Deputy Prime Minister (DPM) Lawrence Wong has unveiled Singapore’s updated National AI Strategy (NAIS) 2.0 at the Singapore Conference on AI yesterday (December 4).

The new strategy, which aims to position the city-state as a world leader in AI, underscores 15 courses of actions that Singapore will undertake over the next three to five years.

These include the launch of AI-specific training programmes and the establishment of a dedicated physical space for AI to “drive innovation and growth through AI”, while “empowering people and businesses to understand and engage with AI”. 

Growing Singapore’s AI talent pool and startup ecosystem

The 15 courses of actions — which is the result of consultations with more than 300 local and international experts and organisations — can be categorised under 10 key domains identified by the government: talent, capabilities, placemaking, industry, government, research, compute, data, trusted environment, and leader in thought and action.

These actions will also be continuously reviewed by the government to “respond to fast-moving developments in AI, across various domains”.

To grow and nurture the city-state’s talent pool, the government will be revamping and scaling AI Singapore (AISG)’s AI Apprenticeship Programme, a nine-month programme that grooms AI engineers for industry, and work with industry AI product development teams to expand company attachments.

Recognising that AI will significantly transform various job functions and leave profound impacts on jobs and livelihoods, the government plans to double down on its investment into adult education and training to reskill and upskill workers through the development of sector-specific AI training programmes.

In addition to these efforts, Singapore will also intensify the promotion of AI adoption across all enterprises to drive industry-wide transformation.

Beyond the local talent pool, Singapore aims to attract the world’s top AI creators and more than triple the number of AI practitioners across the city-state to 15,000 over the next three to five years. To nurture this AI community, the city-state is also looking to establish an “iconic AI site” to co-locate these AI creators and practitioners.

Meanwhile, in collaboration with private sector partners, Singapore is looking to strengthen its AI start-up ecosystem by attracting more venture builders and developing more accelerator programmes.

“We want to speed up AI value discovery across industry, and nurture a pipeline of disruptive, AI-native start-ups. These accelerator programmes could be led by a mix of big technology companies and venture capital firms,” said DPM Wong at the launch of NAIS 2.0.

Making Singapore a conducive place for AI value creation

To serve Singapore’s AI ambitions, the government is looking to establish robust infrastructures to make Singapore a more conducive place for AI value creation.

As part of these efforts, the government plans to increase Singapore’s high-performance compute capacity.

The increasing scale and proliferation of AI models have driven exponential growth in demand for chips that can support AI workloads compute. As such, the city-state is looking to deepen its partnerships with chipmakers and cloud service providers.

The government will also ensure sufficient carbon budget is allocated towards data centres, while selectively unlocking more public sector data for AI development that can serve the public good.

Given that there is a range of potential risks around AI, the city-state will take differentiated approaches to managing risks to and from AI. This includes the review and adjustment of appropriate governance and security frameworks for AI systems to address novel risks associated with the tech.

While strict regulations around the use of AI can curb the risks and challenges of AI, regulatory overreach can stifle innovation. As such, Singapore is actively seeking middle ground by encouraging innovation and experimentation while enforcing the necessary guardrails.

Singapore is investing S$70 million to develop SEA’s first regional LLM

In line with NAIS 2.0, Singapore’s Infocomm Media Development Authority (IMDA) is partnering with AISG and the Agency for Science, Technology and Research (A*STAR) to launch a S$70 million initiative — funded by the National Research Foundation — to pioneer the development of a localised large language model (LLM) that can understand and generate human language that incorporates the diverse cultures and languages of Southeast Asia.

The LLM project will build on the early findings of AISG’s Southeast Asian Languages in One Network (Sea-Lion) model, an open source LLM that was trained on 11 languages used in the region, including English, Chinese, Indonesian, Malay, Thai and Vietnamese.

According to a joint statement by the three agencies, this initiative — otherwise known as the National Multimodal LLM Programme (NMLP) — will bridge a gap in the current AI landscape, which is primarily dominated by LLMs originating from Western countries.

The NMLP will be developed and launched over the next two years.

The government has invested over S$500 million in R&D

In 2019, Singapore was one of the first countries in the world to introduce a National AI Strategy. The city-state has embarked on various National AI Projects across various verticals, including education, healthcare, as well as safety and security.

To date, the government has committed more than S$500 million through AISG under the Research, Innovation and Enterprise (RIE) 2020 and 2025 plans.

With recent advances, especially in Generative AI, opening the doors to new possibilities, Singapore aims to “be a place where AI serves as a force for good, and where we harness AI to uplift and empower our people and businesses” through NAIS 2.0.

Singapore believes in the transformative potential of AI. Our second National AI Strategy, or NAIS 2.0, represents Singapore’s commitment to realise the benefits of AI, and to create exciting new opportunities.

– DPM Lawrence Wong

Featured Image Credit: Singapore Conference on AI

The Singapore Fintech Festival (SFF) is back in full swing, running from November 15 to November 17 at the Singapore Expo.

To inaugurate this year’s festival, Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), delivered a keynote address this morning (November 15) focusing on the advancements in the international digital finance sector.

Georgieva began by expressing her commitment to the ongoing progress in digital finance, referencing a speech made five years ago by her predecessor, Christine Lagarde, who is now the president of the European Central Bank. Lagarde had encouraged policymakers to explore the possibilities of central bank digital currencies (CBDCs) and fintech.

Highlighting the developments over the years, Georgieva shared that various organisations, including the IMF, have delved into the use of CBDCs and are working on regulations aligned with the evolution of digital finance.

“We have set sail and are now navigating the high seas,” she added. Despite the strides made in recent years, Georgieva emphasised that the digital money sector still holds immense untapped potential, urging businesses and policymakers to accelerate their efforts.

The benefits of CBDCs

While innovative technologies like ChatGPT have achieved global popularity, Central Bank Digital Currencies (CBDCs) are still working their way into widespread adoption. Currently, about 60 per cent of countries are exploring CBDCs in some capacity.

Georgieva emphasised that CBDCs hold the potential to enhance resilience in more advanced economies and promote financial inclusion for the underbanked and unbanked. While this may seem challenging for some nations, she urged them to continue planning for the eventual deployment of CBDCs.

Highlighting the pivotal role of CBDCs in the digital finance payment landscape, Georgieva noted that 11 countries have already adopted CBDCs, and the trend towards digital financial services is on the rise.

In the realm of digital finance, cryptocurrencies play a significant role. Georgieva cited the example of Libra, initially created by Meta Platforms, as a cautionary tale.

