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Payments
are the lifeblood of an economy. They form a critical
part of the financial value chain for companies.
But the
basic correspondent banking mechanism for cross-border payments has remained
unchanged for decades. As these transactions are routed through multiple banks,
each with different systems and processing times, companies
have long struggled to track cross-border payments.
In recent
years, the technological revolution sweeping through the financial sector is
transforming the area of cross-border payments also. OpenGov spoke to Mr Atul
Bhuchar, Group Payments Product Head, Global Transaction Services at DBS
and Mr Michael
Moon, SWIFT’s
Head of Payments Markets, Asia
Pacific, to learn more about these innovations.
The pain points
We asked Mr Bhuchar about the primary pain
points for customers when it comes to international payments.
He replied that the biggest concerns are
related to the velocity of payments and the information-richness of the payment
messages. Customers demand frictionless
payments, as well as information-richness of the messages, because it is not
just about the movement of funds, but also the movement of information. Another
crucial area is transparency.
Finally, there is the issue of cost
efficiencies. Financial institutions are exploring how they can make payments
more cost-efficient for their clients, whether by leveraging economies of
scale, straight-through-processing, or utilising digital, electronic channels.
Mr Bhuchar said that today customers are
expecting instant fulfilment, just as they would get in say, an online search.
“You don’t have to wait for a cut-off time,
you don’t have to wait to check whether it’s a banking holiday. This instant
fulfilment is typically what customers have now started to expect when it comes
to banking and payments too,” he explained.
Mr Moon added that the real problem is
cross-border payments is not a technology problem. In payment networks like
SWIFT, a payment instruction can reach the opposite end of the world in
seconds. The real issue is business process frictions.
Through its gpi
platform, SWIFT is specifically targeting those frictions, standing in the way
of same day payments, end-to-end tracking ability, and transparency on fees.
Instant payments and instant collections
are rapidly becoming a reality when it comes to domestic payments, as evidence
by PayNow in Singapore, the Unified Payment Interface in India or PromptPay in
Thailand. The ability to use virtual proxy addresses for account numbers, such
as mobile numbers or the person’s identity card number or the company
identifier, to make electronic payments, is reshaping payments in the domestic
area.
Still when it comes to cross-border
payments, the general expectation is that it will take a couple of days. The
challenge is to change that.
Altering
the status quo
Mr Moon said that the most valuable thing
in payments network is reach. SWIFT reaches 11,000 institutions globally,
including 3000 in Asia-Pacific and 700 in south east Asia.
Reach provides network and scale benefits.
It can help in driving down costs of providing services. SWIFT provides the financial
messaging services at a few cents on average per message to customers in our
network.
Now the gpi network is helping accelerate
the velocity of payments.
Worldwide there are over 150 banks that are
live on gpi, and around 150,000
payments a day worth USD 100 billion between banks that are live on gpi.
The time taken for payments completion has come down from days to minutes or
even seconds. In fact, for around half the payments, funds are credited to the
end-customer in less than 30 minutes or less.
Benefits
to the customers
DBS was one of the first few banks globally
to adopt SWIFT’s global payments innovation (gpi) initiative to improve
cross-border payments. Today, DBS’ business clients in Singapore and Hong Kong can
track their cross-border payments in real time, so they can manage their cash
better and eventually provide a better service for their customers.
DBS conducted a deep dive into the customer
journey and found multiple benefits of the gpi value proposition. One is
improving the clients’ working capital efficiency. Secondly, it enabled
improved cash forecasting.
Mr Moon described the benefits to the
end-customer, “For a small exporter in Thailand, this could reduce their need
to rely on working capital and the costs associated with that, because they are
getting money faster and they have the confidence and the certainty that money
is coming in. They can forecast and know when money is coming in. They can then
apply those funds towards extending and growing their business in the region as
well.”
The third benefit was in terms of the
supply chain. As money moved faster and frictionless across the chain, DBS’
clients were able to develop and leverage better relationships across the
supply chain. It resulted in both lower operational cost and increased
productivity for clients.
