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The Asian Monetary Policy Forum (AMPF) convened on Friday for the sixth consecutive year. The highlights of the Forum include presentations and discussions on the dominant role of the US dollar and its implications for monetary policy, as well as challenges posed by digital currencies.
The Forum is co-organised and funded by the University of Chicago Booth School of Business, NUS Business School and MAS.
The AMPF programme kicked off with an opening address by Dr Philipp Hildebrand, Vice Chairman of BlackRock, who took stock of where the global economy is headed, amid the current conjuncture of a growth slowdown and rising trade tensions.
The final session was devoted to policy-oriented presentations and discussions on digital currencies. Moderated by Professor Andrew Levin, Professor of Economics at Dartmouth College, the two speakers examined the implications of private and public cryptocurrencies.
Professor Darrell Duffie, Dean Witter Distinguished Professor of Finance at the Graduate School of Business presented on “Digital Currencies and Fast Payment Systems: Disruption is Coming”. Professor Beatrice Weder di Mauro, Distinguished Fellow-inResidence, Emerging Markets Institute of INSEAD Singapore and Professor of Economics and Chair of Economic Policy and International Macroeconomics at the University of Mainz, Germany, will discuss “Cryptocurrencies’ Challenge to Central Banks”.
Professor Bernard Yeung, Dean and Stephen Riady Distinguished Professor at the National University of Singapore (NUS) Business School, said, “The discussions held at AMPF are evermore essential as we seek ways to balance the disruptions and traditional hierarchy of the global economy. The honest and informative dialogue between industry leaders and policymakers ensures prudent and informed decision-making. ABFER is grateful for the partnership with Chicago Booth, MAS and NUS Business School.”
Mr Edward Robinson, Deputy Managing Director (Economic Policy) & Chief Economist, MAS, said, “AMPF 2019 continues the tradition established by past fora of promoting discourse on pertinent issues facing the international monetary system. We are encouraged by the high-level participation at this Forum and the great interest it has garnered over the years. This year we have commissioned an in-depth study on global reserve currencies and the supply of safe financial assets, which complement previous years’ deliberations on capital flows. I look forward to the different perspectives from our speakers on the implications of digital currencies for monetary and financial stability. Together with Chicago Booth, ABFER and NUS, MAS is pleased to co-organise AMPF 2019 to advance policy research for central banks and the financial industry.”
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The Vietnamese government has said that digital transformation and green transformation are inevitable global trends. They have a crucial role in enhancing economic growth, labour productivity, competitiveness, production, and business efficiency. They also reduce reliance on fuel sources that cause pollution and minimise carbon footprint.
To discuss digital and green transformation for sustainable development and to foster networking opportunities for businesses to accelerate their green transitions, the Ministry of Science and Technology held a forum in the northern province of Quang Ninh.

Domestic and international scientists, along with representatives from organisations and technology companies, deliberated on strategies to speed up green and digital transformations. They underscored the importance of advancing technological innovation and implementing reforms in human resource management, training, and quality enhancement to create new products and processes. This, in turn, will boost business value, aid in the delivery of better goods and services to society, and expedite Vietnam’s industrialisation and modernisation processes.
Participants suggested the establishment of a support mechanism for industries implementing green and digital transformation solutions in Vietnamese businesses. They also stressed that it is necessary to promote Horizon Europe’s international cooperation programme on joint research and innovation for Vietnam and have comprehensive digital transformation solutions for businesses.
During the forum, Quang Ninh province representatives, the Vietnam Union of Science and Technology Associations (VUSTA), businesses, and organisations exchanged memoranda of understanding regarding collaboration in the domains of digital transformation and green transformation.
Vietnam has been introducing emerging technologies in the agricultural sector to promote sustainable growth. Earlier this year, the government announced plans to introduce artificial intelligence (AI) for the optimisation of farming practices, including weather prediction, monitoring of plant and livestock health, and enhancing product quality.
AI can improve crop productivity and help control pests, diseases, and cultivation conditions. It can improve the performance of farming-related tasks across food supply chains. Advancements in the manufacturing of AI-controlled robots are assisting farmers worldwide in utilising less land and labour while simultaneously boosting production output.
