According to a recent report, Permodalan Nasional Bhd (PNB) – a Malaysian government-linked investment company – and Malayan Banking Bhd (Maybank) expect to see 20% increase in ASNB investments next year with the launch of ASNB e-channels via Maybank’s digital platform recently.
The new services enable ASNB customers to make transactions and view their account balances via Maybank’s ATMs and Maybank2u (M2U) in real time, beyond banking hours.
Speaking at the launch ceremony, Maybank’s head of community financial services said that currently, over three million ASNB transactions are conducted over the bank’s counters a year, of which around one million comprise deposits transactions.
He noted that the firms expect some 50% of these deposit transactions will move to the digital platforms. It was also noted that the new services will be extended to the Maybank app by end of this year.
In addition to the new services, ASNB and Maybank also announced that by end of this year, small and medium enterprises (SMEs) will be able to transfer funds on behalf of their employees to ASNB via M2U Biz.
Another new feature that will provide greater convenience to retail customers is the ability to apply for an ASNB loan via M2U, which will be made available by the first quarter of 2019, it was noted.
To date, ASNB has 14 unit trust funds and manages 235.96 billion units in circulation owned by more than 13.74 million account holders.
Meanwhile, Maybank’s group president and CEO said that the bank is slightly more optimistic on its 2019 outlook as it sees Malaysia’s economy growing at 4.9% next year compared to its 4.8% projection for 2018.
It was noted that 2019 is going to be another interesting year. It will be slightly better than 2018 as the firm is quite optimistic about its outlook.
The CEO also noted that while there is concern on how the trade numbers will perform going forward due to US-China discussions, he sees that Malaysia is in a comfortable position, noting it could probably see a slightly faster growth compared to 2018.
It was noted that there is to be an FOMC (Federal Open Market Committee) is meeting soon wherein interest rates and dollar rates moving up bit by bit is expected to be seen. However, people will be able to allocate risks into their investments accordingly, he added.
Additionally, the CEO noted that the growth for this year was within the bank’s expectations.
It was noted that the bank’s growth is relative to the growth of the economies where it has a presence including Malaysia, Singapore and Indonesia.
According to another report, ASNB customers can top up their investments via digital channels following a tie-up between Permodalan Nasional Bhd (PNB) and Malayan Banking Bhd.
Reiterating the aforementioned information, the two new services, which were launched recently, enable their customers to top up their ASNB units via the Maybank2u portal and also at Maybank’s automated teller machines (ATMs), both of which can be executed in real time.
The Hong Kong Monetary Authority (HKMA) announced the initiation of the Green Fintech Competition, which will serve as a pivotal step towards promoting the integration of innovative green fintech solutions within the Hong Kong banking sector. The primary objective of this initiative is to bolster the resilience of the banking industry against the looming climate risks.
The competition is a call to action for both local green fintech companies and their international counterparts. It invites these innovative firms to participate and demonstrate how their technological solutions can be harnessed effectively within the banking industry. The competition centres around four key themes, each addressing a crucial aspect of sustainable finance:
- Net-zero Transition or Transition Planning: This theme emphasises the pivotal role of fintech in facilitating the transition towards a net-zero economy. It aims to uncover innovative solutions that can assist banks in their journey towards carbon neutrality.
- Climate Risk Management: Climate risks have become a central concern in the financial sector. Fintech solutions are sought to help banks better understand, assess, and manage these risks effectively.
- Green and Sustainable Finance: The theme of green and sustainable finance underscores the importance of fintech in enabling financial institutions to channel their resources towards environmentally responsible investments.
- Sustainability or Climate-related Disclosure and Reporting: Transparency and disclosure are critical components of sustainable finance. Fintech solutions that enhance the disclosure and reporting of sustainability and climate-related information are in high demand.
These themes were carefully crafted in response to industry feedback, reflecting the pressing challenges faced by the Hong Kong banking sector. The competition encourages participating firms to develop market-ready solutions that align with at least one of these themes. Detailed problem statements for each theme can be found on the official competition website, offering valuable guidance for prospective participants. Firms are also free to propose alternative problem statements that they believe are relevant to the overarching themes.