“Because earlier if the beneficiary did not
receive the payment, they would have to spend time to call the bank to find out
the status of the payment. The remitting bank would then have to check with the
nostro bank, the nostro bank would then have to check with the beneficiary
banks’ nostro bank and eventually the beneficiary bank. All of this resulted in
friction, by adding time and effort,” Mr Bhuchar explained.
Now customers don’t have to call the
contact centre. They can go online 24/7 and check the status of their payment.
And last but not the least, SWIFT gpi
enables the transfer of rich payment data along with the payment, with the data
on the underlying invoices or contracts for the payment. This simplifies the
reconciliation for DBS customers’ suppliers. Earlier this would require manual
intervention and numerous e-mail exchanges to know the payment-details.
Benefits
to the bank
From a DBS standpoint, it helped to improve
the customer service model too.
Mr Bhuchar said, “Earlier the customer
query would typically have to go through this hop, skip and jump across
different banks. Now with the gpi tracker, our customer service teams can just
immediately check the status for a gpi transaction and advise the client.”
“And equally importantly, we can encourage
the client to go digital by logging onto our online banking platform, IDEAL,”
he added.
Mr Moon added that gpi provides an agreed
common set of service outcomes, in terms of same day payments, end-to-end
tracking, transparency and information. Banks can then layer their own
innovations on top of this underlying service.
He provided examples of banks demonstrating
creativity with the way they use gpi. Banks in China are using the mobile
platform to provide status outcomes to customers on completed payments. The
information richness feature is being used by some banks to carry information
related to student payments. For instance, a Chinese student studying abroad in
the US or the UK or Australia, can carry information related to the particular
study purpose with the payment message, all the way to the end educational
institution or university/college.
A
‘WhatsApp moment’
However, the above discussed benefits
remained limited to the gpi network. A recent announcement from SWIFT could
change that, greatly expanding the benefits of gpi and motivating more banks to
join the platform.
SWIFT is going to extend
its gpi Tracker to cover all payment instructions sent across the network,
through the mandatory
annual Standards MT Release in November 2018.
The Tracker, available since May 2017,
enables banks that have signed up to SWIFT
gpi to track their gpi payments in real-time. The Tracker can
be updated by FIN message
or via API. It can be accessed via a graphic user interface (GUI) and also via
API calls to allow the service to be embedded in other back-office systems. But
until now, the Tracker was only available for transfers within the gpi network.
From November onwards, a unique end-to-end
transaction reference (UETR) will be included in all payment instructions
carried between all 11,000 customers on SWIFT across more than 200 countries
and territories.
“What that lets us do is to introduce what
we refer to as universal, real-time payment tracking. The tracker will cover
all payments whether they are gpi or not,” said Mr Moon.
Mr Bhuchar called this a potential ‘WhatsApp
moment’ for cross-border payments. Once WhatsApp became really popular, if a
person was not on WhatsApp, they would miss out on the benefits of being able
to communicate much more cost-effectively. It’s the network effect, which is
most highly evident in social media platforms, where the higher the number of
participants, the greater the benefits for everyone.
“The end customers are now making sure that
there is pressure on banks to get on to the platform. What SWIFT has done with
the planned November release is a quantum leap, which we are very delighted
with. Because it’s shaping the future of cross-border payments as we speak.”
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In her address at the LIA Annual Luncheon, Ms Ho Hern Shin, Deputy Managing Director of the Monetary Authority of Singapore (MAS), the pivotal role of technology in elevating customer experience within the life insurance sector could be seen. Under the theme of “Treating Customers Right,” Ms Ho outlined key pillars for insurers to build and enhance engagement, trust and sustainability.
The LIA Management Committee were commended for their adept utilisation of available tools and technology, amidst industry challenges, from the transformation spurred by the COVID-19 pandemic for targeted customer solutions. She reiterated MAS’ commitment to fostering innovation and collaboration in the tech-driven landscape.
Central to customer satisfaction is product design harnessing digital innovations to align with evolving preferences. AI-powered wellness programmes, tech-enabled co-payment initiatives, and user-friendly mobile apps for bite-size insurance products are great examples. These tech-driven solutions not only cater to diverse customer needs but also optimise operational efficiency for insurers.
