February 3, 2023

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NCS launches NEXT Cloud Centre of Excellence in Australia as part of APAC expansion

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ASIA-PACIFIC, 26 AUGUST 2021 – NCS today announced the launch of NCS NEXT Cloud Centre of Excellence (CoE) in Melbourne.

• Expands on NCS’ presence in Australia and aims to encourage innovation collaboration between Australia and Singapore
• Helps governments and enterprise leverage digital technologies to transform the way they operate and thrive in the digital economy
• Aims to grow local team to 1,500 and create 500 new digital jobs

ASIA-PACIFIC, 26 AUGUST 2021 – NCS today announced the launch of NCS NEXT Cloud Centre of Excellence (CoE) in Melbourne. The CoE will offer governments and enterprises greater support on accelerating their cloud initiatives. This is part of NCS’s regional expansion strategy into Australia, following the partnership with Optus Enterprise in December 2020 to bring integrated ICT and digital services to Australian clients across a wide range of industries and government sectors. The CoE will also facilitate expertise exchange and deepen collaboration between Singapore and Australia, helping both cities build up cloud expertise in a competitive talent market.

The setup of the CoE follows an earlier announcement made this year on the formation of NCS NEXT to help organisations leverage digital technologies to transform the way they operate. This would involve innovating and co-creating new applications, processes, and services with organisations to better service their end customers or stakeholders. NCS NEXT in Melbourne is part of the company’s NEXT Innovation Triangle which also includes nodes in Singapore and Shenzhen and draws on the unique strengths each city brings in terms of talent, clients, and innovation.

Andre Conti, Head of NEXT Solutions, Australia, said, “We have witnessed the increasing pace at which both public and commercial sectors in Australia are adopting a digital-first approach to transforming the way in which we live and work. Through the NCS NEXT Cloud CoE launch in Australia, Optus Enterprise and NCS can help Australian enterprises and government agencies leverage cloud-based innovations to unlock competitive advantages and enhance customer or citizen experiences. By tapping into NCS’ 40 years of experience in supporting the public sector in APAC and our strong partner ecosystem, NCS Australia will play an active role in nurturing and pushing the local ICT space forwards”.

Partnering Victoria to grow a tech ecosystem and develop talents

A Memorandum of Understanding (MOU) was also signed today at the Cloud CoE launch, with The State Government of Victoria represented by Invest Victoria as well as the Department of Treasury and Finance. This partnership leverages the CoE to promote innovation in cloud, reach new customers, drive talent development, and advance Victoria’s competitiveness in the technology sector.

With 80 per cent of Australian enterprises expected to shift to cloud-centric infrastructures and applications by the end of 2021, the launch of NCS NEXT Cloud CoE comes at an opportune time to help Australian organisations navigate the complex tech ecosystem and accelerate their cloud deployment.

Tim Pallas, Victorian Treasurer said, “Victoria is the tech capital of Australia and we’re so proud to welcome NCS to Melbourne, creating jobs and continuing our thriving reputation of innovation and excellence.”

To support the growth of the Cloud business in Australia, NCS is also committed to building the digital talent pool in Victoria, focusing on capabilities in innovation, artificial intelligence, 5G-enabled internet of things (IoT) applications, advanced analytics and cloud. NCS aims to grow the local team to 1,500 and create 500 new digital skilled jobs over the next few years to support the needs and aspirations of the Victorian and national ICT communities.

About NCS

NCS is a leading technology services firm with presence in Asia Pacific and partners with governments and enterprises to advance communities through technology. Combining the experience and expertise of its 10,000-strong team across 49 specialisations, NCS provides differentiated and end-to-end technology services to clients with its NEXT capabilities in digital, cloud and platforms, as well as core offerings in application, infrastructure, engineering and cybersecurity. NCS also believes in building a strong partner ecosystem with leading technology players, research institutions and start-ups to support open innovation and co-creation.

For more information, visit ncs.co.