Vietnam’s commitment to technological advancements in agriculture extends beyond AI, as highlighted by the government’s plans to harness biotechnology. In September, the Politburo issued a resolution under which Vietnam aims to be among the top ten Asian countries in biotechnology production and services by 2030.
As OpenGov Asia reported, the biotechnology sector is on the verge of becoming a significant economic and technological industry, with an expected 50% rise in the number of companies in terms of investment size and growth rate. Additionally, it is projected that half of the imported biotechnology products will be substituted by domestic production. This sector is anticipated to make a 7% contribution to the Gross Domestic Product (GDP).
Vietnam aims to establish a thriving biotechnology sector by 2045, positioning itself as a prominent centre for smart production, services, biotechnology startups, and innovation in Asia. This sector is expected to contribute 10% to 15% to the GDP by that year.
As a result of its tropical climate and its economic shift away from agriculture, biotechnology plays a vital role in Vietnam’s industrialisation and modernisation efforts. It contributes significantly to ensuring food security, facilitating economic restructuring, and promoting sustainable development. Furthermore, in environmental conservation, biotechnology has brought forth numerous solutions. These include the breakdown of inorganic and organic pollutants, waste treatment, industrial waste processing, and the use of microorganisms to address oil spills and incidents of oil contamination.
Vietnam can focus on developing various aspects within the biotechnology sector, such as agricultural advancements in crop and animal breeding, manufacturing veterinary drugs, developing vaccines, and creating bio-fertilizers.
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The agricultural sector continues to experience technological advancements. Artificial Intelligence (AI) has become a part of the modern agricultural industry. AI technology is used in various aspects, from production and management to marketing. Agriculture heavily relies on weather, soil, and the environment. Therefore, AI technology related to drones and sensors is essential to support precision agriculture
Drones’ ability to rapidly scan areas with high-quality sensors is beneficial in various applications, including crop mapping, soil analysis, environmental surveys, livestock monitoring, and infrastructure surveillance.
In light of this, the Food Crops Research Centre (PRTP) of the Agriculture and Food Research Organisation (ORPP) under the National Research and Innovation Agency (BRIN) held an occasion regarding AI technology in the development of drones and sensors and its applications in agriculture.
Puji Lestari, the Head of ORPP BRIN, expressed that this occasion would benefit BRIN and other stakeholders. She emphasised that combining drone and sensor technology would create innovative solutions to address food availability challenges.
Furthermore, Puji also highlighted that precision agriculture is closely tied to the availability of tools. Implementing AI in rapid data analysis as a basis for decision-making, ranging from planting and feeding to irrigation and harvesting, is expected to benefit farmers.
The AI-based capabilities, including high-quality sensors and scanning, enable rapid work and real-time data processing, plant identification, and decision-making to support productivity targets. Therefore, the Food Crops Research Centre should provide more opportunities to utilise AI-based technology that supports increased crop productivity,” he emphasised.
At the same time, the Head of PRTP BRIN, Yudhistira Nugraha, also acknowledged that technological advancements have become inevitable. Through the science community, AI researchers are expected to actively contribute to utilising AI technology, turning it into a valuable science that can be applied to agricultural development in Indonesia.
“We can gain many benefits using AI technology for monitoring agricultural land, including fertiliser usage, fertility identification, plant growth, and with the help of AI technology, farmers can make decisions and take actions that can be applied in the farming system to increase productivity,” he explained.
Tri Surya Harapan, Research Manager at a company that provides sales of drones and surveillance services for agriculture, the environment, defence, forestry, and marine purposes, explained about multispectral cameras that provide information on plant health and management.
“AI is widely known for replicating human intelligence and can be simulated using computer systems. Automation sensors embedded in drones, such as camera sensors, LIDAR sensors, or other advanced sensors, provide valuable information as decision-makers in the field without direct human intervention,” he said.
“The use of AI with drone and sensor technology requires relatively high service costs, so in its implementation, collaboration with stakeholders on a large scale is needed,” Tri clarified.