A panel of judges will evaluate the submitted solutions, comprising representatives from the public and private sectors. This panel includes experts from the banking and technology sectors, professional associations, and academia. The winners of the competition will be granted a unique opportunity to fast-track their entry into the Cyberport Incubation Program. This program is designed to provide comprehensive business support, aiding in the development and growth of green fintech solutions.
Finalists will be invited to participate in and host exhibition booths at the HKMA’s “Green and Sustainable Banking Conference,” scheduled for December 2023, offering a platform for in-depth exchanges with industry professionals and an opportunity to showcase their solutions. It also serves as a valuable forum for exploring potential collaborations with key stakeholders in the financial sector.
In addition to these benefits, participants will have access to tailored consultation services provided by InvestHK. These services are designed to offer further insights into the Hong Kong market, ensuring that their fintech solutions are finely tuned to meet the specific needs and demands of this dynamic financial hub.
The initiative represents a significant step forward in embracing innovative fintech solutions to address critical environmental and sustainability challenges. By inviting participation from both local and global green fintech firms, the competition aims to harness the collective power of technology and finance to build a more sustainable future for the banking industry in Hong Kong and beyond.
Previously, OpenGov Asia reported on the recent bilateral meeting between the Central Bank of the United Arab Emirates (CBUAE) and the Hong Kong Monetary Authority (HKMA) holds great significance for the Green Fintech Competition initiated by the HKMA. During the meeting, the central banks agreed to strengthen collaboration in key areas including financial infrastructure, financial market connectivity, and virtual asset regulations, all of which align with the competition’s objectives.
This collaboration, along with the establishment of a joint working group and knowledge-sharing initiatives, is set to amplify the impact of initiatives like the Green Fintech Competition by creating a more interconnected and sustainable global financial ecosystem.
Chinese Vice Premier Zhang Guoqing emphasised China’s resolve to promote high-level openness in the digital sphere at a time when global digital cooperation was at a turning point. This announcement was made during the second high-level digital conversation between China and the EU which Zhang and Vera Jourova, Vice President of the European Commission, co-chaired.
The meeting was a big step forward in the ongoing conversation between China and the EU. They talked in depth about many important issues in the digital world. The growing field of artificial intelligence (AI), communication technology standards, the moving of data across borders, and the safety of non-food items were some of the topics that people were interested in.
These discussions had positive results, highlighting the possibility of cooperation and understanding between these two significant figures on the international scene. The recognition of China and the EU’s complementary roles in the digital sphere and their common interests was a recurring subject in the talks.
To support the expansion of the digital economy, both parties were unwavering in their resolve to cultivate a cooperative spirit, further improve exchanges, and create an environment that is open, inclusive, impartial, fair, and non-discriminatory. This concerted effort has the ability to not only spearhead the global digital transformation but also make a major contribution to the ongoing global economic recovery process.
At the heart of this cooperative spirit is Zhang’s call to businesses everywhere, particularly those in Europe, to take advantage of the growing prospects China’s digital economy offers. This invitation highlights China’s willingness to interact with other countries and signals a new era in which win-win scenarios and cooperative relationships are not only welcomed but actively pursued.
Vera emphasised the solid basis and promising future of cooperation between China and the European Union in the digital domain affirming that the EU is keen to engage in practical cooperation with China in a range of pertinent topics, to facilitate more thorough interactions, and to expand conversation. A forward-thinking strategy that crosses boundaries and capitalises on the combined strengths of nations is exemplified by the reciprocal readiness to investigate opportunities for collaboration.
This conversation has far wider implications than just the meeting space. It represents a coming together of interests and an understanding of how interwoven the world’s digital landscape is. Partnerships like these have the power to influence the course of innovation and development in an era where digital technologies drive economies, industries, and communities.
China has led the way in developing cutting-edge technology and promoting digital transformation domestically. It expands its boundaries and enhances the global digital ecosystem by reaching out to international stakeholders and offering cooperation.
On the other hand, the EU is proud of its own innovation and knowledge pools. By working together, the EU can take advantage of the vitality of the Chinese digital economy and open up new markets. This conversation also reflects a larger trend: the realisation that digital cooperation is becoming a requirement rather than just a question of choice.
In a time where digital data is growing exponentially, AI is pervasive, and technological sectors are converging more and more, countries need to work across borders to solve problems and take advantage of possibilities. The two nations are eager that they can build a more affluent and connected digital future through communication and cooperation, instead of giving in to protectionism and divisive narratives.
