge in this transition, with a striking 89% having seamlessly adopted cashless payment solutions.
Furthermore, the company delves into the prevailing trends shaping Vietnam’s burgeoning non-cash economy, notably highlighting the ascendancy of mobile wallets. Vietnam stands among the top Southeast Asian markets witnessing rapid mobile wallet adoption, serving as the preferred avenue for payments and substantially contributing to the digital finance sector’s growth. Remarkably, four out of every five Vietnamese consumers utilise mobile wallets, positioning the country as a frontrunner in mobile finance adoption.
In tandem with the surge in mobile wallet usage, real-time payments (RTPs) have gained considerable traction in Vietnam, underscoring the nation’s receptiveness to cutting-edge financial technologies. The unparalleled convenience and efficiency offered by RTPs have fueled further digitisation of the economy, with at least two in five consumers leveraging these services for various transactions, including cross-border transfers, peer-to-peer payments, merchant transactions, and bill settlements.
Additionally, the buy now, pay later (BNPL) service has emerged as a popular choice among Vietnamese consumers, offering flexible payment options and driving increased consumer engagement. The company’s strategic collaborations with leading Vietnamese retailers for its instalment solutions exemplify the transformative impact of such services in fostering financial inclusion and spurring business growth.
While credit cards may witness comparatively lower usage for wallet top-ups and funding, they remain the preferred choice for BNPL plans in Vietnam. The ease of use, coupled with incentives like free vouchers, rewards points, and transparent payment tracking mechanisms, have been instrumental in driving the adoption of BNPL offerings.
Vietnam’s ongoing cashless payment revolution not only presents unparalleled opportunities for economic growth but also fosters innovation, unlocking new avenues for both consumers and businesses in the transition towards a cashless society.
The Country Manager for Vietnam and Laos at the card service company emphasised the company’s unwavering commitment to driving innovation and enhancing digital payment experiences for consumers. The findings from their study corroborate the growing trend towards contactless transactions, evidenced by a significant 53% increase in contactless transactions made on their cards, accompanied by a 19% surge in purchases and a substantial rise in the total value of cross-border transactions.
Supporting data from the State Bank of Vietnam (SBV) further underscores the positive trajectory of non-cash payment and digital banking activities in the country. As of the end of 2023, individual payment accounts surpassed 182.88 million, reflecting a notable 21.8% year-on-year increase. In January 2024, non-cash transactions surged by 63.3% in volume and 41.45% in value compared to the previous year, with transactions through the internet and QR codes witnessing exponential growth rates.
OpenGov Asia reported on Vietnam’s strides towards a cashless society, attributing the momentum to government policies favouring digital payments. Increased online transactions fuel competition among tech firms, advancing Vietnam’s digital economy. A survey showed that 43.8% of sellers accept bank transfers, and 15.3% use VietQR codes, indicating wide digital payment adoption.
Encouraged by these trends, the SBV continues to advocate for digitalisation within credit institutions, fostering collaboration across sectors to expand the digital ecosystem, while concurrently refining the legal framework, mechanisms, and policies governing non-cash payments.
- Like
- Digg
- Del
- Tumblr
- VKontakte
- Buffer
- Love This
- Odnoklassniki
- Meneame
- Blogger
- Amazon
- Yahoo Mail
- Gmail
- AOL
- Newsvine
- HackerNews
- Evernote
- MySpace
- Mail.ru
- Viadeo
- Line
- Comments
- Yummly
- SMS
- Viber
- Telegram
- Subscribe
- Skype
- Facebook Messenger
- Kakao
- LiveJournal
- Yammer
- Edgar
- Fintel
- Mix
- Instapaper
- Copy Link
In a world where addressing climate change has emerged as one of the defining challenges, innovation and digital transformation have the potential to combat climate change and accelerate the transition to a sustainable future.
