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Innovation and Disruptive Technology Keys to Smart Cities of the Future

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rofessor K.F. Wong, Associate Dean (External Affairs), Faculty of Engineering, The Chinese University of Hong Kong

Cutting-edge technology solutions are changing the way we live like never before, as we prepare for a futuristic new era of smart cities. The radical shift in the urban fabric, integrating data, communications and sensors to boost the efficiency of civic operations and services was the focus of a seminar themed ‘Disruptive Technology Enabling Smart City’ at the 15th edition of the HKTDC International ICT Expo at the Hong Kong Convention & Exhibition Centre (HKCEC).

Smart City Blueprint for Hong Kong Unveiled —

rofessor K.F. Wong, Associate Dean (External Affairs), Faculty of Engineering, The Chinese University of Hong Kong

rofessor K.F. Wong, Associate Dean (External Affairs), Faculty of Engineering, The Chinese University of Hong Kong

Exploring the technology side of this year’s expo theme “Smart City: The Way of the Future”, the seminar organised by the Hong Kong Trade Development Council (HKTDC) was moderated by Professor K.F. Wong, Associate Dean (External Affairs), Faculty of Engineering, The Chinese University of Hong Kong.

He introduced the session praising Hong Kong’s own vision for a ‘Smart City’. The blueprint unveiled “embraces innovative technology for a smart Hong Kong under six key areas,” he said, which included mobility, living, environment, people, government and the economy.

The blueprint promises to “improve quality of life by changing ways of living”, he said, while disruptive technologies, the theme of the seminar, will play a key role in making the vision a reality, bringing “better ways to live in this world”.

Building Smart Cities with Data Technology —

Patrick Chan, Solutions Architect, Alibaba Cloud Hong Kong & Macau, explained how Alibaba’s cloud-computing ecosystem, developed originally for the e-retail giant’s businesses including the online payment platform Alipay, is now being commercialised for government and enterprise applications through what it brands ‘ET City Brain’.

“Data embraces all of society,” he said. “The question is how smart cities can use it?” The answer is “in a multitude of ways” – from security and the environment to health systems and medical record management.

One of the most immediate and visible benefits is traffic management alleviating traffic jams and snarl-ups in Hangzhou, the first Chinese city to embrace Alibaba’s ‘ET City Brain Solution’. With 8,000 traffic lights, 2,300 junctions, 11,000 taxis and 5,000 buses, Hangzhou, which also happens to be Alibaba’s home, was enduring chaotic traffic when it launched Alibaba’s first smart city initiative in 2016 “to make life easier and more convenient for citizens”.

Through “intelligent deployment of all available real-time traffic data”, including GPS and sensors revealing traffic status, traffic light control is now adjusted to optimise efficiency. As a result, Alibaba’s cloud computing ecosystem has “made every junction smarter” and “improved daily transportation for everyone” – with overall traffic movement accelerated by 11%.

The ‘ET City Brain Solution’ is now on the drawing-board for Suzhou, Quzhou, Macau and even further afield in the Malaysian capital, Kuala Lumpur; with improved service applications extending from transport and public services to real estate, finance, health, e-commerce and entertainment – and even improving ways smart cities can adapt their systems to changing weather.

“Ultimately, through merging advanced technology and data, we are helping cities to build better services, control and organisation,” said Mr Chan. Alibaba is also keen to help make Hong Kong a smarter city.

Cybersecurity Alongside Smart City Development —

“Smart cities will bring great benefits making life easier, but before we are all connected we must think about security,” cautioned Garrick Ng, Chief Technology Officer, Cisco Hong Kong, Macau and Taiwan.

As the leader of Cisco’s engineering strategy and operations for enterprise, commercial and service provider systems, Mr Ng noted that by 2020, there will be an estimated 30 billion ‘things’ connected through the internet worldwide – equivalent to four times the world’s population. “This opens the door for hackers, and makes it very easy for them to get in,” he warned.

While cities are getting smarter, so are the hackers, he said: “It’s a whole new world for us, but it’s also a whole new world for the hackers. Hacking chaos used to happen in the movies. Now hacking is a huge industry – they are making a lot of money.”

As an example, he cited the recent ‘ransomware’ infecting smart TVs, when hackers brazenly telephoned users promising to unlock the block for HK$500. Victims could, of course, take their smart TVs to the manufacturer for cleaning, but they would be charged about the same amount – “with a lot more hassle”. “Either way you had to pay,” he said.