The pivotal role of data analytics in enabling fair and inclusive underwriting practices is also clear. Insurers can leverage advanced algorithms and predictive modelling to objectively assess applications, ensuring equitable coverage for individuals with disabilities or mental health conditions. Collaboration with data professionals and research communities is essential to harnessing data for actionable insights.
Insurers can leverage digital platforms such as SGFinDex and AI-driven chatbots to offer personalised financial advice. SGFinDex, the pioneering digital infrastructure in Singapore, stands as the world’s first to integrate a national digital identity with a centrally managed online consent system. This innovative platform empowers individuals by granting them seamless access to their financial data dispersed across various government agencies and financial institutions.
Tech-enabled strategies can streamline the fact-finding process, empowering customers to make informed decisions aligned with their financial goals. Such platforms can leverage machine learning algorithms to tailor product recommendations based on customer profiles and life stages.
Continued investments in digital infrastructure are essential for delivering seamless post-sales experiences. MAS’ regulatory amendments facilitate secure online transactions, including beneficiary nomination and claims processing. Insurers were urged to embrace emerging technologies such as blockchain for immutable record-keeping and smart contracts to automate claims settlements, enhancing transparency and efficiency.
OpenGov Asia reported that in response to growing concerns voiced by Members of Parliament and citizens regarding customer protection from scams, MAS and other government agencies are intensifying collaborative efforts with the industry to combat fraudulent activities.
MAS and IMDA have introduced a consultation paper outlining the Shared Responsibility Framework (SRF) to address phishing scams, assigning responsibilities to financial institutions (FIs) and telecommunication companies (Telcos) to mitigate scam risks and ensure compensation for affected victims.
This framework expands upon previous initiatives by the Payments Council, recognising the crucial roles of both FIs and Telcos in preventing fund outflows resulting from digitally enabled scams that undermine confidence in digital banking systems.
Outlined duties for FIs and Telcos include sending transaction notifications and implementing scam filters, with breaches triggering a “waterfall approach” in which FIs and Telcos are held accountable for losses, with FIs bearing primary responsibility followed by Telcos as custodians of consumers’ money
The importance of fostering an ethical culture, where data fairness is paramount and values supersede profits is vital. The board and senior management must champion ethical principles, ensuring transparency and accountability in decision-making.
Insurance, as indeed all other sectors, would greatly benefit if they embrace technology as a catalyst for delivering superior customer outcomes. By leveraging digital innovations across all facets of their operations, organisations can enhance customer engagement, streamline processes, and foster trust in the digital age.
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In a bid to enhance brand visibility and tap into broader consumer markets, Vietnamese wood, furniture, and handicraft enterprises are urged to prioritise and systematically invest in online sales initiatives, diversifying their sales channels within their business frameworks.
Vice Chairwoman of the Handicraft and Wood Industry Association of Ho Chi Minh City, Duong Minh Tue, emphasised this crucial strategy during a workshop themed “Cross-border e-commerce – global growth opportunity for Vietnam’s furniture export” held in Ho Chi Minh City.
Tue highlighted Vietnam’s stature as one of the world’s leading wood exporting nations, noting its expanding market reach across key territories such as the US, the European Union (EU), the Republic of Korea (RoK) and Japan, as well as its growing presence in emerging markets like the UAE and India.
She underscored the significant success of Vietnam’s wood and wooden product exports in the global market, buoyed by favourable factors such as forestry development strengths, business incentives, and advantageous free trade agreements with foreign counterparts.
However, traditional export markets have encountered challenges in recent times due to sluggish global consumption demand, escalating protectionist measures, and the persistence of tight monetary policies in certain countries. Against this backdrop, Tue highlighted the rising prominence of e-commerce channels in driving sales growth for furniture and handicrafts, presenting a new avenue for Vietnamese wood businesses to explore.
A global e-commerce giant echoed this sentiment, highlighting the resilient growth trajectory of global e-commerce despite the lingering impact of global trade disruptions. The executive underscored cross-border e-commerce as a pivotal trend enabling small- and medium-sized enterprises (SMEs) to achieve robust expansion.