Media Contacts

Adeline Sim
NCS
adeline.sim@ncs.com.sg
+65 9488 0889

Louise Lam
Ogilvy Singapore
louise.lam@ogilvy.com
+65 9739 9863

Singapore Tourism Board Launches UNSEEN/SINGAPORE

Image credit: www.nationalgeographic.com/unseensingapore/
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SINGAPORE – February 2, 2023 – Singapore Tourism Board (STB) has collaborated with National Geographic CreativeWorks to unveil UNSEEN/SINGAPORE, a campaign that showcases Singapore as a travel destination from the perspective of intrepid photographers from Southeast Asia. Through photography, the campaign includes a virtual exhibition which encourages travellers to explore the city-state’s cultural diversity and hidden spots, by taking a moment to observe the unseen beauty of destination Singapore.

Running from 2 February 2023, UNSEEN/SINGAPORE will showcase a collection of photographic works through a virtual exhibition, captured and curated by six photographers from across Southeast Asia. UNSEEN/SINGAPORE features the works of:

  • Amani Azlin from Malaysia
  • Tino Renato from Indonesia
  • Chanipol Kusolcharttum, better known as “Rockkhound”, from Thailand
  • Phạm Gia Tùng from Vietnam
  • Gab Mejia from the Philippines
  • Jayaprakash Bojan from Singapore

In curating the UNSEEN/SINGAPORE collection, each photographer visited Singapore in mid-2022, covering areas in Singapore that showcase nature, heritage buildings, cultural sites, and art. Each presented their vision of an UNSEEN/SINGAPORE through ways that resonate with their passions and personal experiences.

The photographers ventured across Singapore, going beyond its famous attractions and iconic skyline, to discover spots equally captivating – from charming neighbourhoods to lush and thriving offshore wetlands and a lighthouse at the island’s edge.

“We aim to inspire travellers to Singapore to rediscover the joy of travel once again. One way is to portray our destination in a different light, by helping visitors to see it afresh through another person’s eyes. UNSEEN/SINGAPORE set out to do this, through the lens of talented photographers from Southeast Asia, who tell their journey of discovery through photography. We hope they will inspire a new wave of visitors to discover a Singapore reimagined,” said Mr John Conceicao, Executive Director, Southeast Asia, STB.

“If you want to experience a country, you have to go down a layer below into the more local stuff to get a feel of what the country is. For people who’ve already visited Singapore, they should try and look for some of the unorthodox locations which they probably missed in their previous visits because

there’s a lot more to Singapore with the culture and heritage,” shared Jayaprakash Bojan, a full-time photographer and documentary filmmaker who advocates conservation via visuals and participated in the campaign.

UNSEEN/SINGAPORE is part of STB’s efforts to boost travel recovery through SingapoReimagine, a tourism campaign that highlights new, innovative and unexpected experiences in Singapore to audiences worldwide.

Between January to December 2022, Singapore recorded 6.3 million international visitor arrivals. Visitor arrivals were driven by strong demand from Singapore’s key source markets, such as Indonesia, Malaysia, the Philippines, Vietnam and Thailand.

Get to know the photographers

Amani Azlin from Malaysia

Amani is a multi-disciplinary visual artist who expresses her passion for minimalism through her work for various local brands. When Amani is taking pictures, she goes in with her camera and doesn’t give it too much thought. It’s all about taking pictures in the moment and only scrutinising them afterwards. For her, it’s about capturing candid, unscripted moments in daily life, even when she’s travelling in a different country. As the only female photographer in the group, she offers a fresh take on travelling to must-visit sites with her passion for slow travel rather than touch-and-go experiences.

Jayaprakash Bojan from Singapore

Jayaprakash Bojan was National Geographic’s Nature Photographer of the Year 2017. He is a nature-wildlife conservation artist whose work focuses on wildlife photography abroad. As someone who has lived in Singapore for around 7 years, the pandemic has pushed him to explore his own neighbourhood (particularly Pasir Ris Park) rather than places abroad. With this project, Jayaprakash rediscovers his home, Singapore, from a different perspective.

