0 comments on “Pakistan’s digital revolution is happening faster than you think”

Pakistan’s digital revolution is happening faster than you think

CPEC

The digital power of China’s Belt & Road Initiative (BRI) is slowly unfolding and shaping into a whole new area of opportunity.

When the BRI took global centre stage in 2013, most conversations revolved around traditional infrastructure: building roads, railways, power sources and linking borders. However, the digital awakening that BRI brings, and the associated development of human capital and innovation, is much more powerful.

The global map is being altered at a much faster rate than anticipated due to the disruption created by digital infrastructure, artificial intelligence, the Internet of Things, and blockchain. Further digital and technological disruption is now set to mend fractures in society – leading to improved living conditions and enhanced economic empowerment.

This disruption has given new life to e-commerce and the start-up scene in BRI countries. In light of the Global Competitiveness Index 4.0, it is extremely important that economies grow in all areas, overcoming challenges and making investment in human capital and innovation. Resilience and agility are key.

Looking at the South Asian region, some of the traditional deterrents to growth have been inadequate transport facilities, patchy power supplies and lack of financial inclusion. As we have seen in the past, industrial revolutions take their time to reach developing countries but the Fourth Industrial Revolution has been quick to reach all corners of the world.

Billions of dollars of investment are bridging the infrastructure and power supply gap while improving technology – the goal is to look past the problems that have hindered the road to progress in countries along the BRI.

The flagship project of the BRI, the China-Pakistan Economic Corridor (CPEC), which is a major collaboration between China and Pakistan, has been rapidly progressing and the impact of the project can be seen in the lives of Pakistani people, as reflected in an improving human development index.

Pakistan, which is emerging from many years of the war on terror, is now on a decent path to progress, with economic growth of 5.8% and improved investor confidence. At the World Economic Forum in 2017, Ebay’s chief executive, Devin Wenig, highlighted Pakistan as one of the fastest growing e-commerce markets in the world. In 2018, Alibaba bought Pakistan’s largest e-commerce platform, Daraz.pk.

Growth is being accelerated by other major investments in power and connectivity infrastructure, technology and digital infrastructure. Ant Financial Services, China’s biggest online payment service provider, recently bought a 45% stake in Telenor Microfinance Bank, in a deal that valued the Pakistani bank at $410 million.

Irfan Wahab, chief executive of Telenor Pakistan, called the deal a “game changer”; while Eric Jing, chief executive of Ant Financial, said it would provide “inclusive financial services in a transparent, safe, low-cost and efficient way to a largely unbanked and underbanked population in Pakistan”.

This kind of investment will benefit from the significant demographic dividend in Pakistan, targeting the largely unbanked young population, and providing not only financial inclusion but also a base on which to build digital businesses.

What the country needs now is to improve its position on the innovation and financial inclusion indices, currently at 89 and 75 respectively, on the World Economic Forum’s Competitiveness Index 2018.

source and more: www.weforum.org

0 comments on “European digital economy gets new deep tech talent”

European digital economy gets new deep tech talent

More than 200 international students were in Eindhoven. They were celebrating their graduation from the EIT Digital Master School.

eit-master

This new crop of technicians has been trained to meet the needs of the business community. Commerce is desperately looking for technical staff that can convert new emerging technologies into business. Since 2012, more than 1 350 students have participated in one of EIT Digitals master programmes. Sixty-six per cent of this institution’s students complete their Master’s Degrees within two years. This, compared to the average six years it takes to complete a Masters in the Netherlands, as reported in Statline.

About the EIT Digital Master School

The EIT Digital Master School offers a two-year Master programme in Technology, Innovation, and Entrepreneurship. EIT Digital does this in collaboration with 17 top European Universities. The graduates are tasked with contributing to the digital transformation of Europe. Students choose one of seven technical programmes and study at two different European universities. The graduates then receive a double Master Degree. They also earn a certificate from the European Institute of Innovation and Technology (EIT).

Before the official graduation ceremony begins, not only will Prof. Willem Jonker, CEO EIT Digital have a word. Prof. Jan Mengelers and Douwe Lycklama, founder and partner of InnoPay, will also address the audience and graduates. Prof. Jan Mengelers is Chairman of the Board of Directors at the Eindhoven University of Technology. This ceremony is to be held at the Parktheatre.