The cryptocurrency faced political opposition, particularly from President Biden, raising concerns about potential privacy infringements. Despite its rebranding as Diem in 2020, Libra’s operations winded down in 2022 due to key leadership departures, ultimately leading to the sale of Meta’s fintech unit to the crypto-focused bank Slivergate.

Addressing the potential proliferation of private forms of money and its consequences, Georgieva asserted that CBDCs offer a safer and more cost-effective alternative. She described them as a “bridge between private monies” and a “yardstick to measure their value,” comparable to how cash is withdrawn from ATMs.

Georgieva also underscored the importance of government policy decisions and private sector reactions in determining the success of CBDCs. She urged policymakers to adopt an entrepreneurial mindset, emphasising that communication strategies, incentives for distribution, integration, and adoption are as crucial as design considerations. Additionally, Georgieva highlighted the need for increased investments to ensure the success of CBDCs.

Will you, fintech leaders and developers, spend the resources that are necessary to onboard merchants so they accept CBDCs? Will you make it easy for CBDCs to be integrated into financial services and messaging apps so people can pay each other from any environment? Fair enough, it will depend on the returns of your investments.

– Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF)

The role of new technology with CBDCs

Aligned with the SFF’s theme, “AI for good. AI for good?”, Georgieva delved into the potential role of Artificial Intelligence (AI) in conjunction with the adoption of CBDCs. She highlighted AI’s capacity to enhance financial inclusion through rapid and accurate credit scoring, along with providing personalised support for individuals with limited financial literacy.

However, Georgieva emphasised the necessity for caution when deploying AI for these objectives. She stressed the importance of safeguarding personal privacy and data security while actively working to mitigate unseen biases that could contribute to inequality.

The tokenisation of financial assets, such as bonds on blockchains, presents additional opportunities for the wholesale utilisation of CBDCs in acquiring these assets. Georgieva also unveiled the IMF’s CBDC handbook, available for viewing starting today.

The Handbook is intended to collect and share knowledge on CBDCs for policymakers around the world to help them sail ahead. And it is a never-ending endeavour, we will continue to build on this experience as it appears itself.

– Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF)

Creating cross-border payments with CBDCs

Discussing cross-border payments, Georgieva highlighted their current drawbacks as “expensive, slow, and limited”, showing a pressing need to enhance efficiency aligning with CBDC deployment.

According to Georgieva, efficient cross-border payments enable swift capital transfers, opening doors for small businesses and households to access funds globally. Despite reduced remittance costs, more efforts are essential for meeting Sustainable Development Goal targets.

“We must ensure that countries do not get stuck on the wrong side of the digital divide,” said Georgieva. As a short-term plan and following the G20 Roadmap, the IMF will collaborate with the World Bank to publish a common plant to provide capacity development for countries looking to enhance cross-border payments.

Looking ahead, Georgieva proposed the development of new cross-border platforms in collaboration with banks and fintech companies. These platforms could serve as next-generation virtual town squares, facilitating the exchange of CBDCs and interfacing with traditional money while managing payment risks.

“Think of these as next-generation virtual town squares where central banks, commercial banks, and potentially even households and firms, can gather to exchange CBDCs in wholesale or retail form. Such platforms can even be built to interface with traditional forms of money and manage risks from payments,” explained Georgieva.

Beyond the private sector, the public sector explores opportunities in cross-border payments. Project Guardian, initiated by the Monetary Authority of Singapore in October 2022, aims to assess asset tokenisation and decentralised finance (DeFi) applications, prioritising risk mitigation.

In a third announcement, Georgieva revealed the IMF’s participation in Project Guardian as observers, advising on implications for the international monetary system.

Further direction needed to move forward

While players in the public and private sectors are actively involved in advancing CBDC deployment and enhancing cross-border payments, there is room for increased efforts from the public sector. Georgieva suggested that these organisations can provide additional guidance, acting as catalysts to ensure safety, efficiency, and prevent fragmentation.

“What we need in this voyage is a compass,” said Georgieva, adding the need to highlight the desirable properties of cross-border platforms from a policy perspective. She stated that platforms must be open to allow countries to manage capital flows and retain control over their money supply.

Regulatory guidelines will also be necessary to prevent financial crimes such as money laundering and terrorist financing.

Tying back to the integration of AI in fintech, solutions such as RegTech could also be used to reduce compliance costs, with Georgieva likening it to using priority lanes in airports, where passengers can skip over long queues at security.

Moving forward, Georgeiva calls for policymakers and businesses to remain open-minded about CBDCs and cross-border platforms, calling for close collaborations across international institutions, central banks and ministries on finance.

She also expressed IMF’s ambition to play their role in working towards strengthening the integration and stability of the international monetary system.

We will be in the high seas for some time. But the potential payoff is clear: a more inclusive international financial system that meets our future needs. So let us not disembark at the first island. Nor turn back. There is value in the voyage itself.

– Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF)

Featured Image Credit: Singapore FinTech Festival

As generative AI technology continues to push boundaries in content creation – from text to images, videos, and even music – the need for regulation is becoming more apparent by the day. 

For example, creating deepfakes has become surprisingly easy using apps such as Reface and FaceApp. AI studios such as Deep Voodoo have proven how convincing these videos can be, with little to indicate that the content isn’t actually real. 

In the wrong hands, such media can be a grave source of misinformation. Almost anyone’s likeness can be used to recite scripts and spread messages against their will. Scammers have already started using deepfakes to convince victims that their friends and family members are in need of money. 

In Singapore, the Infocomm Media Development Authority (IMDA) has published a discussion paper detailing the risks posed by generative AI technology and a potential framework which can be used to address these threats. Here’s a look at the key points identified in the paper:

The risks of generative AI technology

Mistakes made by AI tools such as Bard and ChatGPT are widely documented on social media. Generative models are only as accurate as the data which they are trained on and as such, they may mislead users from time to time. 

Currently, these models are unable to convey uncertainty and can appear overly-confident about false responses. Any programs built on top of these models stand to echo these same mistakes as well until the model is corrected. 

Beyond factual inaccuracies, language models are susceptible to biases as well. For example, when given the prompts ‘a doctor’ and ‘a nurse’, the Stable Diffusion image generator produced images of men for the former and women for the latter.

Without correction, AI models could perpetuate the stereotypes and biases seen in the data which they are trained on. 

In a similar vein, AI tools must also reflect a set of values similar to those possessed by humans. Otherwise, as the technology develops, so would the risk of AI causing more harm than good. 

