October 17, 2021

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Singapore and Cambodia to strengthen ties in Fintech Innovation

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The Monetary Authority of Singapore (MAS) and the National Bank of Cambodia (NBC) signed a Memorandum of Understanding (MOU) to strengthen cooperation in FinTech innovation between both countries in Chiang Rai, Thailand, yesterday – 4 April 2019.

Information sharing on trends and developments in FinTech

Under the MOU, both countries will share information on emerging market trends and developments in FinTech, as well as regulatory issues pertaining to innovation in financial services. The two authorities will work together to conduct joint training sessions to share expertise to foster cross-border cooperation.

H.E. Neav Chanthana, Deputy Governor, NBC, said, “The NBC and MAS have reached a new step of financial cooperation in the area of financial innovation through this MOU. This will also allow us to share experiences and information related to FinTech to better manage and reap the benefit from the new innovation in financial technology in order to enhance payment system and promote financial inclusion.”

Countries share common focus to harness FinTech to create opportunities

Ms Jacqueline Loh, Deputy Managing Director, MAS, said, “This MOU builds upon the long-standing relationship between the NBC and MAS, as well as our common focus to harness FinTech to create new opportunities that will benefit both individuals and businesses. This collaboration also provides a framework for promoting financial innovation not only in our two countries, but also in the broader ASEAN region.”

The signing of the MOU took place on the side-lines of the 5th ASEAN Finance Ministers’ and Central Bank Governors’ Meeting.

Disinfection Robots Deployed in Singapore’s Healthcare Facilities

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Singapore’s Tampines Polyclinic, this month will use robots instead of nurses to monitor patients’ temperatures and remind them to put on their masks. The Healthcare Assistive Robot for Frontline Infection Control (Hiro) was developed by researchers at Ngee Ann Polytechnic (NP) and is currently being tested at the polyclinic. The robot uses UV-C light to kill bacteria and viruses and can direct visitors to service points.

NP’s Robotics Research and Innovation Centre assistant director said, “the robot is meant to help cut down on the possibility of infection in the polyclinics and also reduce the burden on healthcare staff doing laborious tasks like cleaning hard-to-reach areas and temperature screening, especially during the Covid-19 pandemic.”

We want this facility to be a platform for collaboration with the industry as NP moves towards our vision of helping to develop technology for the future in the healthcare, transportation, construction and sustainability industries.

– Assistant Director, Robotics Research and Innovation Centre, Ngee Ann Polytechnic

The Healthcare Assistive Robot is part of the NP’s joint effort with healthcare provider SingHealth, which operates eight of the 20 polyclinics in the area. The robot’s development began last year, with plans to deploy more at various SingHealth polyclinics the following year. NP also announced the launch of the Robotics Research and Innovation Centre, which is divided into two wings and located on NP’s Clementi Road campus. The centre will house students pursuing a new Specialist Diploma in Robotics Engineering, which is geared toward adult learners and will accept 40 applicants in April of next year.

The facilities, which include workshops, showcase areas, and laboratories, will provide students with real-world robotics experience, according to the NP deputy principal. Moreover, other projects in the works with the National Parks Board include a park patrol robot and a plant health monitoring robot (NParks). Last year, in collaboration with Hougang Primary School, CoDDiE, a teaching assistant robot that assists students in learning to code, was developed. As a result of the Covid-19 pandemic, a variety of unmanned robots have begun to appear in public roles across the country.

OpenGov Asia in an article reported that two robots have been patrolling the Toa Payoh Central neighbourhood in Singapore as part of a three-week trial, looking for errant smokers, unlicensed hawkers, motorbikes and e-scooter riders on sidewalks and gatherings that exceed the current group size limits. The robots are designed to alert public officers in real-time to these offences since they will be equipped with cameras that have a 360-degree field of vision and can see in the dark. They will also be able to broadcast and show warnings warning people about the dangers of such behaviour.