Looking ahead, strong growth in e-commerce has been projected within the furniture industry, particularly in the US, Vietnam’s largest export market. By 2027, e-commerce in this sector could soar to an estimated US$118.6 billion, presenting a lucrative opportunity for Vietnamese enterprises.
Another organisation stressed the direct access to a diverse global customer base facilitated by e-commerce platforms, noting the missed opportunity for Vietnamese manufacturers to harness cross-border e-commerce to market their products.
Crucial factors for effective online sales include focusing on customer comfort and actively addressing concerns related to product quality, customer service, and delivery. Recognising these challenges, e-commerce platforms now offer comprehensive business support services spanning product listing, packaging, shipping, and returns to enhance the overall shopping experience for customers.
The imperative for Vietnam’s wood and furniture industry to embrace e-commerce as a strategic growth driver is clear. By leveraging online platforms, Vietnamese enterprises can not only expand their market reach but also enhance brand visibility and tap into the burgeoning global e-commerce landscape, thus ensuring sustained growth and competitiveness in the digital era.
Vietnam is strategically leveraging digital technology, online platforms, and e-commerce to propel its wood and furniture industry into international markets. By embracing these digital tools, Vietnamese enterprises seek to amplify their global presence, reach new customers, and capitalise on the boundless opportunities offered by the digital marketplace.
In line with Vietnam’s thrust towards global market penetration through digital platforms and e-commerce, a new initiative is underway to establish clusters of IT parks and software chains.
Led by the Ministry of Information and Communications (MIC), aims to boost Vietnam’s digital ecosystem and competitiveness in the production value chain. Despite progress, challenges persist, such as connectivity gaps and limited collaboration among IT parks.
The MIC stresses strategic capital investment to integrate the initiative into national ICT infrastructure, advancing Vietnam’s digital transformation agenda. Informed by the Institute of Information and Communications Strategy, the plan focuses on creating ICT parks in vital economic zones, nurturing technical infrastructure and a conducive business environment, thereby enhancing the growth of the digital technology sector.
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The International Telecommunication Union (ITU), in collaboration with the Food and Agriculture Organisation (FAO) of the United Nations, recently organised a Workshop on “Cultivating Tomorrow: Advancing Digital Agriculture through IoT and AI.”
Held at the Telecommunication Engineering Centre (TEC) of the Department of Telecommunications (DoT) and the Indian Council of Agricultural Research (ICAR), Department of Agricultural Research and Education (DARE), Ministry of Agriculture and Farmers’ Welfare, Government of India, this event aimed to explore the transformative potential of emerging technologies in agriculture.
Participation was open to ITU Member States, Sector Members, Associates, ITU Academia, and individuals from countries that are members of the ITU, as well as members of international, regional, and national organisations in hybrid mode. The event drew around 200 delegates, including international participants, who shared their experiences in the emerging field of Agriculture 4.0.
In light of the challenges posed by a growing world population and climate change to traditional farming practices, the workshop underscored the importance of leveraging technology for sustainable food production. It delved into the application of the Internet of Things (IoT), Artificial Intelligence/Machine Learning (AI/ML), Unmanned Aerial Vehicles (UAVs), and other cutting-edge technologies across the agricultural value chain, from production to consumption, including post-harvest management and marketing.
The discussions focused on how these technologies can empower farmers with real-time data, predictive analytics, and actionable insights to optimise their operations and enhance productivity.
A highlight of the workshop was the release of the Technical Report on “Revolutionising Agriculture: The Digital Transformation of Farming.” This report serves as a valuable resource for stakeholders in the agricultural sector, providing guidance on harnessing the power of technology to drive sustainability, efficiency, and resilience in food production. Overall, the event emphasised the critical role of digital innovations in shaping the future of agriculture and fostering global food security.
The Ministry of Agriculture & Farmers Welfare in India is pioneering the integration of cutting-edge AI technologies to enhance farmers’ productivity and well-being. Championing the India Digital Ecosystem Architecture (InDEA) 2.0’s network approach, the Ministry has achieved significant milestones.