Next, there are concerns of privacy and confidentiality which need to be addressed. “There are risks to privacy if models ‘memorise’ wholesale a specific data record and replicate it when queried,” IMDA’s discussion paper states. 

Say a company uses an AI tool for financial calculations, inputting sensitive data such as revenue generated and goods sold. The AI tool might then memorise this data and reveal the company’s financial information to external users who ask for it. 

Finally, the discussion paper touches upon the challenges of training AI on copyrighted material. To protect creators, there’s a need to define what’s fair game.

For instance, it might be okay for AI to produce a summary of a book, but what if users request for the contents from specific pages? The same questions arise when it comes to replicating an artist’s style or a singer’s voice. 

A framework for generative AI governance

To foster a trusted AI ecosystem, IMDA’s discussion paper outlines a set of dimensions which must be addressed by policymakers. First off, there’s a need for accountability among those developing AI language models. 

End users, as well as businesses building on top of these models, need to be aware of the design choices made by AI developers. For example, there needs to be transparency around the type of information which was used to train a language model. This can help users gauge risks and the biases which a model might inherit. 

Policymakers can put this into motion by enforcing standardised metrics – a set of criteria based on which language models can be monitored and evaluated. The paper advocates for evaluation by a third-party which can provide objective assessments of AI tools.  

Beyond this, there’s a need for users to be able to identify AI content. In the past, AI-generated images – such as that of Pope Francis in a puffer jacket – have gone viral, causing confusion surrounding their legitimacy. These can be a key source of misinformation and needs to be addressed by regulations. 

The paper recommends enforced watermarking of AI-generated content so that consumers can make more informed decisions.

Finally, given the rapid pace of AI development, safety research must catch up. Policymakers should invest in technology developed to keep AI systems under control and ensure that they don’t cause harm.

Along with this, there’s also a need for education programs which teach consumers about the responsible use of AI and direct innovation towards public good.

IMDA launches AI Verify Foundation

Taking a step towards a safer AI-led future, IMDA set up the AI Verify Foundation in June.

The foundation features leading industry players – including Google, IBM, and Microsoft – overseeing the development of the AI Verify testing tool, which will help ensure the responsible use of this technology. 

AI Verify uses standardised tests to measure the performance of AI systems as per a set of internationally recognised principles, including aspects such as safety, transparency, and fairness.

Since the tool is in constant need of development, IMDA has made it available to the open source community. Through the AI Verify Foundation, IMDA aims to harness the contributions of the global community and continue building AI Verify for future use. 

Featured Image Credit: Brookings Institution

Also Read: How this S’pore AI startup is transforming the marketing sector by automating content creation

The Housing and Development Board (HDB), in collaboration with the Government Technology Agency (GovTech), launched today (May 19) a new online portal called BudgetMealGoWhere.

With the BudgetMealGoWhere website, members of the public can now easily search for and view available budget meal options at nearby HDB coffee shops. By entering their postal code in the search box and clicking the “GO” button, residents can access a list of coffee shops and their corresponding budget meal offerings within a two-kilometre radius.

HDB and GovTech stated in a press release that currently, around 40 coffee shops are listed on the website, with more being progressively added.

To help customers easily identify the budget meal options, participating stalls will display a budget meal decal sticker on their food display signage. This initiative aims to promote transparency and make it convenient for customers to make informed choices.

The listed budget meals are full meal options, as well as halal options, that are priced affordably compared to meals sold at nearby eating establishments.

The cost of budget meals at coffee shops currently offering them ranges from S$3 to S$3.50, while basic drinks are priced around S$1 to S$1.15 across various estates in Singapore.

HDB coffee shops ramp up budget meal options

The implementation of budget meals at HDB coffee shops dates back to 2018 when new coffee shops leased from HDB under the Price-Quality Method (PQM) tender were required to provide affordable meal options.

The PQM system evaluates tenders based on factors other than rent, including the affordability of food and drink options. As part of their tender bids, operators must provide budget meals at six stalls and a budget drink.

Earlier in March, Senior Minister of State for National Development Sim Ann announced that starting May 2023, all rental HDB coffee shops due for renewal will need to offer four budget meals and two budget drinks as a condition for tenancy renewal.

HDB and GovTech emphasised that operators are encouraged to provide budget meals at prices that are sustainable and competitive compared to nearby food and beverage options.

To assist coffee shop operators and stallholders during the transition, HDB will offer a five per cent discount off the renewal rents for a one-year period from the time of tenancy renewal. This discount will be subject to verification that the new budget meals and drinks have been implemented.

The government is committed to working closely with F&B businesses and operators to refine and expand the implementation of budget meals while considering their commercial interests. By 2026, the goal is to have budget meals progressively available at all 374 HDB rental coffee shops.

Featured Image Credit: EatBook.sg

The Monetary Authority of Singapore (MAS) has recently joined hands with government agencies and fintech industry players to conduct trials on the concept of purpose-bound money (PBM) in Singapore.

These trials include the use of PBM in the the form of commercial digital vouchers, government vouchers, government payouts and managing learning accounts.

PBM is part of MAS’ Project Orchid, and enables senders to specify conditions, such as validity period and types of shops, when making transfers in digital money.

Project Orchid was first announced at Singapore Fintech Festival (SFF) 2021 to explore the foundational technology infrastructure and technical competencies necessary to issue retail Central Bank Digital Currencies (CBDCs).

But how exactly does a PBM work?

The creation of a PBM

The creation of a PBM begins when its backing digital currency, such as a digital Singapore Dollar (SGD), is bound to a smart contract. The smart contract can be considered as a “wrapper”, tying the usage of a PBM to conditions specified by the creator of the PBM.

The backing digital currencies serve as a collateral for the PBM, and can come in the form of CBDCs, tokenised deposits or stablecoins that are properly regulated in a manner that provides confidence in the stability of their value.

The PBM creator then deposits traditional fiat currencies equivalent to the total value of the PBM with the digital currency issuer.

The digital currency issuer — who is a regulated financial institution — mints and provisions the underlying digital currency backing the PBM. The PBM will finally be created according to the terms and sent to the issuer for distribution.

The lifecycle of a PBM

The creator of the PBM will then distribute the PBM, for example, in the form of corporate vouchers, for consumers to use through publicly available channels. The PBM can also be distributed by the creator by engaging a third-party distributor.

PBM wallets are used to send and receive PBM and their respective backing currencies. These wallets refer to cryptographic wallets that hold users’ private keys to grant them access to PBMs.