Meanwhile, Senior Researcher at PRTP BRIN, Muhammad Aqil, discussed the Utilisation of Drone Technology in Food Crop Research. This is in line with the direction of the President of Indonesia in the 2021 National IPTEK Coordination Meeting, which emphasises the use of modern technology and contribution to the era of Industry 4.0, including the application of artificial intelligence technology to support all fields/activities, including agriculture.
“We have gone through several stages before reaching Industry 4.0, and now it’s time to use drone technology to monitor the nutrient status of plants, quickly detect pest attacks (OPT – Plant Pest Organisms), check strain contamination, inspect seed production data cells, and determine the harvest time,” said Aqil.
Aqil concluded that the vegetation index-based model developed for the selection of corn genotypes, which are tolerant to both NDVI and NDRE, has proven capable of predicting harvest yields and the best genotype types in corn variety selection in the field.
“By integrating drones and image analysis, it could support research activities, especially in the field,” Aqil added.
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Defence Minister Rajnath Singh has inaugurated several digital projects for the Defence Accounts Department (DAD) as part of its 276th Annual Day celebrations. The initiatives include:
SARANSH
The Summary of Accounts, Budget, and Expenditure for Raksha Mantralaya (the Ministry of Defence) tool aims to provide a more accurate and objective view of defence financial information like payment, accounting, and budgeting in India.
This analytics tool integrates, compiles, sanitises, and standardises financial data from various applications, data sources, and databases. It then offers a real-time, comprehensive platform with dashboard features, allowing users to visualise trends, display metrics, present graphs illustrating key performance indicators, and generate reports, among other functionalities.
SARANSH will function as a complete dashboard for higher management, offering a quick overview of all defence expenditures. It enables centralised monitoring and encourages data-driven decision-making for all defence organisations.
BISWAS
The Bill Information and Work Analysis System will function as a dashboard for various Principal Controllers of Defence Accounts (PCsDA)/ Controllers of Defence Accounts (CsDA), providing different infographics to monitor and analyse the whole process flow of bill management. It will also generate reports on Key Performance Indicators (KPIs). It provides real-time detailed analyses of bill processing, with interactive visualisations of granular data flowing through the various office automation systems within a controller office.
E-Raksha Awaas
E-Raksha Awaas is a centralised and comprehensive software package designed to enhance and streamline the process of generating rent and related charges for rentable buildings within Defence Services. It also facilitates the prompt remission of these charges to government accounts. This package acts as a unified online platform for all stakeholders engaged in the generation, recovery, and remission of rent and allied charges.
Minister Singh described the DAD as the guardian of defence finance and commended its efforts to strengthen the country’s defence capabilities through transparent and efficient systems, praising its prudent resource management and output optimisation.
He suggested ways to improve the department’s efficiency such as encouraging DAD officials to enhance their professional skills to address the challenges posed by “constantly evolving times”. He urged them to partner with organisations like the Indian Institutes of Management (IIMs) and the Institute of Chartered Accountants of India (ICAI) to create and implement customised training modules, as per requirements.
Providing financial advice is one of the DAD’s most crucial responsibilities, the Minister noted. The DAD should consider two key aspects when offering financial advice: a realistic assessment of the demands of the user agency and a thorough understanding of the product’s market.
He explained that it is important to evaluate whether there is a need to purchase a product and whether a similar product of equal or greater effectiveness is available in the market at a lower cost. This understanding will enhance the quality of financial advice.
Furthermore, to foster such an understanding, Singh suggested establishing an in-house mechanism—a standing committee of experienced individuals who can research and analyse market forces and offer valuable insights to field officers. “Big banks and financial institutions develop in-house economic intelligence and research teams. On similar lines, the DAD needs to develop an in-house team for market research and intelligence,” he stated.
It is also vital to strengthen the internal vigilance mechanism to detect and review suspicious activity. This will not only expedite addressing issues but also enhance public trust in the department, the Minister said.
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The Ministry of Communication and Information Technology is devising incentives to support the implementation of 5G telecommunications network technology in Indonesia. This step is taken as part of a strategy to optimise the 5G network to enhance internet speed significantly.