According to Union Minister of Agriculture and Farmers’ Welfare, Shri Arjun Munda, in a written reply in Rajya Sabha, the Ministry of Agriculture and Farmers Welfare in India has leveraged AI to tackle various challenges in the agricultural sector, aiming to support farmers.
Key initiatives include the implementation of ‘Kisan e-Mitra,’ an AI-powered chatbot designed to assist farmers with inquiries regarding the PM Kisan Samman Nidhi scheme, which supports multiple languages and is expanding to cover other government programmes.
The National Pest Surveillance System employs AI and Machine Learning to detect crop issues caused by climate change, enabling timely interventions for healthier crops. Furthermore, AI-based analytics are utilised for crop health assessment using field photographs, along with crop health monitoring through the integration of Satellite, weather, and soil moisture datasets for rice and wheat crops.
A tripartite Memorandum of Understanding was signed, paving the way for collaborative efforts between the National Farmers’ Welfare Programme Implementation Society, IndiaAI, and a foundation to establish India as a global leader in AI-driven digital agriculture transformation. This partnership signifies a crucial step forward in leveraging AI to revolutionise digital agriculture, ensuring a prosperous and food-secure future for India.
Following the workshop, the 9th meeting of the ITU/FAO Focus Group on “Artificial Intelligence (AI) and Internet of Things (IoT) for Digital Agriculture” (FG-AI4A) will take place on March 19, 2024, at the same venue.
The Focus Group on Artificial Intelligence and the Internet of Things for Digital Agriculture (FG-AI4A) has extensively explored the potential of emerging technologies such as AI and IoT. These technologies offer promising avenues for data management, model enhancement, and effective communication, thereby optimising agricultural production processes.
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The Cyber Security Agency of Singapore (CSA) is dedicated to securing Singapore’s cyberspace to support national security, power the digital economy, and protect the digital way of life. To reinforce national security, CSA continually monitors cyber threats, defends critical information infrastructure (CII), and implements mitigation measures to safeguard essential services.
The Singapore Cyber Emergency Response Team (SingCERT) responds to cybersecurity incidents for its Singapore constituents. It was set up to facilitate the detection, resolution and prevention of cybersecurity-related incidents on the Internet.
Singapore, represented by the CSA has been working closely with ASEAN Member States (AMS) to establish the ASEAN Regional Computer Emergency Response Team (CERT) to promote and facilitate information-sharing related to cyber incident response, and to complement the operational efforts by individual national CERTs in each AMS.
Singapore had made the recommendation for a single AMS to host the ASEAN Regional CERT and proposed to host and fund its physical activities in Singapore at the 14th ASEAN Network Security Action Council in August 2023.
The ASEAN Regional CERT will enable stronger regional cybersecurity incident response coordination and critical information infrastructure (CII) protection cooperation, including for cross-border CII such as banking and finance, communications, aviation and maritime.
The 4th ASEAN Digital Ministers Meeting (ADGMIN) convened in Singapore in February, to address the multifaceted challenges and opportunities in the digital realm, particularly amid the ongoing COVID-19 pandemic.
The meeting recognised advancements in implementing the ASEAN Digital Masterplan 2025 (ADM 2025) despite the pandemic and stressed the need for a robust and inclusive digital ecosystem. The ADM 2025 Mid-Term Review (MTR) assessed progress in key areas including trusted digital services, consumer protection, and broadband infrastructure
The meeting highlighted the need to set governance standards for emerging technologies like AI, based on recommendations from the ADM 2025 MTR. It also emphasised the importance of collaborating on digital infrastructure and fostering trust among users for secure data sharing.
The endorsement of the ASEAN Guide on AI Governance and Ethics marked a significant milestone, reflecting the region’s commitment to harnessing AI technologies responsibly. The guide, which includes practical use cases for trustworthy AI deployment, is poised to serve as a valuable tool for promoting the responsible and ethical utilisation of AI solutions across ASEAN.