The patrolling robot, developed by HTX in collaboration with the Agency for Science, Technology, and Research, will contribute to enhancing efficiency while reducing the need for manpower for foot patrols, according to the company. This is particularly true for labour-intensive operations like monitoring illegal hawkers. The latest patrolling robot is a refresh of the police’s Multi-purpose All-Terrain Autonomous Robots, or Matar, which have been deployed at large public events such as the National Day Parade, Marina Bay Countdown, and Chingay.

The fourth industrial revolution’s technological innovations are radically transforming the economy. The self-sufficient economy is becoming a reality. AI, robotics, and the Internet of Things (IoT) advancements are ushering in a new era of automation.

Workplace automation in Singapore is expected to increase more than double in three years, covering 29% of all work done by businesses, up from 14% in 2018. This could result in at least 5% of Singapore’s full-time workers losing their jobs.

Singapore must adopt new strategies to keep up with global technological advancements to avoid falling behind. The automation of the economy will be critical to Singapore’s growth and competitiveness. According to a report, automation could boost global productivity growth by up to 1.4% per year. However, for the Singaporean workforce, automation may pose significant challenges and disruptions to current jobs and skillsets.

Person-to-Merchant QR System Rolled Out in the Philippines

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When the country implemented health and social-distancing protocols, the COVID-19 pandemic catalysed the shift in awareness and provided the necessary push for more consumers – individuals, businesses, and the government – to use digital payments.

Governor of the Bangko Sentral ng Pilipinas (BSP) is optimistic that a payment system based on the quick response (QR) code will help the central bank’s efforts to increase electronic payment transactions in the country despite the country’s poor internet connectivity. He stated during the virtual launch of the QR PH P2M programme that the QR PH for person-to-merchant (P2M) transactions uses QR codes.

“To receive payments merchants only need to print QR codes, which the respective payments service provider will generate for them, display those codes, and obtain payments by simply asking their customers to scan the code without necessarily getting connected to the internet. Confirmation of successful payments transactions may also be received by both the merchants and the customers,” the governor said during the briefing streamed through the central bank’s social media page.

Electronic payments, which got boosted since the government-imposed movement restrictions at the start of the pandemic, are expected to grow even more with the use of QR codes for payments. The governor expressed optimism about the future growth of digital financial transactions, citing the fact that more people now own smartphones and have access to the internet.

OpenGov Asia reported on an article stating in a recent meeting, the BSP governor confirmed that the BSP will continue to collaborate with the Philippine Payments Management Inc. (PPMI) to ensure that every Filipino can be a part of the increasingly digital Philippine economy. The PPMI is a self-governing body run by payment industry participants that are recognised as the country’s payment system management body by the BSP.

The two bodies are working together on several fronts to better the overall national financial landscape in a bid to drive the economy and offer a better consumer experience. The PesoNet Multiple Batch Settlement (MBS) is expected to be in place by the end of this year. With most businesses relying on digital payments, credit and debit cards, rapid and efficient batch settlements are of vital importance for sustainability. In essence, e-payments are a digital alternative to the traditional, physical cheque system. Like cheque settlements, the MBS will clear sets of approved digital transactions. Increasing the frequency of e-payment settlements from once to twice daily will give businesses a significant boost. It will speed up the payment process for high-value transfers and assist businesses in meeting their funding requirements.

In addition, QR PH P2M runs its operations using one of the two electronic payment facilities provided by the central bank’s National Retail Payment System (NRPS). He then noted that they anticipate an increase in the number of QR PH P2M participants in the coming days and that using the QR code is less expensive than using a point-of-sale (POS) terminal. It is also mentioned that the QR PH empowers consumers by allowing them to choose their digital payment service through the interoperability feature of QR PH payments, which is in line with the United Nations’ principles on the responsible use of digital payment.

The Philippines’ central bank has announced that digital payments have surpassed the central bank’s target of 20% of total monthly payment volume by 2020.

The Bangko Sentral ng Pilipinas (BSP) said in a statement that 20.1% of monthly payments volume will be done digitally by the end of 2020, a significant improvement from the 2020 first semester estimates, which put digital payments volume at 17%. The BSP also stated that the value of digital payments increased significantly from 25% to 26.8% during the same time.