Once acquired by consumers, the PBM can be spent if the parameters set in the smart contract are fulfilled. Alternatively, if a consumer decides not to spend the PBM, the PBM can be transferred to another person. The transfer will not alter the parameters governing its use.

Consumers will only interact with PBM in its “wrapped” form, and they would not be required to manage or handle its underlying digital currency.

When the PBM is spent at participating merchants, the PBM will be “unwrapped”, allowing its underlying digital currency to be redeemed. The ownership of the digital currency will now be transferred to the merchant’s wallet address.

However, in the case where at least one of the parameters set a PBM’s smart contract is violated or expired, such as its time constraint or designated purpose of spending, a PBM will be lapsed.

The PBM creator can either decide to aggregate and destroy the PBM to return the underlying digital currency back to him/her, or pause the PBM for an indefinite amount of time to prevent the public from further interacting with the expired PBM.

With the basics of PBM out of the way, here’s a look at how the government is currently testing out practical usages of PBM.

PBMs can address gaps in existing commercial voucher schemes

Existing voucher schemes tend to be manual, and paper-based.

While efforts are underway to digitise vouchers and consolidate rewards programmes, the customer experience remains fragmented. Consumers often do not have a choice on the channel to view or use these vouchers.

To compound issues, users and merchants could be overwhelmed with different vouchers, having to read and understand the terms and conditions for each scheme. PBMs can be the key to solve this pain point and address the gaps in existing commercial voucher schemes.

This is what prompted Singaporean fintech company StraitsX and Grab to roll out a trial for the usage of PBMs in the form of commercial digital vouchers at this year’s SFF.

During SFF 2022, 5,000 selected trial participants were able to utilise PBMs in the form of digital vouchers through their preferred blockchain e-wallet application. Supported wallets include Coinbase Wallet, Trust Wallet and Sequence, said Liu Tianwei, CEO of Fazz in a technical sharing session at SFF 2022.

The complimentary PBMs were distributed through ‘airdrop’ to trial participants’ wallet addresses.

The vouchers, sponsored by Temasek, can be used to make purchases at selected F&B outlets at SFF 2022, as well as participating Grab’s merchant-partners such as Ishiro at Expo, Flash Coffee, Han’s, Hotpot by Seoul Garden, and LiHo at Changi City Point, simply by scanning QR codes at the outlets.

GrabPay, Grab’s payment service, worked with StraitsX and digital currency payment gateway TripleA to support the last-mile settlement of PBM.

This was achieved by accepting StraitsX’s XSGD, stablecoins pegged to the Singapore Dollar (SGD), on the Polygon chain, and reflecting the SGD pegged stablecoin as SGD in the participating merchants’ GrabPay accounts. 

GrabPay was also the main merchant payments processor for the PBM pilot at SFF 2022. It paid out to participating merchants in SGD on an on-demand basis, and removed any need for merchants to invest in end-of-day reconciliation between two accounting systems.

Leveraging blockchain to create PBM in the form of gov’t vouchers

Governments curate various types of disbursement programmes in order to boost their economy and support target segments of the population. These programmes target different stakeholders and have multiple objectives.

In Singapore, for example, CDC vouchers were created to uplift the economy during COVID-19, and were made to be spent in a set amount of time.

With the varying objectives of these programmes and vouchers, a host of implementation details have to be formulated from scratch, such as the methods of voucher payout, and the methods of reconciling transactions after vouchers are redeemed. This can take months, or in some cases, years.

Open Government Products (OGP) has built a voucher system called RedeemSG to facilitate the issuance and creation of digital vouchers by government agencies. RedeemSG also allows participating merchants to easily accept government-issued vouchers.

While this has eased processes, participating merchants still need to sign separate contracts with respective campaign organisers, such as CDC, before taking part in the campaign.

On top of that, both the government and merchants still face a barrage of issues.

Long settlement processing times resulting from ensuring an accurate and correct net cash flow between parties (campaign organisers, merchants, the banks of voucher issuers and the merchants’ banks), high implementation costs from commissioning voucher systems, and scammers targetting government payouts are just the tip of the iceberg.

A potential solution to this could be through the usage of PBMs. Government agencies can specify the terms and conditions for where and how digital vouchers should be used, creating a “wrapper” for the PBM, and distributing them to eligible citizens.

To explore the use of PBM in the form of government vouchers, DBS has since launched a live pilot with OGM.

Starting from October 27, the four-week pilot involves up to 1,000 selected consumers and six merchants, including popular F&B outlets such as Nanyang Old Coffee, Sarnies, Pickleville, The Working Class and The Three Anchovies at the central district.

The PBM vouchers will be created using programmable digital Singapore dollars (DSGD) issued by DBS, with smart contract capabilities enabled by OGP. This will enable issuers to program and self-execute the distribution and usage of the voucher to designated recipients.

For SMEs and businesses with retail shopfronts, this means that they will be able to benefit from instant settlement, payments and collections with their banks when customers use digital vouchers.

This will help time and resource starved small businesses increase cashflow and save time on administrative backend tasks.

At SFF 2022, DBS Bank and OGP tested the use of PBM for disbursements to selected individuals. Trial participants can use RedeemSG vouchers at participating food and beverage outlets, and these vouchers have been programmed to expire on the last day of SFF 2022.

Integrating PBM into CPFB funds disbursement

Last year, OCBC Bank supported the Central Provident Fund Board (CPFB) in launching the GovCash cheque replacement service.

GovCash enables Singaporeans who are unable to use direct bank crediting to receive government payments via facial recognition at OCBC ATMs without needing to have an OCBC bank account.

As part of GovCash, OCBC has collaborated with GovTech on the LifeSG app which enables Singaporeans and Singapore PRs to view government payments deposited into GovCash via the LifeSG app.

The service will also enable users to transfer payments into their PayNow-linked bank accounts and pay merchants by scanning the QR codes.

Building upon these efforts, OCBC Bank and CPFB aim to take the national digital payment services to new heights by designing and testing a solution that utilises the digital SGD and PBM smart contract.

The solution is aimed to reduce the overheads of the fund disbursement process from CPFB to intended recipients.

The trial will be conducted through a test disbursement scheme in a controlled environment with selected participants. These participants comprise a small group of CPFB recipients who are also OCBC customers.

The pilot will only allow recipients to receive the disbursement from CPFB through the existing payment rails, such as funds transfer to PayNow NRIC-linked bank accounts or cash.

