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The DBS Foundation Social Impact Prize at the Lee Kuan Yew Global Business Plan Competition (LKYGBPC) will be awarded to the most innovative business plans of start-ups or early-stage ventures that address pertinent urban challenges faced by cities of today.
In addition to the evaluation criteria for the LKYGBPC, qualifying applications for the DBS Foundation Social Impact Prize are also assessed on:
- Clear identification of the social / environmental problem
- Creativity in addressing the identified challenge statement and stakeholders involved
- Ability to measure the social / environmental impact created
- Scalability and sustainability of solution and impact
The award worth SGD 150,000 includes prize money of up to SGD 100,000 and post-competition support, such as:
- Access to DBS Foundation’s capacity building programmes
- Brand awareness and marketing features on DBS Foundation’s website, brand campaigns, media stories etc.
- Use of DBS premises when in Singapore for launch or community events
- Network and connection to DBS Foundation’s social enterprise alumni community and partners
One of the start-ups to be shortlisted this year is SenzIQ Pte Ltd.
OpenGov recently had the opportunity to have a virtual chat with three of its founders Mr Azeem Khan, Mr CH Kong and Professor Rajesh Balan to find out more about their solution, its technology, how their products will improve sustainability, and plans for the future.
Back to where it all began
SenzIQ Pte Ltd has an interesting story, it all began with researchers at the Singapore Management University’s (SMU) LiveLabs Urban Lifestyle Innovation Platform, or LiveLabs for short.
LiveLabs was launched on 5 November 2012 and was funded by the National Research Foundation Singapore and run via the Interactive Digital Media Programme Office.
LiveLabs was conceived as a testbed to trial research prototypes in real-life environments. It ran for seven years, from 2012 until 2019
Among the technologies developed at LiveLabs, the one that received the most traction was the LiveLabs Indoor Location Tracking & Analytics solution, which allows venue operators to conduct indoor analytics of how people move inside indoor spaces using just Wi-Fi.
They have turned data from smartphones, wearable devices and the physical environment into powerful insights using advanced sensor technology and real-time analytics.
The technology from LiveLabs is now entering a new phase, in the form of a new startup founded by Professor Balan to commercialise the technology, called SenzIQ Pte. Ltd. Professor Balan is the former LiveLabs co-director, and is SMU Associate Professor of Information Systems.
Understanding how people move through spaces
Mr CH Kong, CMO of SenzIQ says it has one mission: “help businesses understand how people move through their spaces”.
To do this they can track each individual’s movement across space and time in an indoor location. This data is aggregated to understand how people utilise and move indoors.
SenzIQ is an Indoor Location Tracking & Analytics solution, which allows venue operators to conduct indoor analytics of how people move inside indoor spaces using just Wi-Fi.
The solution provides both retrospective insights, such as heat maps, visit durations and group sizes; and predictive insights, such as the locations they are likely to visit next.
The Technology
The system utilizes the enterprise Wi-Fi networks of businesses to monitor the location of Wi-Fi based devices such as mobile phones and laptops.
The technology uses public Wi-Fi networks to track the location of smartphones in real-time as they move around. The data is fed back to a dashboard that building owners can then use to understand how people interact with the space and manage their operations and logistics accordingly.
The devices are a proxy for the person in most cases therefore tracking the Wi-Fi device provides an insight into the movement of the person carrying that device.
The unique proposition of the technology is that it is a pure software play, and this enables it to work with most enterprise Wi-Fi networks without infrastructure augmentation or modification.
Optimising buildings and office spaces and analysing traffic flow at events
Based on this technology, they have developed two separate products. One deals with space analytics and the other with event analytics.
The space analytics product helps offices understand the usage of key spaces such as meeting rooms, suggests measures to improve the utilization based on actual occupancy and proactively implement approved measures.
“For example, in a university, it is very important to figure out where to put your seminar rooms, meeting rooms and study spaces, and to know whether your meeting rooms are underutilised or over utilised,” Professor Balan said.
The event analytics product helps event organizers study, compare and contrast and run what-if analysis of layouts and movement traffic patterns during events.
Since both products are part of the workflows of the businesses utilizing them, it is expected these products to become a key component in the value.
With the use of these technologies, venue partners such as malls, convention centres, office campuses and airports, will enable businesses to customize and deliver relevant location specific messages to their customers.
