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Digital Economy

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Digital transformation has become a global imperative, with countries worldwide implementing various strategies to leverage digital technology for societal, economic, and governance improvements. Each country’s approach is tailored to its technological infrastructure, regulatory environment, economic priorities, and societal needs. This global transformation requires smart strategies, smart implementation, and a collaborative, outcome-oriented mindset.

Image credits: onde.go.th

In Thailand, for example, the government has embarked on a joint effort to advance the digital economy and society through initiatives like accreditation of government agencies’ curricula. Professor Wisit Wisitsaratha, who serves as a Permanent Secretary of the Ministry of Digital Economy and Society, has announced plans to publicise the outcomes of this project for 2023. This reflects Thailand’s commitment to equipping its government agencies with the skills to thrive in the digital age.

Mr Phuchapong Nodthaisong, the committee’s secretary-general for Digital for the National Economy and Society, revealed the outcomes of the 2023 curriculum accreditation operations, which aimed to certify 70 courses. The National Curriculum Committee (NCC) reviewed 73 courses from 18 institutions for accreditation, categorising 30 as essential and 43 as moderately important. The 177 courses were considered for certification from 2021 to 2023.

During the meeting, Mr Phuchapong Nodthaisong presented guidelines to promote and support government agencies in organising digital skill development training courses among government officials and personnel. These guidelines are designed to be practical and effective, with input from executives representing government agencies, the private sector, the business sector, and academia.

Professor Wisit Wisitsaratha highlighted that besides certifying more than 70 courses from the previous year, the Ministry of Digital Economy and Society has been following up on the results of course accreditation, with over 104 courses considered for their quality and standards. These courses cater to six groups of civil servants and government personnel: senior executives, division directors, policy and academic workers, service workers, technology operators, and other practitioners. The curriculum development standards include a mechanism for systematic monitoring and evaluation of performance.

Additionally, measures have been implemented to promote and develop the country’s digital workforce, aiming to raise their digital capability and potential. This includes the general public, students, labour groups, entrepreneurs, the business sector, and civil servants, who all require adequate digital skills to drive government agencies towards the digital government.

Mr Phuchapong Nodthaisong, Secretary-General of the National Digital Economy and Society Committee, emphasised that the NBTC has certified digital skills development courses for government agencies. Standards for curriculum development have been set alongside a mechanism for systematically monitoring and evaluating performance.

To support this, the NBTC has taken proactive steps to enhance the quality of these courses. They have established a cooperation network with recognised organisations in related fields. This collaborative effort ensures that the courses are developed and delivered in line with industry best practices and standards.

Additionally, the NBTC works closely with the Office of the Civil Service Commission and associated agencies, enabling them to align their efforts and resources and ensuring that the courses meet the needs and expectations of the civil service sector.

He further stated that the NDC has continuously held focus group meetings in the past to create guidelines for promoting and supporting government agencies in organising training for certified courses. These efforts include measures to promote and develop Thailand’s digital workforce under the project for managing and following up on the curriculum accreditation of government agencies.

These initiatives are integral to Thailand’s comprehensive strategy to cultivate a skilled workforce capable of propelling the nation’s digital transformation and enhancing its competitiveness in the global digital economy. Thailand aims to effectively leverage digital technology to improve its economy and society by equipping civil servants and government personnel with the requisite knowledge and skills.

An internationally recognised card service company, with a significant presence in the digital payments domain, released insights shedding light on Vietnam’s evolving payment landscape. Through its comprehensive consumer payment attitudes study, the company, highlights a surge in cashless transactions among Vietnamese consumers, signifying a progressive shift towards embracing novel financial technologies.

According to the study’s findings, a staggering 56% of Vietnamese respondents reported carrying less physical cash than they did a year prior, indicative of a growing inclination towards digital payment methods. Notably, the younger demographic is leading the charge in this transition, with a striking 89% having seamlessly adopted cashless payment solutions.

