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TECHNOLOGY

Tonik builds on Google Cloud to accelerate financial inclusion, open banking innovation in PH

January 12, 2022 1:11 p.m.

SINGAPORE – Tonik Digital Bank (“Tonik”), the Philippines’ first digital-only neobank, is tapping Google Cloud’s advanced platform to accelerate financial inclusion for all Filipinos.

Leveraging Google Cloud’s expertise in scalable infrastructure, application programming interface (API) management, machine learning (ML) and data analytics, the bank has taken just 10 months to become an established leader in open banking innovation and delivering next-generation financial services.

  Tonik, which is part of Singapore-headquartered fintech firm Tonik Financial Pte. Ltd., was launched in March 2021 after obtaining an initial rural bank license from the Bangko Sentral ng Pilipinas (BSP). Its digital platform provides core services like deposits with interest rates of up to six percent per annum.

There are also unique features for customers to create separate pockets of savings to meet specific goals over time called “Stashes,” such as affording a vacation, a college education, or accumulating an emergency fund.

“Fewer overheads from being branchless allows us to offer industry-leading interest rates that enhance Filipinos’ financial wellness, but our value proposition cannot be solely driven by lower costs. We have had to first earn the trust of consumers by investing heavily in a superior customer experience,” said Greg Krasnov, Founder and CEO, Tonik. “Google Cloud has enabled us to deliver frictionless and customer-centric services that allow Filipinos to easily embrace the financial system. This collaboration – having played an integral role in Tonik being entrusted with more than US$100 million in consumer deposits to date – will empower us to continue expanding our product portfolio and drive real societal impact across the region.”

Secure APIs Open Up New Possibilities for Consumers and Developers

  With the BSP requiring banks to conduct due diligence by verifying each customer’s identity to prevent fraud and money laundering, applying for an account traditionally involves individuals having to first visit a physical branch to present valid government-issued identification (ID) to an officer.

This makes it difficult for millions of Filipinos to open accounts or make deposits. Unlike urban cities that have bank branches or ATMs at every corner, the people in rural Philippines – who account for 52.6 percent of the total population[1] – must travel long distances and arrive before the branch closes.

  By using Google Cloud’s Apigee API Management platform to build and scale open banking APIs, Tonik could quickly integrate its mobile application with capabilities from third-party providers to make account opening and cash deposits fast, seamless and convenient.

To help Filipinos set up accounts in under five minutes – instead of hours or days, Tonik interoperates with Daon, its partner for automated customer onboarding and biometric authentication.

The process starts with Tonik asking the customer for a selfie and a scanned copy of their ID. Tonik extracts text from these images through Google Cloud’s optical character recognition (OCR) APIs and shares the information with Daon through another trusted API.

Daon then cross-checks the customer’s identity against official sources that issued the ID. This complex data flow is invisible to the user, who only needs to download the Tonik mobile application, verify their identity for account opening, and start banking.

Using APIs, Tonik also exchanges data securely with authorized ecosystem partners like 7-Eleven convenience stores and pawn shops to capture transactions in real-time. When a user makes a deposit at a 7-Eleven, which are readily available across the Philippines, they would see the completed transaction on their Tonik application and start earning interest immediately.

 “Interoperability is core to our business strategy and everything on our digital banking application is therefore API-driven,” said Arivuvel Ramu, Chief Technology Officer, Tonik. “As our architectural foundation, Google Cloud’s industry-leading Apigee API Management platform allows us to unlock new digital channels, expand our business model, and generate new revenue streams. While APIs are not new to conventional banks, they tend to be private APIs tailored for a specific partner, which means third parties cannot reuse that API. In line with our commitment toward supporting broader ecosystem innovation, we have taken the private APIs that we have developed and converted them into public APIs.”

 Third-party developers who want to create new features or services for Tonik’s ecosystem of partners and users can now reuse its public APIs to do so expeditiously. Apigee also provides a sandbox environment for developers to test and refine what they have created. Issues that would cause downtime can then be identified and rectified before the feature or service is authorized and rolled out to its intended users.

  “Customers trust us with sensitive information like demographic and transaction data. As a custodian of data and a facilitator of open banking innovation, it is imperative that we uphold the highest standards of consent management and API security. By capturing and managing customer consent on what data we are permitted to share with authorized third parties, Apigee ensures that we comply with stringent regulatory requirements like PSD2. Apigee simultaneously secures our APIs to avoid data breaches by malicious users,” said Ramu.

