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Fortitude Budget: More than S$500m allocated to support digital transformation of businesses amid COVID-19 outbreak

fortitude budget: more than s$500m allocated to support digital transformation of businesses amid covid-19 outbreak

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SINGAPORE: More than S$500 million of the Fortitude Budget will be allocated to support the digital transformation of businesses, including support for e-payments, adopting digital solutions and deepening digital capabilities, announced Deputy Prime Minister Heng Swee Keat on Tuesday (May 26). “Those who are willing to transform will not be left behind,” said Mr Heng, speaking in Parliament on Tuesday. 

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Noting that the take-up rate of e-payments among businesses has “risen sharply”, with 50,000 more businesses adopting PayNow Corporate since April, Mr Heng said this Budget will support those who have not begun using digital tools.”We will help them to get on board with digital transformation, building on current momentum,” he said. Stallholders in hawker centres, wet markets, coffee shops and industrial canteens will receive a bonus of S$300 per month over five months to encourage them to use e-payments and avoid having to handle cash, he announced. “They should not be left behind as the whole economy transforms,” Mr Heng added. 

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READ: Some businesses struggling to keep up with digital transformation: MPsThis bonus will be provided by the Infocomm Media Development Authority (IMDA), National Environment Agency (NEA), JTC Corporation, Housing Development Board (HDB) and Enterprise Singapore, …

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AI, data analytics next drivers of UnionBank’s digital transformation | Inquirer Business

ai, data analytics next drivers of unionbank’s digital transformation | inquirer business

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UnionBank chair Justo Ortiz
Aboitiz-led Union Bank of the Philippines sees the lockdown protocols induced by the coronavirus crisis as an opportunity to accelerate its digital transformation, harnessing data analytics and artificial intelligence (AI) as the next key drivers of its evolution into a “technology company, also a bank.”
Heeding lessons from the current public health crisis, UnionBank president Edwin Bautista reported to stockholders during the annual meeting on Friday that the bank was now proceeding with the next phase of its digital transformation strategy: the year of commercialization and monetization of its initiatives.
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“Going forward, we believe that data analytics and AI will be critical technologies that will drive our digital transformation strategy. With this, our data analytics team will be beefed up with behavioral science capabilities to enrich business actions with insights on customer behavior,” Bautista said.
Unionbank president Edwin Bautista dancingwith Eve, a crowdfavorite at the 2019 Singapore Fintech Summit—PHOTO BY DORIS DUMLAO-ABADILLA
The bank recently hired David Hardoon, formerly Monetary Authority of Singapore’s first chief data officer and head of data analytics group as its senior advisor for data and artificial intelligence.FEATURED STORIES
“We are convinced that his topnotch expertise and experience in …

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Keeping Up with Digital Transformation Acceleration

keeping up with digital transformation acceleration

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By Praveen Kumar, GM, ASG Technologies, Asia Pacific
Over the last five years, data has undergone an interesting journey in the region. It has not only grown in importance for organizations, but it has also evolved into a key asset to manage and understand. What was once just an organizational ideal, or a quickly replaced line item on IT budgets, has become a necessity. Today, in order to create a mobile-friendly business and reach potential customers at the pace of change, organizations are recognizing that they must move beyond legacy environments to manage structural changes in products, services, and systems.
Current mandates to work from home and ensure that customers are not affected during the current COVID-19 pandemic have exposed businesses that were not prepared from an employee and business perspective. Digital-enabled businesses have expanded their employees’ access to information from anywhere with the confidence that it is protected. Additionally, if customers can use services, such as mobile banking, or make online purchases, the chances of survival during this time, and after, are better than those who are not in a position to offer these services to customers. A similar debate erupted about the need for a corporate website during …

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ICYMI: Our Automated Future, Digital Transformation’s Accelerated Timeline and More

Information Access and Management (IAM) Platform powers IAM Network - 60,000 + engaged information professionals worldwide.