Furthermore, the company delves into the prevailing trends shaping Vietnam’s burgeoning non-cash economy, notably highlighting the ascendancy of mobile wallets. Vietnam stands among the top Southeast Asian markets witnessing rapid mobile wallet adoption, serving as the preferred avenue for payments and substantially contributing to the digital finance sector’s growth. Remarkably, four out of every five Vietnamese consumers utilise mobile wallets, positioning the country as a frontrunner in mobile finance adoption.

In tandem with the surge in mobile wallet usage, real-time payments (RTPs) have gained considerable traction in Vietnam, underscoring the nation’s receptiveness to cutting-edge financial technologies. The unparalleled convenience and efficiency offered by RTPs have fueled further digitisation of the economy, with at least two in five consumers leveraging these services for various transactions, including cross-border transfers, peer-to-peer payments, merchant transactions, and bill settlements.

Additionally, the buy now, pay later (BNPL) service has emerged as a popular choice among Vietnamese consumers, offering flexible payment options and driving increased consumer engagement. The company’s strategic collaborations with leading Vietnamese retailers for its instalment solutions exemplify the transformative impact of such services in fostering financial inclusion and spurring business growth.

While credit cards may witness comparatively lower usage for wallet top-ups and funding, they remain the preferred choice for BNPL plans in Vietnam. The ease of use, coupled with incentives like free vouchers, rewards points, and transparent payment tracking mechanisms, have been instrumental in driving the adoption of BNPL offerings.

Vietnam’s ongoing cashless payment revolution not only presents unparalleled opportunities for economic growth but also fosters innovation, unlocking new avenues for both consumers and businesses in the transition towards a cashless society.

The Country Manager for Vietnam and Laos at the card service company emphasised the company’s unwavering commitment to driving innovation and enhancing digital payment experiences for consumers. The findings from their study corroborate the growing trend towards contactless transactions, evidenced by a significant 53% increase in contactless transactions made on their cards, accompanied by a 19% surge in purchases and a substantial rise in the total value of cross-border transactions.

Supporting data from the State Bank of Vietnam (SBV) further underscores the positive trajectory of non-cash payment and digital banking activities in the country. As of the end of 2023, individual payment accounts surpassed 182.88 million, reflecting a notable 21.8% year-on-year increase. In January 2024, non-cash transactions surged by 63.3% in volume and 41.45% in value compared to the previous year, with transactions through the internet and QR codes witnessing exponential growth rates.

OpenGov Asia reported on Vietnam’s strides towards a cashless society, attributing the momentum to government policies favouring digital payments. Increased online transactions fuel competition among tech firms, advancing Vietnam’s digital economy. A survey showed that 43.8% of sellers accept bank transfers, and 15.3% use VietQR codes, indicating wide digital payment adoption.

Encouraged by these trends, the SBV continues to advocate for digitalisation within credit institutions, fostering collaboration across sectors to expand the digital ecosystem, while concurrently refining the legal framework, mechanisms, and policies governing non-cash payments.

In a world where addressing climate change has emerged as one of the defining challenges, innovation and digital transformation have the potential to combat climate change and accelerate the transition to a sustainable future.

Government officials, academics, and business leaders gathered at the SGFIN Sustainability Summit in Singapore to delve into the intersection of technology and finance, aiming to combat climate change and expedite the shift towards a sustainable future.

Deputy Prime Macinaister Heng Swee Keat, in his opening remarks, underscored the urgent need for collective action to address climate change, emphasising its global repercussions. From extreme weather events to rising sea levels, the impacts of climate change are felt across borders, disrupting economies and threatening livelihoods. In Singapore, where temperatures have risen steadily over the past four decades, the imperative for action is particularly acute.

Singapore has positioned itself as a leader in sustainability, committed to achieving net-zero emissions by 2050 outlined in the Singapore Green Plan 2030. This comprehensive roadmap encompasses a wide range of initiatives, including increasing the deployment of solar energy, enhancing green infrastructure, and implementing measures to reduce water consumption and waste generation.

