Key Takeaways: 44th ASEAN Innovation Business Platform Conference & Exhibition Thailand (Day 1)
Under the theme "The Growth Imperative: Innovating for Impact through Technology and Sustainability”, the 44th ASEAN Innovation Business Platform Conference & Exhibition Thailand this conference brought together key leaders in digitalisation, innovation, and sustainability to explore the opportunities and challenges faced by businesses in Thailand, featuring meaningful discussions on transforming industries through technology adoption and fostering innovative practices.?
The conference addressed various aspects, including digital transformation, banking transformations, cybersecurity, and data innovation. The insights and takeaways shared by industry pioneers and thought leaders will serve as a foundation for our future conversations, as we continue to delve into critical topics shaping the future of business and society.?
Winners of the 2023 AIBP Enterprise Innovation Awards for Thailand, KASIKORN Business-Technology Group [KBTG] and PTT Global Chemical, were presented with their awards for their projects:
Innovating for Impact
Kicking off the conference with the opening government address by Professor Wisit Wisitsora-At , Permanent Secretary, Ministry of Digital Economy and Society (MDES), and a panel discussion joined by Khun chatsuda kanjanarat , Senior Vice President, Transformation Excellence,? PTT Global Chemical Public Company Limited, Dr. Supakorn Siddhichai , Senior Vice President, Digital Economy Promotion Agency of Thailand and Mr. Irza Fauzan Suprapto, CFA , Executive Director, ASEAN Innovation Business Platform; Chief Executive Officer, Industry Platform, addressing key challenges and opportunities for Thai organisations, with a focus on empowering businesses, as digital transformation serves to enable organisations to optimise operations, enhance decision-making, and gain a competitive edge.
There are three phrases that were placed in the policy, one digital economy, two digital government, and three digital wellbeing. What I'm trying to say to you is that we, the Ministry of Digital Economy and Society, have made it clear that something must be done in this country, that will be the springboard for new technology in the future.?
One of the limitations in leveraging technology for business value is the need for people to embrace and adapt to change. Leaders must instil a culture of innovation within their teams, bridging the gap between digital natives and those more accustomed to traditional processes.
So we know that technology helped us a lot to leapfrog to the next step, right? But we know that all the technology can bring us there, only if our people's mindset and culture accept and engage (with technology) today. So that's why we start everything from people. So we changed the mindset of the people, we set the culture.
Don’t tell people what to do… Raising awareness, showing them examples, showing them how to succeed and also showing them some failure cases as well.?
Driving Data-Driven Business Value
The utilisation of machine learning models to extract value from unstructured data can significantly enhance operational efficiency. However, before companies can harness data for business purposes and integrate AI and machine learning solutions, they must establish robust data infrastructure and governance.
Dr. Adrienne Heinrich , Vice President of AI Center of Excellence and Head of Data Science and AI Group at UnionBank of the Philippines, emphasised the critical role of having the right data to derive actionable insights.
The panelists, including Dr. Siwate Rojanasoonthon , Chief Corporate Officer at Asset World Corporation; Khun Jamon Chartsatienpong , Head of Data Analytics at The 1 Central; Dr. Virat Chatdarong, Vice President of Specialty Chemical at TPI Polene Plc, discussed the challenges organisations face in deriving actionable insights from vast data pools. Data integration was identified as a key factor in driving success, particularly for Dr. Virat at TPI Polene and Dr. Siwate from Asset World Corporation emphasised the importance of good data citizenship.
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Accelerating Open Banking and Driving CX for the Financial Industry
Open Banking is reshaping the financial industry by promoting transparency and fostering innovation. Beyond traditional banking services, banks and financial service providers in Thailand are exploring new revenue streams. Technologies such as cloud computing, blockchain, and Application Programming Interfaces (API) are facilitating secure data sharing between financial institutions and third-party providers.
The panelists including Khun Jarung K. , Vice Chairman, KASIKORN Business-Technology Group (KBTG), Khun Sam Tanskul , Executive Vice President, Head Innovation & Investment Department, Managing Director, Krungsri Finnovate, Krungsri Consumer, Khun Natthawan Apiratanapimolchai , EVP, Head of Retail Strategy and Omni Channel Experience, TMBThanachart Bank, and Jason Williamson , Director of Growth & Partnerships, Dedoco, dived into their perspectives on open banking in Thailand and how they are leveraging such innovation to drive customer experience.
(On innovation) The faster you can experiment, the faster you can fail, and the faster you learn, the sooner you understand. And that's really super important.?
The transformation of traditional banks into tech-oriented entities offering financial services requires innovation and a shift in mindset. However, this adoption of cutting-edge technologies also raises cybersecurity concerns within the financial sector.
It is important to use technology to protect what we can, (ultimately) building trust with customers.
An ecosystem involving banks and regulatory bodies must collaborate for true innovation to flourish. Nevertheless, addressing issues related to connectivity and access remains crucial, especially for underserved communities.
Beyond building digital trusts with customers, cybersecurity is vital for digital transformation but is often an afterthought…
A brief survey among our conference attendees revealed that more than 50% of Thai enterprises believe their organisations should allocate more than 15% of their IT budget to cybersecurity. However, at present, over 50% of these organisations allocate less than 10% of their budget to cybersecurity. Sherif El Nabawi , Vice President, Security Engineering, APJ, Crowdstrike, shared more about understanding today’s cyber adversaries and summarised 5 steps for organisations to be prepared. Beyond justifying the ROI on cybersecurity, Dr. Thitipong Nandhabiwat , Chief Executive Officer, Thonburi Bamrungmuang Hospital, emphasised on the importance of “return on experience” too.?
The panel discussion, together with Khun Togio, Prakorn Chayanuwat, Group Data Protection Officer (Group DPO) & Head of Data Governance, PDPA Compliance & DPO/Privacy Office, BDMS Group 2 – BNH Hospital and Samitivej Hospitals Group and Dr. Polawat Witoolkollachit, MD., PhD.(IT) , AIBP Advisory Board Member, highlighted a critical takeaway: There exists a significant gap in cybersecurity funding that must be addressed by incorporating security measures into systems from their inception to foster innovation. While lack of talent within cybersecurity is an area of concern, individuals lacking knowledge tend to fall victim to cyber attacks or phishing and its impact could prove detrimental.?
You cannot have security without privacy and vice versa, you cannot have privacy without security. We need to really reflect on what privacy management is.?
Stay tuned as we look continue our discussions in Thailand tomorrow on:?
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