This personalized location specific incentives allow customers market leadership through innovative technology driven solutions.
“From our own research and research papers published by Gartner and others, we know this is likely to be a potentially huge market worldwide. Indoor location tracking technologies alone is estimated to be worth USD $12B by 2021.”
“So far the technology has been deployed in major university campuses in Singapore, including SMU, in malls as well as at the Suntec Convention Centre, and at tourist attractions such as the Singapore National Museum and on Sentosa Island”, said Professor Balan Rajesh, Co-Founder, SenzIQ Pte Ltd.
Space optimisation driving sustainability
By analysing the use of public and private spaces, ‘Smart Buildings’ can use these data insights to reduce energy consumption, optimise the functionality of the space and identify opportunities to make the building more productive and efficient. This all leads to creating more sustainable spaces and buildings.
This is an attractive solution to organisations wanting to reduce their carbon footprint, to building developers wanting to reduce costs and create a more sustainable option, and for many existing large premises wanting to better understand how they can use their space more effectively and efficiently.
The next stage
Years of research has been done, many many years of expertise has been invested into the technology, the products and now starting the business – the next stage now is to accelerate the solution to market.
With the HSBC-SMU Sustainability & Innovation Grant, the funding can be used to do just that – fast track the SenzIQ journey to developing their sustainable solution and business model.


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The Philippines has begun issuing individual electronic land titles (e-titles) to 1,839 agrarian reform beneficiaries (ARBs) in the Eastern Visayas region. The Department of Agrarian Reform will give the ARBs their personalised e-titles (DAR).
DAR stated that 2,591 electronic titles (e-titles) totalling 3,922 hectares of the agricultural property would be given on Jan. 26 as part of the Support to Parcelisation of Lands for Individual Titling (SPLIT Project). The first batch of individual titles developed by the SPLIT Project will be distributed in the Visayas State University-Tolosa Campus auditorium.
According to DAR Secretary Conrado Estrella III, this is per President Ferdinand R. Marcos Jr.’s direction to hasten the issuance of land titles to ARBs this year and to provide support services to help them better their living conditions.
“We will issue individual e-titles to preserve and affirm our ARBs’ property rights,” he explained.
The SPLIT initiative proposes fast-tracking the subdivision of national collective certificates of land ownership award (CCLOAs) of around 1.3 million hectares of land. The World Bank supported the SPLIT initiative to partition CCLOAs and tribute individual titles to ARBs.
According to DAR Eastern Visayas Regional Director Robert Anthony Yu, the SPLIT project includes approximately 17,496 CCLOAs encompassing a total of 220,473 hectares of agricultural properties throughout the region. Yu stated that the area has verified around 67,601 hectares, while 3,922 hectares have been granted with e-titles.
The SPLIT project seeks to fully implement the Comprehensive Agrarian Reform Programme by allowing farmer-beneficiaries to have clear and defined ownership of the parcels of land they are tilling. The e-titling aim to stimulate farmers to grow their crops and make long-term progress on their ground. The award to ARBs was also established to stabilise requests, tenure ship, govern lands, and generate short-term economic opportunities for project workers who will be employed in the project.
Estrella stated in an earlier interview that farmers could not successfully use the land to make income because they needed to know the metes and bounds of the land assigned to each of them. Estrella believes that by granting farmers individual rights, more ARBs will be inspired to enhance their landholdings, resulting in higher agricultural output and household income.
The Philippines pushed land management digitalisation. The Department of Environment and Natural Resources (DENR) Land Management Bureau (LMB) has fully integrated the Land Administration Management System (LAMS) databases of 16 local and community environment and natural resource bureaus in the Philippines into their respective regional offices.
LAMS is a computer-based information system consolidating the country’s land data and records. It is geared for quick and straightforward land information processing, tracking, and retrieval. As a result, the DENR-NCR and DENR-Calabarzon Regional LAMS datasets were combined to create LMB-LAMS.
LMB also pooled and assessed 19 towns undergoing Digital Cadastral Database Cleansing through different DENR regional offices. LMB Director Emelyne Talabis adds that the agency is happy with its accomplishments this year on critical programmes, which resulted in improved delivery of land-related services to Filipinos.
The Philippines generally attempted to improve its digital competencies after falling behind. The Philippines placed last among Southeast Asian countries in the 2022 World Digital Competitiveness Ranking. Furthermore, it is the 13th largest economy in Asia, trailing only Mongolia.