Minister of Communication and Information Technology, Budi Arie Setiadi has revealed that the government’s efforts are geared towards encouraging investment in this sector. One specific measure is to incentivise telecommunications operators to encourage them to make large-scale investments. With these incentives in place, operators can avoid making a substantial upfront payment, which can reduce their investment costs.
Budi Arie Setiadi also expressed his belief that internet speed in Indonesia will continue to increase in line with the advancement of digital technology. The Ministry of Communication and Information Technology is committed to making Indonesia one of the top 10 countries in the world in terms of internet speed by implementing a robust 5G network. Therefore, the government will continue to focus on developing the digital infrastructure to support this goal.
In addition, Budi Arie Setiadi emphasised the importance of establishing a strong digital infrastructure. He explained that includes the development of a reliable and extensive 5G network, which will help meet the needs of the public and industries as they navigate the ever-evolving digital era.
“5G in the future will undoubtedly play a pivotal role in shaping not just the telecommunications landscape but also the broader digital ecosystem,” Budi Arie Setiadi elaborated. As the world becomes increasingly interconnected and reliant on high-speed data transmission, Indonesia is positioning itself strategically to harness the potential of 5G technology for its growth and development.
The Ministry of Communication and Information Technology has embarked on a mission to position Indonesia, the world’s fourth most populous country, among the top 10 nations globally regarding 5G network deployment.
“When we discuss speed, it’s a measure relative to other nations, but what truly matters is our global ranking. We employ this benchmark because the world’s pace of internet adoption is not slowing down. Even if our target is to achieve 100 Mbps, if we observe that the global rankings are on the ascent, we remain steadfast in our pursuit,” he expressed.
Furthermore, he also underscored that the government is committed to assessing and crafting strategic initiatives to deliver improved-speed 5G network services. He emphasised that they are poised to collaborate closely with various mobile operators and industry ecosystems to formulate the most effective strategies.
In pursuing high-quality internet network services, the government also remains acutely attuned to the evolving dynamics within the domestic industry.
Budi Arie further highlighted the significance of fostering an industrial ecosystem that enhances quality sustainably and competitively. He said that it is paramount as it will ensure the industry sustains its health and engages in fair competition.
Commercial 5G services are already operational in 49 cities across Indonesia. Furthermore, the development of 5G networks is actively progressing in five super-priority tourist destinations and is being showcased at various international events.
The Minister’s emphasis on global ranking highlights Indonesia’s determination to benchmark itself against international standards. It acknowledges that the digital landscape is dynamic and constantly evolving, and being among the top performers globally clearly indicates staying relevant in the digital age.
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The Otago Regional Council (ORC) has taken measures to upgrade its regional air quality monitoring network, incorporating digital technology to adhere to new air quality guidelines. These efforts are aimed at maintaining compliance with stricter standards, improving air quality in Otago, and safeguarding public health.
Land, Air, Water Aotearoa (LAWA) introduced updated air quality monitoring procedures, which not only compare data to the National Environmental Standards for Air Quality (NESAQ) but also align with the World Health Organisation’s (WHO) more stringent standards. This shift in monitoring protocols underscores the importance of enhancing air quality assessment, and ORC has embraced digital technology to meet these new requirements effectively.
These upgrades primarily focus on monitoring small, airborne solid or liquid particles, specifically PM10 and PM2.5, with diameters smaller than 10 and 2.5 micrometres, respectively. The ORC recognises the significance of tracking these finer particles, which can originate from various sources, including natural ones like pollen and sea salt, and mechanical processes that produce dust.
To bolster its monitoring capabilities, ORC has undergone a series of network upgrades over recent years, installing new instruments at six out of seven monitoring sites. Notably, Mosgiel and Central Dunedin locations have been equipped to monitor both PM10 and PM2.5, allowing for more precise data collection.
Furthermore, ORC has implemented small air quality sensors at various locations, such as streetlights and power poles, to assess air quality more comprehensively. These sensors measure PM2.5 concentrations, particularly from combustion-related sources like wood burners, industry emissions, and traffic.
The ongoing studies and data collection efforts are intended to provide insights into where PM2.5 concentrations are highest and when peak levels occur during the day. The data generated from these sensors will serve as a basis for further investigation into possible sources of PM2.5 and strategies to reduce these levels, ultimately improving air quality.