GovTech, as the public sector’s centre of excellence for info-comm technology and smart systems (ICT&SS), is spearheading efforts to decarbonise public sector technology as part of the nation’s commitment under the Singapore Green Plan 2030.

Among GovTech’s initiatives are ensuring environmental consideration throughout the lifecycle of products and services with the GovTech Sustainable Digital Value Chain. This involves assessing and minimising environmental impacts from creation to disposal.

Additionally, GovTech provides energy-efficient data centres and cloud hosting options certified with Green Mark Platinum to meet the consolidated needs of the entire government more efficiently through its Green Government Hosting initiative.

Key initiatives include offering digital alternatives to physical transactions such as tele-conferencing and digital business cards through the Digital Workplace, centralising energy-efficient data centres to support agency server room consolidation, and developing secure government cloud solutions to accelerate the adoption of modern cloud capabilities through Government Hosting Consolidation and Cloud Migration.

GovTech is also actively exploring Green IT tools to augment software development processes and reduce carbon emissions with its Green Software initiative. Furthermore, GovTech is developing an Open Digital Platform for smarter district planning in the Punggol Digital District. This platform is expected to reduce energy and water consumption by up to 30% compared to the national average, showcasing the country’s commitment to driving sustainability through technological innovation.

Deputy Prime Minister Heng highlighted the importance of embedding sustainability across all sectors of the economy, noting the role of initiatives such as mandatory climate-related disclosures for listed companies in driving progress.

Finance plays a pivotal role in driving the transition to a low-carbon economy, serving as a critical enabler of climate action. Deputy Prime Minister Heng outlined Singapore’s efforts to mobilise financial resources for green investments, citing initiatives such as the Finance for Net-Zero (FiNS) Action Plan and the Singapore-Asia Taxonomy for Sustainable Finance.

These initiatives aim to provide investors with clarity and transparency regarding sustainable investments, thereby reducing the risks of greenwashing and facilitating the flow of capital towards climate-friendly projects.

Deputy Prime Minister Heng outlined strategies to mobilise finance for climate action, emphasising talent pool enhancement in sustainable finance, robust regulatory standards, and urging the use of venture capital for innovative climate solutions, aligning with Singapore’s research and innovation focus.

As nations continue to exchange ideas and forge partnerships, collaboration is key, paving the way for transformative change and a more sustainable future powered by innovation and financial ingenuity. It is through such collective efforts that the world can hope to overcome the challenges of climate change and create a better world for future generations.

India’s prominent role in shaping the global telecommunications landscape was reinforced as Dr Neeraj Mittal, Secretary of the Department of Telecommunications, Government of India, led a high-level delegation to the International Telecommunication Union (ITU) Headquarters in Geneva.

Image credits: Press Information Bureau

Dr Neeraj Mittal’s election as Co-chair of the Digital Innovation Board of the International Telecommunication Union (ITU) represents a significant milestone, underscoring India’s prominent leadership role in fostering digital innovation on the global stage. This appointment not only acknowledges India’s expertise and contributions in the field of telecommunications but also reflects its commitment to driving transformative initiatives that leverage technology for socio-economic development and inclusive growth worldwide

The Digital Innovation Board, formed under the Innovation and Entrepreneurship Alliance for Digital Development, comprises Ministers and Vice Ministers of Telecom/ICT from 23 ITU member countries. It aims to provide strategic guidance and advocacy for fostering innovation and entrepreneurship in digital development, crucial for creating a more inclusive and equitable digital future.

The visit, aimed at fostering collaboration and exploring innovative initiatives in the telecommunications and information and communication technology (ICT) sectors, yielded several significant outcomes.

Discussions during the visit centred on scaling up ITU Area Office India, Digital Innovation Board, Digital Transformation Lab, Acceleration centres, and the Global Innovation Centre in India. Agreements were reached on various initiatives aimed at enhancing collaboration and innovation in the telecommunications sector. These initiatives are poised to play a pivotal role in accelerating the digital transformation journey of India and other member countries.