Furthermore, it was acknowledged that the increased use of digital payments was driven by high-frequency, low-value retail transactions such as person-to-merchant payments and person-to-person payments such as electronic fund transfers.

Blockchain Academy Offers Courses in Blockchain Fundamentals in India

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Kerala Blockchain Academy (KBA), which is a government-owned initiative, has announced two free online courses: the Blockchain Foundation Programme and the Ethereum Fundamentals Programme in Blockchain Technology. Both of the one-month-long courses are online.

The Blockchain Foundation Programme is designed to provide candidates of any background with an understanding of blockchain basics and its key components. The programme provides a foundational study of how blockchain works and how companies use its potential to solve real business problems. According to a report, the foundation programme explores the mechanics of blockchain, including decentralisation, peer-to-peer networking, and smart contract automation, among others. It also offers a deeper understanding of the blockchain fundamentals, key concepts, capabilities, limitations, and the future of blockchain technology.

The fundamentals programme in Ethereum blockchain provides a step-by-step guide to building applications in the Ethereum blockchain domain. Those who pass with merit are offered a discount of 50% on their advanced learning of the respective subject. To avail of the discount, they should apply within 15 days of receiving the certificate and the last date for application is 30 October. Participants will be provided with a digital blockchain-powered certificate signed by KBA co-stamped by the Kerala Development and Innovation Strategy Council (K-DISC). Registration is open for the November batch. The online courses also involve two instructor interactions. People of any educational background including students, graduates, and professionals can enrol in both courses. There is no distinction in the discipline of study.

As per a recent study, the global blockchain market size is expected to grow from US$3 billion in 2020 to US$39.7 billion by 2025, at a compound annual growth rate (CAGR) of 67.3% during 2020–2025. The increasing need for simplifying the business processes and the need for supply chain management applications integrated with blockchain technology will drive the overall blockchain market. Blockchain technology eliminates the requirement of a central entity/third party to validate the transactions over the peer-to-peer network. Transactions are validated by considering the history of transactions stored at each node of the network and the consensus of the participants.

Earlier in May, KBA and the Digital University of Kerala (DUK) launched an online certified blockchain start-up programme to help entrepreneurs sharpen their skills in cutting-edge digital technologies. The course covered blockchain basics and how the technology is applied over different business verticals, including government operations, banking, supply chains, real estate, environment, and healthcare.

DUK, India’s first digital university launched in February this year, conducted the course in collaboration with the Entrepreneurship Development Institute of India (EDII) in Ahmedabad, and KBA. As OpenGov Asia had reported, it was a 14-day virtual classroom training programme and intended to equip individuals with the knowledge and skills to deal effectively with the issues, opportunities, and challenges concerning entrepreneurship. It also provided requisite information regarding the necessities for setting up start-ups in the blockchain technology sector. The programme analysed the concept of understanding entrepreneurship, defining start-ups, developing own tech start-up ideas, building the right legal foundations, start-up marketing, branding, and fund-raising. The online instructor-led training was made accessible from anywhere in the world and delved into the various use cases of blockchain, analysing real examples of how different industries are executing the technology and improving their businesses.

Singapore Launches New Operational Technology Cybersecurity Initiative to Seek Fresh Cyber Talent

Personal computer protected from external attacks by a brick wall. Digital illustration.
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Singapore is set to see in influx of fresh talent in the area of operational technology (OT) cyber security under a new government initiative aimed at mapping out the job roles, technical skills and core competencies required in the sector.

The Cyber Security Agency of Singapore (CSA) launched its Operational Technology Cybersecurity Competency Framework (OTCCF), which is designed to provide a foundation upon which Singapore can attract and develop talent for the emerging OT cyber security sector in the country.

OT cybersecurity talent development is one of the key thrusts under Singapore’s OT Cybersecurity Masterplan. The CSA Academy has been providing customised intermediate to advanced training courses in cybersecurity areas – including OT – that are not readily available in the market to the Government and Critical Information Infrastructure (CII) sectors.

OT system owners, including those from CII sectors and OT training providers currently take reference from the Skills Framework for ICT under SkillsFuture Singapore (SSG) to identify skills gaps and develop training plans.

