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Without doubt, data is seen as a vital asset today for gaining insights into the market and for understanding consumer behaviour.
Data does not act alone; it plays a role in the use of technologies such as cloud services and artificial intelligence (AI). These technologies work hand in hand for managing the inflow and large volumes of data.
The modern data experience leverages the agility and innovation of multiple technologies to allow for better performance – increased productivity and efficiency of organisations.
The financial industry understood this long enough and has been innovating on its systems and working on using technologies to provide better customer experience.
The OpenGov Breakfast Insight on 17 January 2020, held at Amara Singapore, was attended by delegates from the financial services industry who shared their insights on embracing the modern data experience.
Data is the DNA of all technologies
Insights of data are the main thing now, along with Artificial Intelligence (AI), Quantum and other technologies.
Mohit Sagar, Group Managing Director and Editor-in-Chief of OpenGov Asia, shared on AC/DC: a term OpenGov had coined to easily remember its prediction for where innovation and technology are heading toward.
According to this prediction, the trends being seen now are AI, Convergence, Data and Cyber Resilience.
Mohit stressed that data is the DNA of it all. “The insights of data give the flavour of what is going on,” he said.
Data is being collected at rapid speed, either at random or as a continuous process. While data is getting structured, it is also undergoing a metamorphosis, which in this case is data transformation.
Data is getting structured. Consumers are collecting data without even realising it. Bite-sized pieces of data are being collected by the minute, creating a drip-feed of information.
Data is also being recognised as the new hero; it helps to drive information and innovation. But are we trusting it?
In the face of the government, bureaucratic and legal obstacles are reasons for the Public Sector having obstacles to achieving it.
Mohit encouraged the sharing of data as it is now existing as a competitive space. With people being the game-changer, technology has to be enabled together with the empowerment of people.
It is imperative for institutions to find the next platform. Technology is not an expense but instead is a vital part of data transformation.
Challenges will keep coming but they should be apprehended, one at a time.
“Get the right advice, the right stakeholders and the right partners and then be a game-changer.”
Mohit Sagar
Data will be best used and produce the desired results when the right strategies are adopted, to maximise the use of data. Mohit put forth that “adding ice” with more innovations and ideas will be fruitful in achieving the desired outcomes.
Data-driven to Data-centric
The world is moving from data-driven to data-centric. A data-driven approach refers to putting things in silos while a data-driven approach allows data to be used anywhere the user wants to, and for any application.
Sunil Chavan, Vice President of FlashBlade at Pure Storage, shared insights based on conversations with FinTech firms and startups.
From these interactions, it appears that fintech companies have solutions and technology to offer but banks do not have data to provide. This could be due to regulatory issues or data not being available.
Due to such situations, Pure Storage focuses more on providing data-centric services, so that data is free to be used in the way it is intended to be used.
The Digital Transformation journey is undertaken with investments made in 7 key areas which include business intelligence or data analytics solutions, artificial intelligence/machine learning, and cloud services/solutions, according to a Gartner report.
Data is at the heart of it all, impacting areas such as business analytics, cybersecurity, cloud adoption, application modernisation and DevOps, customer experience and AI/machine learning.
Business problems have changed, and open banking is one of them. Open banking requires some microservices-based application development. Without the data to support that or being stuck with latency infrastructure, this creates a gap. New companies, cloud or digital banking organisations are looking at how this can be approached.
Digital transformation is fundamentally made up of four key areas- performance, agility, minimising cost, and reliability.
Sunil added that the next phase of digital transformation will see the adoption of a single data-hub strategy, moving away from data lakes.This strategy will allow for access to information, provide the data to the app and bring it back as intended.
The “Modern Data Experience”, looks at modernising infrastructure with core applications. Sunil added that Pure Storage is potentially one of the first for creating a pre-emptive augmented AI-based data management solution for its customers. Real-time analytics and AI were the DNA for it.
“Embracing the modern data experience is about keeping things fast, using cloud infrastructure, keeping it simple, and subscribing to innovation.”