Tino Renato from Indonesia

A self-taught travel, food, portrait and still life photographer, Tino started his journey when he was younger, starting out with a film camera, and it remains his favourite medium for taking his pictures. For him, it’s all about capturing the raw moments of a place and its people and making them the focus of his pictures. It is what makes his photos appear simple while adding depth to the story as we can witness in the UNSEEN/SINGAPORE project.

Chanipol Kusolcharttum, also known as “Rockkhound”, from Thailand

After a few years of working as an air steward and travelling the world, Rockkhound decided to pursue and kickstart his passion for photography as a career, enabling him to continue exploring the world. The photographer-cinematographer from Bangkok started his photography journey about 10 years ago on Instagram while embracing the philosophy of slowing down to truly live in the moment and enjoy the scenery all around him when he is out and about. His style is to deliver motion and emotion, such as looking for an interesting composition to give some movement to still architecture in Singapore. He runs a production company in Bangkok, holds workshops and shares photo and filmmaking tips on his YouTube channel.

Phạm Gia Tùng from Vietnam

Tùng enjoys the photographic process – from scouting a location to finding new angles and setting up his shots, no matter how long it takes. The Hanoi-based photographer focuses on taking photos from angles people rarely consider, and constantly learning ways to improve his photography. Even though he has visited Singapore many times before, this project gave him the opportunity to appreciate and capture Singapore’s nature and people differently.

Gab Mejia from the Philippines

Gab is a National Geographic explorer and is passionate about wildlife photography and conservation. In 2021, he was awarded the World Wildlife Fund For Nature International President’s Youth Award and was also listed on the 2021 Forbes Under 30 List for The Arts in Asia for photography. His story started when his dad took him mountain climbing, sparking his interest in the natural world and the stories he could discover and capture behind it. His vision for this project is to show a different side of Singapore, capturing moments of the wild and pockets of nature.

UNSEEN/SINGAPORE will be open to the public on www.nationalgeographic.com/unseensingapore from 2 February 2023 inviting visitors to reimagine Singapore. The virtual exhibition will showcase each photographer’s ‘room’ based on their thematic-led collections. Viewers will be able to virtually visit many parts of Singapore including locations such as the Sim Kwong Ho shophouses, Pulau Ubin, Thow Kwang Pottery Jungle, Jurong Lake Gardens, Changi Chapel and Museum, and more.

To view the UNSEEN/SINGAPORE virtual exhibition, visit

www.nationalgeographic.com/unseensingapore

To watch behind-the-scenes of UNSEEN/SINGAPORE, visit www.facebook.com/VisitSingaporeMY.

Singapore, EU Sign Digital Partnership Agreement

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Singapore’s Minister-in-charge of Trade Relations, S Iswaran, and the European Commissioner for Internal Market, Thierry Breton, signed the EU-Singapore Digital Partnership (EUSDP), a comprehensive framework for all areas of bilateral digital cooperation between the EU and Singapore.

The partnership covers various aspects of the cross-border digital economy, including digital trade facilitation, secure data transfers, electronic payments, and standards and compliance. It also addresses cutting-edge areas like artificial intelligence (AI), digital identities, and 5G/6G. The partnership aims to enhance broader participation in the digital economy by collaborating on digital skills training for employees and the digitisation of businesses and public services.

The EU-Singapore Digital Trade Principles, the first outcome of the EU-Singapore Digital Partnership, were signed by Iswaran, as stated in a press release. This marks the beginning of a legally binding digital trade agreement between the two sides. The principles facilitate cross-border data transfers, reduce costs through electronic trade documentation and authentication, and enhance online consumer protection for people buying goods and services online.

Minister Iswaran and Commissioner Breton agreed to exchange best practices and/or develop projects in AI governance and standards and digital identities. The two sides will facilitate cross-border digital transactions and support SMEs’ digital transformation and digital skills. They also said they anticipate more joint projects between Singapore and the EU, including the EU Member States, in partnership with the private sector.

Iswaran stated that the EU-Singapore Digital Partnership strengthens connectivity and interoperability between the digital markets of the EU and Singapore. It will enable Singapore citizens and businesses to transact digitally more seamlessly and at lower costs. As a first deliverable, the officials launched a set of Digital Trade Principles, marking the first step towards a bilateral digital trade agreement that provides legal certainty for cross-border digital trade.