The Senate has rolled out an act to push the complete e-governance implementation in the Philippines. All government agencies, offices, and instrumentalities, including local government entities, are required under the bill to disclose all necessary information in both traditional and online formats. The Department of Information and Communications Technology (DICT) will be the principal agency in enforcing the provisions of the Act.
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This year, the government wants relevant ministries and agencies to tighten management and increase oversight of e-commerce activities to identify violations and prevent tax losses. The Ministry of Industry and Trade’s (MoIT) E-commerce and Digital Economy Agency will work with departments from the Ministry of Information and Communications (MIC) and the Ministry of Finance to share data and better regulate business activity on social media and in cyberspace.
The inspections will also focus on ensuring that e-commerce platforms and social networks are taking proper steps to screen, prevent and block accounts that do not provide adequate information or have signs of trading in counterfeit or illegal goods.
The E-commerce and Digital Economy Agency will continue to collaborate with other government agencies such as the Market Management Agency, the Department of Cybersecurity and High-Tech Crime Prevention, the Ministry of Science and Technology, and MIC to inspect and monitor e-commerce businesses for compliance with the law, in accordance with plans approved by the Minister of Industry and Trade.
The agency will also evaluate existing policies and make practical changes to improve the management of e-commerce business activities. It will upgrade infrastructure and supporting services and incorporate new technologies to assist the digital transformation of businesses.
Furthermore, the agency will offer training to improve the inspection and handling of violations in e-commerce. It will organise events to promote anti-counterfeiting and encourage e-commerce website operators to better protect consumers’ interests.
Last year, Vietnam’s e-commerce industry continued to grow and become a significant distribution channel. As the economy recovers from the pandemic, e-commerce has been a leading sector in the digital economy. A survey from the Ministry of Industry and Trade showed that retail e-commerce revenue in Vietnam increased by 20% in 2022 as compared to 2021, reaching US$ 16.4 billion. This accounted for 7.5% of the total retail sales of goods and services in the country.
To establish trust for consumers in online shopping, safeguard legitimate traders, and foster e-commerce development, the government reviewed and requested e-commerce companies to remove or lock 1,663 stalls with 6,437 counterfeits or violated goods, and blocked five infringing websites.
Experts recommend that there should be regulations on the responsibility of information security of relevant organisations and individuals in order to prevent tax loss and protect business interests. This includes regulations on the security of websites and the responsibility to provide information to tax authorities, which would help make tax management more effective.
Associate Professor Le Xuan Truong, Director of the Academy of Finance’s Faculty of Taxation and Customs under the Ministry of Finance, suggested that the government should implement a regulation that forces e-commerce trading floors to be responsible for withholding and paying taxes on behalf of individuals as well as perform payment intermediary services and participate in operating and controlling delivery activities and receiving money from buyers. Over 40 countries worldwide so far have regulated the responsibility of e-commerce exchanges in deducting taxes of individuals if the floor provides payment services, or directly participates in the delivery and receipt of goods by buyers and sellers.
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Budi Gunadi Sadikin, Minister of Health, announced the development of SATUSEHAT, an interoperable Indonesian health data system. Budi aimed to complete the digitalisation of health data by January 2024. In keeping with the spirit of an impactful bureaucracy, the Minister of Health is sure Indonesians would benefit from digitisation.
“The concept is interchangeable; (health facilities) can use the information anywhere: all hospitals, both public and private, pharmacies, clinics, health centres, and labs throughout Indonesia will use the same data format, and (the data) can be exchanged,” he said at the launch of the Digital Transformation Office (DTO) Space in Jakarta.
SATUSEHAT is a health platform that serves as a forum for various health apps from companies in the health business. As a result, all applications and health service facilities on the SATUSEHAT platform, including vertical hospitals, government hospitals, private hospitals, health centres, Posyandu, laboratories, clinics, and pharmacies, must adhere to the Ministry of Health’s criteria.
People no longer need to carry physical medical record files while moving hospitals because of this platform. All patient medical record resumes have been digitally captured on the SATUSEHAT platform, which can be viewed from anywhere and at any time using mobile phones.
“For certain users who haven’t been able to produce health applications, we can aid later. (And) We can eventually give standard and free applications for significant stakeholders such as Puskesmas (community health centres) and Posyandu (toddler integrated service post). This way, we can do data integration elegantly on the same platform,” Budi confirmed.
