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As we journey deeper into the realm of blockchain and digital assets, it becomes increasingly imperative that we address the challenges that this rapidly evolving landscape presents.
Sherman Lin, Senior Attorney in Lin and Partners
President Biden’s executive order on digital assets, signed in March 2022, signifies a pivotal moment in the relationship between the U.S. government and the digital asset industry. This article analyses the current state and future prospects of blockchain regulation in the United States, emphasizing the need for comprehensive regulatory frameworks to address the multifaceted implications of digital assets. It also discusses the role of Central Bank Digital Currencies (CBDCs) and highlights the importance of international cooperation in regulating the metaverse.
As we chart the course of Asia’s digital journey, let’s remember that while technology is the vehicle, it’s people who are driving the change.
Ashley Mangtani, Digital Transformation Journalist and Content Manager at Multiverse Labs
Asia’s profound digital revolution is reshaping societies and economies, with 370 million digital consumers in Southeast Asia by 2022. It’s driving socioeconomic transformation, reaching a US$200 billion digital economy in Southeast Asia in 2022. Digital adoption is about technology’s societal impact, fostering sustainability, innovation, and reshaping marketing. The digital gender divide remains a challenge. Digital adoption’s human faces reveal empowerment, connectivity, and resilience, underscoring the need for inclusivity.
AI isn’t just about replicating human intelligence; it’s about augmenting it and making processes more efficient and accurate.
Suchit Poralla, Associate Director at Ernst & Young
AI is reshaping the digital landscape by simulating human intelligence processes in machines, enhancing efficiency and accuracy. It fuels digital transformation by automating tasks, providing insights from data, and improving customer experiences. AI applications span industries like retail, with personalised recommendations, and healthcare, where it aids in diagnostics. This technology is integral to modernising businesses, making informed decisions, and ensuring growth in the digital era.
BNPL has grown in popularity because it offers additional flexibility at a time when many people are feeling financially insecure.
Ben Gilbey, SVP, Digital Consumer Solutions (APAC) at Mastercard
Buy Now Pay Later (BNPL) is a modern twist on an old concept – paying in instalments. While concerns about BNPL’s impact abound, it’s crucial to dispel the myths:
- Myth one: BNPL platforms want customers in debt. Reality: BNPL platforms aim for responsible lending to encourage repeated use.
- Myth two: BNPL shuns regulation. Reality: Most BNPL players support regulation for consumer protection and industry sustainability.
- Myth three: BNPL burdens consumers. Reality: BNPL benefits younger, lower-income individuals, providing transparent terms, low-interest rates, and credit-building opportunities.
Trust is paramount as BNPL grows, offering flexibility in uncertain financial times.
As someone deeply entrenched in the cyber security domain, I believe that the human element is as critical as technological advancements.
Dr Magda Chelly, CEO at Responsible Cyber with IMMUNE
Singapore’s rapid technological progress has brought both opportunities and challenges. The rise of cyber threats, especially supply chain attacks, is a concern for Critical Information Infrastructures (CIIs). Singapore’s CII Supply Chain Programme addresses this with five key initiatives, emphasizing transparency, cybersecurity in contracts, vendor certification, knowledge sharing, and international cooperation. Tools like IMMUNE X-TPRM aid in third-party risk management. In this cyber era, unity and commitment from all stakeholders are vital to ensure a secure digital future for Singapore.
For startup founders, the key is to seize immediate opportunities without losing focus on the long-term vision: Build your business on a sustainable model with solid unit economics at its core.
Sophie Chiu, Principal at AppWorks
The battle between TikTok and Shopee in Southeast Asia’s e-commerce arena is heating up. Shopee is shifting its focus back to growth and is willing to accept losses in response to TikTok’s aggressive expansion. TikTok has become a major player, challenging Lazada and other platforms. Startups can seize opportunities by addressing issues such as product quality, service quality, and content quality. They must offer solutions that are significantly better than current platforms and prioritise sustainable growth with solid economics. Building relationships through multiple touchpoints is crucial for long-term success.
