EDB and IMDA supporting digital economy and sustainability goals

Singapore’s Economic Development Board (EDB) and Infocomm Media Development Authority (IMDA) have announced the awarding of approximately 80 MW of new capacity to four data centre operators through the pilot Data Centre – Call for Application (DC-CFA) exercise. This move is part of Singapore’s commitment to enable the growth of data centres (DCs) to support the digital economy while prioritizing sustainability and climate change commitments.

The pilot DC-CFA exercise aimed to facilitate the sustainable building of new data centre capacity, emphasizing energy efficiency, decarbonization, international connectivity, and contributions to Singapore’s broader economic objectives. Over 20 proposals were received, and the following companies have been provisionally awarded capacity:

• AirTrunk-ByteDance (Consortium)
• Equinix
• GDS
• Microsoft

These four proposals stood out for their holistic ability to meet desired outcomes and competitive propositions to strengthen Singapore’s position as a regional hub. Key highlights include adopting state-of-the-art technologies for sustainability, achieving energy-efficient performance with Green Mark DC Platinum Certification, expanding international connectivity, and anchoring key compute capacities such as AI/ML and High-Performance Compute in Singapore.

The awarded operators have committed to significant economic contributions to Singapore beyond their direct investments in data centres. This demonstrates their confidence in the country’s technology ecosystem and their commitment to sustainable growth in the industry.

Moving forward, EDB and IMDA will engage industry stakeholders to allocate more capacity over the next 12 to 18 months, ensuring Singapore’s position as an innovative, sustainable, and global digital hub. A roadmap will be developed in collaboration with the industry to promote the development of Green DCs with lower carbon emissions in line with Singapore’s net-zero targets. The agencies will also focus on engaging stakeholders to build the necessary compute and connectivity infrastructure for a competitive AI ecosystem.

The pilot DC-CFA exercise has showcased the industry’s commitment to sustainable growth and confidence in Singapore’s value proposition as a leading technology hub. The continuous collaboration between government agencies and industry stakeholders will drive the development of a resilient and future-ready digital infrastructure that supports Singapore’s digital economy and sustainability goals.

Tags: EDBIMDASingapore

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The participants embarked on a six-day adventure, starting in the tech hub of Shenzhen

A remarkable international program called “Future Close-Up” took a group of 16 young participants from 14 countries on an immersive journey through China’s digital landscape. The program, held from June 15 to 20, provided a unique opportunity for entrepreneurs, scholars, and reporters to gain firsthand experience and understanding of China’s achievements in developing its digital economy.

The participants embarked on a six-day adventure, starting in the tech hub of Shenzhen, followed by a visit to Beijing, where they explored the country’s digital innovations and engaged with some of China’s most popular mobile applications. The program was jointly hosted by China International Communications Group (CICG) and Tencent, one of China’s leading internet technology giants, in collaboration with the CICG Centre for Americans.

The journey began with the young participants being introduced to various Chinese mobile applications, including ride-hailing services, educational platforms, bike-sharing apps, and social media platforms like Weixin (known as WeChat internationally). These apps formed the basis of a friendly competition called “A Digital Day Tour of Beijing,” where the participants raced to complete tasks using the apps and shared their accomplishments on Weixin.

For many participants, this was their first encounter with Chinese apps and the country’s digital ecosystem. The experience left them amazed at the convenience and seamless integration of technology in people’s daily lives in China. The participants were in awe of the multifunctionality of apps like Weixin, which encompasses messaging, social media, and mobile payment services, and noted the continuous upgrades and advancements that mirror China’s rapid digitalization progress.

China’s digital economy and technological advancements were the focus of the program. A report titled “Global Youth Wisdom: Digital Economy Makes the World a Better Place” was released during the program’s closing forum. Based on in-depth interviews with approximately 100 young individuals from different countries, the report highlighted China’s position as the world’s second-largest digital economy, with its digital sector contributing 41 percent to the country’s GDP.

The surveyed young participants, belonging to Generation Z, expressed a deep understanding of the positive impact of the digital economy on personal lives, global economic development, and social progress. They also expressed confidence in the future growth and development of the digital economy. The report emphasized the shared expectations and curiosity among Chinese and foreign youth regarding digital technology and their eagerness to uncover and shape the future.