Sunil Chavan
Data is going to be the game-changer
Kate Carruthers, Chief Data and Insights Officer at UNSW Sydney, shared that data is inherently risky the more you collect. She said that data is not exactly the “next oil”, with oil being a finite resource and data being infinite.
The 5 propositions of data are:
- Data is not neutral
- There is no such thing as raw data
- The signal to noise ratio has changed
- Data is not inherently smart
- The more data we have the less anonymity
Data is not neutral. The selection of one piece of data over another, decisions are made of what data to keep and of what data not to keep.
As a result, there is no such thing as raw data. The signal to noise ratio, with so much data now, it is difficult to get that the signal.
AI and Machine learning are used here due to the sheer scale of data. Data is assumed to be inherently smart.
But data needs to be curated and understood to make the right decisions using it.
Data is currently existing in disconnected silos, instead of being integrated neatly together. It is hard to get data from different sources and place in a common format to be understood. Instead, we are dealing with unformatted data. AI technology is yet unable to navigate this.
The following are the drivers of digital transformation in Australia:
- EU’s revised Payment Services Directive (PSD2)
- General Data Protection Regulation
- Competition and market authorities push for a level playing field
- Fallout from the Banking Royal Commission
But none of it is about customers. Australia is largely driven by regulatory actions. The regulatory framework is changing, and it is driven by the European Union (EU). The EU is setting the agenda for data protection and banking, with its service directives.
The real challenge in Australia is that non-banking competitors are trying to slip into that space and service customers while providing great customer experience. Big banks are unfortunately not doing well to respond to that.
The customer experience will become critical for the new landscape, which will look at the increasing use of microservices. Staring from a customer service orientation will help to drive business. APIs will become fundamental to this.
Ultimately, data is going to be the game changer and digital transformation is founded upon data. This cannot happen without good data. With so much data at hand, AI and machine learning will be needed to gain analytics insights. With that, Kate added that the landscape of banking will have to change dramatically.
Where are organisations at?
In some financial institutions, there is a big push for digital transformation and innovation. But when a dollar value is put on it for funding a project or innovation, it is not always at the top of cards. The focus instead is more on existing process efficiencies and cost reduction.
The challenge with that is that with a lot of innovation going on, the shift of process comes at a huge cost. Risk-taking is not an option. Especially with banks having legacy structures, a lot of change is required.
In fact, for some financial institutions, digital transformation is made up of, improving efficiencies and reducing maintenance cost, and digital record-keeping to comply with government legislation.
The Public Sector session on Wednesday saw the response of the government viewing digital transformation and innovation as a key IT priority.
Digital transformation is seen to be important for evolving business value. In the FSI space, there is not an ultimate vision for the future.
Business value is constantly changing. From the perspective of private banking, external customer-centricity is crucial as it is the end goal. This end goal is what will drive business value.
Getting real-time insights, from a business point-of-view, is about getting the right data with the right insights.
Banks are struggling with data quality, especially with them sitting on a mountain of data. It is also a hassle having to deal with many legacy systems.
Depending on the type of data, either regulatory compliance or real-time insights will the biggest challenge for data management.
Again, legacy systems pose a challenge for managing change in data/business requirements. There is a lack of flexibility/agility in current systems.
Data Accessibility and Sharing is viewed as the biggest pain point in the big data value chain for financial institutions. Having said that, data analytics is one area of technology which financial institutions are looking to invest in, for it to be a key driver of digital transformation.
Creating the modern data experience
Data underpins the entirety of digital transformation. Convergence of infrastructure will be an upcoming trend, though there still is confusion around it. Using the right technologies and understanding how to manage data will help to achieve the digital transformation goals. This all comes together under embracing the modern data experience.
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Prime Minister Pham Minh Chinh has called upon the youth to take the lead in propelling Vietnam’s digital transformation, emphasising their crucial role in shaping the nation’s future amidst the burgeoning digital economy. The Prime Minister made these remarks during a dialogue held in Hanoi on March 26, where he engaged with 300 outstanding young individuals from various regions of the country.