About EIT Digital

EIT Digital is a European organisation for education, innovation and scale-up acceleration. Its goal is to improve economic growth and quality of life in Europe through technological innovation. This is done through the integration of education, research, and entrepreneurship. There is also a  pan-European collaboration with over 180 European institutions.

These include companies, SMEs, startups, universities, and research institutes. This enables EIT Digital to bring groundbreaking digital innovations to the market as well as train future leaders. EIT Digital is a Knowledge and Innovation Community of the European Institute of Innovation and Technology (EIT).

source: https://eindhovennews.com

0 comments on “Simplilearn to Train College Recruits on Digital Economy Skills (India)”

Simplilearn to Train College Recruits on Digital Economy Skills (India)

Mission-critical skills such as big data, machine learning, artificial intelligence, cloud computing, and digital marketing are ones that enterprises are increasingly turning to fresh graduates to fill

Campus and entry level recruiting is a critical component of every corporate HR strategy but often involves many months of onboarding and mentoring to get these employees productive. Simplilearn offers a New-Hire Training Initiative that significantly shortens this time-to-productivity via a structured training curriculum for campus recruits that they can complete before their first day on the job, or within their first couple of weeks.

Simplilearn focuses exclusively on digital-economy skills such as big data, machine learning, artificial intelligence, cloud computing, and digital marketing. These mission-critical skills are also ones that enterprises are increasingly turning to fresh graduates to fill.

Simplilearn’s new program enables organizations to help their recent on-campus recruits become job-ready (and even certified) with necessary technology skills, gained through Simplilearn’s online training courses prior to onboarding of the new employee.

“Campus hiring has never been more critical. With today’s rapid technology changes, it has become essential to ensure young professionals are up-to-date with the digital skills they will need to have an immediate impact at their new companies,” said Krishna Kumar, Founder and CEO of Simplilearn.

“Offering our vast experience in the latest technologies, Simplilearn is well-suited and proud to help Fortune 500 companies and other organizations bridge the gaps in skills and productivity that often come when onboarding new employees fresh from academia,” he added.

During their final semester in their college or university degree programs, recruits will undertake this training, following predefined learning paths that match their upcoming job roles. In addition to online videos and instructor-led lessons, the courses also include practical applied projects and assessments that are relevant in the high-demand fields such as data analysts, programmers, developers,

Simplilearn has partnered with leading IT/ITes, consulting, internet retail companies and Global System Integrators to support their new hire training initiatives. Also, as part of the company’s core offerings, the Simplilearn Digital Transformation Academy covers all aspects of people, process and technology to help organizations achieve competencies in digital technologies and applications.

The Digital Transformation Academy is designed to be customizable across a wide variety of industries and for all employee and management levels and roles while delivering on Simplilearn’ s outcome-centric, high engagement learning approach.

source: www.dqindia.com

0 comments on “Digital Economy is the Key to Realizing Indonesia into the Big Five of the World Economy”

Digital Economy is the Key to Realizing Indonesia into the Big Five of the World Economy

IndonesiaIn an oration entitled “Leap Frog Indonesia Through Digital Economy”, Rudiantara revealed that the development of a digital economic ecosystem is the key to realizing the nation’s economy towards the ranks of the world’s top five economies.

“The experience of a number of startup companies or startups that have grown up like Gojek, Tokopedia, Bukalapak and Traveloka shows that information and communication technology is the main booster rocket that can make a leap frog from zero, passing many stages at once, “To reach a point farther than what other conventional companies can achieve,” said Rudiantara.

To overcome the widening welfare gap in the world today, Rudiantara also urged the world to carry out a global movement. This has been conveyed by Rudiantara at the International Telecommunication Union (ITU) forum in Korea.

One way is through the adoption of innovative digital economic business models and strategies to enable shared economy, digitalization of labor, and financial inclusion. This proposal departs from the experiences of a number of Indonesian startups which prove that digitalization can be directed towards empowering the workforce through new ways.

Rudiantara also mentioned that the digital economy in Indonesia in 2020 is expected to reach 130 billion US dollars or Rp 1,831 trillion. With these achievements, the next two years the digital economy will contribute around 11% of Indonesia’s gross domestic product.

“But of course it’s not as easy as turning your palm to achieve all of that. There are at least seven main issues in the digital economy that must be a common concern. These seven issues are human capital, startup funding, taxation, cyber security, ICT infrastructure, consumer protection, and logistics, “said Rudiantara.

According to Rudiantara, what the government has to do to meet the big changes in the economy and business is to cut regulations a lot and create an ecosystem that provides broad opportunities for innovation to develop.