Not only does the OTCCF map the job roles, technical skills and core competencies that are in need, it also captures the possible career pathways, showing the options for vertical and lateral progression. Under the plan, OT and IT system owners can refer to the OT cyber security capabilities required to attract the right people, train them adequately and map out their career pathways.

The OTCCF aims to guide key stakeholders in the following ways:

  1. OT and IT system ownerscan refer to the OT cybersecurity capabilities required to attract the right people, train them adequately, and map out their career pathways;
  2. Training providerscan refer to the technical competencies required by different job roles and be guided to develop best-in-class courses and certifications that cater to local training needs; and
  3. OT professionals or potential job seekerscan identify skillsets for cross- and up-skilling for a meaningful career in the OT cybersecurity domain. The career pathways could apply to job roles inclusive of vertical and lateral advancement opportunities.

With the increased connectivity between IT and OT systems, the demand for job roles requiring competencies in both IT and OT domains has correspondingly increased. While the existing Skills Framework for ICT provides an overview of job roles, possible career tracks and technical competencies for cyber security professionals, it caters primarily for the ICT workforce.

More granular breakdown of the OT cyber security capabilities and technical competencies is required to cater to the training needs of the OT engineers in terms of coverage and applicability, as training providers in the market find it difficult to roll out best-in-class certifications and courses that encompass different OT industry sectors without a reference to the common skillsets.

Additionally, CSA Academy has begun engaging stakeholders from the Institutions of Higher Learning and selected CII owners to garner their feedback for an upcoming OT Train-The-Trainer (OT TTT) programme. The CSA Academy will also be rolling out a series of roadshows to engage organisations on how they can adopt the OTCCF based on their business needs.

To respond to cyber threats to help strengthen regional cyber-security capabilities, Singapore has recently established a new centre for ASEAN member states to collaborate on research, knowledge sharing, and training, as reported by OpenGov Asia. ASEAN, which has made progress in coordinating and strengthening its cyber efforts, needs to build on this momentum to deepen regional and international partnerships in the cyber-security realm, according to Minister for Communications and Information.

The ASEAN-Singapore Cybersecurity Centre of Excellence (ASCCE) also aims to improve member countries’ cyber-security strategy development, legislation, and research capabilities. It is mentioned that cyber-attacks can occur at any time and have a devastating impact that can cripple critical systems and cause mass chaos. Regional efforts to strengthen cyber security will thus provide the region with more trust and assurance.

Vietnam to Pilot Mobile Money Services for Two Years

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Vietnam will pilot Mobile Money service across the country for two years before officially launching it, according to Deputy Governor of the State Bank, Dao Minh Tu. The development of services using mobile phone credit to pay for small-value goods and services is expected to promote financial inclusion and non-cash payments in Vietnam, especially amid the complicated developments of the COVID-19 pandemic.

According to a news report, currently, in Vietnam, there are nearly 125 million mobile phone subscribers, while the proportion of adults with bank accounts is only 64%. Mobile Money is expected to make a drastic change in the payment of essential services. The State Bank claimed that the payment method will be especially helpful in remote areas, where people do not have bank accounts or access to modern payment services.

This service will help expand more non-cash payment channels, especially in the context of COVID-19. The Vietnamese military-run group Viettel, the Vietnam Post and Telecommunications Group (VNPT), and the MobiFone Telecommunications Corporation (MobiFone) have registered to pilot the payment service. Tu said that the joint management of the Ministry of Public Security, the Ministry of Information and Communications (MIC), and the State Bank in this scheme will help ensure safety for users. Deputy General Director of VNPT noted that the government’s permission to pilot Mobile Money service will bring great benefits to the national economy and provide more electronic payment tools for people. This is a foundation towards developing a digital economy and digital society in the future, he added. The Deputy General Director of Viettel Digital Services Corporation noted that the organisation has prepared technological infrastructure and human resources to pilot Mobile Money as soon as it is licensed.