With the digital economy projected to contribute 30% to the gross domestic product (GDP) by 2030, PM Chinh underscored the urgency for Vietnam to embrace digitalisation as an indispensable global trend. He highlighted digital transformation as a cornerstone alongside the green economy, circular economy, sharing economy, and intellectual economy, essential for realising the nation’s development objectives of transitioning into a modern, upper-middle-income country by 2030 and achieving developed, high-income status by 2045.
In his address, PM Chinh urged the youth to champion digitalisation by raising public awareness, advocating for policy reforms, driving administrative modernisation through digital technologies, and advancing research and development efforts in the digital domain. Emphasising their role as pioneers, he expressed confidence in the youth’s ability to contribute, innovate, integrate into society, and pursue personal growth.
Moreover, PM Chinh called upon the youth to collaborate with the government in establishing a digital government, digital economy, digital society, and nurturing digital citisenship. This collaborative approach is deemed essential for harnessing the full potential of digital technologies to address societal challenges and drive inclusive growth.
Responding to the Prime Minister’s call, the youth presented recommendations to the government, emphasising the need to refine the legal framework governing digital platforms and establish effective communication channels to engage citisens in the digital transformation process. They stressed the importance of inclusivity and transparency in policymaking to ensure the successful implementation of digital initiatives.
During the dialogue, PM Chinh addressed queries from the youth regarding data protection, cybersecurity measures, integration of public services with the national population database, and strategies to preserve cultural identity in the digital age. Acknowledging these concerns, the Prime Minister reaffirmed the government’s commitment to safeguarding data privacy, enhancing cybersecurity, and promoting cultural heritage preservation in the digital era.
Furthermore, PM Chinh instructed relevant ministries, authorities, and localities to expedite the implementation of the National Digital Transformation Programme, refine existing mechanisms and policies, and create an enabling environment for youth-led initiatives. This concerted effort aims to foster innovation, entrepreneurship, and digital literacy among the younger generation, thereby ensuring their active participation in shaping Vietnam’s digital future.
The dialogue served as a platform for meaningful exchanges between the government and the youth, highlighting the importance of collaborative efforts in driving Vietnam’s digital transformation agenda. With the youth at the forefront, Vietnam is poised to harness the opportunities offered by digital technologies to achieve sustainable development and prosperity for all.
As reported by openGov Asia, Vietnam is undergoing a digital revolution, characterised by concerted endeavours to advance the country’s digital transformation. With aspirations to attain high-income status by 2045, Vietnam’s digital technology sector focuses on mastering technology, fostering innovation, and developing domestic manufacturing capacities.
In this context, inclusivity and collaboration are essential, serving as key drivers to unleash the transformative power of technology and foster economic expansion, ensuring broad societal participation and contribution to the nation’s advancement.
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Artificial Intelligence (AI) stands at the forefront of technological innovation, promising transformative solutions to complex challenges across various domains. Recognising its potential to revolutionise industries and improve societal well-being, the National University of Singapore (NUS) has inaugurated the NUS AI Institute (NAII). Led by Professor Mohan Kankanhalli, NAII aims to accelerate AI research and its practical applications, fostering collaboration, innovation, and societal impact.
In an era marked by rapid technological advancements, AI has emerged as a powerful tool with the capacity to reshape diverse sectors, ranging from healthcare to finance, education, logistics, and beyond. The establishment of NAII underscores NUS’s commitment to harnessing AI for the greater good, addressing critical issues facing Singapore and the global community.
At the core of NAII’s mission is the advancement of fundamental AI research, aimed at pushing the boundaries of AI capabilities and exploring novel applications across various domains. Through foundational research initiatives, scientists at NAII will tackle complex AI problems, spanning hardware and software systems, AI theory, responsible AI, reasoning AI, and resource-efficient AI. By delving into these areas, the institute seeks to develop cutting-edge AI technologies that address real-world challenges and drive innovation.