Rudiantara added, leadership in the digital era must be pursued with at least three principles, namely less of a regulator, by simplifying regulations, simplifying and eliminating permits; more of a facilitator, by providing affirmative policies in developing infrastructure, encouraging digital entrepreneurship, and growing digital economic talents; and more of an accelerator, by accelerating the growth of new digital startups and other business sectors, especially MSMEs.

“The government and the education world must work hand in hand to grow and assist young people to have a passion for technology and become a workforce that has digital skills that are able to view community problems as a challenge to be solved and monetized,” said Rudiantara.

Some time ago, Gojek Indonesia launched Go-Viet in Hanoi, Vietnam. According to Rudiantara, this showed the ability of the nation’s younger generation to solve the problems of modern humanity.

“In the range of the digital economy that is still very young, our nation’s younger people have been able to carve out legacy that is not only sweet to remember, but also surely will inspire the achievements of other nationals in the digital realm of the world,” said Rudiantara.

According to him, this phenomenon also proved that digital space in Indonesia has the same opportunities as other countries in the world. In an increasingly digital world, the perspective of the market must be broader.

Meanwhile, to help prepare Indonesia’s human resources in supporting digital transformation and improving the digital economy, in the near future the Ministry of Communication and Information will launch “Digital Talent Scholarship”. This program is in the form of intensive training scholarships by holding five universities in Indonesia, including Unpad.

source: www.unpad.ac.id

0 comments on “Overcoming digital divide – analysis (India)”

Overcoming digital divide – analysis (India)

India FlagIndia’s policies towards digital regulation are inadequate. Future policy-making must be based on economic considerations and evidence, not on myopic political considerations

In 2014, the Narendra Modi-led Government came to power with an objective of ‘minimum Government, maximum governance, aimed at showcasing the country as an investment-friendly destination. Thereafter, on various occasions, the Government announced measures to boost private sector investment in the country. To its credit, several high-level policy decisions, like the Goods and Services Tax (GST) and Insolvency and Bankruptcy Code were enacted to improve the business and investment environment. However, the major test for the Modi-led Government is yet to come.

India is on the cusp of laying the foundation stone for the next digital revolution (Industry 4.0). Industry 4.0, synonymous with the digital economy, is expected to contribute one trillion dollar to national output by 2022-23. Given the undeniable potential of the digital economy to contribute outsize growth, it is incumbent on the Government to adopt a delicate, evidence-based approach to put in place an appropriate regulatory architecture that ensures the country reaps full dividends from Industry 4.0.

However, emergent policy recommendations in the past few weeks indicate that the Government is handling the nascent digital economy with a 20th century mindset. These include recommendations of the Committee of Experts, led by Justice (retd) BN Srikrishna, the draft e-commerce ‘policy’ and the draft report of the Working Group on Cloud Computing — the latter two, as reported by the media, amply illustrate the perils of a dated mindset.

For starters, the decision-making process of all the three have remained opaque and had negligible representation from private organisation, let alone investors. Therefore, the final outcome of these groups has been skewed towards one direction, while ignoring the consideration of other stakeholders, in particular investors. For instance, despite highlighting the economic cost and concomitant adverse impact on the start-up ecosystem associated with data localisation in a white paper, the final recommendation of the BN Srikrishna committee endorses the same. Similar provisions for localisation have found their way in Cloud computing recommendations as well as the draft e-commerce policy. It is important to note that storage of data in India would not mean access to that data by local entities. Additionally, such measures can exacerbate cyber-security risks by compelling enterprises to invest in increasing data storage capacity, while apportioning fewer resources to ensure adequate security controls.

Furthermore, voices for protectionism, which are reminiscent of the discourse during the 1991 reforms, are getting louder. Particularly with respect to the draft e-commerce policy, a document, which besides guiding India’s position at the international trade fora, is aimed at promoting the domestic e-commerce ecosystem. This policy will implicate all aspects of the digital economy, and have a key role to play in India’s preparation for the emergent digital revolution.

However, protectionist voices have argued that the Government should formulate different rules for foreign and domestic companies, citing that availability of abundant capital with foreign companies could kill domestic entrepreneurship.

India has come a long way from considering investments as a bail out to solve external payment crises, to recognising that investments bring with them growth and employment, and consequently make a significant contribution to the economy at large. Constant liberalisation of the foreign investment regime in the country is an example of this approach.