In other frightening cases, he recalled a “huge attack” that brought down a large part of the United States internet for a day. It subsequently transpired that 100,000 internet devices were hijacked from the unknowing public to mount the attack. In Ukraine in 2015, 225,000 residents lost power supply for up to six hours during the freezing winter, as a result of 30 power sub-stations being disconnected by hackers.

WannaCry ransomware claimed 300,000 victims in 150 countries, among them motoring giants like Honda, Nissan and Renault, global logistics leaders FedEx, TNT and Maersk – were effectively shut down for a day at a cost of hundreds of millions of dollars.

Hacking is simple, he said, because so few people regularly update the ‘patches’ and passwords on their computers and devices, it’s like leaving their houses unlocked for burglars to hijack their systems for nefarious attacks.

On the plus side, there is no turning back on smart cities, with advantages far outweighing the risks: “You can even turn up street lighting in a high crime rate area and crime drops!”

“The world is going to be a very different place in the future,” he said. “But we don’t only need connectivity for smart cities. We need secure connectivity.”

Building a Next-generation Data-inspired Enterprise —

Finally, Michael Siu, Senior Solutions Architect, Greater China, Dun & Bradstreet, updated the seminar on the “not so scary” scenario of how his company effectively manages next generation data for enterprises.

Smart cities and enterprises depend on data, he said, and Dun & Bradstreet has been providing databases since long before the online age, since being founded in 1841 – “nearly two centuries of unlocking the truth through data”.

The New York-listed data manager today boats a database of 290 million business records, and 30,000 data sources – which makes it in demand from 90% of Forbes 500 companies.

“We also play a vital part in maintaining Hong Kong’s role as Asia’s leading banking and financial centre,” he said. “Data management is crucial.”

Smart City Seminar Series at HKTDC International ICT Expo — Organised by the HKTDC, the Hong Kong Electronics Fair (Spring Edition) and the International ICT Expo continues through to 16 April at the HKCEC, featuring more than 3,500 exhibitors from 25 countries and regions. The two fairs showcase the latest electronics, cutting-edge technology and ICT solutions from around the world. The Smart City Seminar Series features industry experts exploring such topics as Internet security, Fintech, developing smart business through IoT applications, how disruptive technology is driving smart city development, smart mobility and logistics, smart home trends and electronic ID. Event details: https://bit.ly/2HdShtl.

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Why brands harnessing the power of digital are winning in this evolving business landscape

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Why brands harnessing the power of digital are winning in this evolving business landscape 1

By Justin Pike, Founder and Chairman, MYPINPAD

Delivery of intuitive, secure, personalised, and frictionless user experiences has long been table stakes in digital commerce, well before the era of COVID-19. As businesses harness the revolutionary power of digital technologies, they have pursued large-scale change to adapt to evolving consumer preferences (some more successfully than others, but that’s a blog for another day). Digital transformation is a term we hear repeatedly, and it looks different for each organisation, but essentially, it’s about utilising technology and data to digitise, automate, innovate and improve processes and the customer experience across the entire business.

As I said, this was already well underway but then came 2020 and no industry escaped the disruption of the coronavirus outbreak, which has had an indelible impact on businesses performance, operations, and revenue. Regardless of whether the impact of COVID has been very positive or very challenging, it has forced organisations globally to re-evaluate and re-orient strategies to adapt.

As lockdowns and pandemic-related restrictions continue to change daily life, this raises the question of how we can balance a dramatic shift to digital and the benefits it brings, while ensuring business continuity and innovation both during and post-COVID, and protecting everyone against fraud?

Digital is an essential survival tool, and even more so in a COVID world

No one could have predicted the dramatic digital pivot that has taken place over this year. Indeed, within weeks of the COVID outbreak cash usage in the UK dropped by around 50%. Digital solutions including delivery applications, contactless payments, mobile commerce, online and mobile banking have become essential components of a touchless customer experience in the era of social distancing. It’s no longer just about an enhanced and superior customer experience, it’s also about health, safety and survival.

In store, businesses have benefited from contactless payments enabling faster throughput and reduced need for consumers to touch payment terminals (therefore requiring greater cleaning, which degrades the hardware much faster). Mastercard reported a 40% increase in contactless payments – including tap-to-pay and mobile pay – during the first quarter of the year as the global pandemic worsened. Digital has also become an essential sales channel for many B2C brands. Where brick and mortar stores have been required to close, digital commerce enables continuity of customer relationships and revenue. This channel also provides brands with rich customer data, which can be used to enhance and personalise the customer experience and typically results in greater levels of engagement and uplifts in revenue.