In the future, recipients would not be required to have a bank account to receive the funds, as the government aims to support extended use cases.

Managing learning centres with PBM

Similar to the issuance of government vouchers, the government’s grant schemes provide support to target citizen segments in Singapore to simulate the economy.

In working through grant schemes, the public sector will need to address challenges such as the cost of implementing grant schemes, long settlement processing time, fraudulent claims, exploitation of government payouts, among other issues.

These grant schemes could also be in the form of supporting the learning and skills mastery of the population such as the provision of learning accounts to eligible citizens, businesses and training institutions.

For example, SkillsFuture Singapore (SSG) may provide fiscal transfers to citizens and businesses
in a controlled, efficient, and secure manner. The government issues SSG credits to eligible individuals, allowing them to take up classes to reskill and upskill their abilities in the workforce.

To facilitate the process, a trial will be conducted by UOB — in collaboration with OGP — to ensure that the intended segment of Singapore’s population utilises their SSG Credits. This will enable SkillsFuture grants to automatically be released to participating training providers when eligibility conditions are met.

For this trial, the creator of the PBM will define the conditions for the usage of the learning account, which will be translated into a smart contract code.

The creator will then transfer funds into their UOB account, which will then be minted into digital SGD by UOB to be utilised towards the learning account. The PBM supporting the learning account is now created.

Next, the learning account, in the form of a PBM, will be distributed to eligible citizens and businesses.

The redemption of the underlying digital SGD occurs through a three-step verification process implemented as a smart contract, which checks the following:

• Registration of participants – Through this, eligibility of enrolled participants, and the expiry of the grant is verified
• Participation of individuals – The training institutions will indicate the participation of individuals

If these conditions are met, grants will be released from the wallets of citizens to the training institution. In other words, the PBM will be “unwrapped”, and training institutions will receive the digital SGD.

Finally, the training institution can convert their digital SGD into funds in their deposit accounts with UOB.

PBM is part of MAS’ Project Orchid

As part of Project Orchid, MAS aims to delve into the enablement of PBM for the widespread distribution of money for commercial purposes, and its interoperability with e-wallets, payment systems and rails, and blockchains, through these pilot programmes.

Project Orchid builds on the key learnings from the Global CBDC Challenge, which was organised by MAS and its global partners, including IMF, World Bank and ADB, where innovative solutions were sought to enhance payment efficiencies and promote financial inclusion.

The results from this programme will be used to inform the future phases of Project Orchid in the design and selection of infrastructures for a digital Singapore dollar.

Featured Image Credit: Singapore Fintech Festival 2022

Besides the enduring habit of mask-wearing, Covid-19 has also managed to accelerate our digital transformation. 

Over the course of two years, many of us had to break away from old habits and embrace digital life. The internet went from being an auxiliary part of our lives to becoming the nucleus in which we work, learn, shop, and communicate. 

It was disruptive. But for most of us, we quickly settled into a new normal. Unfortunately, the same cannot be said for our seniors. 

According to an Infocomm Media Development Authority (IMDA) survey, slightly more than half (58 per cent) of the residents above 60 years old are internet users. And among internet users, the percentage using banking and ride-sharing apps remain in the low 20s. 

Based on these figures, not only are close to half a million seniors at risk of being left behind in our digital revolution; but even those who use the internet are not digitally savvy enough to enrich their lives with it. 

Moving towards a digital future, what is being done to equip our seniors with the necessary skills to navigate this brave new world? What are the chances of us building a digitally inclusive society where no one is left behind? 

Supporting our seniors to get online

As part of Singapore’s efforts to increase digital literacy among seniors, the Seniors Go Digital programme was launched in 2020 to support the digital journey of those aged 50 and above. 

Under this initiative, seniors can attend group lessons to acquire the foundational skills necessary to kickstart their learning journey. This can include getting used to a smartphone interface or understanding how apps work. 

Now, while these skills are as intuitive as walking to us, they can be a steep learning curve for seniors. Therefore, seniors will need additional support to maintain their learning momentum and allay the fears they might have about using technology. 

The SG Digital Community Hubs set up at designated libraries and community centres aim to do just that. At these hubs, digital ambassadors will be on hand to provide personalised, one-on-one guidance to seniors. 

Next, to ensure that financial constraints do not hamper digital adoption, there are also schemes such as the Mobile Access for Seniors and Home Access Programme to provide subsidised broadband services and smartphone plans to seniors on lower incomes.

So far, results have been promising. Since its inception in 2020, over 130,000 seniors have benefited from the Seniors Go Digital programme, picking up the skills to help them communicate and transact online. 

Building a digitally inclusive society

For many seniors, accessing digital services will continue to be a daunting experience. While patience and determination can help seniors overcome their fear, it is not always a lack of technical know-how that is hindering their digital adoption. 

Instead, with many services available only in English, it is a case of institutionalised exclusion.  

With English so widely spoken in Singapore, it is easy to forget that before 1966, English was not the de facto medium of instruction at schools. That being the case, for seniors who were educated in their Mother Tongue (Malay, Tamil, or Mandarin), English might as well be a language as foreign as Greek. 

In addition, many seniors in our midst also lack formal education, are illiterate and can only communicate in dialects. For this group, the barriers to digital adoption would be even higher. 

Ultimately, providing skills training and subsidising the cost of digital tools can only go so far towards building a digitally inclusive ecosystem. 

More can certainly be done to ensure our seniors are able to participate meaningfully in a rapidly digitised world. For instance, all government and banking services should ideally be available in all four official languages. Looking ahead, the potential of a universal speech translator also makes the expansion of digital services to dialect speakers a future possibility. 

Familial relations are another important factor in promoting digital inclusion. Getting children to help senior family members with technology can be a great way to develop intergenerational bonds. As for seniors, knowing that digital technologies can help them interact with their children and/or grandchildren more frequently is often a great motivator.

Many seniors are going to approach technology with trepidation, if not scepticism. After all, they have spent most of their lives without it and have managed just fine. 

Guiding seniors out of their comfort zone and building the infrastructure to support their digital journey will be the best way towards a digitally inclusive society. Who knows? Our grandparents might become the latest TikTok sensation once they learn how to use the app. 

Featured Image Credit: IMDA

Organised by the Government Technology Agency of Singapore (GovTech), STACK is Singapore’s largest government-led developers conference and it’s back, bigger and better, this year in a hybrid format. 

With over 70 tech experts lined up to speak, STACK 2022 provides a platform for innovators and techies to convene and share knowledge about the latest tech trends, products, and best practices in digital government.