Throughout the program, participants shared their experiences and insights via social media platforms, connecting with audiences worldwide. Their stories and interactions showcased the vibrant digital ecosystem of China and fostered new connections and collaborations among participants from diverse backgrounds.

The Future Close-Up Program provided a platform for young entrepreneurs and professionals to explore the possibilities of collaboration and gain a deeper understanding of China’s digital economy. The participants visited prominent Chinese companies such as Tencent, Honour, and Ping An, engaging in face-to-face discussions with employees and learning about the latest technological innovations.

Zhang Jun, General Manager of Tencent’s Marketing and Public Relations Department, emphasized the importance of re-establishing communication channels with overseas talents and high-calibre professionals, particularly in the wake of the COVID-19 pandemic. The program aimed to facilitate meaningful exchanges and forge lasting connections between Chinese and foreign youths, fostering mutual understanding and contributing to global exchanges and cooperation.

Li Yafang, President of the CICG Centre for Americas, highlighted the significance of the program in promoting cross-cultural understanding and collaboration. She expressed her enthusiasm for engaging with young people and encouraged them to provide fresh perspectives in China, injecting new energy into the promotion of exchanges between China and other countries.

The Future Close-Up Program left a lasting impression on the participants, who marveled at China’s digital advancements and the impact of technology on people’s lives. Their journey through China’s digital domain provided insights into the potential of emerging technologies such as artificial intelligence, the metaverse, and virtual reality, offering valuable lessons for the global community.

As the program concluded, the participants expressed their gratitude for the opportunity to connect, learn, and collaborate with their Chinese counterparts. They pledged to build bridges and platforms for communication, mutual trust, and learning, fostering further opportunities for cross-cultural dialogue and cooperation in the future.

Tags: ChinaDigital landscapePrnasia

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Reshaping the digital landscape in Southeast Asia

PeaCom, an AI-powered start-up specializing in multi-channel communication and customer engagement solutions, has announced its official launch in Southeast Asia, beginning with Singapore, Vietnam, Myanmar, and Laos. The company aims to revolutionize the digital landscape by equipping businesses with innovative communication tools that enhance customer experience and drive growth. Already securing partnerships with regional giants like Shopee and accessing tier-one enterprises in the airlines and digital TV industries through strategic partner Mobifone Global, PeaCom is poised to make a significant impact in the region.

Drawing inspiration from global leaders like Sinch.com and CM.com, PeaCom’s state-of-the-art technology enables businesses to engage with their customers in personalized and impactful ways across multiple channels and platforms. By offering solutions that leverage artificial intelligence, PeaCom empowers businesses to deliver prompt and accurate responses, cater to different languages and communication channels, and provide convenient, simple, and efficient interactions with their customers.

Han Truong, Founder of PeaCom, expressed excitement about sharing key insights with other regional partners, highlighting the success they have witnessed so far. Open and clickthrough rates have increased significantly, and the renewal rate is three times more efficient than existing channels.

After months of testing and proof-of-concept trials, large enterprises have started adopting PeaCom’s innovative solutions. Some are implementing the solutions nationally and regionally to enhance their customer engagement strategies, improve customer satisfaction, and drive business growth.

PeaCom’s ability to seamlessly operate across multiple communication channels, including RCS, Viber, WhatsApp, Facebook, Telegram, iMessage, and more, sets it apart in the market. As the first platform to offer this capability, PeaCom is well-positioned to shape the future of customer engagement in Southeast Asia. With advanced features like AI-powered chatbots, dynamic messaging experiences, and real-time customer insights, PeaCom enables businesses to build meaningful relationships and deliver exceptional customer experiences.

In the evolving landscape of conversational marketing, where personalized and interactive conversations are crucial, PeaCom’s platform offers businesses the opportunity to stay ahead of the curve and revolutionize their customer engagement strategies. The company’s dedication to equipping Southeast Asian businesses with the necessary tools for success in the AI revolution positions it as a significant player in the region.