Nonetheless, while dealing with digital economy, a constant international best practice which is cited by protectionist voices is that of China. The question to ask is: Can India afford to adopt the Chinese approach? Currently, India’s share in global value chains (GVC) is estimated to be less than two per cent, while China’s share is in double digits. Importantly, China’s peculiar political and economic outlook makes its policies inimitable. For instance, most Chinese players in the digital economy have been supported by state-led investments.

Unlike China, India neither has the economic footprint to deter other countries from taking restrictive reciprocal measures, nor are our entrepreneurs and businesses supported by public sector finance. On the contrary, foreign capital has played a vital role in providing India’s home-grown digital companies like, Ola and Paytm, a global stage. Introducing onerous regulatory conditions and uncertainty could impact the trust of the investors in India as a promising and stable digital market, consequently damaging the image of the country as an investment-friendly destination.

Therefore, it is important that future policy-making is based on economic considerations and on evidence rather than myopic political considerations. Additionally, the need of the hour is to take a nuanced approach with respect to policies which are expected to impact India’s economic aspirations in the coming decade. Given that the 2019 Lok Sabha election are around the corner, the Modi Government will be under pressure to succumb to various protectionist demands. It should take care to avoid such pitfalls if it is to reap economic dividends in its second-term in power which it projects to win.

source: www.dailypioneer.com

0 comments on “How cybersecurity and data storage laws could pull the plug on Southeast Asia’s digital economy”

How cybersecurity and data storage laws could pull the plug on Southeast Asia’s digital economy

southeast-asiaJeff Paine says governments in Southeast Asia are keen to capitalise on the opportunity presented by the digital economy, but their rush to regulate data flows and storage will hit start-ups and small local firms hard.

Southeast Asia is one of the most diverse regions in the world, a handful of countries with thousands of languages and cultures, yet all having one thing in common – bold ambitions for their digital economies.

From the establishment of digital agencies like Malaysia Digital Economy Corporation in Malaysia and the Digital Economy and Promotion Agency in Thailand, to charting impressive road maps such as Thailand 4.0 and Making Indonesia 4.0, many governments in the region are prioritising capturing as much of the region’s US$200 billion digital economy opportunity as possible.

What isn’t clear is how these bold aspirations will be achieved.

Despite the inherent benefits of digital technologies and the internet, many governments are pursuing policies that will limit the use of these technologies. Driven by pressure to address specific and immediate challenges including cybersecurity, data protection, privacy and misinformation, governments fail to consider the long-term impact of these laws on economic growth, jobs and investment.

Vietnam’s recent Law on Cybersecurity and Indonesia’s Government Regulation 82 are examples of this, with provisions including restrictions on data flow and content, requirements for foreign companies to set up local offices and local data storage requirements. Meanwhile, proposed rules in Thailand subject over-the-top (OTT) service providers to tax, security and content regulations.

The impact of these regulations goes far beyond the information and communications technology industry, given that virtually every business today uses the internet and digital technology.

For foreign businesses, restrictive, too broad and unclear regulations create uncertainty and an unfriendly investment climate. Multinational companies unable to make long-term financial decisions are likely to shift their investments to countries with more flexible regulatory environments that support the development of a digital ecosystem.

Local businesses, like small and medium-sized enterprises and entrepreneurs that comprise 95 per cent of Southeast Asia’s economy, will bear the brunt of poor policies. Restrictions on cross-border data flows, digital tax and local data storage, will prove difficult to comply with.

Many small businesses depend on digital services and platforms such as cloud for data storage and collaboration, online marketplaces for e-commerce, social media for communication and marketing, and OTT platforms to reach customers at scale. Such laws will increase the cost of doing business, create barriers for expansion beyond borders and are likely to block small players from competing in the global marketplace.

For example, if a neighbouring country enacted similar provisions to Vietnam’s cybersecurity law, a Vietnamese software start-up would be unlikely to be able to afford data storage facilities and local offices in locations outside Vietnam – curbing regional or global expansion plans.

With significant economic prospects at stake, and the challenges of security, privacy, data and misinformation in mind, governments must find better ways to manage risk without hampering growth.

Southeast Asian governments can learn from how larger, developed economies manage emerging technology. For example, Thailand has looked towards the European Union’s implementation of the General Data Protection Regulation as a basis for their data protection laws.

