Big Power Pole

Singapore to Spend Up To $2,6B on ICT Projects

Singapore Business Review: The Singapore government is expecting to invest $2.4b to $2.6b on Information and Communications Technology (ICT) projects in 2018, GovTech chief executive Kok Ping Soon said alongside the launch of the Digital Government Blueprint (DGB) this week.

According to a press release, it will focus on technology domains such as communications infrastructure, data analytics, robotics, and cybersecurity, whilst small and medium enterprises (SME) are expected to get a majority of the investments. Last year, they accounted for almost two-thirds of the total number of ICT contracts awarded by the government.

Moreover, about 33% of the investment will be placed into projects under the “run” initiative, such as the bulk tender for the leasing of personal computers and purchase of printers. About 23% will go to “grow” projects, like the bulk tender to support the implementation of Robotic Process Automation (RPA) in government agencies where a panel of companies will be qualified to provide software tools and professional services

Meanwhile, 44% are expected to go into “transform” projects such as the National Digital Identity (NDI), which allows individuals to verify transactions with others through their nationally-issued digital credentials, and a “smart” Singapore Visitor Centre (SVC) System for SVC officers.

For the full article, click here.


social media

Indonesia’s Coming Digital Distruption

Business Times: Indonesia’s digital economy is set to boom, helping its overall economy expand from US$1 trillion in 2017 to US$2.7 trillion by 2027.

Over the next 10 years, we expect online retail in Indonesia to increase 14-fold from just US$4.4 billion in 2017 to US$63.2 billion, or 19 per cent of total retail sales versus 3 per cent currently.

To support this growth, as well as the rise in e-services such as ride hailing, travel bookings and food delivery, we expect an equally rapid adoption of e-money from just 2 per cent of nation-wide transactions in 2017 to 24 per cent by 2027.

Demographics are supportive, with half the population below the age of 30 and a rapidly growing middle class. And the people are tech savvy – Indonesia is home to the fourth largest number of Facebook users in the world, at 130 million; it has the third highest number of Twitter accounts at more than 24 million. Smartphones, a key access tool, are already in the hands of half the population; by 2027, we think, penetration rates will be close to 95 per cent. Connectivity is also improving with the rollout of the government’s 36,000 km intra-island fibre network, the Palapa Ring Project.

The government’s infrastructure push, including transportation links, is helping to address bottlenecks around logistics, complementing a move by ride-hailing companies into last-mile delivery services.

For the full article, click here.


E-Payments Boom in Vietnam as Customers Seek Safer Options

VnExpress: Electronic payments are taking off in Vietnam thanks to a boom in internet usage and smartphone ownership.

E-payments in Vietnam grew 22 percent in 2017 from the previous year to $6.14 billion, Nikkei Asian Review quoted data from Statista, a local market research firm, as saying. The figure is projected to double to $12.33 billion in 2022.

According to economists, the potential for the e-payment sector is huge due to the expanding middle class and improved communications infrastructure.

More than half of Vietnam’s population of nearly 92 million people is online.

partner search

Strong Prospects in Asean, But Firms Face Hurdles to Regional Expansion

Business Times: Dealing with local rules, identifying business partners and lack of connectivity at government and business levels are among the obstacles faced.

Companies are keen to tap the growth prospects in Asean, but find it tough to overcome regulatory barriers, identify suitable business partners and hire the right talent to support growth, a new survey has found.

Four in five respondents to the poll, conducted by The Business Times and Standard Chartered Bank, said their companies have plans to expand in Asean over the next three to five years.

But even as they acknowledged the region’s strong prospects, the survey respondents spoke of the significant hurdles to growth and said that more can be done to improve linkages among the Asean economies.

Among those keen to expand in Asean, 34 per cent ranked Indonesia as their top priority over the next 12 months. Other popular destinations were Malaysia, Thailand, Vietnam and the Philippines; some respondents said they were eyeing emerging markets like Myanmar and Cambodia.

Growing domestic demand and customer requests were the most commonly cited reasons for expanding in these markets.

For the full article, click here.


Vietnam Fintech Market to Reach $7.8 Billion In Value by 2020

InvestVine: As financial technology startups, or fintechs, keep disrupting Vietnam’s financial services industry, their market value is expected to reach $7.8 billion in just two more years, according to a new report Disruption by fintech: Transforming Vietnam’s Financial Services Ecosystem released by Asia-focused consulting firm Solidiance.

The paper, exploring key drivers current trends of fintech adoption in Vietnam, as well as the key barriers and the future outlook of the industry, said Vietnam fintech market in the country already reached $4.4 billion by 2017 and is estimated to accelerate to $7.8 billion in 2020 due to rising banking penetration.

Among the three different fintech product segments, which are digital payment, personal finance and corporate finance, digital payment leads the fintech service market share at 89 per cent. However, personal and corporate finance is expected to grow at a faster rate through 2025.

For the full article, click here.