STACK 2022 presents a rare opportunity to hear from and connect with top leaders from Microsoft, Google, and Amazon who will be flying to Singapore to speak at the event. 

To be held from 15 to 16 November 2022, STACK 2022 is centred on the theme, “Design Your Future”. In line with GovTech’s commitment to drive Singapore’s Smart Nation initiative and digital government transformation, the event will serve as a ‘bridge’ between the government, industry players, and the tech community for the co-creation of a tech-enabled future.

The two-day programme will comprise nine keynotes, eight plenary talks, one panel discussion and 64 lightning talks, to be delivered by tech experts from both the public and private sectors. 

STACK 2022 will be graced by Minister Josephine Teo as the Guest of Honour. Mrs Teo is the Minister for Communications and Information, and Minister-in-charge of Smart Nation and Cybersecurity, and will be delivering the opening address on the first day of the conference. 

In addition, Dr Janil Puthucheary, Senior Minister of State at Ministry of Communications and Information and Minister-in-charge of GovTech, is the guest speaker who will open the conference on the second day.

Gain global and local insights into the latest tech developments

Notable keynote speakers at STACK 2022 include Databrick’s Matei Zaharia, Amazon Web Services’ Anthony Liguori, Thoughtworks’ Dr Rebecca Parsons, Salesforce’s Paul Tatum, Google Cloud’s Sachin Gupta, Hashicorp’s Grant Orchard, Microsoft Enterprise and Cloud’s Paul Lorimer and GitLab’s Sytse ‘Sid’ Sijbrandij.

With the acceleration of the digital era, the government has embraced new technologies, such as Cloud, Software-as-a-Service (SaaS) and full stack technology.

In his keynote speech, Chan Cheow Hoe, Government Chief Digital Technology Officer and Deputy Chief Executive of GovTech, will explain why the government needs to adapt and embrace the concepts of reusability, iteration and automation to remain relevant in these changing times.

Attendees can look forward to other keynotes and plenary sessions that touch on harnessing the power of data, cloud technology, artificial intelligence, cybersecurity, and SaaS to accelerate digital transformation.

On day two of STACK 2022, hear from a distinguished panel on one of the pressing issues of the day for the tech sector: talent recruitment and retention. 

Kok Ping Soon, the Chief Executive of GovTech, Noah Pepper, former APAC head of Stripe, and Frank Koo, head of Asia, talent and learning solutions at LinkedIn, will share their insights on the crucial role that an organisation’s tech culture plays in attracting top talent, motivating and retaining them, and helping them build their capabilities and careers. They will also address challenges affecting workplaces around the world, such as the great resignation and quiet quitting.

Building tech solutions and services for the public good

Besides keynote presentations and panel discussions, the two-day event will also offer plenary sessions, bite-sized lightning talks, and workshops.

Some of the topics the plenary sessions will touch on include scaling data for organisational transformation, as well as navigating cybersecurity in the digital darkness.

Lightning talks will cover a range of topics, such as building digital trust, cloud technology, data-fication, emerging technologies, fail-safe app development, smart city, as well as tech culture and careers.

While STACK 2022 hosts a great mix of private and public sector speakers, many of the plenary sessions and workshops will be conducted by GovTech’s own tech experts, such as Chong Rong Hwa, Director of Cyber Security Group; Karen Kee, Deputy Director of Technology Management Office; Kevin Ng, Director of CODEX; and James Tan, Director of Sensors and IoT.

At its core, GovTech supports public agencies in managing enterprise IT operations and developing new digital products for citizens and businesses. Since its inception in 2016, the agency has been focused on developing meaningful products, platforms and solutions for the public good.

Register for STACK 2022 now

The conference will be held from 15 to 16 November at Suntec Singapore Convention and Exhibition Centre.

Be sure to sign up for STACK 2022, and take in its tech carnival atmosphere. There will be games and snacks, on top of the talks and networking sessions.

To register for GovTech’s STACK 2022 conference, click here to buy your passes. The early bird sales may be over, but Vulcan Post readers can enjoy 20 per cent off with promo code ‘VULCANPOST20’.

This article was written in collaboration with the Government Technology Agency of Singapore.

Featured Image Credit: GovTech

Healthy 365 (H365) is an app launched by the Health Promotion Board (HPB) to encourage users to adopt a healthier lifestyle through games and rewards.

The app is not new, having been around since 2015 as a digital companion for participants of the National Steps Challenge.

However, after years of languishing in the background, the H365 app is finally getting the attention it deserves. More specifically, it will be the digital hub supporting Healthier SG, an initiative to promote preventive care and improve our long-term health.  

An app tailored to the needs of Singaporeans

These days, there are hundreds of apps on the market jostling for our attention, promising to help us track our calorie intake and daily steps, amongst other features; but what makes the H365 app unique is the tailored content and approach targeted at a Singapore audience.

Besides a database providing nutritional information on local food and drinks, there is also a location-based map featuring healthy food options and fitness facilities around a neighbourhood.

In addition, users who have completed health challenges will be awarded health points that can be exchanged for cash vouchers.  

While extrinsic rewards are not a long-term solution to promote healthier living, it is a tried-and-tested method that works for our national psyche.

It is ironic, but a combination of reliable public transport and convenient access to amenities is probably why hitting 10,000 steps a day is not the easiest of tasks in Singapore. Therefore, if the promise of NTUC vouchers is what gets a nation moving, it is still a triumph and yet another feature that H365 has got right.

Supporting a Healthier SG

There is no denying that the digital transformation of healthcare, exacerbated by the Covid-19 pandemic is fast and furious.

At the forefront of our healthcare reforms is the H365 app, the hub of our digital health ecosystem that will eventually support a spectrum of care goals and community programs.

Think about it. Data such as step count, exercise duration and diet logged in our H365 app will be a gold mine of information for our family doctor. Instead of relying on our memory of what we did and ate, doctors can gain an accurate picture of our health, review our progress, and make the necessary recommendations. 

Somewhere down the line, there are more plans for H365 to become a real-time healthcare companion to help us maintain a healthy lifestyle. It would provide personalised feedback based on our dietary patterns and nudge us towards making the right choices, all of which can help reduce the risk of lifestyle-related diseases such as obesity and type-2 diabetes.

With a focus on primary care and preventive medicine as part of a Healthier SG vision, the H365 app is just the start of Singapore leveraging technology to empower its citizens to be in control of their health.