Government officials, academics, and business leaders gathered at the SGFIN Sustainability Summit in Singapore to delve into the intersection of technology and finance, aiming to combat climate change and expedite the shift towards a sustainable future.
Deputy Prime Macinaister Heng Swee Keat, in his opening remarks, underscored the urgent need for collective action to address climate change, emphasising its global repercussions. From extreme weather events to rising sea levels, the impacts of climate change are felt across borders, disrupting economies and threatening livelihoods. In Singapore, where temperatures have risen steadily over the past four decades, the imperative for action is particularly acute.
Singapore has positioned itself as a leader in sustainability, committed to achieving net-zero emissions by 2050 outlined in the Singapore Green Plan 2030. This comprehensive roadmap encompasses a wide range of initiatives, including increasing the deployment of solar energy, enhancing green infrastructure, and implementing measures to reduce water consumption and waste generation.
GovTech, as the public sector’s centre of excellence for info-comm technology and smart systems (ICT&SS), is spearheading efforts to decarbonise public sector technology as part of the nation’s commitment under the Singapore Green Plan 2030.
Among GovTech’s initiatives are ensuring environmental consideration throughout the lifecycle of products and services with the GovTech Sustainable Digital Value Chain. This involves assessing and minimising environmental impacts from creation to disposal.
Additionally, GovTech provides energy-efficient data centres and cloud hosting options certified with Green Mark Platinum to meet the consolidated needs of the entire government more efficiently through its Green Government Hosting initiative.
Key initiatives include offering digital alternatives to physical transactions such as tele-conferencing and digital business cards through the Digital Workplace, centralising energy-efficient data centres to support agency server room consolidation, and developing secure government cloud solutions to accelerate the adoption of modern cloud capabilities through Government Hosting Consolidation and Cloud Migration.
GovTech is also actively exploring Green IT tools to augment software development processes and reduce carbon emissions with its Green Software initiative. Furthermore, GovTech is developing an Open Digital Platform for smarter district planning in the Punggol Digital District. This platform is expected to reduce energy and water consumption by up to 30% compared to the national average, showcasing the country’s commitment to driving sustainability through technological innovation.
Deputy Prime Minister Heng highlighted the importance of embedding sustainability across all sectors of the economy, noting the role of initiatives such as mandatory climate-related disclosures for listed companies in driving progress.
Finance plays a pivotal role in driving the transition to a low-carbon economy, serving as a critical enabler of climate action. Deputy Prime Minister Heng outlined Singapore’s efforts to mobilise financial resources for green investments, citing initiatives such as the Finance for Net-Zero (FiNS) Action Plan and the Singapore-Asia Taxonomy for Sustainable Finance.
These initiatives aim to provide investors with clarity and transparency regarding sustainable investments, thereby reducing the risks of greenwashing and facilitating the flow of capital towards climate-friendly projects.
Deputy Prime Minister Heng outlined strategies to mobilise finance for climate action, emphasising talent pool enhancement in sustainable finance, robust regulatory standards, and urging the use of venture capital for innovative climate solutions, aligning with Singapore’s research and innovation focus.
As nations continue to exchange ideas and forge partnerships, collaboration is key, paving the way for transformative change and a more sustainable future powered by innovation and financial ingenuity. It is through such collective efforts that the world can hope to overcome the challenges of climate change and create a better world for future generations.
- Like
- Digg
- Del
- Tumblr
- VKontakte
- Buffer
- Love This
- Odnoklassniki
- Meneame
- Blogger
- Amazon
- Yahoo Mail
- Gmail
- AOL
- Newsvine
- HackerNews
- Evernote
- MySpace
- Mail.ru
- Viadeo
- Line
- Comments
- Yummly
- SMS
- Viber
- Telegram
- Subscribe
- Skype
- Facebook Messenger
- Kakao
- LiveJournal
- Yammer
- Edgar
- Fintel
- Mix
- Instapaper
- Copy Link
In her opening address at a cyber-specific event, Mrs Josephine Teo, Minister for Communications and Information, acknowledged that security concerns loom large, not just within the physical realm but increasingly in the digital sphere. With Interpol issuing a sobering warning that cybercrime poses the most significant security threat to the upcoming Olympics, governments worldwide are ramping up efforts to fortify their cybersecurity defences.