Furthermore, the visit emphasised India’s increased participation in ITU activities. Efforts to engage academia and industry members from India were discussed, with a focus on enhancing India’s contributions to the global telecommunications agenda. Bilateral meetings with Japan and Bahrain yielded proposals for collaborations on various fronts, including AI, 5G use cases, cybersecurity, and the development of the Data Embassy. These partnerships underscore India’s commitment to fostering international cooperation and leveraging technology for mutual socio-economic benefit.

The bilateral meeting with Japan, co-chaired by Dr. Mittal and Mr. Hiroshi Yoshida, Vice Minister, Minister of Internal Affairs and Communications, Japan, reviewed engagements between India and Japan in the telecom and ICT sectors. Both parties proposed active collaboration on AI, 5G use cases, and Quantum Products certification. They stressed the need for collaboration to develop a framework on trusted products and agreed to operationalise sub-working groups on 5G use cases and massive MIMO under the India-Japan Joint Working Group on ICT.

Similarly, the bilateral meeting with Bahrain, co-chaired by Dr Mittal and Mr Mohammed Bin Thamir, Minister of Transport and Telecom of the Kingdom of Bahrain, explored opportunities for collaboration in the ICT sector. Both countries decided to actively collaborate in areas such as Artificial Intelligence, 5G use cases, Cybersecurity, and the development of the Data Embassy. Additionally, discussions revolved around revisiting the MoU on ICT between the two countries that lapsed in 2015. India proposed sharing the TEC standard on Fairness Assessment and Rating of Artificial Intelligence Systems and status notes on the regulatory sandbox with Bahrain.

The visit to the ITU Headquarters and the outcomes achieved therein underscore India’s proactive approach to shaping global telecommunications policies and leveraging innovation for socio-economic progress. Through active engagement and collaboration with international partners, India aims to harness the power of technology for inclusive growth and sustainable development on a global scale.

Invest Hong Kong (InvestHK) and the Administrative Committee of Wuhan East Lake High-Tech Development Zone (WEHDZ) recently joined forces to host a pivotal investment drive in Wuhan, Hubei Province, aimed at galvanising local high-tech enterprises to harness Hong Kong’s distinctive business advantages amidst the evolving landscape of the Belt and Road Initiative and the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) development, paving the way for expansive growth opportunities overseas.

Image Credits: Invest Hong Kong

Titled “Opportunities for Wuhan and Hong Kong: Collaborative Development of Innovation and Technology,” the seminar served as a platform of collaboration, uniting key stakeholders including InvestHK, WEHDZ, the Hong Kong Economic and Trade Office in Wuhan (WHETO), the Office for Attracting Strategic Enterprises (OASES), and the Hong Kong Trade Development Council (HKTDC), with strong support from relevant local government offices.

Dr Jimmy Chiang, Associate Director-General of Investment Promotion at InvestHK, set the stage with an emphasis on Hong Kong’s pivotal role as an international innovation and technology (I&T) hub. He highlighted the city’s commitment to reinforcing its traditional status as a global financial, transportation, and trade centre, alongside its burgeoning position as a focal point for international legal and dispute resolution services in the Asia-Pacific region.

The significance of Hong Kong’s proactive steps to evolve into a leading international I&T hub was outlined in the recently released Policy Address by the Chief Executive. The policies outlined in the address underscored Hong Kong’s commitment to supporting the growth of I&T enterprises, aligning seamlessly with the broader national strategy.

Dr Chiang also highlighted Hong Kong’s longstanding collaboration with Wuhan, noting Hong Kong’s status as the largest source of foreign direct investment in Wuhan and one of its principal business and trade partners. He expressed optimism that enterprises in Wuhan could leverage Hong Kong’s professional services and I&T advantages to expand their footprint overseas, further solidifying Hong Kong’s role as a bridge between mainland China and the world.

