Commentary

From the MTR’s launch of a ‘Web3’ (an internet service using decentralised blockchains) metaverse partnership with The Sandbox platform to K11 MUSEA’s METAVISION NFT showcase on HSBC’s Main Building façade back in June 2022, signs of metaverse are proliferating in our lives, and proliferating fast.

Electronic invoice (e-invoicing) is a system to digitize qualified invoices that are mandatory for the deduction of purchase tax under Japan’s qualified invoice system. This system is intended to provide an appropriate consumption tax credit for purchases in response to the multiple tax rates for a consumption tax in 2019, and is scheduled to be introduced in October 2023. 

There is no denying the recent volatility of the real estate market. During the pandemic, US lenders saw record numbers of mortgage applications driven by the low cost of borrowing, while record-low interest rates fuelled a rise in housing prices across Asia-Pacific. Now, in mid-2022, rising interest rates are cooling real estate markets as consumers rush to refinance into the best deal they can find for their mortgage. Regardless of the ebbs and flows of the markets, lenders are sharpening their tools as competition increases. The mortgage industry has been adopting technology to streamline the process of getting a loan, with the goal of making the consumer experience smoother and faster. 

Thanks to the pandemic, the uncertainty of the world economy has been especially devastating  for those living on the poverty threshold and struggling to make ends meet. Many in this  demographic lost much-needed jobs as the economy shrunk, while others hustled on the side, for  example, as food sellers, to continue to put bread on the table. 

Digitalisation shouldn’t just be limited to processing automation – it can significantly  improve customer experience.  

Technology-based investment solutions can crunch numbers faster than any human, are less prone to emotion-driven decisions and they never sleep. And in many cases, they don’t charge as much as their human competition.

By Sumit Kumar, Managing Director and Partner, Boston Consulting Group

More than a vision, 5G is a reality that organisations are deploying right now – but that’s  only the beginning of what’s possible. Over the next few years, 5G will be an essential  business enabler, and those who don’t act now run the very real risk of losing the digital  transformation race and seeing their business stolen by the likes of an Uber or Airbnb digital  disruptor.  

Innovation opportunities for payment digitalization in Japan.

Although digital banks have captivated financial institutions and end-customers alike, the  concept often means different things to different people. 

Bangladesh has established its position as a pioneering country to have made significant strides towards financial inclusion and its vision ‘Digital Bangladesh’. The country’s recent development in its financial sector, varied heritage in credit and microfinance, widespread adoption of digital finance and mobile financial services (MFS) are recognized at a global level. The government’s effort to consider financial services as drivers of shared prosperity and inclusive growth. Access to financial services and their usage have significantly positive impacts on the socioeconomic outcomes that are perceived by businesses and households. Moreover, this access and usage are considered as essential factors to poverty eradication.

In November, Singapore’s National AI Office (NAIO) collaborated with the Monetary Authority of Singapore (MAS) and the Smart Nation and Digital Government Office (SNDGO) in a programme to strengthen AI capabilities within Singapore’s financial sector by providing financing and access to government data. In fact, even before the pandemic, the financial services industry has already been witnessing an acceleration in digital transformation. 

With the second-highest engagement after the United States, Hong Kong continues to be a significant market for cryptocurrency. 

It’s no exaggeration to say that financial services are critical to Singapore’s future prosperity. The country has long punched above its weight in the global  financial services industry, serving as a strategic operational base for a huge number of major international organisations to do business throughout Asia. As a result, the sector is responsible for approximately 200,000 jobs and accounts for around 10% of Singapore’s GDP each year. 

Reaching net zero by 2050 doesn’t sound particularly ambitious. It’s thirty years away. But the reality is that reaching net zero by 2050 – as Thailand and Vietnam recently pledged to do – will be an uphill battle for both economies.

The cloud is increasingly becoming the primary location for financial institutions to store and process data: most financial institutions have moved their applications to cloud platforms, and many of those that still have their data on-premise today are planning their imminent migration to cloud.