Commentary

Before COVID-19, the rise of open banking had already set off a race around the globe to transform the financial services industry. Catalyzed by regulations in Europe and commercially embraced in Asia, open banking allows third-party developers and financial technology companies to access customer information and transaction data held by banks – at the request of the customer – for use in new applications and services.

When COVID-19 struck, people were looking for masks, gloves and toilet paper. But for enterprises, they were demanding data network, and lots of it – to ensure their connectivity remains strong for remote work collaboration. Telstra’s business is to connect the world to Asia, and Asia to the world; our network – including the largest subsea cable network in the Asia- Pacific region – was the very first to see these data demands. Our international network sees a dizzying amount of traffic on any given day, but the increase in data being sent back-and-forth during COVID-19 is truly massive. The demands for data have spiked significantly, seemingly overnight, by up to 50%.

Disruption is not new to Singapore. Long has the country recognised the necessity to upskill its workforce and keep abreast of the latest technological developments in order to maintain relevance in a highly dynamic global economy. It has witnessed a growth of approximately 92,000 ICT professionals in 1999 to over 210,000 in 2017, with that number only set to grow as many new initiatives have been launched to train a digitally ready workforce.

Whilst property markets in Asia are still reeling from the effects of the global pandemic, UK commercial properties are already showing signs of life.

Cities around the world including Singapore were laid bare by the pandemic that has forced businesses to start working from home on a massive scale. But it doesn’t just end here. This new model has dramatically broadened the cyberattack surface. Remote workers are now easy conduits to corporate resources, and most organisations are unprepared to spot unusual network activities generated by these remote users.

The impact of COVID-19 has been felt in every part of the world. It has upended everyday lives, forcing millions of people to reset their routine and adapt to a new normal. As people worldwide hunkered down and spent more time at home, they also began looking for creative ways to establish a sense of normalcy.

The pre-2020 concept of working at the office has been turned on its head. COVID-19 is forcing businesses to rethink workplace design and consider remote working as part of the long-term solution. According to a recent study, only 40 percent of employees in Singapore feel safe returning to the office, whilst 75% of employees want social distancing to be observed for at least the next six months.

One of the things we take for granted these days is the humble smartphone - it’s easy to forget the full range of its capabilities and features, which only continue to expand every year. Think of the number of separate items that have been packed into a single svelte device. To name just a few: a camera, watch, calendar, notebook, miniature TV, speakers, mp3 player, gaming console, calculator… and more! Even the computing capabilities of a modern smartphone would be considered to be on par with a supercomputer of the past.

COVID-19 has thrown the importance of reskilling and upskilling workers into sharp relief, not just in the Singapore context, but globally.

With cybercriminals capitalising on the COVID-19 pandemic, White Ops’ Ryan Murray argues now is the time to boost community immunity amongst Singaporean businesses.

Singapore is gradually reopening its economy after two months of lockdown, but some of the jobs lost may never return as companies adapt to a “new normal” of supply chain disruptions and travel restrictions.

As with all industries, the financial services sector has been rocked by the COVID-19 pandemic. Globally, we are beginning to see what shape the economic recovery will take – as well as the state of the labour market. What hiring trends will emerge? What skills will be in demand? In Singapore, three themes have become clear: the hiring freeze is thawing, the market is flooded with quality candidates, and transformation roles have become critical.

The COVID-19 pandemic is being felt in the operations of businesses worldwide and one of the most striking disruptions is evident in supply chain arrangements. This has brought on transfer pricing implications of how one realigns existing supply chain arrangements to adapt to challenges and undertakes comparability or benchmarking analysis in absence of data to determine the arm’s length prices. This article discusses the transfer pricing considerations that should be top of mind for multinational corporations (MNCs) in the time of a global recession induced by COVID-19.

David Koh, Head of Global Liquidity and Cash Management, argues that family-owned businesses risk being left behind if the preconceptions of digital payments aren’t overcome.

The rapid growth in international trade in the past few decades has built an incredibly complex global supply chain network. The World Trade Organization (WTO) is represented by 164 countries today – equivalent to 98% of world trade – and governed by over 60 international trade agreements. In 2018, merchandise exports of WTO members totaled US$19.09t and the top ten merchandise traders accounted for just over half of the world’s total trade.

The past few months have been hard for all of us, especially in the ride-hailing sector, but it has also offered opportunities.