Digital infrastructure, such as data centres and submarine telecom cables, plays a crucial role in enabling cross-border connectivity between countries and regions. To create a secure, resilient, and sustainable digital environment for individuals and businesses, both sides will work together to promote digital infrastructure.

Furthermore, to support trusted cross-border data flows and data sharing, Singapore and the EU will work on the application of model data protection contracts and provide guidance for their use. They will also exchange information on the infrastructure and governance frameworks needed to facilitate data sharing.

The two sides will also cooperate on information sharing in platform governance and regulation. To drive the development and uptake of 5G and beyond 5G technologies, they will research use cases and possible areas of collaboration on R&D pilots. To support the deployment of AI, Singapore and the EU will encourage interoperability on AI governance, standards, and testing frameworks. Both sides will also explore cooperation on AI testbeds and research collaboration on AI.

Singapore and the EU have a strong economic partnership, built on the EU-Singapore Free Trade Agreement (EUSFTA), which came into effect in November 2019. The EU is Singapore’s fourth largest goods trading partner globally, with bilateral trade in goods totalling SG$ 102 billion (US$ 78.1 billion) in 2021, which accounted for 8.8% of Singapore’s total goods trade. The EU is also Singapore’s second-largest services trade partner globally, with bilateral trade in services exceeding SG$ 67 billion (US$ 51.3 billion). Investment relations are strong, with the EU being Singapore’s second-largest foreign investor and largest overseas investment destination.

UniSA and SASI to Establish Premier Sport, Research and Education Hub

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The University of South Australia and the South Australian Institute of Sport (SASI) have joined forces to establish a top-notch sports research and education facility in Mile End, focusing on high-performance sports.

The new cutting-edge complex integrates essential sports and educational resources to aid athletes in reaching peak performance, offer university students hands-on, industry-focused learning, and provide research-based solutions for sports in South Australia. The new SASI will share a location with the National Centre for Sports Aerodynamics, UniSA Sports Science Hub, SA Athletics Stadium, and Netball SA Stadium at Mile End.

The global sports technology market was valued at US$12.17 billion in 2021 and is projected to grow at a CAGR of 19.6% from 2022 to 2030. With the growing demand for data-driven decision-making and operations in sports events, the sports tech industry is expected to experience significant growth due to the increased adoption of data analytics, IoT, and social media integration in various sports.

The demand for technology-based solutions in the sports sector is driven by a focus on enhancing audience engagement and entertainment, and the digitisation of stadiums. The market has seen growth with increased investments by organisations in adopting advanced technologies for monitoring player performance and fan engagement.

The UniSA Sports Science Hub provides UniSA sports science students with real-world learning opportunities, the chance to work with top industry professionals and elite athletes, and a well-rounded education for a successful career.

UniSA Vice Chancellor Professor David Lloyd states the new facility will offer dynamic, connected learning experiences for students. He stated that the new UniSA Sports Science Hub offers exceptional potential for enhancing research, education, and commercial partnerships with SASI and other sports industry partners located at the same site.

Coaches and health professionals will collaborate to conduct innovative research to better equip athletes for competition. The UniSA Sports Science Hub boasts state-of-the-art facilities and expertise to provide top-notch education, training, and research, benefiting South Australia’s sports industry both now and in the future.

The new UniSA Sports Science Hub, the only one of its kind in the Southern Hemisphere, features specialised teaching and research areas such as exercise classrooms, biomechanics labs, exercise testing gear, and an environmental chamber.

The new facility aims to inspire children to participate in sports, allowing them to reap the physical, mental, and social benefits. To motivate the children, South Australia’s athletes representing the state on a global level need access to top-notch facilities, and this project will provide them for the long term. The new SASI-UniSA partnership demonstrates South Australia’s sports industry’s innovative and pioneering spirit.