New South Wales (NSW) is partnering with key stakeholders, including universities and businesses, to develop an Innovation Blueprint aimed at revitalising the state’s innovation sector. The backdrop for this initiative is the stagnation in university-industry collaboration and the lack of progress in commercialising research outcomes, as highlighted by the NSW Innovation and Productivity Council. Simultaneously, R&D intensity in the region has been declining, emphasising the need for strategic interventions.
However, the government is mindful of fiscal constraints while working to restore the state’s finances and essential services. As a result, all expenditures must align with the best interests of NSW residents. The Innovation Blueprint is designed to be a collaborative effort, drawing insights from sector leaders and experts to position NSW as a global leader in attracting investments, fostering innovation, and attracting talent.
To facilitate this process, the Minister for Innovation, Science, and Technology will lead roundtable discussions on various topics, including venture capital, government support, startup growth, innovation adoption by industries, and talent attraction. These discussions will be instrumental in shaping the final blueprint.
The Innovation Blueprint cannot be overstated and has the potential to spark innovation across emerging sectors and crucial enabling technologies like quantum computing, artificial intelligence, data science, cybersecurity, sensors, and robotics. These innovations are expected to have a profound impact across diverse sectors, including energy, advanced manufacturing, healthcare, and agrifood, all vital for NSW’s future economic growth.
The Minister leading this initiative underscored the government’s commitment to nurturing a robust innovation sector. In his view, a thriving innovation sector not only creates high-value jobs but also enhances productivity within high-growth industries. The government believes that by fostering innovation and cutting-edge industries, it can secure the jobs of the future and attract top-tier talent to NSW.
Thus, the NSW Labor Government is working to revitalise NSW’s innovation sector through collaborative efforts with universities, businesses, and sector experts. This initiative addresses longstanding challenges in university-industry collaboration and the need to reverse declining R&D intensity.
While fiscal responsibility is paramount, the government recognises that strategic investments in innovation are essential for NSW’s long-term prosperity. Through the Innovation Blueprint, NSW aims to position itself as a global leader, attracting investments, talent, and industries that will define the future.
OpenGov Asia recently reported that the Government of Western Australia is offering over AU$3 million in grants through the Local Capability Fund (LCF) to boost local small to medium-sized businesses. These grants aim to enhance their competitiveness and capacity, making them eligible for government and private sector contracts.
This initiative aligns with the Minns Labor Government’s Innovation Blueprint in New South Wales (NSW), which seeks to drive innovation and economic growth. While the LCF focuses on empowering local businesses to secure contracts, the Innovation Blueprint in NSW takes a broader approach, promoting innovation across various sectors.
Both initiatives share the goal of fostering economic development. The LCF in Western Australia offers targeted support, including assistance for Aboriginal-owned businesses, compliance with national and international standards, and upcoming digital transformation support. These align with the Innovation Blueprint’s focus on innovation in sectors like energy, healthcare, and advanced manufacturing.
Collaboration is key in both efforts. Western Australia partners with local businesses, while NSW collaborates with universities, businesses, and experts. These initiatives collectively contribute to enhancing Australia’s economic landscape by empowering local businesses and driving technological advancement.
The Ministry of Agriculture and Farmers Welfare has introduced an artificial intelligence (AI)-based Chatbot for the Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) Scheme. Under the Scheme, Indian farmers receive income support of up to IN₹ 6,000 (US$ 72) per year. The AI Chatbot will improve the effectiveness and reach of PM-KISAN, ensuring that farmers receive timely, clear, and reliable answers to their inquiries.
The chatbot has been incorporated into the PM-KISAN grievance management system. It aims to empower farmers with a user-friendly and easily accessible platform, the government said in a press release. In its initial development phase, the AI chatbot will aid farmers in obtaining information about their application status, payment details, eligibility status, and other scheme-related updates.
Accessible via the PM KISAN mobile app, the chatbot is seamlessly integrated with Bhashini, providing multilingual support that caters to the linguistic and regional diversity of PM-KISAN beneficiaries. This incorporation of cutting-edge technology not only improves transparency but also empowers farmers by enabling them to make informed decisions, the release noted. Presently, the chatbot can be used in English, Hindi, Bengali, Odia, and Tamil. Soon, it will be accessible in 22 languages spoken in the country.