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PHOTO:
Luca Campioni

The coronavirus pandemic caught a lot of companies unprepared, but now there’s no excuse for not handling disruption in the future. Is automation the key to managing these sorts of unexpected twists? Read the first article below to find how businesses are turning to automation to build organizational resiliency. Elsewhere on CMSWire this week, we examined how digital transformation initiatives hit the fast lane, heard best practices for CDP implementation and strategy and learned about the ways different cultures are responding to this era of remote work.Quick, Give Me the Headlines:

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Digitally Advanced Southeast Asian Banks Expected to Accelerate Digital Transformation Strategies Due to COVID-19: Report

digitally advanced southeast asian banks expected to accelerate digital transformation strategies due to covid-19: report

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Southeast Asian banks will most likely accelerate their digital transformation initiatives, due to the COVID-19 outbreak and changing consumer behavior resulting from safe distancing measures and lockdowns.
Incumbents could be challenged more than ever before, as they might struggle to offer the same level of customer services and competitive financial products as neobanks.
However, Fitch Ratings notes:
“We expect established, digitally advanced incumbent banks to gain from the trend as customers flock to convenience and perceived safety in times of crisis, while also reaping the benefits from potentially improved productivity as well as cost savings from closed branches in the medium term.”
Major banking institutions across the Southeast Asian region have reported a substantial increase in online or digital banking activities since the Coronavirus outbreak, Fitch confirms.
Bank Rakyat Indonesia (Persero) Tbk (BBB-/Stable) recently revealed that it experienced about an 88% year-over-year growth in online banking activity during Q1 2020. According to Fitch, a similar trend was observed by several other banking service providers based in Malaysia and the Philippines.
The three largest banks in Singapore reported significantly higher digital transactions conducted by clients. They also revealed that there was a considerable increase in the number of new  digital accounts and …

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How we solve business digital transformation issues

how we solve business digital transformation issues

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By Prateek Saxena

May 11, 2020

5.

min read
Last update on: May 11, 2020

A recent report by Riverbed stated that out of the 1000 business decision makers whom they surveyed, 98% agreed that the success of a company lies in delivery of digital apps and services. But over 95% entrepreneurs admitted that they are continuously encountering challenges with the adoption. 
The companies who are aware of the growing importance of offering a successful digital experience reported these statistics for measuring success:

53% felt satisfaction and user experience defines success
49% felt greater market agility defines success 
49% believed success is measured through increased profit & revenue 
49% believed greater employee productivity is the right measure
48% believed a faster time to market is the accurate measure. 

*source: Riverbed
The general consensus, as you could gauge from these numbers, is that almost all the modern-day entrepreneurs understand the need for digital transformation solutions. But they also understand that there will be multiple digital transformation challenges standing in the way. 
Here are some of the biggest transformation problems that they foresee themselves encountering or have already encountered in the efforts to be a digitally forward business – 

Budget limitations 
A very complex legacy infrastructure 
Lack of knowledge around end-users’ digital experience 
Absence of digital initiatives …

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IT Leaders Define Innovation, Digital Transformation

it leaders define innovation, digital transformation

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Insider

Los Angeles County’s chief information officer and the city’s chief data officer spoke in a webinar about the practical meanings and applications of “digital transformation” — and how vendors can play a role.

IT leaders from Los Angeles city and county governments were among the participants in a virtual “mobility and digital transformation” roundtable conversation last week and, despite their different missions and constituencies, agreed on a couple of key takeaways:
Data and technology are vastly more valuable when their creators and their users are nimble and able to adapt quickly to change. That’s the key to digital transformation…

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SUSE strengthens partner program to support digital transformation, open-source ecosystem

suse strengthens partner program to support digital transformation, open-source ecosystem

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As an open-source software company, SUSE has a community spirit rooted in its culture — and this involves developers, partners and customers. To further strengthen this ecosystem, SUSE has begun a soft rollout of its SUSEOne Partner Program, which will officially launch later this year.
This initiative is part of SUSE’s overall strategy to work with partners around the world to offer more complete solutions to customers. The company also wants to help its partners effectively guide their customers through the digital transformation in an open-source ecosystem.
“We’re releasing or unfolding slowly our SUSEOne Partner Program,” said Rachel Cassidy (pictured), senior vice president global channel and cloud at SUSE. “I think, historically, we had some different programs that address certain go-to-market routes … and we’re pulling that all together so we have this larger, all-encompassing offering.”
Cassidy spoke with Stu Miniman, host of theCUBE, SiliconANGLE Media’s livestreaming studio, during the SUSECON Digital event. They discussed details of the new Partner Program, how to enable customers’ digital transformation, the celebration of SUSE being fully independent for a year, and responsibilities of the new SUSE channel and cloud team. (* Disclosure below.)
New portal and learning system make work easier
As …

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