Additionally, ORC has studied pollutants like nitrogen dioxide (NO2) and sulphur dioxide (SO2) in Central Dunedin. The results of these studies have raised concerns about NO2 concentrations potentially exceeding WHO guidelines, which are more stringent than the National Environmental Standard for Air Quality (NESAQ). This highlights the importance of thorough monitoring and digital data analysis to understand pollutant levels accurately.
To expand its monitoring efforts, ORC has also conducted spatial studies in various regions, including Ōamaru, South Dunedin, Alexandra, Ranfurly, Hawea, Luggate, and Kingston. These studies involve deploying temporary air quality sensors on infrastructure such as streetlights and power poles. The data collected will help identify areas with the highest PM2.5 concentrations and peak times, guiding decisions on permanent air quality monitoring installations.
ORC’s commitment to using digital technology and data analysis to enhance air quality monitoring reflects its dedication to meeting new standards and improving the overall air quality in Otago. Integrating advanced monitoring tools and techniques is a significant step toward safeguarding public health and mitigating the risks associated with air pollution.
As ORC continues to evolve its air quality monitoring network and embrace digital technology, it plays a crucial role in reducing the health risks posed by air pollution in Otago. The shift towards stricter monitoring standards and the utilisation of advanced instruments align with the intent to achieve cleaner and healthier air for the region’s residents.
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Minister for Foreign Affairs Dr Vivian Balakrishnan recently addressed the Earthshot Prize Innovation Summit, shedding light on Singapore’s unique relationship with the oceans and its proactive approach to addressing the challenges nowadays. He highlighted the significance of the digitalisation of the maritime sector as a critical component in fostering sustainability.
Singapore’s history, culture, and economy are inextricably intertwined with its maritime surroundings. This small but dynamic city-state relies heavily on maritime trade, with a trading volume that is three times its GDP. This unique ratio underscores the vital importance of maritime routes and the sea itself to Singapore’s prosperity and well-being.
Minister Vivian highlighted the global movement toward the decarbonisation and digitalisation of the maritime sector as a significant opportunity. According to him, the shipping industry is a substantial contributor to carbon emissions, releasing one billion tons of CO2 into the atmosphere annually. However, there is immense potential for abatement through innovative strategies.
One such strategy involves the establishment of green and digitally empowered shipping corridors, such as the partnership between the Maritime Port Authority of Singapore, the Port of Los Angeles, and the Port of Long Beach.
This corridor, initiated in April 2023, is part of the green shipping challenge, jointly launched by the United States and Norway. These corridors serve as vital nodes in the transition to lower and zero-emission fuels for ships, creating growth opportunities for businesses and promoting low-emission technologies in maritime port operations.
Minister Vivian added that the decarbonisation and digitalisation of the maritime sector represent a profound transformation that goes beyond mere industry trends; they are significant opportunities that can revolutionise the way shipping and maritime operations are conducted. These two interrelated processes are not just advantageous; they are pivotal in shaping the future of the maritime industry and addressing some of its most pressing challenges.
The synergy between decarbonisation and digitalisation holds great promise, with each complementing the other to produce amplified benefits. One of the key advantages of this partnership lies in the realm of data-driven decarbonisation. Digital tools and technologies offer the means to collect, analyse, and interpret vast amounts of data related to energy consumption, emissions, and environmental impact.
This data serves as the foundation for informed decision-making regarding the implementation and effectiveness of decarbonisation measures. By leveraging digital resources, organisations can ensure that their efforts are both cost-effective and environmentally impactful, directing resources where they are needed most while minimising wastage.
Besides, the fusion of decarbonisation and digitalisation leads to the concept of continuous improvement. Digital analytics tools excel in identifying areas where further decarbonisation efforts can be deployed. This iterative process creates a feedback loop that is indispensable in an industry marked by rapid technological advancements and changing environmental regulations.
In addition, Minister Vivian stressed the importance of international law in guiding the conservation and sustainable use of the oceans. The United Nations Convention on the Law of the Sea (UNCLOS) plays a pivotal role in this regard, providing a comprehensive legal framework for all activities in oceans and seas. Recent accomplishments, such as the “Biodiversity Beyond National Jurisdiction” (BBNJ) treaty, represent significant milestones in global ocean governance.