Drivers and barriers, what’s behind the low uptake?

As of now, the H365 app has received over one million downloads since its launch. However, that figure would also imply that two-thirds of Singapore’s adult population are oblivious to its existence or cannot be bothered. 

So, what is the problem? Is there a way to transform H365 into an app where using it will become as intuitive as engaging with Instagram or TikTok on our phones? 

Unfortunately, H365 — being a government-funded app — will frequently be met with scepticism and apprehension by some. There will be younger adults, who feel that such an app is outdated and uncool compared to the services introduced by healthcare startups.

Meanwhile, seniors who would benefit most from using the app might not be tech-savvy enough or lack the language skills to navigate it. 

Ideally, more people would need to be using the app regularly for it to complement the Healthier SG efforts. Otherwise, all we would be left with is a digital white elephant without reaping the health benefits.

The H365 app — with a focus on fun, games, and rewards — is a shift away from traditional paternalism and platitudes so often seen in public health reforms.

Instead, it is a laudable initiative that gives citizens the agency to make informed decisions and take positive steps to improve their long-term health. It has the potential to become the beating heart of our digital healthcare infrastructure, and for that, it deserves a try. 

Featured Image Credit: Activate.sg

[This is a sponsored article with Sidec.]

Selangor Information Technology and Digital Economy Corporation (Sidec) is hosting their 7th annual Smart City & Digital Economy Convention (SDEC) at Kuala Lumpur Convention Centre this year.

Unlike last year which was a hybrid event consisting of one exhibition and one conference over a three-day period, this year’s SDEC will be the largest one yet, lasting four days long starting from October 6 until October 9, 2022.

Notable individuals ranging from smart city technologists, builders, government agencies, investors, and more will be present at the convention, making it an ideal place for businesses seeking to increase their exposure.

Here’s what the convention entails

Much like last year’s convention, SDEC aims to spearhead the digital transformation of Selangor as ASEAN’s digital hub and act as a platform for local industry players to engage and discuss emerging trends. In addition to that, they also aim to strengthen and grow Selangor digital ecosystem for SMEs.

For this year, SDEC 2022 will revolve around the theme of “Sustainable Digitalisation Towards a Net-Zero Future” to gather industry leaders, academics, and SMEs to explore solutions for existing and future smart cities, and digital economy frameworks.

Having said that, there are five core elements the convention will be focusing on:

1. Asian Smart City Conference;
2. Selangor SME Digitalisation Conference;
3. Selangor Fashion Accelerator (Demo Day);
4. Live Stream Festival;
5. Exhibition.

Here’s a quick rundown of what each of these elements entails.

1. The Asian Smart City Conference, where global city leaders share their best smart city practices

Asian Smart City Conference: Mayors Summit that’s happening on October 6, will involve city mayors from countries like Australia, South Korea, Thailand, Indonesia, India, and Malaysia. These representatives will share their experiences and approaches they took to improve city liveability using smart technologies.

There, the audience can witness first-hand how these representatives collaborate and work out solutions to tackle smart city issues.

The Net-Zero and Circular Economy Forum will take place the next day on October 7. Here, 24 experts will discuss these topics and how to implement them to develop an eco-friendly smart city:

• Smart Mobility & Zero-Emission Vehicles;
• Smart Waste & River Management;
• Solar, Biofuel & Biomass Energy;
• Smart Cloud & Data Governance;
• Smart Technologies for Energy;
• Green Investment & Financing.

2. Get guidance on digitalising your SME with the Selangor SME Digitalisation Conference

SMEs looking to embrace digitalisation but don’t know where to start, SDEC will also be hosting the Selangor SME Digitalisation Conference, which reveals the best practices for companies seeking to embrace digitalisation.

Image Credit: Sidec

Here are the topics that will be talked about by the 16 speakers during the conference:

• The Rise of FinTech & Digital Bank;
• Digital Trade Revolution: Post Pandemic Growth for SMEs;
• ‘Blitzscale’ Your Business towards Unicorn status;
• How can Live Stream Elevate Retail Businesses?

3. Foster business opportunities with exhibitors, or exhibit your own business

Other than the conferences mentioned above, there will be exhibitors scattered throughout the event grounds from October 6 until October 9, 2022, from 10AM to 6PM. 

Filled with up to 100 booths, visitors can get to know the exhibitors and the products that they offer there. On top of that, it’s also an ideal place for investors and venture capitalists to look for new businesses to invest in.

4. Browse through investment-worthy businesses through the SDEC Live Stream Festival

Speaking of which, the Live Stream Festival will run from 10AM to 6PM daily throughout all four days of the convention. The broadcast will be streamed live on Sidec’s Facebook.

During the broadcast, exhibitors, sponsors, and selected merchants from the Malaysia Top E-Commerce Merchant (Top ECM) Awards will be given the opportunity to go on the live stream to talk about their business and the products or services they provide. 

5. Witness Malaysia’s next potential big-name designer with the Selangor Fashion Accelerator Demo Day

Last but not least, it will also be the demo day for the Selangor Fashion Accelerator on October 8, where the top six finalists that have undergone the two-month-long programme will show off their Malaysian modest fashion concept and design.

The winners of this accelerator will be eligible for an investment opportunity from The Hive Southeast Asia, a seed stage venture capitalist firm.

What do I need to attend the convention?

For those looking to visit SDEC 2022 at Kuala Lumpur Convention Centre, early bird tickets start from RM99.

Note that the conferences you can attend are based on your passes. Here’s a quick breakdown of the passes available, their perks, and which conference you are eligible for:

Pass	Price	Benefits
Smart City Track	– Early Bird price: RM99 – Normal Price: RM199	– 1x Mayors Summit and Selangor Declaration Pass – 1x Asian Smart City Conference: Net-Zero ad Circular Economy Forum Pass – 4 Days Exhibition Pass – 4 Days Live Stream Festival Pass – Opportunity to network with key industry players
Digital Economy Track	– Early Bird price: RM99 – Normal Price: RM199	– 1x Selangor SME Digitalisation Conference Pass – 4 Days Exhibition Pass – 4 Days Live Stream Festival Pass – Opportunity to network with key industry players
All Access Pass	– Early Bird price: RM149 – Normal Price: RM399	– 1x Mayors Summit and Selangor Declaration Pass – 1x Asian Smart City Conference: Net-Zero ad Circular Economy Forum Pass – 1x Selangor SME Digitalisation Conference Pass – 4 Days Exhibition Pass – 4 Days Live Stream Festival Pass – Opportunity to network with key industry players
General Visitor Pass	– Free Admission	– 4 Days Exhibition Pass – 4 Days Livestream Festival Pass – Gain exposure to innovative solutions on the future of smart cities and the digital economy – Professional networking opportunities

• Learn more about Sidec here.
• Get your pass for SDEC 2022 here.