Echoing Dr Chiang’s sentiments, Mr Li Shiting, representing the Administrative Committee of WEHDZ, emphasised the pivotal role of innovation in driving high-quality development, stressing the importance of openness and cooperation in fostering innovative growth. He underscored Hong Kong’s unique position as an international financial, trade, shipping, and I&T hub, boasting abundant resources across various domains and offering a plethora of cooperative opportunities with WEHDZ in the realm of I&T and industrial development.

Mr Franco Kwok, Director of WHETO, elaborated on the recent budgetary measures in Hong Kong designed to bolster I&T development, paving the way for the city’s transformation into an international I&T powerhouse. He emphasised the alignment between Wuhan’s aspirations as a national science and technology innovation centre and Hong Kong’s trajectory as an emerging international I&T hub, highlighting the inherent synergies between the two regions and their vast potential for cooperative development.

The seminar also witnessed presentations from representatives of various organisations, including the Hong Kong Science and Technology Parks Corporation and industry players from Wuhan and Hong Kong, exploring cooperative opportunities and sharing insights on navigating the dynamic landscape of I&T development.

The discussions also delved into the emerging cooperative opportunities between Wuhan and Hong Kong in the realm of I&T development. Representatives from leading enterprises and industry experts engaged in robust discussions on integration and collaboration prospects in I&T industries, offering valuable insights into expanding and upgrading business operations through strategic synergies between the two cities.

The culmination was a renewed commitment from both sides to foster closer collaboration and capitalise on the shared opportunities for innovation-led growth and development in Wuhan and Hong Kong.

Vietnam is rapidly establishing itself as a significant player in the global data centre market, driven by various factors including the increasing digitalisation efforts of its domestic small and medium-sized enterprises (SMEs), the tech-savvy nature of its young population, the rollout of 5G technology, and a rising demand for self-reliant digital infrastructure and data sovereignty.

The Vietnamese data centre market has experienced remarkable growth, surpassing US$1 billion last year, almost doubling the figures recorded in 2022. Notably, the majority of participants in this burgeoning sector are domestic telecommunications companies, indicative of the local industry’s growing capabilities and investment in digital infrastructure.

A leading real estate consultancy firm, reports that there are presently 28 data centre projects spread across the country, boasting a combined capacity of 45 MW and involving 44 service providers. This surge in activity is further underscored by the entry of major global players, one of which announced the establishment of data centres in Hanoi and Ho Chi Minh City in August 2022.

Despite this rapid expansion, Vietnam’s data centre market remains relatively young compared to more mature markets in the region such as Singapore and Tokyo. While international cloud service providers have yet to make a significant imprint, partnerships between international telecommunications companies and local counterparts have facilitated market entry. Additionally, small and medium-scale projects initiated by domestic firms are underway in key cities like Ho Chi Minh City and Hanoi, showcasing a diverse ecosystem of data centre development.

The driving forces behind Vietnam’s data centre market expansion are manifold. The CEO of a prominent real estate firm, highlights rapid population growth, urbanisation trends, high internet penetration rates, and active digital adoption in various sectors including banking and business operations. These factors collectively contribute to a conducive environment for data centre investment and growth.

However, despite these promising indicators, Vietnam faces challenges in scaling its data centre infrastructure to meet global standards relative to its population size. Issues such as construction complexities, a shortage of skilled labour, and logistical hurdles in the supply chain pose obstacles to domestic investors.

To navigate these challenges, industry experts recommend a strategic focus on larger-scale data centre projects over smaller, fragmented facilities. Southern provinces, with their ample land reserves, access to reliable electricity within industrial zones, and proximity to major national submarine cable landing stations, emerge as promising locations for future data centre developments. Additionally, the prevalence of renewable energy sources, constituting a quarter of the national energy mix, provides a sustainability advantage for prospective data centre investors.

In the broader context, data centres are poised to play a pivotal role in facilitating Vietnam’s digital transformation journey. While the market is still in its nascent stages, the anticipation of favourable investment policies in the near future signals a growing appetite among foreign investors to capitalise on the country’s burgeoning data centre sector and contribute to its digital evolution.