On taxation, intergovernmental organisations such as the Organisation for Economic Co-operation and Development provide useful guidance in key areas such as the need to create consistency between countries on cross-border digital taxes. Unilateral moves like Australia’s goods and services taxin July 2018 on low-value imported goods is likely to pose compliance challenges and higher costs for small businesses in the long run.

Instead, a cross-sectoral range of agencies, ministries and industry players could together craft comprehensive policies that manage risk and promote growth. A good example of this is Singapore’s approach to digital taxation and preventing misinformation.

The digital economy is uncharted territory for most. There is a small window of opportunity now to ensure smart regulations and policies are in place to secure future growth. Technology companies and industry groups can work with governments, ensuring that the opportunities and benefits of the digital economy are realised and not wasted.

source: www.scmp.com

0 comments on “An organisation in Iraq is working with young people to help “bring the country to a more digital economy””

An organisation in Iraq is working with young people to help “bring the country to a more digital economy”

Re:Coded was founded in 2016 and holds courses for people wishing to learn more about coding.

Zahra Shah, Program Manager at the organisation said: “We launched as a coding school to try and upscale youth here and bring them more towards a digital economy especially in Iraq where a lot of the jobs are provided by the government.

“The economy is not doing great, a lot of the money that comes from oil and gas, they’re not using it to rebuild the country and a lot of that is due to corruption unfortunately. But our solution is that there are so many youth here interested in technology.

Zahra Shah, Program Manager at Iraq Re:Coded said there is a need for coding teachers in the country (Re:Coded)

“So we started a school to cater to that need for youths to have access to that education. Even the students that learn computer science at university, they’re not learning properly how to become computer programmers, it’s very theoretical. We fill that gap by teaching android app development.”

Students can take part in Re:Coded’s five month boot camps or the tech entrepreneurship academy. It’s come at a good time for the country, with the start up and tech industry growing.

Ms Shah has seen the growth first hand having moved to Iraq last August. She said: “I’ve seen so much change already. There is a huge co-working space that opened in Baghdad four months ago in addition to our co-working space in Erbil. I feel that there’s more NGOs as well getting with the programme when it comes to technology.

“A lot of our graduates are being employed because they have the tech skills to leverage that and move their projects forward so I am definitely seeing a difference. People are starting to see the benefit of relying more on technology and doing stuff online, freelancing and entrepreneurship.”

Iraq’s tech scene is growing rapidly and Re:Coded is hoping to get as many women onto the scene as possible (REUTERS)

“Iraq is still behind the rest of the middle east in comparison to Dubai, but even just on a grass-roots level I feel it’s growing so quick and i’m really surprised to see how much it’s changed just from being here in a year so in another five years, I see it going a lot further.” A main focus by the organisation is the need to get women involved in coding.

“We always aim for at least 40 percent women across our projects, in our boot camps, we have 40-50 percent, the same with everything we offer. A minimum of 40 percent is our goal,” Ms Shah added.

For those who graduate from the boot camp, the job prospects are huge. Some have found employment with some of the organisation’s sponsors while others have decided to start their own startup. While others have chosen to teach coding themselves.

The country’s tech and startup industry is starting to grow (Re:Coded)

“In our last boot camp, we had 35 students, of those students that were looking for full-time employment, around 90 percent of them have gone into employment especially in the local economy.

0 comments on “The iWorld Expo 2018 Themed on Digital Economy Kicked Off in Chengdu”

The iWorld Expo 2018 Themed on Digital Economy Kicked Off in Chengdu

On August 16, 2018, the iWorld Expo 2018 grandly kicked off at the Century City New International Convention and Exhibition Center in Chengdu. During the three-day period, under the theme of “Digital Economy in the New Era”, a wonderful event about artificial intelligence and the mobile Internet ecosystem will come onto stage in three major dimensions: exhibitions, international forums and supporting activities.

The iWorld Expo is supported by the Chengdu Municipal People’s Government, jointly hosted by the Chengdu Municipal Commission of Economy and Information Technology, Chengdu Bureau of Expo Affairs and Management Committee of the Chengdu Hi-tech Development Area, and organized by the International Data Group (IDG). This exhibition has attracted more than 200 domestic and foreign brand exhibitors, 100 industry leaders, 300 news media, and 100,000 visitors.