During the launch of the chatbot, the Minister of State for Agriculture and Farmers Welfare, Kailash Choudhary, claimed that the initiative aligns with Prime Minister Narendra Modi’s vision to enhance the well-being of farmers and improve governance by leveraging technology.
He suggested expanding the service to link it with other related issues like weather information, soil conditions, and bank payments. Choudhary commended the Ministry officials for swiftly onboarding the technology, highlighting its potential to streamline the workload for agricultural officials at both the central and state levels. This is the first AI chatbot integrated into a major flagship scheme of the government. In the coming months, the technology will also be deployed for other significant initiatives of the Ministry.
Launched in February 2019, the Pradhan Mantri Kisan Samman Nidhi scheme supports the financial needs of land-holding farmers in the country. It offers an annual financial benefit of US$ 72 in three equal instalments to eligible farmers’ families through Direct Benefit Transfer (DBT) mode. Since its inception, over IN₹ 2.61 trillion (US$ 31.4 billion) has been disbursed to more than 110 million farmers so far, making it one of the largest Direct Benefit Transfer schemes globally.
India is reliant on its agricultural sector and modernising it is a pivotal step in improving the quality and reliability of its process and products. The government has launched several technology-based solutions across various segments of the sector. Earlier this month, the Unified Portal for Agricultural Statistics (UPAg Portal) was launched to tackle complex governance issues in the sector. It is designed to optimise and elevate data management within the agricultural sphere, contributing to a more efficient and responsive agricultural policy framework.
As OpenGov Asia reported, the portal standardises data related to prices, production, area, yield, and trade, consolidating it in a single location. This eliminates the necessity to compile data from multiple sources. The portal can also conduct advanced analytics, providing insights into production trends, trade correlations, and consumption patterns.
It can produce granular production estimates with increased frequency, improving the government’s capacity to respond swiftly to agricultural crises. Commodity profile reports will be generated using algorithms, reducing subjectivity and providing users with comprehensive insights. Users also have the flexibility to use the portal’s data for crafting their own reports, fostering a culture of data-driven decision-making.
The Government of Western Australia is taking steps to promote the growth of small to medium-sized local businesses by offering grants totalling over AU$3 million. These grants are intended to enhance their capabilities and competitiveness, enabling them to pursue contracts from both the government and private sector.
Known as the Local Capability Fund (LCF), this initiative serves as a crucial resource for recipients looking to expand their capacity and improve their competitiveness in supplying goods, services, and works to the government, major projects, and other significant markets.
For the upcoming fiscal year of 2023-2024, the government has announced four new LCF rounds, collectively amounting to AU$2.2 million in funding, with individual grants of up to AU$50,000. These four rounds are designed to cater to specific needs and priorities:
- Supplying Key Projects Round: This round aims to support businesses across the state in supplying essential goods and services to key government and private sector projects within priority sector markets.
- Aboriginal Business Round: This round is dedicated to businesses with a majority Aboriginal ownership. It seeks to assist these enterprises in supplying goods, services, and works to both the government and the private sector.
- National and International Standards Compliance Round: To ensure businesses adhere to the highest industry standards, this round provides financial assistance for engaging external experts to implement and obtain third-party certification for seven specific national and international standards.
- Digital Transformation Round (Upcoming): Soon, the LCF will introduce a Digital Transformation Round to provide initial support to eligible businesses in adopting and leveraging digital technologies and data. This round aims to advance the government’s understanding of digital needs in the business landscape.
Additionally, nine regional LCF rounds will be launched progressively throughout 2023-24, totalling AU$900,000 in funding with grants of up to AU$20,000. These rounds will specifically cater to businesses in regional areas, aiming to help them enhance their services and competitiveness.
Since its inception, the LCF has been instrumental in providing funding to over 600 businesses, totalling AU$22.7 million. This financial support has played a pivotal role in these businesses securing contract awards exceeding AU$1.05 billion. Beyond financial benefits, the LCF has contributed to creating more than 2,000 employment opportunities and nearly 250 apprenticeships.
