The future of finance is virtual in Singapore

Digital engagement models will become the norm for Singapore’s financial ecosystem, suggest findings from the Digital Frontiers 3.0 Study by cloud computing and virtualisation technology provider VMware.

More than two-thirds (68%) of the Singaporeans surveyed are happy to keep interacting digitally with financial services firms. They are increasingly relying on their smart devices, with 60% stating that their phones are more important than their wallets when conducting financial transactions. Most of them (88%) have also shifted their preference from cash to contactless payments such as mobile wallets and e-payments.

Additionally, the study reveals that Singaporeans define themselves as “digitally curious” or “digital explorers”. They are willing to embrace next-generation technologies such as facial recognition technologies (76%) and 5G (74%).

However, security takes precedence when choosing a financial services provider. With only 56% of the local respondents trusting the financial services firms in securing their personal data and information, this is an urgent call for the financial services ecosystem to deliver cutting-edge innovations, as well as secure and privacy-focused digital experiences, to win the trust of Singaporean consumers.

“To stay relevant and remain competitive, it has become an imperative for financial services organisations to create a robust digital foundation and tap cutting- edge innovations such as cloud to accelerate innovations and respond faster to consumer needs. A robust and connected digital foundation will also enable organisations and the government to build a financially inclusive ecosystem, [which will] help Singapore emerge stronger as the nation drives towards economic recovery,” says Adrian Hia, country manager of VMware Singapore.

SenseTime commits to nurturing AI talents in Singapore
AI company SenseTime has strengthened its commitment to nurture Singapore-based AI talents through two Memoranda of Understanding (MOUs) penned last month.

Under the MOU with Business China, SenseTime will come onboard the Singapore-China Youth Interns Exchange Scheme to provide tertiary students from Singapore and China with internship opportunities at SenseTime’s China and Singapore offices, respectively. Through a series of curated activities, such as training programmes and technology forums held with Chinese technopreneurs and industry players, participants will gain meaningful cross-border experiences first-hand.

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SenseTime will also launch a new programme to introduce China’s business landscape to Singapore students under the Industrial Post-graduate Programme, in order to nurture a pool of talents with a good understanding of China’s economic, business, social, cultural and educational environment.

Meanwhile, the two-year MOU with Singapore’s Institute of Technical Education aims to equip ITE students, staff and adult learners with AI technical competencies through:

  • Support in AI competency-building for educators at ITE by providing the SenseStudy AI Education curriculum via its Train-the-Trainer programme;
  • The Enhanced Industrial Attachment for ITE students to be placed with SenseTime’s partners to explore and work on AI industry proof-of- concept projects with coaching and mentorship; and
  • Continuing Education and Training programmes for adult learners in Computer Vision and Smart City, with certification provided upon completion of the course.
Besides the MOUs, SenseTime has launched a SenseTime International AI Innovation Hub in Singapore to help businesses in Southeast Asia find practical AI-led solutions to real-world problems to accelerate digital transformation.


TES facility where the lithium-ion batteries will be recycled - THE EDGE SINGAPORE
Photo: TES

Power management company Eaton has partnered sustainable technology services provider TES to reduce the environmental impact of the power management industry.

Through this collaboration, Eaton’s customers will have the option to recycle lithium-ion batteries when their UPS (uninterruptible power supply) products approach the end of the lifecycle. The two companies expect to recycle 5 megawatt-hours of lithium-ion batteries over the next five years — the equivalent of over one million smartphone batteries.

Used lithium-ion batteries will be processed at the TES B recycling facility in Singapore. The facility uses a combination of mechanical equipment and hydrometallurgical processes to recover precious metals, such as nickel, lithium and cobalt. The recovery of precious metals yields a purity level of almost 99%, making them commercially ready for fresh battery production.


Since we are still not out of the Covid-19 pandemic yet, companies are increasingly hosting virtual events instead of physical ones. Apart from ensuring safety, virtual events help widen the audience pool as attendees can join and participate from anywhere in the world as long as they have Internet access.

Here are two tools that can help you create engaging virtual — and even hybrid — event experiences:

Photo: Zoom

The newly launched Zoom Events is an all-in-one platform that enables you to seamlessly manage and host back-to-back event sessions. You can use the platform to customise ticketing and registration, bring attendees together through a chat-enabled virtual event lobby, and track event statistics like attendance and ticket sales.

Hubilo platform for virtual events - THE EDGE SINGAPORE
Photo: Hubilo

Hubilo is a virtual and hybrid event platform built for engagement. It recently added new features designed to improve attendee engagement and foster greater human connections. For instance, attendees can get a quick overview of the current sessions from the “What’s Happening” section, and schedule meetings from the chat function. To help elevate the return on investment of events, the enhanced Hubilo platform also allows sponsors to engage with attendees through chat, polls and questions.

Main photo: Unsplash