Featured Image Credit: Sidec

It’s been oft-quoted that Malaysia intends to be a high-tech innovative nation by 2030. 

Tech startups in the country play a role in helping the nation achieve this goal, which brings up the entire economy as a whole.

As the pace of innovation picks up, it’s important that great ideas attract strong government backing, with good collaboration among industry players and investors. 

At the Wild Digital SEA 2022 conference, Patrick Grove, CEO of Catcha Gorup had Malaysia’s Minister of Finance, Tengku Zafrul in the hot seat to grill him on what local tech startups can expect to see in 2023.

1. Continued funding & development of the ecosystem for tech startups to grow

According to Patrick, the reality is that Malaysia’s tech startups aren’t short of talent, but the sector has been starved of government support for a while.

During Zafrul’s tenure, he’d set up PENJANA initiative in 2020 as part of Malaysia’s RM35 billion Economic Recovery Plan that covered a variety of funding schemes.

Part of the initiative introduced RM1.2 billion into the tech startup ecosystem. This funding was aimed at helping Malaysian startups be brave enough to take risks and grow their businesses to make Klang Valley the Silicon Valley of the SEA region.

Even startups that weren’t founded in Malaysia but have operations here were given a shot at this RM1.2 billion investment pool to help the country achieve its Silicon Valley goal.

Zafrul shared that the investment has been successful so far. Speaking to startup players, he learnt that startups want the government to continue [supporting] the sector, not directly, but by participating through agencies which know how to invest.

Beyond funding, he also intends to help the country grow the right ecosystem for startups to have access to other players, markets, strategic advice, and the like. 

“Because in the end they’re creating not just jobs, but innovations, technologies, etc. that are important because you need to look at new industries for the future of the country,” Zafrul stated.

2. More programmes to help Malaysians adopt digital solutions pertaining to finance

In the past two budgets’ tabling, Zafrul pointed out that the government was looking to accelerate the country’s tech adoption. 

“We have forecast that our digital industry by 2025 will make up 25% of our GDP, creating 500,000 jobs for the digital economy,” he predicted. 

It’s no surprise that the pandemic was a large catalyst in driving ecommerce along with online work and leisure activities. Various governmental programmes have also encouraged new and existing SMEs to adopt digitalised methods.

e-Pemula was a programme rolled out to present Malaysia’s youth with RM300 to enable them to spend with any e-wallet, from Grab and BigPay to Touch ‘n Go eWallet and Boost. 

The initiative was made available for offline and online purchases, which was a development from its predecessor, e-Belia, which was solely online.

These are examples of the government encouraging digitalisation in the country, an effort which Zafrul reassured would continue.

3. Working with startups & SMEs to create more carefully targeted subsidies

Catcha Group’s CEO noted that one interesting effort Zafrul conducted as Minister of Finance was releasing an RM77 billion subsidy programme across the country. 

To put that into perspective, RM77 billion is about RM2,549 per Malaysian citizen, at the time of writing. 

Zafrul explained that the government rolled out this large subsidy to help the citizens with inflation, which he noted Malaysia had one of the lowest rates of in the region and the world. 

“For the first seven months [of 2022], our inflation rate is around 2.8%, in July it was 4.4%. This was partly due to the subsidies,” Zafrul calculated. Though, he also addressed that providing subsidies in such large amounts to the masses isn’t sustainable in the long term.

“In fact, a study from the central bank has shown that out of the petrol subsidy, the T20 population gets close to 50% of that subsidy,” Zafrul emphasised.

For example, petrol subsidies are RM30 billion, and RM15 billion went to the T20s who could actually afford petrol. Whereas the other RM15 billion went to M40s and B40s. 

“In fact, you could actually save the money from the former population because those funds can go into building schools, hospitals, roads, etc. with that number. More importantly, there needs to be a fiscally sustainable policy going forward.”

Here’s where startups come in. The government intends to collaborate with more SMEs and startups to develop a targeted subsidy mechanism to aid those who actually need it for a longer term.

4. Digital banking to go into full swing

Now that Bank Negara Malaysia (BNM) has issued its five digital banking licences in Q2 2022, Zafrul is confident that they will all be in full swing by 2023.

These digital banks will first be making banking more inclusive, helping the unserved and underserved markets in Malaysia. 

Zafrul himself has been able to instigate digital banking in the Philippines during his time leading CIMB Group before he was involved in public service. Patrick highlighted that this was a time even before Singapore or Malaysia rolled out their own digital banking frameworks.

Today, Zafrul reported that the digital banking efforts in the Philippines have surpassed five million customers, for an effort that was started from scratch by the bank.

It’s clear that even the e-wallets in the country have already been serving these markets, enabling everyone to make digital payments and banking easier and more accessible.

Patrick also touched on Zafrul’s view on the Web3 and NFT space, where the finance minister hinted that BNM, along with certain banks is looking into producing their own digital currency as well.

-//-

Towards the end of the interview, Partick asked Zafrul to point out areas in the banking industry where young and nimble entrepreneurs have opportunities to disrupt.

“For up-and-coming entrepreneurs, you have two options: work with the incumbents and see where they can improve their processes—especially the customer experience part that comes with many issues, or you could do your own thing,” Zafrul shared his two cents.

Elaborating, he said that he’s seen entrepreneurs working with incumbents offering the right solutions to provide an improved customer experience.

Banks have a tough framework to work within, making it hard to change the way they do things, leaving certain obstacles unaddressed, such as the customer experience.

“This is where digital banks and new startups can come up and fix because they don’t have the frameworks or legacy issues that traditional banks have,” highlighted Zafrul. 

On the other end, if entrepreneurs decide to start their own fintech solution, there are also opportunities in this area. 

Citing a startup he came across in Penang, Zafrul highlighted that its founder was once an engineer working in a major MNC. This ex-engineer then founded a startup that aimed to solve an inefficiency they noted in the respective industry.

“The avenue and opportunity are there for anyone to take advantage of the inefficiencies they see in other sectors of the economy,” encouraged Zafrul.

• Learn more about Wild Digital here.
• Read more articles about Wild Digital SEA here.

Featured Image Credit: Vulcan Post