The Minister for Recreation, Sport and Racing emphasised that the new facilities will motivate future generations to participate more in sports and physical activity. She added that some of South Australia’s greatest athletes developed their talent in Adelaide at SASI. When these and other remarkable athletes excel, future generations are motivated, leading to an increase in sports and physical activity participation.

The Minister also said that as sports institutes worldwide adopt advancing technology for a competitive advantage, the cutting-edge SASI facility will maintain South Australia’s leadership in sports performance and research, aid staff and athletes, and enable more young athletes to pursue their athletic aspirations. Works are set to commence in early 2023, with the project expected to be completed by mid-2024.

CSIRO Launches New R&D Programme for Mining Sector

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CSIRO, Australia’s national science agency, is helping small to medium-sized businesses in the mining and mining equipment, technology and services sectors by offering a free online course that provides expertise and support for research and development.

Innovate to Grow is a 10-week online programme offered by CSIRO that is designed to help eligible small to medium-sized businesses in the mining and mining equipment, technology and services sectors that are in the early stages of engaging in R&D or pursuing a new idea. It will be guided by experienced researchers and innovation experts who will help participants to examine their technical or business challenges, explore R&D opportunities, and develop actionable business and funding plans.

Upon completion of the Innovate to Grow programme, participants may be able to access facilitation support through CSIRO to connect with research expertise nationally and may also be eligible for dollar-matched R&D funding.

The SME Collaboration Manager for CSIRO stated that the programme is designed to assist small-medium businesses in understanding the process of engaging in R&D by providing them with information on how to access funding, mentoring and a highly connected network through research organizations and industry peers.

The Innovate to Grow programme targets Australian companies with less than 200 employees, and currently is offered at no cost to participants. In this way, it is hoped that some of the barriers that smaller enterprises face when they have an idea they would like to pursue can be removed.

Upon completion of the Innovate to Grow programme, participants will have received assistance in defining their goals, developing a business case for R&D with the help of a university or CSIRO, and preparing a funding proposal.

Participants will also benefit from the expansion of their professional networks through connection with their peers in the cohort, sector-specific mentors, and CSIRO which has the world’s largest mineral resources R&D capability.

One company that manages the Australian Premium Iron Joint Venture participated in the Innovate to Grow program in 2021. The Principal Scientist at the firm stated that the company participated in the Innovate to Grow program as a way to refresh their knowledge about engaging with research organisations, identifying available funding options and preparing for partnerships with organisations like CSIRO or universities.

The mining industry faces many challenges, and it requires multiple elements to come together to achieve success. CSIRO plays a vital role in supporting research and development goals for the industry, he said.

The global smart mining market is projected to grow from roughly US$9.3 billion in 2019 to about US$23.5 billion by 2027, at a CAGR of 16.3% during the forecast period 2020-2027.

Smart mining is a process that uses advanced technology, information and autonomy to improve safety, reduce operational costs, and increase productivity for mine sites. Companies in the mining industry are focusing on increasing productivity by implementing advanced software and solutions. It also includes the use of remote-controlled robotic equipment for mineral and metal extraction known as telerobotic mining, which reduces the risks for miners.

The COVID-19 pandemic has had a negative impact on the global smart mining market, primarily due to the disruption of international trade, prolonged lockdowns and restrictions in construction, mining, and maintenance activities worldwide.

Singapore Boosts Measures Against Scam SMS

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All organisations that use alphanumeric Sender IDs to send SMS are now required to register with the Singapore SMS Sender ID Registry (SSIR) as part of the measures announced by the Infocomm Media Development Authority (IMDA) last October. This registration is intended to protect consumers from non-registered SMS that may be scams, a press statement has said.

Starting from 31 January, any non-registered SMS will be labelled as “Likely-SCAM”. This functions similarly to a spam filter or spam bin. Consumers might get non-registered SMS labelled as “Likely-SCAM” and are advised to exercise caution. If unsure, consumers are encouraged to check with family and friends. This will improve IMDA’s overall resilience against scams.