Moreover, NAII will prioritise research into the ethical and societal implications of AI, aiming to develop robust governance frameworks that ensure responsible AI development and deployment. This includes examining issues related to transparency, accountability, and ethical decision-making in AI systems. By fostering dialogue and research on AI ethics and governance, NAII aims to guide the responsible use of AI technology and mitigate potential risks.
In addition to foundational research, NAII will spearhead applied research initiatives, focusing on developing AI-driven solutions for specific application domains. Collaborating with experts from diverse fields, including healthcare, logistics, manufacturing, finance, urban sustainability, and education, the institute will tackle pressing challenges and explore opportunities for AI-driven innovation. From optimising supply chains to improving healthcare outcomes and enhancing urban infrastructure, NAII’s applied research efforts aim to deliver tangible benefits to society.
Furthermore, NAII will serve as a hub for AI talent development, providing comprehensive education and training programs for students, professionals, and policymakers. By offering hands-on learning experiences and internships, the institute seeks to nurture the next generation of AI leaders and entrepreneurs, equipping them with the skills and knowledge needed to drive innovation in AI.
To support its research and educational endeavours, NUS has allocated significant resources to NAII, including external research grants and institutional funding. Moreover, the institute will collaborate closely with government agencies and industry partners to amplify its impact and drive innovation. Strategic partnerships with leading companies such as IBM and Google Cloud will enable NAII to leverage industry expertise and resources, accelerating the translation of research outcomes into real-world applications.
In alignment with Singapore’s Research, Innovation, and Enterprise (RIE) strategy, NAII aims to contribute to the nation’s AI ecosystem by fostering collaboration, innovation, and talent development. By positioning NUS as a global leader in AI research and application, the institute seeks to drive positive societal change and economic growth.
The establishment of NAII represents a significant milestone in NUS’s journey towards harnessing the power of AI for societal benefit. Through cutting-edge research, education, and collaboration, the institute aims to unlock the full potential of AI and pave the way for a more innovative, sustainable, and inclusive future. With its interdisciplinary approach and commitment to excellence, NAII is poised to make a lasting impact on Singapore and the global AI landscape.
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The Vietnam Posts and Telecommunications Group (VNPT) has reached a significant milestone with its artificial intelligence (AI) platform, VNPT eKYC, logging over 1 billion user authentication requests. This accomplishment solidifies VNPT’s position as a pioneer in electronic identification and verification solutions within Vietnam.
Since its inception, VNPT eKYC has been at the forefront of electronic Know Your Customer (eKYC) services for over five years, serving a diverse range of clients including banks, financial institutions, telecommunications companies, and e-commerce entities. With over 100 organisations utilising its services, VNPT eKYC has facilitated electronic identification for more than 40 million individuals across the country.
On average, the VNPT eKYC system processes an impressive 600,000 requests daily, with peak days witnessing over a million requests being handled seamlessly. This demonstrates the platform’s robustness and reliability in managing high volumes of authentication transactions efficiently.
The significance of VNPT eKYC extends beyond its technological capabilities, particularly in the context of evolving regulatory requirements. The State Bank of Vietnam’s decision mandating biometric authentication for transactions exceeding 10 million VND (approximately 416 USD) and other significant transactions from July 1, 2024, underscores the critical role of advanced authentication solutions like VNPT eKYC in ensuring compliance and security in financial transactions.
Moreover, the platform’s success highlights the increasing importance of domestically developed solutions in the banking and financial sector. Domestic solutions such as VNPT eKYC offer several advantages, including rapid implementation, cost-effectiveness, adherence to global technology standards, scalability, and high readiness to meet evolving regulatory requirements.
Central to the effectiveness of VNPT eKYC is its advanced AI models, which enable the verification of facial biometric data with an impressive accuracy rate of up to 99.99%. This high level of accuracy not only enhances the security of authentication processes but also contributes to building trust and confidence among users and regulatory authorities.
As Vietnam’s digital economy continues to grow and evolve, the role of advanced authentication and verification solutions like VNPT eKYC becomes increasingly indispensable. Beyond facilitating seamless and secure electronic transactions, these solutions contribute to enhancing the overall digital infrastructure and ecosystem of the country, paving the way for further innovation and economic growth.