Also Read: Weekly insights: e27 contributor articles you shouldn’t miss
In Malaysia, the Smart City Framework aims to use technology to address inefficient urban services, environmental pollution, and traffic.
Daniel Ho, Co-Founder and Group Managing Director of Juwai IQI
Malaysia is striving to become a leader in the global smart city movement, with initiatives like the Smart City Framework addressing urban service inefficiencies, environmental pollution, and traffic problems. The concept of a “protopia” is favoured over an unattainable utopia, focusing on incremental progress over time.
However, one of the significant challenges facing smart cities is the threat of cyberattacks, as hackers have targeted such projects worldwide. Malaysia is prioritising cybersecurity in its smart city efforts to mitigate these risks, with several cities and regions already adopting smart technologies and sustainable living solutions.
CBDCs represent more than just another financial product; they symbolise the broader transformation sweeping Asia.
Karina Kurniawan, Marketing and Communications Manager at D3 Labs
CBDCs are at the forefront of Asia’s financial landscape, offering the promise of real-time, cross-border transactions, streamlined financial services, and enhanced inclusion. However, they also come with challenges, including cybersecurity risks, privacy concerns, and the digital divide. Policymakers and institutions in Asia face critical decisions in navigating this digital transformation while ensuring long-term stability and prosperity.
Family offices in Singapore signify not only a wealth management opportunity but also a chance to make a positive impact on society.
Roy O, Family Office Practitioner at Arrowdynamic Ventures
Singapore’s rapid rise as a family office hub is driven by its political stability, strategic location, strong financial infrastructure, and regulatory framework. The recent surge in family office registrations contributes to job creation and economic growth. Family offices are also embracing philanthropy, supporting local charities, setting up foundations, aiding education, fostering innovation, and engaging in environmental conservation to make a positive impact on Singaporean society.
Leaders should embrace transparency, include staff in AI-related decisions, and offer thorough training to overcome reluctance.
Chandra Sekhar Garisa, CEO of Foundit APAC & ME
The advent of AI raises questions about its role in leadership. AI aids decision-making by processing complex data, providing clarity, and enabling swift, informed choices. In Southeast Asia, AI’s rapid adoption could boost the region’s GDP by up to US$950 billion by 2030. AI-driven leadership development programs analyse leaders’ strengths and weaknesses, offering tailored learning experiences.
Emotional intelligence remains vital for leaders in this AI era, focusing on people management, empowerment, and fostering innovation. Challenges include employee resistance, data privacy, and technical glitches, necessitating adaptability, transparency, and ethical responsibility from leaders.
As we navigate through 2023, it is essential to reflect on the significant innovation trends shaping Southeast Asia’s landscape.
Paulo Joquino, Content Strategist at Insignia Ventures Partners
As we reach the midpoint of 2023, Southeast Asia is witnessing transformative innovation trends that are reshaping businesses and career opportunities. Notably, AI’s democratisation and data-driven AI careers are on the rise. Agriculture innovations focus on productivity and supply chains, creating new career avenues.
Fintech extends beyond traditional fintech companies, impacting various sectors and job roles. Specialised skills in finance, cybersecurity, and monetisation strategies are in demand. Lastly, careers in market expansion, with a focus on local needs and culture, offer promising opportunities. These trends highlight Southeast Asia’s dynamic tech landscape and its potential for career growth.
It’s important to note that it’s not just invalid traffic that’s costing brands — AI also has the potential to optimise suboptimal outcomes.
Chad Kinlay, Chief Marketing Officer at TrafficGuard
Google’s Performance Max (PMax) uses machine learning to automate campaign optimisation across Google’s channels. While it offers benefits, PMax’s limited granular reporting and reliance on algorithms can lead to transparency and fraud issues. Invalid traffic (IVT) is a growing problem, with fraudsters targeting campaigns with limited insights. Brands should be cautious, invest in independent oversight, and demand algorithmic transparency to prevent fraudulent activity and maximise their marketing budgets’ efficiency.
The accessibility and adoption of diverse digital payment methods have experienced a significant surge throughout Indonesia.