The Minister Assisting the Minister for State and Industry Development, Jobs, and Trade stated that the Local Capability Fund has served as a catalyst for numerous businesses, infusing tens of millions in funding to propel their expansion. This program has not only facilitated access to over 2,000 employment opportunities but has also supported the development of 250 apprenticeships.
The Government, through its representative, wholeheartedly encourages businesses to grasp this opportunity by submitting grant applications. This initiative will empower them in their pursuits to secure contracts from both government and private sector organisations.
In today’s fast-paced business landscape, technology plays an indispensable role in enhancing efficiency, competitiveness, and growth prospects for businesses of all sizes. The Cook Government recognises this and aims to empower local businesses through the Local Capability Fund, providing them with the financial means to embrace and leverage technology. This support is especially timely as the world becomes increasingly digital and data-driven.
The new Digital Transformation Round, set to be launched in the coming weeks, underscores the government’s commitment to assisting businesses in harnessing the power of digital technologies and data. In an era where businesses must adapt to technological advancements to remain relevant and competitive, this initiative is poised to make a significant impact.
With the Digital Transformation Round, eligible businesses will have access to vital resources and support to embark on their digital journey. This includes financial assistance, expertise, and guidance on adopting and utilising digital technologies effectively. Whether it’s transitioning to cloud-based operations, implementing data analytics, or enhancing online presence, this initiative aims to equip businesses with the tools they need to thrive in a digital age.
Beyond financial support, the Digital Transformation Round also aligns with the government’s broader mission of understanding the specific technological needs of businesses. By collecting insights and feedback from participating enterprises, the government can shape future policies and initiatives to better serve the evolving tech landscape.
OpenGov Asia previously reported that the Vietnam-Australia Digital Forum 2023, organised by Vietnam’s Ministry of Information and Communications (MIC), in collaboration with the Australian Trade and Investment Commission (Austrade) and the NSW Trade and Investment Department, reflects the global importance of digital collaboration. This event, held during Minister Nguyen Manh Hung’s visit to Australia, signifies the commitment of both nations to enhance cooperation in information and communication technology.
It is part of the MIC’s broader 2023 initiatives to facilitate Vietnam’s digital business community expansion globally, with similar programs underway in countries like the United States, Japan, and Europe. These efforts underline the growing significance of international partnerships in fostering innovation, knowledge sharing, and economic growth through technology.
In a strategic move to bolster its semiconductor industry, the Ministry of Economic Affairs (MOEA) in Taiwan is poised to allocate approximately NT$800 million (S$25,084,582) to support local integrated circuit (IC) designers in the development of processes below 28 nanometres.
This substantial investment forms a crucial part of the budget earmarked for the upcoming semiconductor industry innovation project proposed by the National Science and Technology Council, awaiting final approval from the Cabinet, as confirmed by the Industrial Development Bureau under the MOEA.
ICs, the intricate assemblies of electronic components, encompassing transistors, resistors, and capacitors, have become the bedrock of modern technology. These miniature marvels are crafted on wafer-thin semiconductor substrates, underpinning a plethora of electronic devices and systems.
In safeguarding the interests of local enterprises against a highly competitive market landscape, the bureau’s subsidy programme will be geared toward companies actively engaged in the development of advanced techniques aligned with international industry trends. These include artificial intelligence (AI), smart cockpit solutions, and communication technologies.
Taiwan boasts around 200 small and medium-sized IC design firms, but only a fraction possesses the capability to venture into the intricate domains of 16nm or 14nm processes, which tend to be financially daunting for companies of their size.
To encourage participation and innovation, detailed eligibility criteria for the subsidies will be disclosed at the outset of the coming year. The government is prepared to provide financial support of up to half the amount applied for by these enterprises.
The expected timeline for reaping the rewards of this investment is promising, with the government anticipating tangible benefits within two to three years. As the global semiconductor landscape continues to evolve and confront new challenges, Taiwan’s strategic focus on nurturing homegrown talent and fostering innovation in IC design underscores its commitment to maintaining a competitive edge in this pivotal industry.
The investment in IC design processes below 28 nanometres not only fortifies Taiwan’s position as a technological powerhouse but also ensures its resilience in the face of dynamic global forces. By empowering its local talent and businesses, Taiwan stands ready to navigate the complex semiconductor terrain and emerge as a formidable player in the evolving semiconductor industry.