Looking ahead, VNPT remains committed to advancing its AI platform and expanding its capabilities to meet the evolving needs of its clients and the regulatory landscape. With a strong focus on innovation, reliability, and security, VNPT eKYC is poised to play a pivotal role in shaping the future of electronic identification and verification in Vietnam’s dynamic digital economy.
VNPT’s achievement of logging over 1 billion authentication requests with its AI platform, VNPT eKYC, marks a significant milestone in Vietnam’s journey towards digital transformation.
Amid a swiftly changing global landscape, Vietnam emerges as a frontrunner in a digital revolution, strategically positioned to harness technology’s transformative power for economic progress and societal development.
It is embracing its digital transformation journey, highlighting collaborative efforts to drive the nation’s digital transformation. The nation’s digital technology industry aims to propel Vietnam towards high-income status by 2045 through technology mastery, innovation, and indigenous manufacturing capabilities.
Moreover, the nation is working to harmonise its regulations, streamline laws, and promote consistency in its legal framework to foster a more favourable and appealing cyber environment.
As the country continues to embrace technology-driven solutions to address emerging challenges, VNPT eKYC stands as a testament to the potential of domestic innovation in driving progress and excellence in the digital era.
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Mudik is a tradition of returning to one’s hometown that is widely practised by the Indonesian community, especially when Eid al-Fitr celebrations approach. This tradition involves a massive population movement from big cities to their origin areas or hometowns to celebrate the holiday with family and relatives.
The phenomenon of mudik also shows the importance of family values and togetherness in Indonesian culture. It becomes a moment to reconnect social and cultural ties among family members who might have been separated by distance for various reasons, such as work or education.
The Indonesian government often takes special measures to accommodate the travel surge during the mudik period, such as increasing public transportation capacity, providing emergency health services on the mudik routes, and maintaining and repairing road infrastructure.
This year, as a State-Owned Enterprise, the cellular operator Telkomsel provides 4G networks on 14 mudik ships operated by the Indonesian National Shipping Company (Pelni).
Over the years, mudik travellers choosing to travel by sea have faced significant obstacles related to internet access. This condition has left them disconnected from the outside world. At the same time, in the middle of the sea, thus unable to access up-to-date information, communicate with family, or even enjoy entertainment.
“With this latest development, we can provide high-quality services to our customers, ensuring that they remain connected even while in the middle of a sea journey,” said Saki Bramono, Telkomsel’s Vice Director of Corporate Communication and Social Responsibility.
Further, Telkomsel’s 4G service has now successfully reached as many as 1,100 shipping routes served by 14 ships and 83 ports across Indonesia. This innovation results from a strategic collaboration with Telkomsat, a Telkom subsidiary specialising in satellite internet services. Through this collaboration, Telkomsel and Telkomsat present a strong and stable 4G LTE signal on ships, allowing passengers to stay connected to the internet during their mudik journey.
Telkomsat uses the Non-Geostationary Orbit (NGSO) Landing Rights to ensure broad and reliable satellite internet coverage. Saki stated that the initiative to provide 4G internet services on ships, chosen by the community for mudik, is the first time Telkomsel has implemented satellite internet technology. This move not only revolutionises the sailing experience for mudik travellers by sea by ensuring smooth and continuous communication access but also marks a new chapter in Telkomsel’s efforts to overcome connectivity challenges in Indonesia, especially in hard-to-reach locations like the middle of the sea.
To improve service quality and customer experience during the crucial mudik Lebaran period, Telkomsel focuses on upgrading and optimising telecommunications networks and proactively expands and strengthens its network infrastructure. As part of these efforts, Telkomsel strategically increased the 4G network capacity at 70 existing Base Transceiver Stations (BTS) and took a significant step by building 325 new 4G BTS.
These measures ensure that customers enjoy smooth connectivity and high-quality communication in urban areas and mudik routes that often cross areas with limited telecommunications access.