Furthermore, the Ministry of Health established DTO as a Ministry of Health work unit dedicated to implementing the Healthy Indonesia programme by developing effective data-driven policies and digital technology products. User-Based Technology Development, National Health Data Integration, Technology Capacity Building, and Data-Based Policy Making are the four principles of digital transformation being implemented.
Budi directed the DTO and the Data and Information Centre (Pusdatin) to take meaningful actions to expedite national health data digitisation. DTO must complete nationwide health interoperability that is transparent and accessible to all parties. The merger process started on July 6, 2022, and is expected to be finished by the end of 2023.
Another challenge is to combine clinical and genomic data to assess the health of the Indonesian population deployed with Artificial Intelligence to create more detailed and exact results. AI will subsequently support the Ministry of Health’s clinical and genomic data. The services are designed to help Indonesia advance health biotechnology.
During the inauguration ceremony, the Minister for Administrative Reform and Bureaucratic Reform (PANRB), Abdullah Azwar Anas, praised the Ministry of Health’s digital transformation in the healthcare system. He anticipated that the shift would affect at least five items. First and foremost, it increases the quality of healthcare services. Second, it improves access to healthcare services. Third, raise the added value of the health sector economy with a focus on domestic goods.
Fourth, speeding the achievement of the government’s main healthcare projects, such as lowering stunting prevalence. Fifth, strengthen health human resource expertise while guaranteeing equitable distribution across the country.
“For example, we may ensure that a health concern is treated by integrating data, then monitoring therapy until the assessment is entirely digitally driven. We can learn from the Covid-19 pandemic, in which health technology was extremely useful in combating the pandemic,” he went on to say.
Anas believes that the Ministry of Health’s SATUSEHAT will soon be merged with the National Electronic-Based Government System. He praised the tremendous efforts made by the Ministry of Health to implement digital transformation.
The Ministry of Health’s consolidation initiative can serve as a model for other Ministries/Institutions looking to increase work units’ roles in supervising the government’s digitalisation activities. Anas is optimistic that the integrated ecosystem of digital health data will be a huge step forward for the country’s health sector.
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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.
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Abdullah Azwar Anas, Minister of State Apparatus and Bureaucratic Reform (PANRB) observed that the state digital public service sector is still fractured by agency, sector, and silo-based systems. As a result, citizens must frequently enter similar data and create several accounts to access various digital-based public sector services. Therefore, the next Electronic-Based Government System (SPBE) aims to improve unity by providing a single access system for the country’s digital services, resulting in better public service quality.
“The Presidential Decree on the Architecture of the National SPBE also aims to integrate separate digital services into an inclusive digital service through the National Government Administration Portal and the National Public Service Portal, aka digital Public Service Mall (MPP),” Anas explained in a meeting with representatives from various ministries/agencies at the Ministry of Home Affairs office in Jakarta.
The government is making significant efforts to advance SPBE, including introducing Digital Public Service Malls (MPP) as one of SPBE’s manifestations. SPBE is also a part of President Joko Widodo’s Thematic Bureaucratic Reform to digitise government services.
The Thematic Bureaucratic Reform focuses on five areas: poverty reduction, increased investment, digitisation of services, domestic spending, and inflation management. The thematic bureaucratic reform scheme has been implemented and will be applied inside the TNI (national army), Polri (federal police), and the Attorney General’s Office.
Furthermore, the government has physically constructed and inaugurated more MPPs. In the future, all regions will have MPPs that are not only physical but also digital, containing all government services based on population statistics (Digital ID). According to the advice of the President and Vice President, MPP Digital has become the ministry’s short-term focus.
As a result, the Ministry PANRB, in collaboration with the Ministries of Home Affairs, Communication and Informatics, BSSN, and Finance, is working to execute Thematic Bureaucratic Reforms. According to the President’s directives, the programme must impact society through the execution of SPBE.
The PANRB ministry would continue supervising SPBE implementation through the SPBE Coordinating Team. To design SPBE architecture, the team requires a plan and linked steps. The national SPBE architecture is supposed to maintain the integration of National Digital Services while handling the national programme theme.
The plan clarified each job description to eliminate overlapping work and maximise the coordinated approach. The structure will also serve as a guide to align digitisation initiatives to make them more effective and efficient. In addition, a timeframe for the implementation plan has been established to simultaneously carry out the National SPBE Architecture strategic effort.