Additionally, the meeting welcomed initiatives aimed at enhancing regional cybersecurity capabilities, such as the establishment of the ASEAN Regional CERT. This initiative is expected to bolster incident response capabilities and facilitate timely information sharing and best practice exchange among ASEAN member states.
Moreover, the meeting acknowledged the importance of data governance and privacy protection in fostering digital trust. Efforts to promote the adoption of the ASEAN Model Contractual Clauses and facilitate seamless data transfers between ASEAN and the European Union were commended as significant steps towards enhancing regional data governance frameworks.
The meeting also highlighted the significance of digital infrastructure development, including the advancement of 5G networks and the establishment of frameworks to facilitate cross-border data flows, particularly in areas such as disaster management and logistics for rural areas.
In the realm of international cooperation, the meeting affirmed ASEAN’s commitment to deepening collaboration with dialogue and development partners, including China, Japan, the Republic of Korea, India, the United States, the European Union, ITU, and APT. These partnerships are crucial for advancing digital transformation, cybersecurity, and capacity-building efforts across the region.
Overall, the 4th ADGMIN underscored the collective resolve of ASEAN member states to navigate the evolving digital landscape, fostering innovation, inclusivity, and resilience to realise the full potential of the digital economy for the benefit of all stakeholders.
Following the endorsement of the financial model, Singapore will continue to work closely with AMS to operationalise the ASEAN Regional CERT to enhance collective cybersecurity within the region.
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In a significant stride towards fostering digital innovation within in the Fast-Moving Consumer Goods (FMCG) sector, the Technology Development Board (TDB) has joined hands with a Delhi-based company in a strategic agreement. Under this collaboration, TDB has approved a Conditional Grant of ₹1.22 crores (approximately US$162,000) to support its groundbreaking project titled “Digital Financial Solutions for Last Mile FMCG Value Chains in Emerging Markets”.
The initiative has been facilitated through the ‘INDIA-ISRAEL INDUSTRIAL R&D AND TECHNOLOGICAL INNOVATION FUND (I4F)’. Spearheaded by a company from Israel, the project sets out to revolutionise last-mile FMCG value chains in emerging markets through the implementation of cutting-edge digital finance solutions.
This partnership underscores the robust technological cooperation between India and Israel, highlighting their joint commitment to driving innovation in industrial research and development.
At its core, the project focuses on developing an integrated digital finance platform tailored specifically for last-mile FMCG value chains. Leveraging the Delhi company’s expertise in human-centred design, the project places a strong emphasis on enhancing user experience and ensuring alignment with diverse consumer needs. With a prestigious client portfolio that includes industry giants, the company brings invaluable insight and innovation to the project.
Upon completion, the platform is poised to seamlessly embed financial services across FMCG value chains, with particular attention to enhancing last-mile distribution networks. Drawing from the Delhi company’s extensive experience in managing branchless banking networks and B2B commerce platforms, the project aims to empower businesses and consumers alike, driving financial inclusion and fostering sustainable economic growth in emerging markets.
Speaking on the significance of this partnership, the Secretary of the Technology Development Board, stressed its pivotal role in addressing real-world challenges through innovation-driven solutions. As the inaugural agreement signed under the Bilateral India-Israel call, the initiative lays the groundwork for future collaborations.
Moreover, it signifies a commitment to transformative agreements that will drive progress and innovation in the near future. This partnership stands as evidence of technological advancement and cooperation between India and Israel, poised to deliver tangible benefits to both nations and beyond.
India is recognised as a burgeoning powerhouse in the global technology and digital space, with a commitment to innovation and leadership that extends beyond its borders. As the world witnesses an increasingly interconnected digital landscape, India is keen to leverage its expertise and resources to collaborate internationally.
OpenGov Asia highlighted the Indo-French Joint Committee of Science and Technology’s (JCST) recent meeting, emphasizing the efficacy of the Indo-French Centre for the Promotion of Advanced Research (CEFIPRA) in boosting collaboration. Talks centred on advancing research in key areas such as Interdisciplinary Cyber-Physical Systems (ICPS), health, clean energy, artificial intelligence (AI), quantum technologies, and advanced materials.