In the report of the 19th National Congress of the Communist Party of China, there was a proposal to build China’sstrength in digital networks, the digital economy, smart society and the sharing economy and to foster new growth areas and drivers of growth. This marks the advent of golden explosion of data economy era. In addition, recently, the Third Plenary Session of the 11th Sichuan Provincial Party Committee has issued the “Decision of the Sichuan Provincial Committee of the Communist Party of China on Comprehensively Promoting High-Quality Development” and clearly proposed to seize the commanding heights of the digital economy. The theme of the iWorld Expo coincides with the path of Chengdu’s vigorous digital economy, showcasing Chengdu’s ambition and confidence in the digital economy.

Eight exhibition areas are being put on show

Innovation is the first driving force for development. At the iWorld Expo 2018, a large amount of companies have brought the audience their cutting-edge innovations.

Covering an area of 22,000 square meters, the exhibition area consisted of eight major sections, namely artificial intelligence, smart life of the future, virtual reality/augmented reality, innovation and start-ups, smart cities, digital entertainment, and smart hardware and intelligent autos.

With the in-depth development of artificial intelligence, the application of artificial intelligence technology has gradually expanded to more industries and fields such as unmanned vehicles, smart homes, consumer electronics terminals, and education. As the key exhibition area of the iWorld Expo, the artificial intelligence exhibition area covers about 2,500 square meters and gathers well-known enterprises such as BOE, Hammer Technology, Pangolin Robot, Deocean, Codoon, and I Winner, attracting a large audience. Meanwhile, at the BOE booth, the BOE 5.99-inch dynamic suspension flexible AMOLED screen, with a thickness of only 0.03mm and a resolution of 1080×2160, is becoming the star of the BOE booth.

At present, the entire smart car industry has entered a new period of development, with more and more industrial opportunities emerging. In the smart car pavilion, leading companies such as BAIC BJEV, Weizuche, and Auto Financial Service gathered to show the cutting-edge technologies of the future car in smart driving, life service, security protection, location service, car assistance and other systems from different perspectives. BAIC BJEV has demonstrated the new era of national pure electric SUVEX360. In terms of technology, BAIC BJEV has introduced the vehicle-based artificial intelligence “Darwin System”, which is a self-learning and self-growth vehicle intelligent technology system independently developed by BAIC BJEV by integrating artificial intelligence and deep learning.

In addition, Tianfu Software Park and Techcode Global Industry Incubator also come onto the stage of the Innovation and Entrepreneurship Exhibition Area to showcase the power of innovation and entrepreneurship to the public.

The international forum created smart peak feast

The digital economy has brought new opportunities for the transformation of traditional industries. Meanwhile, the information economy, represented by a series of high-tech technologies such as cloud computing, big data and artificial intelligence, is becoming the core of the development of the digital economy. How does the digital economy integrate with the traditional industries? What new formats and new models will the digital economy bring forward? The iWorld Expo is showcasing numerous ideas from a range of mobile internet industries.

Synchronizing the opening ceremony are the 16th China International Software Cooperation Conference and iWorld Conference 2018. Participants at the forums include representatives from National Ministries and Commissions, Sichuan Provincial Party and Government, Chengdu Municipal Party and Government, Foreign consular agencies in Chinaattended this eye-catching forum, along with other significant visitors from pioneering enterprises, scientific research institutions, advanced academic and industrial organizations at home and abroad.

Liu Liedong, Deputy Mayor of Chengdu Government, shared his analytic and profound opinions at his speech. Mr. Liu holds that China is facing with an essential opportunity for scientific and technological revolution and industrial innovation. Information network technology has become an important engine driving economic and social development, and software acts as the core and soul of the new generation of information network technology, playing a more and more significant part in a new round of development in Chengdu. Accordingly, the exhibition will fully perform its characteristics as internationalization and specialization, armed with stronger interaction and experience, aiming to promote interpersonal communication and idea-sharing. Chengdu is making full preparation for providing high-level services and heading for a promising future.

Jennifer Xu, Vice President of IDG Asia, delivered a speech on behalf of the host organization. From her words, it is at the third year that iWorld has landed in Chengdu led by IDG. The exhibition hands out a gathering platform for both new and old friends to make joint efforts for developing emerging technic industry and innovative entrepreneurship in Chengdu. Open to the whole world, iWorld aims to boost emerging industries and especially the advantages of high-tech innovation and entrepreneurship, achieving a global appraised brand of Chengdu.