Electronic gadgets such as computers, cellphones, televisions, and medical equipment may all function more intelligently and efficiently due to semiconductors, which allow digital data to be translated into the real world. They enable lightning-fast data processing, storage, and transmission by facilitating the complex dance of electrons.
Semiconductors are essential to more than just consumer electronics. They serve as the foundation for sectors where exact control and dependability are crucial, such as the automobile, aerospace, healthcare, and renewable energy industries.
Semiconductors are still developing in this age of rapidly developing technology, which makes it possible to create devices with smaller sizes, quicker processors, and ground-breaking inventions. They are the unsung heroes who are paving the way for an infinite future while subtly influencing our digital environment.
Partnerships are also essential for supporting the semiconductor sector since they act as sparks for creativity and provide answers to difficult problems. Governments, academic institutions, and semiconductor businesses work together in this cooperative manner, with each group providing special skills and resources.
Partnerships additionally enhance the robustness of the supply chain. Businesses can better survive disruptions by strengthening the connections between various phases of semiconductor manufacture, as the COVID-19 epidemic showed.
The Minister of Digital Economy and Society has outlined the ministry’s operational policy within the framework of “The Growth Engine of Thailand.” This plan emphasises three key areas:
- Enhancing the country’s digital capabilities for competitive advantage
- Ensuring stability and security in the digital economy and society
- Fostering the development of the nation’s digital human capital
This policy is a roadmap for advancing Thailand’s digital economy and society in the next phase.
Mr. Prasert Chandraruangthong, Minister of Digital Economy and Society (DES), shared this operational policy with the media, highlighting the three primary drivers of Thailand’s digital economy and society. These include:
- Strengthening digital capabilities to enhance the country’s competitiveness (Thailand Competitiveness).
- Ensuring stability and security in the digital economy and society (Safety & Security).
- Developing the potential of the country’s digital human capital (Human Capital).
Mr Prasert emphasised that the foremost driver for Thailand’s digital economy and society is a set of guidelines to enhance digital capabilities to create a competitive advantage for the nation. The Ministry of Digital Technology will focus on improving efficiency and leveraging the country’s digital infrastructure to generate opportunities. This effort will accelerate the development of telecommunications systems, high-speed internet networks, and 5G technology to enhance people’s quality of life, boost business and industrial sectors, and facilitate international trade and investment through global communication networks.
In the future, Thailand aims to become a regional hub for submarine cable networks, boost international trade and e-commerce, and enhance digital identity verification through National Digital ID. They are preparing for the AI-driven economic era and developing a master plan for responsible artificial intelligence (AI).
The Ministry of Digital Affairs plans to bolster Thailand’s global digital competitiveness by supporting Digital Startups through a Co-Investment system and the Digital Startup Go Global Development Fund. The focus is on increasing income opportunities for farmers, aiding SMEs in adopting digital tech, and positioning Thailand as a key player in Digital Content, E-SPORTS, and international trade. They aim to attract global investments in Over-The-Top (OTT) Platform businesses, streamline business establishment processes, and ensure fair tax collection.
To promote digital literacy, the ministry will facilitate internet access for children and youth, enable safe access to global libraries via AI, and encourage communities to embrace digital technology for income generation and adaptation to the digital economy.
These efforts aim to enhance the efficiency of digital government services by integrating big data from government agencies and promoting services across sectors with open APIs for public and private sector convenience. This includes implementing One Stop Service, developing the One Wallet system, and utilising Blockchain technology and Smart Contracts to establish transparent rules, reducing discretionary decision-making by officials. Thai Digital Startups will be given opportunities to participate in system development.
Thailand is preparing to join the Organisation for Economic Co-operation and Development (OECD) and engage with international digital agencies. They aim to transform the nation with a Mega Programme, expanding projects like Thailand Digital Valley and extending smart city areas.
Addressing cybercrime is crucial for digital economy stability. Initiatives include combating online fraud and improving cybersecurity through a Cyber Alert Centre.
Thailand plans to establish coding schools, offer accessible digital classrooms for upskilling, and incentivise digital skill development to enhance digital human capital. Short-term efforts involve:
- Setting up a Cyber Alert Centre.
- Fostering gaming careers.
- Addressing workforce shortages via the Global Digital Talent Visa programme.