PeaCom’s launch marks an important milestone in the quest to enhance customer communication and drive business growth in Southeast Asia. With its innovative solutions, PeaCom is set to transform the way businesses engage with their customers and shape the future of the digital landscape in the region.

Tags: AIPeaComPrnasia

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Pioneering API prototypes for Central Bank digital currencies

In a significant stride towards the future of digital currencies, UST, a leading digital transformation solutions company, has emerged as a key innovation vendor for Project Rosalind. This ground-breaking experiment, initiated by the Bank for International Settlements (BIS) and the Bank of England (BOE) through the BIS Innovation Hub London Centre, aims to revolutionize the distribution of central bank digital currencies (CBDC) through application programming interfaces (APIs).

Under the collaborative framework of Project Rosalind, UST worked closely with BIS and BOE to develop and test prototypes for an API layer tailored specifically for retail CBDCs. With the potential to disrupt and drive innovation across various sectors, CBDCs have garnered significant attention in recent years. UST’s expertise played a crucial role in organizing the API development efforts, conducting innovation sessions, and constructing a secure and functional API layer.

The development process involved the creation of a prototype API layer comprising thirty-three API endpoints, categorized into six functional groups. More than thirty use cases were meticulously identified and explored by collaborators from the public and private sectors, allowing for comprehensive testing and validation of the API architecture and features. The successful outcomes of Project Rosalind demonstrated that central banks can leverage API layers to distribute CBDCs safely to consumers through private sector service providers, while simultaneously enhancing privacy, accountability, and convertibility.

UST’s pivotal contributions extended beyond API development. The company partnered with Quant, a pioneering blockchain platform for finance, to provide the underlying infrastructure for the project. By combining their strengths, UST and Quant facilitated a seamless collaboration that streamlined the creation of an outstanding product.

Francesca Hopwood Road, Head of the BIS Innovation Hub London Centre, expressed her satisfaction with the results, stating, “The Rosalind experiment has advanced central bank innovation in two key areas: by exploring how an API layer could support a retail CBDC system and how it could facilitate safe and secure CBDC payments through a range of different use cases.”

Krishna Sudheendra, CEO of UST, emphasized the transformative potential of digital currencies, saying, “Digital Currency has the potential to transform financial enterprises and revolutionize the end-user experience. The success of Project Rosalind with UST showcases how public-private collaboration and innovation can significantly accelerate time to market for solutions and result in tangible benefits for everyone.”

Tanveer Mohammed, Head of Innovation for the UK at UST, highlighted the company’s commitment to innovation and collaboration, stating, “At UST, innovation is at the center of all our transformation projects, and we put those principles into practice through this partnership. By leveraging our engineering experience and approaching the collaboration with an agile and aligned mindset, we were able to combine the strengths of each company to deliver an outstanding product.”

The BIS London Innovation Hub Centre, established in 2021, served as the prestigious base for Project Rosalind. It is one of six international nodes dedicated to developing technology-based public goods that support central banks and enhance the functioning of the financial system.

UST’s participation in Project Rosalind exemplifies its commitment to driving digital transformation. With a strong track record spanning two decades, UST has established itself as a key business transformation partner across dynamic industries. For more information on UST and its work in driving digital innovation, please visit the UST website.

The accomplishments of Project Rosalind extend far beyond its immediate scope. By showcasing the potential of a well-designed API layer to enable a central bank ledger’s interaction with private sector service providers for secure retail CBDC payments, the project has opened up possibilities for a robust ecosystem that fosters innovation and meets the needs of an increasingly digitalized society. The valuable insights and outcomes from this successful collaboration can be accessed here.

Tags: Project RosalindUST

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The findings highlight the significance of third-party sources

According to a recent survey conducted by Gartner, Inc., B2B buyers assign 1.4 times more value to third-party interactions compared to digital supplier interactions. The survey, which included 771 B2B buyers, revealed that certain third-party interactions, such as reading customer references or reviews and consulting with third-party experts, play a crucial role in providing customers with value affirmation during their purchase journey.