Nine parallel forums are held, including “Linking the Future” Block Chain Summit, VR/AR: a perfect mix of hardware and software, Global Creative Mobile Internet Development Competition (Chengdu Station), Science and Technology Innovation Summit, Changing the Future  Crossover Artificial Intelligence, Build the development of business space with new consumption mode and new experience, Elite Strategic Layout – the Match Point of Internet Industry, Intelligent Road of Intelligent Vehicle. Internet experts from both home and abroad gather together to discuss the development of digital economy under the new era of artificial intelligence.

Featured events ignite the passion of the exhibition

The iWorld Expo 2018 brings not only feasts of innovative technology and ideas to the audience, but also a wonderful journey of smart technology. Various special events take turns to ignite the entire scene, which are quite amazing.

As the classic old-fashioned activities of iWorld Expo, “The Best 2018 Award” and “Talent Award” still continue to be wonderful as they were in previous years. The authoritative selection of high-quality mobile Internet products manufacturers and excellent developers and technicians reserve a new force for the development of the industry.

In addition, iWorld e-sports stage an eye-catching performance. The two popular game projects, including King Gloryand StarCraft, attract top-notched players and wellknown teams from both home and abroad to launch a fierce confrontation and improve the interactive viewing experience of the live events through the on-site esports game.

The Robot Fighting Competition highlight this year’s variety show. By following the trend of the times, iWorld Expo 2018 staged Battletech: The Crescent Hawk’s Inception, a fighting robot carnival full of fun and technology. 36 top teams from all over the world are fighting for the squad and vying for the crown, thus giving the audience a unique viewing experience.

In conclusion, the iWorld Expo 2018 boasts cool smart technology products, innovative ideas from opinion leaders, and fascinating interactive activities.

source: www.prnewswire.com

0 comments on “Insurance business model continue to face three key challenges in today’s digital economy”

Insurance business model continue to face three key challenges in today’s digital economy

5-WAYS-INSURANCE-COMPANIESDigital transformation enables insurers to take advantage of many new opportunities. But first, they must define their strategic priorities. That means reevaluating business models, processes, products and service.

There are three key challenges insurers should address along the way:

  1. They must better manage risk mitigation by evolving from a financial loss compensation focus to include physical risk prevention.
  2. They must face down disruptive competitors by enabling rapid solution development.
  3. They must manage the enormous amount of data generated by connected networks to develop and deliver leading-edge products and services.

The ability to address these challenges effectively will enable insurers to successfully compete in the digital economy.

Risk mitigation

Customer expectations have changed. Evolving customer demands coupled with technological advancements mean that insurers are expected to provide risk prevention in addition to crisis management. These benefits can be managed by technology that interacts with customers across multiple channels.

Essentially, technology is allowing insurers to move into a world in which risk is more tangible.

Keeping up with disruption

Nearly 80% of insurance company chief information officers expect technology to significantly change or transform both the industry and their organization in less than five years, according to Ovum. More than a third of insurance companies are already using or developing IoT projects; another 25% are actively evaluating IoT projects.

These new technologies increase the risk to some incumbent carriers that new entrants will cause business disruption. Startups may lack the deep actuarial and underwriting experience and capabilities of established carriers, but they have access to customers, IoT infrastructure or the ability to process data in real-time.

Deciphering data

As the volume of data grows, insurance companies must use solutions like AI and machine learning to process large amounts of data. The ability for insurers to adopt these types of platforms now can lead to better product and service agility. By using technology like AI and machine learning, insurers can deliver new products and services to customers while more effectively managing their existing portfolio. With a strong digital core, insurers can bundle products and services to deliver personalized offerings to specific customer segments and distribution channels.

The change afoot

The digital economy is still evolving. By aligning transformative actions across these three priority areas, businesses can more easily manage the transition in stages, creating a digital core and then extending digital functions across the enterprise. The reduced reliance on traditional risk-assessment and data-processing methods will provide insurance customers with a much more personalized experience via a multi-channel environment. These steps will reduce the possibility of business disruption and propel insurers to fresh success.

Insurance for the greater good

Many of today’s insurers are passionate about digital transformation and what it can do for business and for society.

Why? Because the industry is witnessing a steady shift from a centuries-old business model that has the potential to dramatically improve lives worldwide.

Rather than just compensating for financial loss, which insurers have done remarkably well, the industry is getting geared up to help people prevent loss, lead healthier lives, live longer and drive safer.

