- The finance function in the next three to five years will see a rise of at least 80 per cent in share of typical tasks carried out by machines.
- During the first six months of this year, $82 million were lost by Singaporean victims through the top 10 scam categories.
- The Securities Commission Malaysia (SC) signed a fintech cooperation agreement with Indonesia’s Otoritas Jasa Keuangan (OJK) to establish a collaborative framework to develop the fintech ecosystem in both markets.
- Thailand’s digital content industry is expected to surpass 30 billion baht in value this year, driven by the rise in demand as users spend more time online in the wake of the coronavirus pandemic.
- Getty Images. working in conjunction with YouGov, identifies key “Forces” which drive consumer engagement and purchasing behavior as part of a newly-released report.
- The Indonesian government has unveiled a national strategy for the development of Artificial Intelligence (AI), with one eye set firmly on assuring its people that AI is safe and widely beneficial.
Share of accounting tasks done by machines to surge by 80%: study
The study, entitled “Redefining the Finance Function with Job Redesign“, said the Covid-19 pandemic has accelerated the pace of digital transformation. Within the next three to five years, there could be a wider adoption of technological enablers such as robotic process automation (RPA), artificial intelligence (AI), advanced analytics/Big Data and blockchain.
“The rise in digitalisation has resulted in machines quickly taking over the tasks traditionally performed by humans, making room for humans to focus on higher-order tasks or new ones which require new skill sets. Accountancy and finance professionals will increasingly require knowledge beyond their main domain of accountancy and finance as well as their industries,” said the study.
The next generation of accountancy and finance professionals should understand not just accounting and their industries but also AI, blockchain and advanced analytics/Big Data, as well as how these technologies work together. The finance function in the next three to five years will see a rise of at least 80 per cent in share of typical tasks carried out by machines. These tasks may be automated, consolidated or procured as a service through a managed-services provider.
The two most junior roles – accounts executive/accounts assistant in the financial accounting (FA) track, and accounting executive in the management accounting (MA) track – will likely be diminished as much of their work scope involves repetitive, time-consuming and labour-intensive tasks that can be taken over by machines. The impact on mid-level roles such as finance manager, financial planning and analysis manager, and treasury manager, will be more measured.
$82 million lost through top 10 scams in first half of 2020
From January to June this year, the Singapore Police Force handled 4,226 more scam cases and $82 million were lost by victims through the top 10 scam categories.
The top four categories of scams were e-commerce scams and social media impersonation ruses, followed by loan and banking-related phishing scams. Other common types of scams were credit-for-sex scams, investment scams, Internet love scams and cases where criminals impersonated government officials from China. Scammers also tap technology and use Photoshop, bots and fake reviews to make their ruses seem as real as possible to their targets.
The sharp increase in online scams was due to an increase in online transactions during the Covid-19 pandemic, according to the police. Many of the e-commerce scams took place on digital platforms, such as Carousell, Shopee, Facebook and Lazada, and dubious transactions often involved electronics and gaming paraphernalia. Crimes involving social media impersonation was also an area of concern, as the number of such scams soared to 1,175 in the first half of 2020, from 83 in the same period in 2019.
SC inks fintech cooperation agreement with OJK, expanding Malaysia-Indonesia ties
The Securities Commission Malaysia (SC) today signed a financial technology (fintech) cooperation agreement with Indonesia’s Otoritas Jasa Keuangan (OJK) to establish a collaborative framework to develop the fintech ecosystem in both markets.
SC in a statement said the agreement aims to facilitate information sharing on emerging trends and regulatory developments in fintech, provide joint innovation project opportunities and facilitate referrals of Fintech businesses seeking to operate in each other’s jurisdiction. OJK is an Indonesian government agency that regulates and supervises the financial services sector, which includes banking, capital markets, and non-bank financial industries sectors.
“Through greater collaboration, both Malaysia and Indonesia can develop and scale up our fintech industries in support of the ASEAN Economic Community,” said Syed Zaid. “Given its emerging middle class and high internet penetration rates, Asean has the potential to become a thriving centre for innovative businesses and services,” it said.
As part of its digital agenda, SC had introduced various fintech initiatives since 2015, such as being the first jurisdiction in the Asia-Pacific to regulate equity crowdfunding (ECF). This was followed by regulatory framework for peer-to-peer (P2P) financing, digital investment management (DIM) services and digital asset exchanges (DAX), among others. In May this year, it introduced the framework for online distribution of capital market products through e-Services platforms like e-wallet or e-payment service providers.
Digital content industry poised to surpass B30bn
Thailand’s digital content industry is expected to surpass 30 billion baht in value this year, driven by the rise in demand as users spend more time online in the wake of the coronavirus pandemic.
“In the pre-Covid period, Thailand’s digital content industry grew at least 10% a year, with the latest survey showing it was valued at 25 billion baht in 2017,” said Krit Na Lamliang, president of the Digital Content Association of Thailand.
“However, it’s expected to grow by over 30 billion baht in 2020 despite the pandemic,” he said, “as demand for digital content has surged, particularly in entertainment segment, due to the longer time spent online in the new normal.”
Thai digital content, ranging from characters, games, animation to visual effects and e-learning, can help promote Thai identity and demonstrate Thai people’s ability to create content that can boost the country’s economic value. According to Mr Krit, the character business, worth 2 billion baht, has taken a hit from the pandemic, hindering licence sales.
The country’s animation business is expected to grow 5% over the next five years, Mr Chatchai said. Depa allotted 30 million baht to assist small and medium-sized enterprises, including digital content providers, that are facing liquidity problems.
Research Looks at How Brands Can Better Connect Visually with SE Asian Audiences
According to new research from Visual GPS released by Getty Images in conjunction with global market research firm YouGov, people living in South East Asia “are highly concerned with caring for the planet, yet most people prioritize convenience over the environment.”
“We live in an increasingly visual world. Having the perfect image, video, or illustration can mean the difference between connecting with your audience or simply being bypassed,” said Kumiko Shimamoto, Vice President of Getty Images Asia.
According to Visual GPS research also shows that people living in Southeast Asia rely on technology to help manage their lives and connect with loved ones, with 93% stating that technology makes them feel connected to those who matter most and having a mobile device or phone helps them feel connected to what’s happening in the world.
Although they have concerns around privacy and data risks, as well as the negative impacts technology has on relationships, people across Southeast Asia are more optimistic about the future of technology, with 78% agreeing they are excited about how artificial intelligence could impact their lives in the future, compared to 58% of consumers globally.
Indonesia sets sights on AI with new national strategy
The Indonesian government has unveiled a national strategy for the development of Artificial Intelligence (AI), with one eye set firmly on assuring its people that AI is safe and widely beneficial. In keeping with a global turn to the technology Jakarta has now published a blueprint, known as Stranas KA, for the national development of AI between 2020 and 2045.
Bambang Brodjonegoro – Head of National Research and Innovation Agency (BRIN) – said the country would focus its AI projects on education and research, health services, bureaucratic reform, and food security as well as mobility and smart cities. This grouping of use cases marks not only the widespread expertise that AI can offer but a degree of insight into how machine learning and automation can address persistent issues in developing countries.
To make this shift — despite Indonesia’s being the largest economy in Southeast Asia — the agency and broader government outlined five sectors of focus, the first being AI, as well as Internet of Things (IoT), advanced robotics, augmented reality, and 3D printing. In addition to bringing AI into bureaucracy, several other state-led AI projects are already underway, including in agriculture and education, with machine learning helping to streamline production, anticipate forest fires, and rejuvenate traditional teaching faculties. In total, the strategy document identifies 186 programmes, pilot schemes, and policies.
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