The findings highlight the significance of third-party sources in instilling confidence in buyers throughout the buying process. Rick LaFond, Director Analyst in the Gartner Marketing practice, emphasized the importance of third-party interactions, stating, “Buyers want to feel confident throughout their purchase journey, and third-party sources can help get them there.”

The survey also shed light on the impact of social media channels on B2B purchase decisions. YouTube emerged as the top social media channel influencing recent B2B purchase decisions, followed by Facebook, Instagram, Twitter, LinkedIn, and TikTok. LaFond noted that B2B brands often underutilize social channels and encouraged marketers to leverage them to showcase how their brand addresses customer needs and pain points at various stages of the buying process.

While third-party interactions are highly valued by B2B buyers, the survey also highlighted the importance of digital supplier channels. B2B buyers identified a supplier’s website as the most leveraged digital channel during the purchase decision-making process. Other significant digital interactions included the supplier’s social media channels, online searches for the supplier, and the use of interactive tools such as product recommenders and price calculators.

LaFond emphasized that brands should not solely rely on third-party interactions for their social media strategy. He highlighted the need for brands to improve their digital experiences, as they ranked lower on the list of what customers value. The data suggests that many B2B CMOs may be overlooking the impact of third-party interactions as valuable information sources for buyers.

The survey findings underscore the importance of a holistic approach to B2B marketing, where both third-party interactions and digital supplier channels are optimized to cater to buyers’ needs and preferences. By effectively utilizing these channels, B2B brands can enhance their customers’ purchase journeys and build greater confidence in their offerings.

Tags: B2B marketingGartner

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The meeting was attended by officials from SDAIA and various government entities

In a significant step towards enabling growth and prosperity in developing countries, His Excellency Dr. Esam A. Alwagait, Director General of the National Information Center at the Saudi Data and Artificial Intelligence Authority (SDAIA), welcomed Christine Zhenwei Qiang, Director of the Digital Development Global Practice at the World Bank, and her delegation at the SDAIA headquarters in Riyadh. The meeting, attended by officials from SDAIA and various government entities, focused on the Kingdom’s involvement in the Digital Development Partnership (DDP) and its commitment to international digital development efforts.

The discussions highlighted the pivotal role of Saudi Arabia in the DDP, a collaboration aimed at driving economic growth and fostering digital innovation in developing countries. Both parties engaged in productive conversations regarding SDAIA’s active participation in the DDP Partnership Council, where the Kingdom shares its expertise and competitive gains at the global level. Of particular interest was the DDP 2.0 strategy, which outlines key areas and priorities for digital development policies in developing nations.

Last year, Saudi Arabia, represented by SDAIA, joined the multi-donor trust fund administered by the World Bank as a partner. This step showcased the Kingdom’s commitment to supporting digital development initiatives worldwide, facilitating knowledge sharing, and contributing to sustainable progress in developing countries.

During the visit, SDAIA organized a meeting that brought together representatives from several prominent government entities, including the Ministry of Energy, the Ministry of Communications and Information Technology, and the Saudi Fund for Development. Also present were representatives from the Communications and Information Technology Commission, the National Cybersecurity Authority, the Digital Government Authority, King Abdullah University of Science and Technology, and the Public Investment Fund, represented by its subsidiaries, SCAI and Elm.

The gathering provided an opportunity to discuss the Kingdom’s leading practices in digital development, its progressive policies in the field, and its influential role in promoting digital development policies globally. Participants also explored ways to align and support efforts related to digital development in developing countries, ensuring the transfer of knowledge and expertise to those in need.

By leveraging its vast experience and advancements in the digital sector, Saudi Arabia aims to play a transformative role in supporting the growth of digital economies worldwide. The meeting between SDAIA and the World Bank emphasized the Kingdom’s commitment to sharing its success stories, policies, and strategies to contribute to the sustainable development of other nations.

The collaboration between Saudi Arabia and the World Bank in the field of digital development is expected to pave the way for greater international cooperation, foster innovation, and create opportunities for digital advancement in developing countries.