In short, digital transformation in the insurance business will potentially do more than any other industry to further society’s long-term well-being.

source and more: www.propertycasualty360.com

0 comments on “A New Economy for the Middle East and North Africa”

A New Economy for the Middle East and North Africa

menaDespite its geopolitical challenges, the economies of the Middle East and North Africa have vast untapped potential in their young, educated, and tech-savvy populations. If governments can implement the reforms needed to shift from public- to private-sector-led development, the region’s economies could become digital powerhouses.

Countries in the Middle East and North Africa (MENA) possess all of the ingredients they need to leapfrog into the digital future. They have large, well-educated youth populations that have already adopted new digital and mobile technologies on a wide scale. That combination has immense potential to drive future growth and job creation. But will it?

Public spending, the region’s historical engine of development, has reached its limit. Because the public sector can no longer absorb the swelling ranks of university graduates, the MENA region now has one of the world’s highest rates of youth unemployment.

The digital economy holds the promise of a new way forward, but it is still in its infancy, and young people face obstacles in putting technology to productive use. Although the Internet and hand-held devices are ubiquitous throughout the region, they are currently used for accessing social media, rather than for launching new enterprises.

But there are green shoots emerging. For example, the ride-hailing app Careem has grown from a start-up to a billion-dollar company, creating thousands of jobs in more than 90 cities in the MENA region and in Pakistan and Turkey. And new digital platforms are already connecting job seekers and employers, providing vocational training, and hosting start-up incubators. The challenge now is to create the conditions for these green shoots to grow and multiply.

The first, essential step is for MENA countries to become “learning societies,” a phrase coined by the Nobel laureate economist Joseph E. Stiglitz to describe countries in which shared knowledge leads to increased innovation. This, in turn, fosters development; and in the case of MENA, it could lead to the creation of a vibrant digital service economy.

To get there, education systems will need to change. For the region’s young people, the curriculum is more often a source of frustration than advancement. The concept of a “skills premium” – the difference in wages between skilled and unskilled workers – dictates that higher educational attainment should lead to higher compensation and more secure employment. Yet in the MENA region, the opposite has happened: university graduates are far more likely to be unemployed than are workers with only a basic education.

Two factors work against the region’s young people. First, schools are still geared toward channeling graduates into large public sectors, which means they place less emphasis on fields such as mathematics and science. Second, bloated public sectors are crowding out the private sector, which would otherwise be a larger provider of high-skill, high-wage jobs.

Because the future economy will need technologically capable workers, curricula should be reoriented toward STEM (science, technology, engineering, and mathematics) subjects and away from the social studies that were long prized by public-sector employers.

Moreover, education systems should focus on encouraging greater openness to innovation and risk-taking – a significant departure from the attitudes reproduced under a system of public-sector patronage. Specifically, moving toward an innovative “learning society” will require students to hone their critical-thinking and managerial skills within collaborative work arrangements.

In addition to skills, the digital economy will also need technical infrastructure. Connectivity is a prerequisite for the delivery of new mobile and digital services in e-commerce, vocational training, health care, and finance, all of which could substantially increase overall welfare. Countries in the region thus need to focus on expanding broadband Internet access.

Education and Internet infrastructure geared toward productive use would provide the foundation of a new economy. But ensuring sustained growth in the region will require improving its financial systems as well. A digital economy depends on payment systems that are not just easy to use and widely available, but also trustworthy. Developing effective peer-to-peer payments that require no financial intermediary like a bank will be crucial for ensuring that digital platforms for ride sharing, on-demand tasks, and other services can thrive.

Outside of the Gulf Cooperation Council countries, which have relatively advanced payment systems, the quality of financial services in the MENA region currently lags behind most of the rest of the world. Barring improvements to the financial system, and to the banking sector in particular, the potential of the region’s vast human capital will not be realized.

Lastly, governments will need to develop an approach to regulation that encourages, rather than stifles, innovation. To be sure, ensuring confidence, especially in financial systems, is essential; but regulation must be balanced with policies to boost competition, so that start-ups can easily enter the market and test new ideas. There needs to be more space for more companies like Careem to emerge. Policymakers should look to Kenya’s model of light but effective regulation, which has fostered the rapid growth of the peer-to-peer payment system M-Pesa.

Seizing the opportunities that the digital economy offers the MENA region will require a big push. Policymakers will need to work on multiple fronts, while making the best use of all available tools. The sooner they start, the greater the chance that today’s young people can overcome economic exclusion and gain more opportunities to realize their – and their region’s – full potential.

source: www.project-syndicate.org