Emphasising the significance of fostering connections among innovators and entrepreneurs from both nations, the meeting underscored the importance of leveraging collaborative efforts for mutual benefit. Dr Claire Giry, Director General for Research and Innovation at the French Ministry of Higher Education and Research echoed these sentiments, stressing the need to reinforce ties between researchers from India and France, with a specific focus on sustainable technologies, applied mathematics, health, and ocean research.
With a commitment to inclusive and sustainable development, India’s endeavours in the tech and digital space aim not only to drive economic growth but also to empower communities worldwide, cementing its position as a beacon of technological leadership and cooperation on the international stage.
Through partnerships, knowledge exchange, and collaborative initiatives, India seeks to not only showcase its technological prowess but also to extend a helping hand internationally. By fostering innovation, promoting digital inclusion, and championing technological solutions to global challenges, India aims to demonstrate leadership in the tech arena while making meaningful contributions to the international community.
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A collaboration between the Postgraduate School of Geological Engineering at Bandung Institute of Technology (ITB), the Geological Engineering Student Association “GEA” (HMTG “GEA”), and the Indonesian Association of Geologists (IAGI) recently showcased the advancements in sensing technology at a seminar entitled “Remote Sensing Technology for Exploration, Inventory, and Management of Natural Resources in Indonesia”.
Led by Professor Dr Ir. Indroyono Soesilo, M.Sc., the seminar highlighted remote sensing’s pivotal role in a data-driven and tech-enabled world. It has become an indispensable tool in the scientific field, providing researchers and practitioners with valuable data and previously unattainable insights.
As humanity transitions into the “imagination society” of era 5.0, remote sensing emerges as a crucial tool in providing information and knowledge to address contemporary and future challenges, underlining its significance in digital transformation and problem-solving endeavours. Its continued development and integration into various industries promise to revolutionise further how humans interact with and understand the world.
According to Prof Indroyono, remote sensing is observing an object without direct contact using specialised sensors mounted on various platforms such as drones, aircraft, satellites, etc. Multiple sensors used for remote sensing operate at different wavelengths, ranging from visible light, infrared, and radar to seismic waves, providing flexibility in obtaining data needed for geology.
Since its inception in 1960 with NASA’s TIROS-1 project, remote sensing technology has undergone significant evolution, transitioning into a service-oriented industry in Indonesia by 1993. This transformation has been propelled by government support and infrastructure development efforts. The trajectory of remote sensing underscores its vital role in facilitating Indonesia’s exploration, inventorying, and management of natural resources.
The evolution of remote sensing technology is evident from the launch of the first satellite platform in 1960 to the subsequent deployment of Landsat-1, an earth monitoring satellite, 12 years later. Prof. Indroyono and other professionals have played a pivotal role in Indonesia’s remote sensing advancement, leveraging their international educational backgrounds. Initially, their focus was on fostering Indonesia’s remote sensing service sector, encompassing data providers, information service providers, knowledge service providers, and initiatives for market expansion.
Currently, many high-resolution satellites are used for commercial purposes. The images of the earth produced by these satellites are also real-time and directly collected in the extensive data system for inventory, monitoring, analysis, and prediction purposes.
In a previous article, OpenGovAsia reported that Indonesia was deploying remote sensing to estimate oil palm productivity using satellite imagery from Sentinel-2. The National Research and Innovation Agency (BRIN) established a collaborative remote sensing research project with Lamandau Polytechnic from Lamandau Regency, Central Kalimantan.
Through remote sensing data, this research collaboration aims to establish a comprehensive understanding and accurate prediction of oil palm productivity in Bulik District, Lamandau Regency. Furthermore, remote sensing has also been used for conservation, explicitly focusing on monitoring water quality and addressing marine waste. Plastic and other waste materials discharged into the oceans pose severe global challenges.
Prof. Indroyono stresses the necessity of strengthening regulations to ensure the ethical use of remote sensing technology, despite its industry’s current robustness in adhering to rules. He advocates for continuous research and development efforts to maintain competitiveness, stressing the importance of exploring new sensor technologies and refining data processing techniques. Additionally, he underscores the pivotal role of collaboration between government, industry, and academia in driving innovation and addressing challenges in remote sensing technology and applications.