Tags: Saudi ArabiaSDAIAWorld bank

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UZUM and Click announce merger

Uzum, the largest ecosystem of digital services in Uzbekistan, and Click, a leading payments company, have announced their agreement to merge. The transaction, subject to deal closing procedures, aims to solidify Uzum’s dominant position across key verticals, including Finance, Payments, and Commerce, and create a combined user base of over 13 million people in Uzbekistan.

Upon closing, Click’s shareholders will receive a minority shareholding in Uzum’s parent company and will have representation on the board of directors. Click’s teams will retain operational autonomy while gradually integrating into the Uzum ecosystem.

Djasur Djumaev, Uzum’s CEO, expressed confidence in the merger, citing favorable factors such as positive demographics and growing smartphone and mobile internet penetration in Uzbekistan. The aim is to provide convenient payment options, fast access to financial services, and a wide range of goods to people across the country. Djumaev sees the merger as a critical milestone towards achieving this goal and expects the combination of both teams’ operational expertise and talent to generate unique synergies and enhance the customer experience.

Ulugbek Rustamov, CEO of Click, also expressed enthusiasm for the merger, noting that their strategies and goals align with Uzum. Rustamov sees great prospects in merging with the Uzum ecosystem and believes that the combination of their capabilities will allow them to create a product that stands out in the country. Click will continue working on its existing plans, including a lending project, initiatives integrating with government services, and servicing the tourism sector.

Currently, one in three residents of Uzbekistan uses the Click payment system, which processes over 37 million transactions per month. The companies plan to create a super app based on Click that integrates various services within one ecosystem. The Uzum ecosystem already includes Uzum Market, a leading marketplace with one-day delivery, Uzum Bank, shari’ah compliant BNPL installment service Uzum Nasiya, and Uzum Tezkor, an online food-delivery service for restaurants and groceries.

Tags: ClickUzbekistanUZUM

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Indian organizations have shown a higher adoption rate of digital strategies

According to a recent report by International Data Corporation (IDC), 69 per cent of organizations consider themselves “digital businesses” with well-defined digital strategies and widespread implementation of digital technologies. Another 22 per cent of organizations do not prioritize digitalization, while the remaining 9 per cent are classified as “digital native businesses” that were built with a strong focus on digital technologies from the start.

Indian organizations have shown a higher adoption rate of digital strategies despite starting their digital technology adoption journey later than their counterparts in the Asia/Pacific region and globally. Factors contributing to this higher adoption rate include government policies promoting digital technologies, competitive pressures, and learnings from other regions.

As we enter the digital business era, organizations are transitioning from a transformation mindset to running viable digital businesses in the long term. Tech suppliers, including hardware, software, and service providers, are innovating their offerings to become strategic partners for buyer organizations. This includes delivery models such as as-a-service, consumption or outcome-based pricing, and platform-based service support.

However, organizations anticipate that macroeconomic challenges will continue to impact their tech budget decisions. Supply chain constraints, inflation, staffing shortages, and recession are top risk factors of concern in 2023. Therefore, IT budgeting strategies need to be updated, and the focus should be on optimizing digital investments.

While the future of Indian organizations lies in being digital-centric, both tech buyers and suppliers need to identify factors that lead to delays or failures in digital projects. Lessons learned from failed projects should be internalized to evolve as viable digital businesses.

To succeed in a world of constant disruption, organizations must analyse failures and continuously improve. Staying updated on macroeconomic factors and maintaining technical proficiency is crucial for both tech buyers and suppliers. Organizations are prioritizing the optimization of existing IT investments and making digital investments with a focus on ROI. Deployment, pricing, and support options, such as as-a-service models and outcome-based pricing, are key considerations when selecting strategic partners for IT initiatives.

Tags: Digital businessIDCIndia

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Illustrating BEST’s contributions to social welfare and sustainable logistics practices

BEST Inc., a leading smart supply chain solutions and logistics services provider in China and Southeast Asia, has published its “2022 ESG Report,” highlighting the company’s commitment to social responsibilities, engagement in social welfare initiatives, and promotion of green logistics through digitalization.

The comprehensive report is organized into seven sections, illustrating BEST’s contributions to social welfare and sustainable logistics practices. In 2022, the company offered free delivery services to areas affected by the pandemic, reduced paper usage by 8.5 million A4 sheets annually through the implementation of blockchain technology and saved 70,000 liters of diesel by gradually replacing diesel forklifts with electric ones.