Industry forecasts estimate that worldwide spending on the technologies and services enabling digital transformation will reach GBP 1.8 trillion in 2023 – a clear indication that the process represents a long-term investment and a global commitment to digital-first strategy. The key point here is that digital brings significant benefits, and regardless of COVID, is here to stay.

The challenges that rapid digital transformation brings to businesses

Justin Pike

Justin Pike

Regardless of whether businesses are operating in developed or less-developed economies, these times of crisis have levelled the playing field in the sense that all businesses are facing similar issues. Access to products and supplies, maintaining customer relationships, accelerating sales for some and declining sales for others, health and hygiene are just a few of the unique challenges brought about by COVID.

Many businesses in physical environments have had to swiftly implement changes to significantly reduce safety risks for staff and customers, such as contactless payments, mobile ordering and delivery options. But with these changes come a host of other benefits of digitisation, such as faster transactions, and reduced human error at the point-of-sale.

The reliance on technology, however, can also expose organisations and consumers to certain vulnerabilities. In particular, the risks of fraud and cybercrime have dramatically increased since the onset of the pandemic as scammers have taken advantage of digital technologies to target both businesses and individuals.

As a McKinsey report illustrates, new levels of sophistication in the activities of fraudsters have placed more pressure on companies that have been previously slow to go digital, bringing “into sharp relief how vulnerable companies really are”, and damaging the financial health of small and large businesses. In fact, the Bottomline 2020 Business Payments Barometer reveals that only one in 10 small businesses across the UK report recovering more than 50% of losses due to fraud.

But take these stats with a grain of salt. While it is important to be aware of the risks and challenges this new business landscape brings, it’s equally as important to have a lens firmly across your own business, industry and audience, and to identify the changes you can make internally to mitigate risk as well as improve your customer experience. Where can you make some quick wins? Do you have the right skillsets internally to achieve what you need to achieve? What technology is out there that will enable your business goals? There are tech companies like MYPINPAD that are making huge strides in software development, which will transform businesses globally.

A digital world post-COVID

Almost a year in, the line between business success and failure remains fragile. However, an ongoing transition towards greater digitisation will be the difference between survival and the alternative.

There is a wide range of initiatives businesses can implement to weather this storm. If we look at the space MYPINPAD operates within, secure digital consumer authentication is crucial to the ongoing success and security of not only financial products but also identification and verification across a range of different industry verticals. Shifting the authentication of consumers securely onto mobile devices enables businesses to completely reshape their customer experiences. By bringing together a more seamless, frictionless customer experience, accessibility, privacy, security and access to consumer data, businesses are able to drive digital transformation across day-to-day activities.

Against this backdrop, software with stronger security standards continue to play an ever more vital role in supporting society, protecting consumers and businesses from the increase in risks that rapid digitisation brings. Already, merchants can deploy PIN on Mobile technology from companies like MYPINPAD, onto their smart devices to speed up the digitisation process many are now tackling.

Essentially, opening up universal payments and authentication methods that feel familiar, for both online and face-to-face transactions, will be key to opening up a world of possibilities when it comes to redefining how businesses engage with consumers.

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Brexit responsible for food supply problems in Northern Ireland, Ireland says

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Brexit responsible for food supply problems in Northern Ireland, Ireland says 2

LONDON (Reuters) – Food supply problems in Northern Ireland are due to Brexit because there are now a certain amount of checks on goods going between Britain and Northern Ireland, Irish Foreign Minister Simon Coveney said.

British ministers have sought to play down the disruption of Brexit in recent days.

“The supermarket shelves were full before Christmas and there are some issues now in terms of supply chains and so that’s clearly a Brexit issue,” Coveney told ITV.

The Northern Irish protocol means there are “a certain amount of checks on goods coming from GB into Northern Ireland and that involves some disruption,” he said.

(Reporting by Guy Faulconbridge; Editing by Tom Hogue)

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2021: a new tipping point for digital commerce

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2021: a new tipping point for digital commerce 3

By Damien Perillat, SVP Digital Commerce at Worldline Global

2020 was a year of significant change for all of us, impacting businesses and their customers heavily.  While several industries struggled, the demand for digital commerce and alternative ways to pay took off as nation-wide lockdowns meant customers needed to shop from the safety of their homes. This forced many businesses that previously relied on their bricks and mortar stores into the online space. And now, consumers are increasingly comfortable with ecommerce being a crucial part of their shopping experience – even those who were previously reluctant to adopt a digital life. It took ecommerce 20 years to reach about 15% penetration of consumer spending and in just a few months we jumped five to ten years forward. This isn’t likely to change in 2021.