While significant progress has been made, Prof. Indroyono believes there is still untapped potential in the remote sensing industry. By bolstering regulatory frameworks, investing in R&D, and fostering collaboration among stakeholders, the industry can continue its growth trajectory and realise its full potential in the years ahead.
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In a strategic move to bolster innovation and technology (I&T) ecosystems, the Hong Kong Science and Technology Parks Corporation (HKSTP) recently concluded an impactful visit to the Middle East, solidifying various strategic partnerships across Saudi Arabia, Qatar, and the UAE. This landmark initiative aimed to reinforce the world-class I&T ecosystems of both Hong Kong and the Middle East, leveraging digital advancements to propel global progress and collaboration.
Led by Professor Sun Dong, the Secretary for Innovation, Technology, and Industry, the delegation comprised representatives from eight park companies, showcasing Hong Kong’s prowess in innovation at the prestigious LEAP 2024 event.
These partnerships mark significant milestones in HKSTP’s mission to cultivate a truly global innovation community, seizing opportunities for multilateral technology collaborations and fostering cross-border innovation networks.
Among the standout achievements was Halo Energy Limited (Halo), a leading provider of electric vehicle (EV) charging solutions, securing two major partnerships in the UAE and Qatar. These strategic collaborations aim to explore opportunities for EV charging deployment and investment in the Middle East, laying the groundwork for sustainable transportation solutions in the region and driving the adoption of clean energy technologies.
A biotech company, a subsidiary of an HKSTP park company, inked a trilateral agreement with the Dubai Economic Development Corporation and another HK business. This partnership will expand the biotech research and development (R&D) footprint in the UAE, focusing on advancements in human and veterinary diagnostics and lab testing.
The collaboration underscores the commitment to technology exchange and innovation-driven solutions, fostering a dynamic ecosystem for biotech and green tech investments in the Middle East.
Furthermore, a pioneer in smart building solutions forged a strategic partnership with a Dubai-based company. This collaboration aims to promote energy-saving and green building solutions, with plans to implement its innovative platform in 100 commercial buildings across the region over the next 18 months. By harnessing the power of digital technologies, the partnership seeks to drive sustainable urban development and enhance the efficiency of built environments in the Middle East.
Albert Wong, CEO of HKSTP, emphasised the transformative potential of these partnerships in propelling both regions into a new era of innovation and collaboration. The strategic MoU signed with the King Abdulaziz City for Science and Technology (KACST) in Riyadh, Saudi Arabia, represents a pivotal step towards technology exchange and startup support between the two ecosystems, fostering an environment conducive to groundbreaking initiatives in technology and industry practices.
The delegation also explored strategic partnerships with another group, facilitating startups’ market expansion efforts in the Middle East, and engaged with leading innovation hubs such as Masdar City, Hub 71 in Abu Dhabi, and the Sharjah Research Technology and Innovation Park (SRTIP). These interactions fostered discussions on fostering innovative ecosystems and promoting collaboration across government, industry, and academia to drive research and development initiatives in key sectors.
HKSTP was optimistic after showcasing its vibrant I&T ecosystem at the Hong Kong Pavilion during LEAP 2024 in Riyadh, Saudi Arabia. With meaningful synergies anticipated between the two regions, the event provided a platform for HKSTP to highlight Hong Kong’s technological strengths and solidify its position as a gateway to the Greater Bay Area. T
Through demonstrations by eight Science Park tech ventures and a panel discussion moderated by CEO Mr Albert Wong, the event aimed to uncover new commercial opportunities and foster international partnerships for a prosperous I&T future.
The HKSTP’s Middle East delegation exemplifies the power of international collaboration in driving digital transformation and innovation. By forging strategic partnerships and fostering cross-border innovation networks, HKSTP is at the forefront of propelling global progress and shaping a future where technology transcends borders to address complex challenges and unlock new opportunities for all.