Among them is Singapore, a global hub of innovation and technology, which has long recognised the critical importance of cybersecurity in safeguarding national interests and ensuring the resilience of its digital infrastructure.
The alarm raised by Interpol follows a disturbing trend observed during the 2021 Tokyo Olympics, where 450 million cyberattacks were reported, surpassing the tally recorded during the 2012 London Olympics by more than twofold. These attacks, ranging from ransomware incidents to phishing attempts, underscore the vulnerability of large-scale international events to malicious cyber activity. They highlight the pressing need for robust cybersecurity measures to protect not only sporting events but also critical infrastructure, public services, and sensitive data.
In response to the escalating cyber threats, Singapore has reaffirmed its commitment to cybersecurity as a cornerstone of its national security strategy. With digital developments advancing rapidly, the government has prioritised the development of strong cybersecurity capabilities to mitigate risks and bolster resilience. This strategic focus aligns with Singapore’s broader vision of becoming a Smart Nation, where technology is harnessed to enhance the quality of life, drive economic growth, and foster innovation.
At the heart of Singapore’s cybersecurity efforts lies a whole-of-government approach, where collaboration between various agencies, industry partners, and academia is key. The government has established robust legislative frameworks to provide the legal foundation for cybersecurity initiatives, ensuring that critical digital infrastructure and essential services are protected from cyber threats. Plans to expand the Cybersecurity Act to cover foundational digital assets like cloud services and data centres demonstrate Singapore’s proactive stance in addressing emerging challenges.
Singapore has embarked on a comprehensive cybersecurity awareness and education campaign to empower individuals and organisations with the knowledge and skills needed to navigate the digital landscape securely. The Singapore International Cyber Week and participation in multilateral platforms such as the United Nations Open-Ended Working Group serve as avenues for knowledge exchange and collaboration on cybersecurity best practices.
In addition to legislative and educational efforts, Singapore is investing in talent development to cultivate a robust cybersecurity workforce capable of addressing evolving threats. The CyberSG Talent, Innovation, and Growth Plan aim to nurture cybersecurity professionals at all levels, from students to senior leaders, through training programmes, internships, and industry collaborations. The establishment of the NUS CyberSG TIG Centre serves as a focal point for industry-academia partnerships, facilitating research, innovation, and talent development in cybersecurity.
Singapore is driving industry growth and innovation through initiatives like the Cybersecurity Call for Innovation (CyberCall), which encourages the development of cutting-edge cybersecurity solutions. By supporting local companies in expanding their business abroad and fostering international collaborations, Singapore aims to position itself as a global leader in cybersecurity.
As Singapore continues to strengthen its cybersecurity ecosystem, the government emphasises the importance of collaboration and collective action in addressing cybersecurity challenges. Recognising that cybersecurity is a shared responsibility, Singapore actively engages with industry stakeholders, international partners, and the wider community to promote cybersecurity awareness, resilience, and innovation.
Singapore’s strategic approach to cybersecurity reflects its unwavering commitment to safeguarding its digital future. By investing in legislative frameworks, talent development, and industry innovation, it ai to build a resilient and secure digital ecosystem that can withstand the evolving threat landscape. Ultimately, Singapore stands ready to play its part in ensuring a safe and secure digital environment for all.