Telkomsel estimates a 15.22% increase in internet traffic during the Ramadan and Eid al-Fitr 2024 period compared to regular days. Of the total increase in internet traffic, the cellular operator estimates the highest increase comes from the areas of Java, Bali, and Nusa Tenggara, popular mudik destinations, at 26.25%.
The second highest increase is estimated from Sumatra, at 16.99%. An increase in internet traffic is also expected in Papua, Maluku, Sulawesi, and Kalimantan by 13.11%. Meanwhile, the increase in internet traffic in the Jakarta, Bogor, Depok, Tangerang, Bekasi, and West Java areas is estimated to reach 4.28%.
Telkomsel has prepared a customer service team that works tirelessly, ready to serve customers 24 hours a day, seven days a week. Customers can easily access this service through various channels, including social media, customer service calls, the MyTelkomsel mobile app, and a virtual assistant named Veronika. Customers can also visit GraPARI outlets spread across various locations for face-to-face services.
These comprehensive measures affirm Telkomsel’s commitment to providing high-quality and reliable telecommunications services, especially during important moments like the mudik Lebaran, where smooth and fast communication is critical.
With the improvement of network infrastructure and strong customer service support, Telkomsel strives to ensure that every customer can connect with family and loved ones without obstacles, making their mudik journey safe and enjoyable.
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Da Nang, a central city in Vietnam, is gearing up to bolster its semiconductor industry with a targeted focus on human resource development. The Vietnam–Korea University of Information and Communication Technology (VKU) recently launched a comprehensive programme aimed at training professionals in integrated circuit (IC) design.
The initiative underscores the city’s commitment to advancing its semiconductor sector. In 2024, Da Nang will concentrate on cultivating a pool of qualified teaching staff through collaborative efforts with the Viet Nam-Korea Information Technology (IT) and Communications University, the Institute of Information Technology under the Viet Nam National University – Ha Noi, and the Da Nang Semiconductor and Artificial Intelligence Centre for Research and Training (DSAC). Support from Synopsys Vietnam Company will further bolster these endeavours.
The training programme, spanning six months, comprises both theoretical learning and project-based training. It encompasses four modules covering Very-large-scale integration (VLSI) Design, SystemVerilog/Verilog/Very High-Speed Integrated Circuit Hardware Description Language, basic digital integrated circuits, and basic analog circuit design.
The inaugural training course for lecturers will host 25 participants selected from prestigious institutions including the Viet Nam-Korea Information Technology (IT) and Communications University, Da Nang University of Science and Technology, University of Technical Education, Duy Tan University, and FPT University. A significant highlight of the programme is the access granted to lecturers to Synopsys’ extensive library and teaching materials, enabling them to develop practical IC design curricula upon completion.
Huynh Cong Phap, Principal of VKU, emphasised the programme’s objective of equipping students with practical IC design skills to facilitate training deployment at universities in Da Nang. Additionally, the university plans to offer short-term training courses in semiconductor circuit design for junior and senior students pursuing majors such as computer engineering, technology, embedded systems and IoT, and technology information.
Speaking at the event, Ho Ky Minh, Standing Vice Chairman of the municipal People’s Committee, hailed the programme as a significant stride in the city’s strategy for high-quality human resource development. He commended the collaborative efforts between DSAC, VKU, Synopsys Group, and the Information Technology Institute under the Vietnam National University in swiftly launching the city’s inaugural IC circuit design instructor training course.
In line with the city’s ambitions, Ho Ky Minh, the Standing Vice Chairman of the People’s Committee of Da Nang, welcomed Susan Burns, the US Consul General in Ho Chi Minh City, expressing his aspirations for enhanced collaboration with the United States within the semiconductor industry.
Susan Burns lauded the programme as a testament to the robust cooperation between government bodies, private enterprises, and universities in nurturing high-tech talent in Vietnam. This collaboration aims to fortify Vietnam’s position in the global semiconductor supply chain. The United States acknowledges Vietnam’s pivotal role in fostering flexible semiconductor supply chains and extends strong support for the industry’s development in the country.