Vietnam is forging ahead with plans to establish clusters of IT parks and software chains, signalling a concerted effort to bolster its digital ecosystem and elevate global competitiveness within the production value chain. Despite notable strides in IT park development under the 2020 master plan, challenges persist, particularly regarding connectivity and collaboration among these parks and industrial zones, especially in larger urban centres where potential remains largely untapped.

By integrating this initiative into broader national ICT infrastructure development and regional socio-economic planning, Vietnam underscores its commitment to harnessing technology as a driver of economic growth and innovation.

In an endeavour to propel districts toward a more digital state, Thailand is actively pursuing various initiatives, one of which involves fostering innovation through collaborative efforts. This endeavour encompasses a wide array of entities, stakeholders, public sectors, and even the populace itself. One notable initiative in this regard is the development of the digital volunteer network (VSO) for 2024.

Image credits: onde.go.th

Mr. Phuchapong Nod Thaisong, former Secretary-General of the National Digital Economy and Society Committee, led a training session to introduce the 2024 fiscal year project aimed at developing the digital volunteer network (VSO).

The session was attended by numerous officials and entities including the National Statistical Office and Mr. Phinij Kalyanamaneekorn, Deputy Director of the National Statistical Office, along with 320 executives and personnel from the Provincial Statistics Office.

In his address, Mr Phuchapong Nodthaisong highlighted the collaboration between the National Digital Economy and Society Commission (NCDC) and the National Statistical Office to develop digital volunteers (VSO) across the country. This initiative aligns with the Ministry of Digital Economy and Society’s policy of transforming “Provincial Statistics” into “Provincial Statistics and Digital” as part of the broader strategy to drive the digital economy and society in Thailand. The policy, known as “The Growth Engine of Thailand,” focuses on three key areas:

  • Increasing digital capabilities for Thailand’s competitiveness
  • Ensuring stability and safety in the digital economy and society
  • Enhancing the country’s digital human capital

Mr Phuchapong emphasised the importance of the National Statistical Office officials in driving these policies at the local level. To ensure the project’s continuous and effective operation, the training aimed to build knowledge, understanding, and skills in areas such as E-commerce, e-Agriculture, MOOC Coding, and Digital Literacy. The training also covered how to access tools to support the performance of duties as VSDs.

The role of VSDs is crucial in enhancing the government sector’s work by facilitating communication and knowledge transfer to people in their areas using modern technology. The training introduced a competency framework and curriculum for VSD development, including basic competencies, the role and duties of VSDs, and various digital competencies such as digital literacy and problem-solving. This has led to the creation of “VDA leaders” in every district, acting as central links in driving the mission forward.

Moreover, the collaboration collaboration between the National Digital Economy and Society Commission and the National Telecommunications Public Company Limited has culminated in the successful development of the “Digital Volunteers” application. This innovative platform plays a pivotal role in supporting VSDs by enabling them to provide valuable advice to the public.

Further, it also serves as a comprehensive channel for accessing a wealth of useful information, including a diverse array of online study courses and essential services for agencies under the Ministry of DE. Additionally, the application incorporates features that allow users to verify information, thereby playing a crucial role in combating the dissemination of fake news.

The project has successfully expanded to create SAOs at the provincial, district, sub-district, and community village levels, with a total of 11,944 individuals participating. These efforts aim to promote and expand internet usage in various areas such as education, public health, and agriculture, ultimately improving the quality of life for people in these areas. Moreover, the project contributes to building digital literacy and immunity among Thai people, ensuring they are well-equipped to navigate the digital landscape.

By recognising the importance of such initiatives, the training session represents a significant stride in the advancement of the digital volunteer network. Thailand’s dedication to this cause underscores the commitment of the National Digital Economy and Society Commission and its partners to propel Thailand’s digital transformation and bolster the country’s digital capabilities.