Furthermore, BEST Inc. established long-term strategic partnerships with more than 100 colleges and universities, actively participated in public welfare activities, and extended support to underprivileged students through donations.

Johnny Chou, Chairman and CEO of BEST Inc., emphasized the importance of social support and trust in the company’s development. He stated, “As a logistics enterprise, BEST has always prioritized green practices, digitalization, and mutual benefit to foster sustainable development and create greater value for our customers, employees, and society.”

In 2022, BEST Inc. achieved a total revenue of RMB 7.74 billion, providing services in eight countries. The company successfully achieved full coverage of its express network in four Southeast Asian countries and was recognized as one of the “Top 500 Private Enterprises in China” in the same year.

The release of BEST Inc.’s “2022 ESG Report” demonstrates its commitment to corporate social responsibility, global welfare engagement, and the promotion of environmentally friendly logistics practices. With its strong financial performance and dedication to sustainability, BEST Inc. is well-positioned for continued growth and positive impact in the logistics industry.

Tags: BEST Inc.ChinaPrnasia

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Technology buyers across Asia/Pacific are addressing their digital trust concerns

According to a recent IDC report titled, IDC Asia/Pacific (Excluding Japan) Trust and Resilience Update, the topic of digital trust is becoming increasingly important. The report also found there is an increased emphasis on consumer faith in cybersecurity, data privacy, and responsible artificial intelligence (AI).

This IDC report explores how security technology buyers across Asia/Pacific are addressing their digital trust concerns and challenges for 2023. This report also aims to help technology vendors better understand how macroeconomic factors are changing how organizations in the region view and deal with digital trust necessities.

“Trust, in its basic form, is a condition that enables decisions to be made between two or more entities with a level of confidence and quantifiable risk and subjective reputation for an exchange of mutual benefit to occur,’ says Christian Fam, Research Manager, Cybersecurity Services, IDC Asia/Pacific. “Yet, digital trust can only be borne out of transparency. To foster a trusted, long-lasting partnership, vendors must be transparent in validating and verifying the trustworthiness of their services, products, internal processes, and business operations,” added Fam.

At the foundational level, establishing trust and robust risk management processes are interlinked and interrelated so much that organizations in the region are heavily investing in creating trust throughout their organization, with their partners, and with their customers. According to IDC’s FutureScape: Worldwide Future of Trust 2022 Predictions – Asia/Pacific (excluding Japan) ( APeJ ) Implications, by 2026, 25 per cent of APeJ organizations will replace net promoter score-like metrics with trust indices in request for proposals (RFPs) to align traditional security risk solutions with customer success, brand, and reputation.

At the aggregate level, erosion of trust is the biggest concern for organizations in the region, followed by financial loss, and reputational damage. But there is little consistency across the region regarding primary concern. Even though businesses are adopting more security solutions to counteract the evolving threat landscape, organizations continue to struggle with the frustration of managing disparate tools and chasing false positives. Without integration, security teams spend too much time making sense of data across the siloed tools and platforms, creating a hurdle for businesses wanting to establish trust, internally and externally.

“Digital trust is the confidence that users and customers have in the ability of people, process, and technology to create a secure digital world. With the rise in cybersecurity attacks, security hygiene, cyber resilience, and trust indices will be key demands from service partners,” ends Fam.

Digital transformation has expanded the availability, velocity, and mission-critical need of data. Enterprises need to be prepared to respond to any cyberattack, data breach, and privacy concerns. IDC’s Asia/Pacific Security Opportunities: Trust and Resilience provides a comprehensive look at the full breadth of the security market that includes hardware, software, services, and people. This research program examines security market trends, vendor performances, strategies, customer preferences, and buying behaviours for the Asia/Pacific region. It highlights unique perspectives in the Asia/Pacific region around cyber resilience, compliance, and digital trust issues. The service also provides an analysis of technology advancements, emerging trends, players, and best practices for the Asia/Pacific security market.

Tags: Asia Pacificdigital trustIDC

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