In tandem with the programme launch, the university unveiled the VKU – SSTH centre, dedicated to semiconductor circuits and smart technology. Equipped with 30 computers and proprietary circuit design software from Synopsys, the centre is poised to serve as a hub for training and research in semiconductor circuits and smart technology.
OpenGov Asia reported that Da Nang inaugurated the Da Nang Semiconductor and Artificial Intelligence Center for Research and Training (DSAC) in January this year, marking a significant stride in technological advancement. This initiative underscores Da Nang’s dedication to enhancing its capabilities in integrated circuit (IC) design and artificial intelligence (AI).
The decision to establish DSAC was announced on January 26 by Le Trung Chinh, Chairman of the municipal People’s Committee, highlighting the centre’s role in realising the city’s strategic objectives. DSAC is poised to engage in research, training, and technology transfer in microchips, semiconductors, and AI development, while also fostering international cooperation in these critical domains.
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In a significant stride towards enhancing cybersecurity in the realm of consumer Internet-of-Things (IoT) devices, the Cyber Security Agency of Singapore (CSA) and the Connectivity Standards Alliance (Alliance) recently signed a Mutual Recognition Arrangement (MRA). This milestone agreement underscores a shared commitment to bolstering international cooperation and coordination in cybersecurity, with a specific focus on advancing the security standards of consumer IoT devices.
The MRA, signed by Mr Chua Kuan Seah, Deputy Chief Executive of CSA, and Mr Tobin Richardson, President & Chief Executive Officer of the Connectivity Standards Alliance, facilitates the mutual recognition of cybersecurity labels for consumer IoT devices.
By harmonising standards and procedures, the arrangement aims to reduce duplication in testing and costs for manufacturers, thereby fostering a more robust cybersecurity environment for consumer IoT devices globally.
Central to the MRA is the exchange and alignment of information related to relevant standards, requirements, and practices concerning the cybersecurity labeling of consumer IoT. This collaboration lays the groundwork for future developments in cybersecurity certification and labeling schemes, ensuring that evolving threats and technological advancements are adequately addressed.
Mr Chua Kuan Seah emphasised the significance of achieving global alignment for consumer IoT cybersecurity, citing it as a key objective since the launch of Singapore’s Cybersecurity Labelling Scheme in 2020. The agreement with the Alliance represents a significant step forward in this endeavor, bringing Singapore closer to its goal of establishing internationally recognised cybersecurity standards for IoT devices.
By promoting Cybersecurity-by-Design and Cybersecurity-by-Default principles, the MRA incentivises manufacturers to embed robust security measures into their IoT devices, ultimately enhancing cybersecurity for consumers worldwide.
The Connectivity Standards Alliance, formerly known as the Zigbee Alliance, is a consortium of companies devoted to developing standards envisioning seamless interaction to enhance daily experiences. With a membership of over 500 companies, the alliance collaboratively creates application profiles for interoperable products, thereby advancing IoT connectivity and fostering innovation in the industry.
Singapore remains deeply committed to bolstering cybersecurity measures both domestically and internationally. At the national level, initiatives are aimed at fortifying the nation’s digital defences, safeguarding critical infrastructure and protecting citizens and businesses from cyber threats. These efforts include the implementation of robust cybersecurity frameworks, regular cybersecurity exercises and drills, and the promotion of cybersecurity awareness among the populace.
The Cyber Security Agency of Singapore (CSA) plays a pivotal role in safeguarding Singapore’s cyberspace to bolster national security, support the digital economy, and protect the digital way of life. Through initiatives like the Singapore Cyber Emergency Response Team (SingCERT), CSA swiftly responds to cybersecurity incidents, ensuring the detection, resolution, and prevention of cyber threats.
As part of the Prime Minister’s Office and managed by the Ministry of Communications and Information, CSA oversees national cybersecurity functions, collaborates with sector leads to protect critical information infrastructure, and engages stakeholders to raise cybersecurity awareness.