Even in physical stores, customers are looking for safer alternatives to cash and chip-and-PIN payments. UK Finance revealed that contactless spending was up 18% across the UK in September last year when compared to the same time in 2019 – 64 percent of debit card transactions and 46 percent of credit card transactions were contactless. The use of digital and contactless payment methods will be much more widespread in 2021 as we enter this new normal.

K-shaped economic recovery will continue

With that said, economic recovery won’t take place at the same rate for everyone. Different industries have been impacted in their own unique ways by the pandemic. Leisure and travel continue are ranked as the most one missed activities by consumers and the first signs of recovery will be in the form of an increase in domestic and regional travel.

At the same time, the way consumers are interacting with different industries has changed. For example, millennials are looking for more experiential holidays with strong social aspects, where they can make a positive impact on the destination and people they are visiting. And, younger generations are displaying more conscious buying behaviour, focusing on sustainability.

Other industries have faced difficulties throughout the pandemic. Challenged with economic uncertainty, customers have cut back on spending on non-essential, luxury items, instead favouring spending that has enabled low-touch and home-based activities, such as food delivery, electronics, home entertainment and online marketplaces.

A shift in payment preferences

What has been uniform across many industries though, is that consumers now have high expectations surrounding not only the user experience (UX) but also the payment process itself. They anticipate an easy shopping experience where payments are almost invisible. Having the right payments mix will therefore be the key ingredient for success this year for many. Companies will need to ensure that their payment processes are fast, simple and frictionless as online checkout experiences have been raised to the next level.

At the same time, demand for digital goods and services surged last year as people were stuck indoors during lockdowns so purely digital players benefitted. By the end of Q3 2020, Netflix had a huge 195 million subscribers registered, while from February to June, Zoom saw a 677% increase in usage – attributed to increased remote working.

Clearly the digital transformation boosted the subscription economy, and that didn’t stop at just digital goods. People took to subscription services that regularly delivered anything from food to supplies to their doorsteps. This has been a much safer and convenient way to purchase goods during the pandemic.

So, with subscription services establishing a foothold last year, 2021 will be the time for businesses to invest in understanding the dynamics of what a truly optimised subscription payment customer acquisition looks like.

More online payments means more online fraud

Last year it wasn’t all plain sailing for everyone operating in the digital space. The increase in online payments presented more opportunity for fraud to take place and that’s exactly what happened. Between May and July 2020, when certain lockdown measures were eased and customers became more willing to spend, fraud volumes rose 61%, according to figures published by Barclays Bank.

Damien Perillat

Damien Perillat

Similarly, chargebacks became more prevalent. When shops are more reliant on deliveries than ever before, there is more opportunity for things to go wrong with orders and customers to be dissatisfied with what has been purchased. Fraudulent chargebacks have also become much easier to commit as it is increasingly difficult to prove when deliveries arrive safely.

Therefore, in 2021, not only will it be important to have a frictionless UX, but security measures must be effective without impeding on checkout processes and refund management will remain critical.

Going global

Greater risk of fraud didn’t stop businesses from embracing their new-found digital capacities while physical stores were closed though. Many have ventured into international territory with the aim sharing their services with other countries around the world.

This year, focusing on high-growth markets such as India, Brazil, Russia, and China will be hugely beneficial for companies looking to operate internationally and we could see cross-border sales continuing to take off in these regions. South-East Asia and Latin America have some of the greatest potential for digital commerce growth and I would urge those operating across borders to consider offering services there.

Key to achieving this is the ability to provide payments services that meet the needs of customers in different localities. Worldline research has found up to 42% of customers are likely to drop off and search for an alternative website if their preferred payment method is not offered at the checkout. Therefore, businesses must integrate with payment networks in different regions to provide locally relevant payment methods.

Yet, the web of complexity is increasing for online merchants, especially for those that want to expand internationally. As such, next year we can expect to see the growing popularity of payment solutions that seamlessly support the international reach of consumers and that enable businesses to integrate with local payment networks, while minimizing the need for local establishments and resources.

In a similar fashion, supply and logistics is becoming more localized. Lockdown measures hugely impacted supply chains around the globe and businesses resorted to new sourcing strategies and business models which will continue to be used this year.

Facing up to the change

2021 will be another extraordinary year for many businesses, as the world begins to find its feet again following COVID-19. Businesses must assess their position in the market and ability to meet the changing needs of customers’ when it comes to preferred commerce and payment methods.

Not only will this be critical when operating in the bustling online space, but it gives them scope to diversify, bringing in new revenue streams as we face the current economic downturn. When used to their full potential, payments will also ensure that companies can continue expanding online and abroad, even if the economy is going through a long K-shaped recovery period.

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