Vietnam is witnessing an increase in demand for online and mobile banking services from consumers, which is driving the digital transformation of banks. Online transactions in Vietnam for the first four months of this year jumped 66% compared with the same period last year, which has been accelerated enormously by the pandemic. There’s also been a huge increase in the use of e-wallets, payments via smartphones and QR codes, and high demand for ‘instant credit’ solutions such as buy-now-pay-later, particularly among those segments of the population that remain unbanked or underbanked. Vietnam’s consumers are demanding digital financial solutions, and the industry is rising to the challenge by using cutting-edge digital banking solutions, gaining attention around the world.

Furthermore, the adoption of digital banking in Asia-Pacific (APAC) emerging markets, especially Vietnam, has caught up with developed markets. The behaviour change has brought the financial services industry new prospects. The window for seizing opportunities will narrow quickly as consumers give serious consideration to innovative propositions from digital banks. The increase in active digital bank users is arguably higher in Vietnam compared with APAC’s emerging markets and some APAC-developed markets. Between 2017 and 2021, 88% of APAC consumers in emerging markets actively use digital banks, a 33 percentage points increase. In Vietnam, the numbers rose by 41 percentage points to 82% in 2021. At the same time, fintech and e-wallet penetration reached 56% in 2021 for Vietnam, a hike of 40 percentage points from 2017. This penetration level is higher than the average of APAC emerging markets (at 54%) and developed markets (43%).

 

Singapore Launches ASEAN Centre to Strengthen Regional Cyber Security Landscape

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Singapore has recently established a new centre for ASEAN member states to collaborate on research, knowledge sharing, and training to respond to cyber threats to help strengthen regional cyber-security capabilities. ASEAN, which has made progress in coordinating and strengthening its cyber efforts, needs to build on this momentum to deepen regional and international partnerships in the cyber-security realm, according to Minister for Communications and Information.

The ASEAN-Singapore Cybersecurity Centre of Excellence (ASCCE) also aims to improve member countries’ cyber-security strategy development, legislation, and research capabilities. It is mentioned that cyber-attacks can occur at any time and have a devastating impact that can cripple critical systems and cause mass chaos. Regional efforts to strengthen cyber security will thus provide the region with more trust and assurance.

ASEAN member states cyber experts have been discussing the 11 norms at various ASEAN capacity building workshops throughout the year. They have identified areas where progress has been made, as well as other areas in need of capacity building for the successful implementation of norms.

– Minister for Communications and Information

The Minister for Communications and Information announced the opening of the centre’s new campus on North Bridge Road at the ASEAN Ministerial Conference on Cybersecurity. The minister, who is also the Minister-in-Charge of Smart Nation and Cybersecurity, stated that the centre is one way to help the region develop cyber-security skills.

She explained that developing such functionalities lays a solid foundation for countries to establish norms for responsible state behaviour in cyberspace. The minister stated that the cyber threat landscape has changed dramatically in the last year, with more frequent ransomware and cyber-attacks targeting organisations’ suppliers.

Furthermore, the centre serves as a cyber think tank, conducting research and training in areas such as international law, cyber strategy, legislation, cyber norms, and other cyber-security policy issues. The centre also provides virtual cyber-defence training and exercises.

OpenGov Asia in an article reported that CSA also said that the government will also strive to make the use of cyber-security solutions simple and convenient. To accomplish this, it will collaborate with the industry to create innovative “plug and play” cyber-security solutions for users.

The latest cyber-security strategy comes as cyber threats have increased in the country, with some serious incidents occurring in recent years. To adapt to changes in the cyber operating environment, the Singapore Cybersecurity Strategy 2021 takes a more proactive approach to address threats, simplifies cybersecurity for end-users, and develops deeper partnerships with the industry.

The updated national cybersecurity strategy was unveiled by Singapore’s Senior Minister and Coordinating Minister for National Security at the sixth edition of the Singapore International Cyber Week (SICW). The Singapore Cybersecurity Strategy 2021 (“Strategy 2021”) underlines Singapore’s action plan to be more proactive in addressing cyber threats, raising the overall level of cybersecurity across the country, and advancing international cybersecurity norms and standards. Strategy 2021 will also place a greater emphasis on workforce and ecosystem advancement for businesses and citizens to capitalise on economic opportunities in the cybersecurity sector.