The Minister is calling for collective commitment and collaboration across public, private, and civic sectors to create a more resilient, sustainable, and equitable world. “As we navigate the digital seas of the future, Singapore stands as a beacon of hope and inspiration for all who share a commitment to safeguarding our oceans and securing a brighter tomorrow,” he concludes.
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The Hong Kong Science and Technology Parks Corporation (HKSTP) and the Hospital Authority (HA) have joined forces to create the HKSTP HA Data Collaboration Lab, set to launch in October 2023 at Hong Kong Science Park. The facility will grant over 1,400 Park companies and their partners direct access to de-identified clinical data sourced from HA’s extensive patient database, comprising around 200,000 patient records.
The lab will be the first portal of its kind, offering non-academic research and development (R&D) access to HA’s data, opening up exciting opportunities for the tech industry to leverage clinical data for groundbreaking biomedical and healthcare innovations.
HKSTP’s CEO highlighted the lab’s transformative potential within the innovation and technology (I&T) ecosystem. He highlighted how seamless data collaboration between hospitals, academia, and industry will drive Hong Kong’s healthcare transformation and digital economy aspirations. The lab is expected to catalyse the development of breakthrough technologies by Park companies, aimed at positively impacting global lives.
The Chief Executive of the Hospital Authority underscored the significance of this partnership in facilitating industry access to clinical data and fostering collaboration and innovation. It aligns with the shared goal of accelerating healthcare transformation and enhancing healthcare quality across Hong Kong.
The HKSTP HA Data Collaboration Lab, situated in Building 19W of Hong Kong Science Park, will provide robust infrastructure, enabling exclusive access to HA’s Self-service Data Platform. This platform encompasses clinical data from a randomly selected group of 200,000 patients spanning 2007 to 2017, categorised by age and gender. The data covers various aspects, from patient demographics and hospital/clinic attendance records to clinical diagnoses, procedures, medication records, and laboratory/radiology results.
Data security and privacy are paramount, with HKSTP implementing rigorous measures. These include on-site personnel, surveillance systems, an isolated network, and restrictions preventing data download, saving, or printing. Additionally, all personal information is anonymised in the database. Governance committees, namely the HKSTP Clinical Research Ethics Committee and the Data Governance Committee, ensure compliance with data protection, privacy, and clinical research ethics.
The official launch of the HKSTP HA Data Collaboration Lab is scheduled for October 2023, following a pilot phase. During this time, all 1,400+ HKSTP Park companies (primarily in biotech and healthcare), their partners, and academic researchers can apply for access, with each application granting a five-day exploration window.
This collaboration stems from Hong Kong’s 2021 Policy Address, which tasked HKSTP and HA with promoting enhanced collaboration and data sharing between the R&D and healthcare sectors. The Self-service Data Platform was initially restricted to academic research and publications at select secure locations.
The establishment of the HKSTP HA Data Collaboration Lab at Hong Kong Science Park marks a significant milestone in HKSTP’s journey to strengthen collaboration across government, industry, academia, and research sectors, positioning Hong Kong as a global I&T hub.
The establishment of the HKSTP HA Data Collaboration Lab aligns with the goals of the Hong Kong Special Administrative Region (HKSAR) government, as outlined in its policies and initiatives. One of the central objectives of the HKSAR government is to transform Hong Kong into an international innovation and technology (I&T) hub.
This initiative aims to foster collaboration between government, industry, academia, and research sectors to boost technological advancements and economic growth. The lab directly supports this goal by facilitating seamless data sharing between the healthcare and tech sectors, driving innovation, and advancing healthcare quality—a key component of the HKSAR government’s vision for a thriving and competitive knowledge-based economy.
OpenGov Asia reported on the Chief Executive of Hong Kong’s 2021 Policy Address which aimed to bolster the development of innovation and technology (I&T) to transform Hong Kong into an international I&T hub. The CE had noted, before delivering her final Policy Address, that the address would focus on economic integration with the Chinese mainland, housing and land supply, and resumption of quarantine-free travel with the mainland.