OpenGov Asia reported that Singapore, represented by CSA, collaborates closely with ASEAN Member States (AMS) to establish the ASEAN Regional Computer Emergency Response Team (CERT), facilitating information-sharing and enhancing cybersecurity incident response coordination across the region.
Despite a significant increase in scam cases by nearly 50% to 50,376 in 2023 from 33,669 in 2022, proactive cybersecurity measures have led to a positive outcome. These positive trends are attributed to collaborative efforts among various agencies and stakeholders, including the Singapore Police Force, Infocomm Media Development Authority, Cyber Security Agency of Singapore, Smart Nation Group, Monetary Authority of Singapore, and private sector partners.
Singapore’s proactive efforts, including the proposal to host and fund the ASEAN Regional CERT’s physical activities, demonstrate its commitment to fostering regional cooperation and safeguarding critical information infrastructure on a transnational scale.
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Vietnam has emerged as a promising market in the global data centre landscape, with significant growth projected in the coming decade. According to the latest report from Viettel IDC, the country’s data centre market is forecast to reach a value of US$1.26 billion by 2030, with a compound annual growth rate (CAGR) of 10.8%. This projection underscores Vietnam’s increasing importance in the digital economy and its potential to become a key player in the data centre industry.
Despite its promising outlook, Vietnam’s data centre market currently lags behind its regional counterparts in terms of size. Compared to countries like Singapore, Malaysia, and Indonesia, Vietnam’s data centre market is relatively small. However, this is expected to change in the coming years as the country experiences rapid economic growth and invests heavily in digital infrastructure.
One of the key drivers of growth in Vietnam’s data centre market is the increasing demand for digital services and cloud computing. With the rise of e-commerce, digital banking, and other online services, there is a growing need for secure and reliable data storage and processing facilities. Data centres play a crucial role in meeting this demand by providing the infrastructure necessary to support these services.
Another factor contributing to the growth of Vietnam’s data centre market is the government’s support for digital transformation initiatives. In recent years, the Vietnamese government has prioritised the development of the digital economy as part of its broader economic strategy. This has included investments in digital infrastructure, as well as policies aimed at promoting innovation and entrepreneurship in the tech sector.
Furthermore, Vietnam benefits from a skilled workforce and relatively low construction costs compared to other countries in the region. This makes it an attractive destination for companies looking to establish data centre operations in Southeast Asia. Additionally, the government has implemented supportive regulatory frameworks to encourage investment in the sector, further stimulating growth.
Domestically, the data centre market in Vietnam is dominated by a few major players, including Viettel, VNPT, FPT, and CMC. These companies collectively hold approximately 97% of the market share, indicating a high level of concentration in the industry. However, there are still opportunities for new entrants, particularly in niche segments or specialised services.
Looking ahead, Viettel IDC predicts a significant expansion of Vietnam’s data centre market in the coming years. Plans are underway to build megacentres in major cities like Ho Chi Minh City and Hanoi, with an estimated total capacity of up to 450 MW. This represents a substantial increase from the current capacity and reflects the growing demand for data centre services in the country.
In addition to data centres, Vietnam’s cloud computing market is also experiencing rapid growth. While the market size is currently smaller than that of neighboring countries like the Philippines and Indonesia, Vietnam has the highest growth rate in the Southeast Asia region and ranks third in Asia overall. The projected growth rate of Vietnam’s cloud market over the next 5-10 years is expected to be around 19-20%, driven by increased adoption of cloud services by businesses and consumers.
Vietnam’s data centre market presents significant opportunities for growth and investment in the coming years. With supportive government policies, a skilled workforce, and increasing demand for digital services, Vietnam is well-positioned to become a major player in the global data centre industry. As the country continues to invest in digital infrastructure and technology, it is poised to emerge as a leading hub for data centre operations in Southeast Asia and beyond.
OpenGov Asia reported that Vietnam is rapidly becoming a key player in the global data center market, driven by factors like increasing digitalisation among SMEs, a tech-savvy young population, the rollout of 5G technology, and a rising demand for independent digital infrastructure and data sovereignty.