- Like
- Digg
- Del
- Tumblr
- VKontakte
- Buffer
- Love This
- Odnoklassniki
- Meneame
- Blogger
- Amazon
- Yahoo Mail
- Gmail
- AOL
- Newsvine
- HackerNews
- Evernote
- MySpace
- Mail.ru
- Viadeo
- Line
- Comments
- Yummly
- SMS
- Viber
- Telegram
- Subscribe
- Skype
- Facebook Messenger
- Kakao
- LiveJournal
- Yammer
- Edgar
- Fintel
- Mix
- Instapaper
- Copy Link
In a move set to reshape Hong Kong’s fintech landscape, the Hong Kong Science and Technology Parks Corporation (HKSTP) and an international bank have embarked on a pioneering three-year strategic partnership. This collaboration marks the city’s largest innovation and technology (I&T) ecosystem joining forces with a leading global financial institution, representing a significant step forward in fostering innovation and fortifying the bank-fintech collaboration ecosystem.
The agreement, inked by the Chief Executive Officer, Hong Kong from the international bank and Albert Wong, Chief Executive Officer of HKSTP, signifies a milestone in driving Hong Kong’s startup, fintech, and I&T ecosystems to new heights. This transformative partnership is poised to revolutionize Hong Kong’s fintech landscape through a strategic focus on five key areas:
International Fintech Corridor: Facilitating seamless collaboration between Hong Kong-based fintech firms and global partners, with a keen focus on attracting international companies to establish a presence in Hong Kong. Through insightful market analyses and supportive services, the partnership aims to empower tech companies to expand their global footprint. Notable initiatives include business matching events and participation in international delegations to foster global connections.
Investment Opportunities: Identifying and nurturing promising technology companies by providing access to funding opportunities, investment insights, and mentorship. The partnership aims to support a minimum of 50 fintech companies proposed by HKSTP, offering tailored financing solutions and investment opportunities to fuel their growth journey.
Ecosystem Growth and Support: Offering coaching sessions, access to industry experts, mentorship, and networking opportunities to foster the growth of HKSTP’s fintech ecosystem. Through a series of workshops, fintech companies will receive guidance to ensure the safe operation of their solutions in collaboration with financial institutions. The partnership aims to invite up to 20 fintech firms annually to these workshops and provide customised financial services, including payment, lending, foreign exchange, cash management, and trade finance support.
Data Collaboration: Enhancing cross-industry data collaboration capabilities to drive innovation and improve accessibility to products and services.
Solution Scouting and Co-creation: Evaluating and potentially integrating HKSTP’s tech ventures’ fintech solutions into the bank’s products and services. Additionally, the partnership will explore opportunities for product co-creation with fintech companies to drive innovation and enhance customer experiences.
Albert Wong, CEO of HKSTP, expressed enthusiasm about the transformative journey ahead, emphasizing the collaborative effort’s potential to propel fintech innovation and scale up Hong Kong’s fintech ecosystem. He highlighted the partnership’s commitment to leveraging networks, funding, mentorship, and business matching opportunities to drive fintech growth.
Hong Kong’s emergence as a leading fintech hub, boasting over 1,000 fintech companies and nearly 4,000 startups, underscores the strategic importance of fostering innovation in the region. With a strong emphasis on technological innovation and development, reflected in the 2023 Hong Kong Policy Address, the government’s vision aligns with the partnership’s objectives to enhance Hong Kong’s long-term competitiveness.
In the banking sector, Hong Kong’s proactive approach to promoting fintech advancements across various domains, including Wealthtech, Insurtech, Greentech, and Regtech, underscores the region’s commitment to embracing digital transformation. With ongoing initiatives to explore the potential of artificial intelligence, blockchain, tokenization, and virtual assets, Hong Kong is well-positioned to drive fintech innovation on a global scale.
Continuing its commitment to fostering open banking innovation, the international bank will sponsor HKSTP programmes such as the Elevator Pitch Competition (EPiC) and API EcoBooster. EPiC 2024, which attracted over 600 leading tech startups from 47 economies globally, serves as a testament to the collaborative efforts driving fintech innovation locally and globally, further solidifying Hong Kong’s position as a key player in the digital economy arena.