In a move set to reshape Hong Kong’s fintech landscape, the Hong Kong Science and Technology Parks Corporation (HKSTP) and an international bank have embarked on a pioneering three-year strategic partnership. This collaboration marks the city’s largest innovation and technology (I&T) ecosystem joining forces with a leading global financial institution, representing a significant step forward in fostering innovation and fortifying the bank-fintech collaboration ecosystem.

The agreement, inked by the Chief Executive Officer, Hong Kong from the international bank and Albert Wong, Chief Executive Officer of HKSTP, signifies a milestone in driving Hong Kong’s startup, fintech, and I&T ecosystems to new heights. This transformative partnership is poised to revolutionize Hong Kong’s fintech landscape through a strategic focus on five key areas:

International Fintech Corridor: Facilitating seamless collaboration between Hong Kong-based fintech firms and global partners, with a keen focus on attracting international companies to establish a presence in Hong Kong. Through insightful market analyses and supportive services, the partnership aims to empower tech companies to expand their global footprint. Notable initiatives include business matching events and participation in international delegations to foster global connections.

Investment Opportunities: Identifying and nurturing promising technology companies by providing access to funding opportunities, investment insights, and mentorship. The partnership aims to support a minimum of 50 fintech companies proposed by HKSTP, offering tailored financing solutions and investment opportunities to fuel their growth journey.

Ecosystem Growth and Support: Offering coaching sessions, access to industry experts, mentorship, and networking opportunities to foster the growth of HKSTP’s fintech ecosystem. Through a series of workshops, fintech companies will receive guidance to ensure the safe operation of their solutions in collaboration with financial institutions. The partnership aims to invite up to 20 fintech firms annually to these workshops and provide customised financial services, including payment, lending, foreign exchange, cash management, and trade finance support.

Data Collaboration: Enhancing cross-industry data collaboration capabilities to drive innovation and improve accessibility to products and services.

Solution Scouting and Co-creation: Evaluating and potentially integrating HKSTP’s tech ventures’ fintech solutions into the bank’s products and services. Additionally, the partnership will explore opportunities for product co-creation with fintech companies to drive innovation and enhance customer experiences.

Albert Wong, CEO of HKSTP, expressed enthusiasm about the transformative journey ahead, emphasizing the collaborative effort’s potential to propel fintech innovation and scale up Hong Kong’s fintech ecosystem. He highlighted the partnership’s commitment to leveraging networks, funding, mentorship, and business matching opportunities to drive fintech growth.

Hong Kong’s emergence as a leading fintech hub, boasting over 1,000 fintech companies and nearly 4,000 startups, underscores the strategic importance of fostering innovation in the region. With a strong emphasis on technological innovation and development, reflected in the 2023 Hong Kong Policy Address, the government’s vision aligns with the partnership’s objectives to enhance Hong Kong’s long-term competitiveness.

In the banking sector, Hong Kong’s proactive approach to promoting fintech advancements across various domains, including Wealthtech, Insurtech, Greentech, and Regtech, underscores the region’s commitment to embracing digital transformation. With ongoing initiatives to explore the potential of artificial intelligence, blockchain, tokenization, and virtual assets, Hong Kong is well-positioned to drive fintech innovation on a global scale.

Continuing its commitment to fostering open banking innovation, the international bank will sponsor HKSTP programmes such as the Elevator Pitch Competition (EPiC) and API EcoBooster. EPiC 2024, which attracted over 600 leading tech startups from 47 economies globally, serves as a testament to the collaborative efforts driving fintech innovation locally and globally, further solidifying Hong Kong’s position as a key player in the digital economy arena.

OpenGov TV Speaker Panel – Know Your Customers

Part 3 of our OpenGov TV Speaker Panel series with OneConnect. Listen to experts talk about the importance of KYC (Knowing Your Customers)!

PARTNER

Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

PARTNER

CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Well-known for our strengths in system integration and consultation, CTC Global proves to be the preferred IT outsourcing destination for organizations all over Singapore today.

PARTNER

Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

SUPPORTING ORGANISATION

SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

PARTNER

HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

PARTNER

IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.