“As the digital economy grows in scale and complexity, cyber security becomes of utmost importance to provide the much-needed measure of assurance and trust in the digital technologies that permeate all sectors of the economy,” said the Minister for Communications and Information. He also noted that the organisation’s efforts to grow the ASEAN digital economy must be accompanied by a strong regional cyber security strategy.

CSA Launches Toolkits to Strengthen Business Cyber Resilience in Singapore

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As Singapore builds up its digital economy and more businesses go digital in the wake of the COVID-19 pandemic, cyber threats such as ransomware and supply chain attacks continue to remain major concerns. Small-and-Medium Enterprises (SMEs) and larger enterprises could also be susceptible to the downstream ramifications of supply chain attacks.

The Cyber Security Agency (CSA) has launched a series of tool kits for enterprises, which provide guidance on cybersecurity issues tailored for senior business leaders, owners SMEs, as well as employees. The new toolkits help to simplify cybersecurity and enable businesses to make more informed trade-offs between security, system usability and cost.

The toolkit for enterprise leaders and SME owners will focus on the business reasons for business leaders and SME owners to invest in cybersecurity, such as rationalising investment in cybersecurity, and how fostering a culture of cybersecurity would enable enterprises to reap the benefits of digital transformation.

Although 80 per cent of Singapore SMEs embrace digital transformation and have digital transformation in place, cybersecurity has been the key reason for small enterprises not digitalising. Topics include the cultivation of cybersecurity leadership and guidance for employee cybersecurity education.

The cybersecurity toolkit for employees is intended for enterprises to “plug and play” as an employee programme for raising awareness and conducting cybersecurity training. The content addresses the most common cyber threats faced by employees such as phishing, as well as weak cybersecurity practices such as using compromised and weak passwords. It will also encourage employees to learn about cybersecurity to stay cyber safe at work as well as in their private life. This is crucial as employees are the first line of defence and key to any enterprise’s cybersecurity.

Partnering Industry to Increase Cybersecurity Awareness

Beyond toolkits, CSA will also partner with the industry to further drive cybersecurity awareness to local businesses, individuals and the wider community. CSA launched a new partnership programme that aims to equip businesses and enterprises with tools and information to strengthen their cybersecurity.

Under the new SG Cyber Safe Partnership Programme, enterprises will help to develop training content, products and services, or community outreach programmes to raise awareness and encourage the adoption of good cybersecurity practices by businesses and the public.

Cybersecurity is a collective responsibility that requires the government and the industry to work closely together. Private-public collaboration is a key to ensuring that businesses stay cyber-secure. We welcome other industry partners who are keen to work with CSA to drive cybersecurity awareness, shift attitudes and encourage adoption amongst enterprises in their digitalisation journeys.

– Tan Kiat How, Minister of State for Communications and Information

The programme is one of the major initiatives under the Safer Cyberspace Masterplan, which was launched last year. The master plan was developed in consultation with the cybersecurity industry and academia, to raise the general level of cybersecurity in Singapore for individuals, communities, enterprises, and organisations. Key areas of focus include securing Singapore’s core digital infrastructure, safeguarding cyberspace activities and empowering a cyber-savvy population.

As reported by OpenGov Asia, The Singapore government and industry partners are developing a new mobile tool to help Singaporeans protect their smartphones from cyber-security threats. The initiative becomes more pertinent as people become more reliant on smart devices that cybercriminals can easily target. As more people and businesses go digital, particularly in the wake of the COVID-19 pandemic, it exposes them to more cyber threats.

The tool is one of the initiatives outlined in Singapore’s new cyber-security strategy, which the Senior Minister and Coordinating Minister for National Security announced. As the cyber landscape has evolved significantly over the last five years, the new strategy updates and expands on the first one launched by Singapore’s Prime Minister in 2016. The Government will support enterprises by making cyber-security resources available – from free self-help tools to cost-effective solutions provided in partnership with the cyber-security industry.

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