All organisations that use alphanumeric Sender IDs must register early with the SSIR. This is to give adequate time as non-registered SMS Sender IDs after 31 January will be labelled as “Likely-SCAM”. Organisations that have not registered their Sender IDs are advised to do so, the statement said.

As of January 2023, over 1,200 organisations have already registered with SSIR, using more than 2,600 SMS Sender IDs. These include financial institutions, e-commerce operators, logistics providers, and SMEs that send SMS to their customers who have registered with the SSIR.

In recent months, IMDA reached out to organisations through aggregators and associations such as the Singapore Business Federation, Singapore International Chamber of Commerce, and Association of Banks in Singapore, to encourage them to register with the SSIR. The mandatory SSIR regime is part of a broader effort to protect against scams, which also includes working with telecom operators to reduce the number of scam calls and SMS coming through the communication networks.

Since the implementation of the SSIR in March 2022, there has been a significant decrease in scams reported through SMS, with a 64% reduction from the last quarter of 2021 to the second quarter of 2022. Additionally, scam cases perpetrated via SMS dropped from 10% in 2021 to 8% in Q2 2022, down from 10% in 2021.

To effectively combat scams, a collective effort from society is needed. Despite implementing various measures, scammers may adapt their methods and tactics. IMDA will continue to collaborate with other stakeholders in the fight against scams, but individual vigilance and awareness are crucial. Consumers should remain vigilant and share scam prevention tips with friends and loved ones, the statement said.

IMDA leads Singapore’s digital transformation with infocomm media. To do this, IMDA is working to develop a dynamic digital economy and a cohesive digital society, driven by an exceptional infocomm media (ICM) ecosystem. It fosters talent, strengthens business capabilities, and enhances Singapore’s ICM infrastructure. IMDA also regulates the telecommunications and media sectors to safeguard consumer interests while fostering a pro-business environment and enhances Singapore’s data protection regime through the Personal Data Protection Commission.

Scams and unwanted commercial electronic messages and calls are an international problem with scammers continuing to prey on unsuspecting parties. Last year, IMDA and Australian Communications and Media Authority (ACMA) signed a Memorandum of Understanding to boost cooperation and fight scams and spam. The agreement covers cooperation in information sharing and assistance in investigations relating to scam and spam calls and short message services. The two sides also agreed to mutual exchanges of knowledge and expertise and collaboration on technical and commercially viable solutions in relation to scam and spam communications.

Singapore Researchers Develop Compact Sonar for Improved Underwater Imaging

Image credit: National University of Singapore
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Researchers from the National University of Singapore’s (NUS) Tropical Marine Science Institute (TMSI) have created a dolphin-like sonar device with a new echo processing technique that enables clearer underwater images compared to the traditional signal processing method of visualising sound echoes.

The new sonar processing method could have potential benefits in underwater commercial or military sonars. It could be used to scan the seabed to search for features that can be used to aid navigation. The sonar’s compactness also makes it suitable to be mounted on underwater robots for ocean exploration.

The processing method is based on the hypothesis that dolphins use prior information about their environment, apart from broadband sound pulses, to interpret their echoes. The sonar uses information on the sparsity of objects, which allows for a better interpretation of sound echoes.

According to a press statement, the new device provides a better trade-off between sonar-image clarity, the number of sensors, and the size of the sensor array used as compared to current sonars of similar size and purpose. Conventional echo processing techniques tend to fail when sensors are limited in number or widely spaced. The new sonar processing method, however, can extract information and yield image clarity even in these situations.

The researchers noticed that dolphins had the ability to scan underwater objects acoustically and match them visually, indicating that a dolphin’s sound echoes emitted off an object contain information about the object’s shape. They then recorded the echoes emitted by dolphins when scanning an object in the water.

Using their observations as a guide, the team constructed a biomimetic sonar that mimics a dolphin’s sonar system. The device, which is about the size of a dolphin’s head and measures 25 cm in width, is designed to emit sharp, impulsive clicking sounds, similar to those used by dolphins for echolocation.

The team employed three transmitters to send sounds from different directions. They then analysed the echoes produced by both the dolphin and the biomimetic sonar to visualise what information about the object’s shape was revealed in the echoes.