Johnny G. Plate, Minister of Communication and Informatics, who also participated in the coordination meeting, explained that the Ministry of Communication and Information is currently building a National Data Centre (PDN), a government service liaison system, and an intra-government network to support SPBE. In addition, the Ministry of Communication and Informatics also develops and harmonises applications, creates SPBE super-apps, and employs big data analytics and artificial intelligence in collaboration with other ministries/institutions.
President Jokowi indicated that the bureaucracy movement must relate to the government’s main aims for the bureaucracy to impact society. With 4.2 million government employees in Indonesia, the government created a new performance measure for them. All the KPIs (key performance indicators) are aligned with the government’s main initiatives, which include investment, poverty, digitisation, inflation, and TKDN (domestic component level in government spending).
Assessment of bureaucratic reform (RB) of ministries/agencies and regional governments as of 2023 must be more directed towards fixing downstream community problems that are the government’s priority, namely poverty eradication, improved investment, digitising services, spending on domestic products, and inflation control.
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The Philippines embraces any cooperation that may aid the government’s digitisation attempts. President Ferdinand R. Marcos Jr. confirmed this at an open discussion at the World Economic Forum (WEF) in Switzerland, where he lauded his administration’s digitalisation initiatives and gains in bureaucratic efficiency.
Since security is a significant concern, President Marcos urges the development of a cybersecurity system for the government’s essential information. The administration has increased efforts to develop a cybersecurity system, a critical component of digitalising the bureaucracy. Moreover, local governments have stepped in to support the construction of digital infrastructure to increase internet connectivity for all Filipinos across the country.
“Local governments and some agencies would take the initiative and establish communication networks… As a result, everything must now be integrated and assembled. We’re also creating government databases, forming databases for the national ID, (and) putting it in place right away,” President Marcos Jr concluded.
Under the Department of Information and Communications Technology’s Broadband ng Masa and Free Wi-Fi for All projects, the current administration has enabled thousands of previously offline regions. President Marcos Jr met with members of the Private Sector Advisory Council on Digital Infrastructure on January 12 to discuss the council’s digital infrastructure work plan. He and the PSAC members discussed the future of the country’s digital infrastructure.
Senate Bill No. 383, also known as the Digital Transformation in Basic Education Act, has been issued to accelerate national infrastructure development for information and communications technology (ICT). The bill directs the National Telecommunications Commission to designate locations for telecommunications tower installation. Priority will be given to missionary areas that are yet unconnected, unserved, or underserved.
Vice President and Department of Education (DepEd) Secretary Sara Duterte also advocates for free internet in all public schools. The remark was made after she visited the Pinaglabanan Elementary School’s Free Fibre Optic Internet Connection and Free Wi-Fi Programme in San Juan City last month. She commended the city for effectively implementing the project, which aims to strengthen the city’s public education system through increased access to information technology.
The Department of Science and Technology will support DepEd and the Department of Information and Communications Technology under Gatchalian’s bill. The policy also aims to increase all schools’ ICT capacity to adopt distant learning and to propel the primary education sector into the Fourth Industrial Revolution.
President Marcos Jr also requested an update on the implementation of Republic Act 11934, also known as the Subscriber Identity Module Registration Act, and directed that the identification number system be digitalised so that it could be used for both public and private exchanges.
According to the Department of Information and Communications Technology (DICT), approximately 20 million subscriber identity module (SIM) cards have been verified with the country’s major telecommunication operators as of mid-January. According to DICT Spokesperson Undersecretary Anna Mae Yu Lamentillo, 20,551,294 or 12.16% of the country’s 168,977,773 active mobile users have been registered since the SIM card registration law went into effect on December 27, 2022.
“SIM Registration is being implemented alongside the Data Privacy Act. Data encryption is required. PTEs (public telecommunications enterprises) are required by law to ensure that end-user data is secure, encrypted, and protected at all times,” she explained.
Following its simultaneous compliance check on-site visits, the National Protection Commission (NPC) ordered the three PTEs to fix several data privacy “gaps” in their SIM registration. However, Naga stated that the three telcos have typically shown the capability in preserved the clients’ data. He does, however, advise telcos to upgrade and tighten their security procedures as information and communications technology improves.
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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.