Jakob Rost, Founder and CEO of Ayoconnect
Indonesia’s digital economy is booming, with increased accessibility to diverse digital payment methods and growing smartphone usage. Digital banking is on the rise, with 51.8 per cent of Indonesian adults holding accounts in 2021, up from 19.6 per cent in 2011. This growth creates opportunities for innovative payment solutions like direct debit to meet recurring payment needs.
Regulatory improvements, like the Personal Data Protection Law and BI’s Payment System Service Providers, bolster security and build trust. Indonesia’s thriving tech and digital sector further supports the adoption of new payment methods, making direct debit an ideal solution for automating transactions and streamlining payments in various digital industries.
Also Read: Contributor spotlight: A roundup of this week’s startup discussions
The digital world offers immense convenience, but it’s crucial to remain vigilant against phishing attacks when engaging in online shopping and banking.
Bernadetta Septarini, Content and Social Media Marketeer at ArmourZero
In today’s digital age, online shopping and banking offer convenience but also come with risks. Phishing attacks, where cybercriminals impersonate credible entities, are common. Signs of phishing include suspicious pop-ups, generic messages, urgent language, mismatched URLs, requests for sensitive info, errors in grammar, and inconsistent branding.
To ensure safe online experiences, create strong, unique passwords, use two-factor authentication, verify website security, monitor accounts regularly, avoid public Wi-Fi for sensitive transactions, update software, stay informed about cybersecurity threats, trust reputable websites, be cautious of email and text scams, secure mobile devices, and guard personal information.
It is an exciting time for the world of edutech as we are now presented with the unique opportunity to push boundaries and reinvent ourselves.
Xiaonan Wang, Co-Founder of Spark Education Group
Adversity serves as a profound teacher, particularly in the wake of the pandemic. In the education sector, the surge in edutech during the pandemic saw an uptick in demand for online learning. However, as in-person classes resume, parents remain reluctant to embrace online education fully.
To thrive, edutech must demonstrate the value of technology in education, enhancing rather than replacing traditional learning methods. Collaboration, involving the target audience (parents and children), and integrating interactive learning are essential for edutech’s success in a dynamic market valued at US$271 billion, set to grow to US$410 billion by 2026.
A truly inclusive workplace is one where Persons with Intellectual Disabilities (PWIDs) are able to learn, thrive and be respected.
Dipak Natali, Regional President and MD, Special Olympics APAC
Inclusive hiring is an innovative approach that empowers individuals, especially those with intellectual disabilities. However, in Singapore and the Asia Pacific region, employment rates for people with disabilities remain low. There is a need to break down barriers and foster understanding through authentic conversations and inclusive hiring practices. Startups, in particular, can play a significant role in promoting diversity and inclusion, tapping into a diverse talent pool and reaping the benefits of a truly inclusive workforce through meaningful employment.
Flexible work arrangements are essential for attracting and retaining employees, particularly newer generations who prioritise them.
Syuhada Subuki, Engagement Executive at IndSights Research
Flexible work arrangements have become common post-COVID-19, impacting job satisfaction and work-life balance. Singaporeans favour flexible work norms, with 75.6 per cent believing it should be the new norm and 51.9 per cent open to organisations offering it when job hunting.
Yet, 40.5 per cent are fine with expanded workplace surveillance to prevent abuse. Employers also value flexible work for attracting and retaining talent. However, it’s recognised that not all roles can accommodate it. Striking a balance and continual dialogue between organisations and employees is crucial in shaping the future of work.
There are plenty of fundamental security gaps that need to be addressed first before diverting resources to the latest AI threats.
Pierre Samson, Chief Revenue Officer and Co-Founder at Hackuity
While AI tools like ChatGPT can enhance productivity, they also introduce new security risks. Cyber attackers are already using generative AI for malicious purposes, creating viruses and spyware. Organisations should evaluate the specific risks AI poses to their attack surface.
Prioritising cybersecurity fundamentals is crucial before tackling AI threats. Implementing a Zero Trust framework, adopting Attack Surface Management, and focusing on vulnerability management are essential steps. Cybersecurity is an ongoing journey of continuous improvement, and investing in technology should complement solid cyber defence fundamentals.
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