To complement the hardware, the team developed software that improves the visualisation of echoes. The researchers incorporated the concept of sparsity into the sonar’s software. This assumes that out of the space scanned, only a small percentage is occupied by the object. According to Hari Vishnu, Senior Research Fellow at NUS TMSI, “Using prior information, such as the idea of sparsity, is intuitive. It is something humans do all the time – we turn our understanding of reality into expectations that can speed up our inferences and decisions. For example, in the absence of other information, the human brain and vision system tend to assume that in an image, the light on an object will be falling from above.”

The effectiveness of the software was demonstrated when it was able to visualise information from a dolphin’s sonar echoes when scanning an object, as well as sonar signals produced by their compact sonar. A conventional approach to processing both sonar echoes resulted in noisy images. However, the novel processing approach gave better resolution and therefore sharper images. The software is also able to generate visualisations with a mere three clicks from the sonar, thus allowing it to be operationally fast.

HKU to Establish Virtual Asset Technology Consortium

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The University of Hong Kong’s Department of Computer Science and the FinTech Academy, in partnership with the 150th Anniversary Community Foundation of a Hong Kong-based bank, have joined forces with the Strategic Centre for Research in Privacy-Preserving Technologies & Systems at the Nanyang Technological University of Singapore to establish the Virtual Asset Technology Consortium (VATC).

VATC’s aim is to gather experts from various fields such as academia, industry, user groups, and government organisations to share information and provide guidance on technical matters related to virtual assets.

The management board will be headed by the Associate Head of the Department of Computer Science at HKU and the Associate Director of the HKU-SCF FinTech Academy and will include professors from NTU and professionals from supporting units as members.

Creating a platform that elevates the technological advancements in the field of virtual assets

The virtual assets (or digital assets) industry has seen significant growth in recent years. This innovative technology has led to new methods for conducting financial transactions using digital tools. The market has demonstrated a positive response to the belief that virtual assets, both those issued by private entities and the government, will be an integral part of the worldwide monetary and economic system.

The Virtual Asset Technology Consortium has set out the following missions:

  • Representation – Provide insights and advice on the technical aspects of virtual assets;
  • Research – Foster R&D collaboration on virtual assets.
  • Networking – Provide a platform for discussing the latest developments and trends of virtual assets and related FinTech technologies; and,
  • Education – Organise seminars and other educational activities to enable the industry and the general public to acquire knowledge on technologies related to virtual assets.

Several organisations such as Cyberport Hong Kong, Hong Kong Blockchain Society, as well as banks, have already expressed their support for VATC to The University of Hong Kong. The Virtual Asset Technology Consortium (VATC) will be officially launched in Q2 2023 and welcomes experts and enthusiasts who are committed to promoting the stability and growth of virtual assets to join the consortium.

The growing market for Digital Asset Management (DAM)

Recent research found that the Digital Asset Management (DAM) market is expected to grow from US$4.2 billion in 2022 to US$8.0 billion by 2027, with a Compound Annual Growth Rate (CAGR) of 13.6% during the forecast period. This forecast suggests that the demand for DAM solutions is expected to increase rapidly in the coming years.

Several factors are expected to drive the growth of Digital Asset Management (DAM). Some of the key drivers for this growth include:

  • The increasing need for digitalisation and the ability to quickly and easily collaborate with businesses on corporate assets;
  • The growing demand for the authenticity and security of digital assets;
  • The ability to easily upgrade, maintain and categorise digital assets, reducing production costs and improving resource allocation;
  • The need for organisational transparency across different industries and business functions;
  • The ability to increase conversion rates and retain customers; and,
  • The need for brand consistency.

Digital Asset Management (DAM) services include consulting, integration, and implementation, as well as training, support, and maintenance services. These services are necessary at various stages of the process, including pre-sales requirement assessment, and post-sales product deployment and execution.

This allows clients to get the maximum return on investment (RoI) from their DAM solutions. The service providers offer guidance to end-users and assist them in integrating and deploying software that is tailored to their specific requirements.

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