  Pooling Insights to Deliver Financial Wellness and Hyper Personalized Customer Experiences

  Tonik currently serves more than 190,000 customers. To further advance financial inclusion and achieve its target of growing its active customer base to a million users by December 2022, the bank has built an intelligent data lake using Cloud Storage on Google Cloud and BigQuery to provide hyper personalized customer experiences and help many Filipinos access loans for the first time.  With data generated from every event along the customer journey and residing across systems, connecting datasets and analyzing them manually is an uphill task. A cloud-based contact center software, for example, captures customer interactions and feedback across channels, while a core banking system captures deposits and withdrawals.

  By unifying data across systems and applying machine learning, Tonik can, for instance, implement quick and accurate alternative credit scoring methods. This enables it to serve individuals who have not formally engaged with financial institutions in the past, have no credit histories, and do not qualify for traditional bank loans as a result. Tonik has recently pioneered a consumer lending product called “Quick Loan” without the need for credit histories or collateral, followed by approvals within 30 minutes and real-time disbursement.

  “To drive financial inclusion and transcend physical distance, pivoting to digital-first business models and customer interactions are now a necessity,” said Ruma Balasubramanian, Managing Director, Southeast Asia, Google Cloud. “Tonik, through its mature API- and data-led strategy, is creating an open finance ecosystem that will accrue richer digital user experiences and flexibility for players to securely share and maximize digital assets – with Filipinos the ultimate beneficiaries. Google Cloud is proud to be a part of Tonik’s innovation journey. We look forward to supporting the bank’s continuous commitment toward serving the Philippines’ unbanked and underbanked, while it scales for growth and empowers the region’s fintech developer community.”

TECHNOLOGY

TECHSHAKE announces strategic business alliance with Mirai Works

6:00 p.m. July 18, 2024

TECHSHAKE PTE. LTD., headquartered in Makati City, Philippines, with a branch office in Singapore, is pleased to announce that it has entered into a business alliance agreement with Mirai Works Inc., headquartered in Minato-ku, Tokyo, a professional-focused human resource service provider in Japan. 

This alliance aims to provide support for the growth and market entry of startups in Japan and Southeast Asia. 

TECHSHAKE’s Business

TECHSHAKE’s vision is to expand the startup ecosystem in Southeast Asia, with a focus on the Philippines, and to connect Southeast Asia with the world. 

TECHSHAKE (Kotaro Adachi, CEO & Co-Founder) manages and runs the Philippines’ premier innovation conference “IGNITE” in collaboration with dentsu X, a subsidiary of Dentsu Inc. and a provider of integrated media planning, branding, and marketing services. Furthermore, TECHSHAKE operates media platforms, matches startups with established companies and investors, and provides essential support for startups to thrive. 

TECHSHAKE is committed to fostering a global environment for business development in the Philippines.

TECHSHAKE is dedicated to nurturing the startup ecosystem in Southeast Asia by connecting entrepreneurs with the necessary resources and networks to succeed. With a strong presence in the Philippines and extensive experience in supporting startups, TECHSHAKE aims to bridge the gap between Southeast Asia and global markets.

Mirai Works (Nagaharu Okamoto, CEO & Co-Founder) is driven by a mission to empower individuals to embrace challenges that shape the future of Japan. Their vision is to cultivate an ecosystem where professionals thrive, regardless of traditional work structures. They are developing a business to provide opportunities for professionals to navigate changes throughout their careers and to support them in the midst of diverse career paths, including independence, entrepreneurship, side businesses, and full-time employment. 

Mirai Works’ initiatives aim to provide resources for individuals to succeed in an evolving work landscape, fostering innovation and growth.

In May 2023, Mirai Works launched “Booster,” (https://booster.mirai-works.co.jp/) a startup support platform aimed at empowering professionals to start and scale their businesses. Booster facilitates growth through acceleration programs, providing information regarding startup ecosystem events and pitch competitions, and personalized mentorship, ensuring startups have access to critical resources for success.

In this collaboration, TECHSHAKE will leverage its expertise and network to support Japanese startups looking to enter the Southeast Asian market. Mirai Works, known for its professional human resource services and startup support platforms, will enhance TECHSHAKE’s efforts by providing hands-on support in various aspects of business promotion. This partnership underscores Mirai Works’ commitment to facilitating cross-border collaboration and growth opportunities for startups in Japan and Southeast Asia.

Details of Cooperation

Not only does Mirai Works support startups registered with Booster, but it also offers a service called “Free Consultant,” (https://freeconsultant.jp/) a freelancer business matching platform. Through Free Consultant, Mirai Works plans to connect highly skilled professionals with Southeast Asian startups supported by TECHSHAKE. Mirai Works provides hands-on support in various aspects of business promotion, including management strategy planning, marketing and PR, IPO preparation, and M&A activities, to drive business growth. Furthermore, Mirai Works will collaborate with TECHSHAKE to hold acceleration programs and offer support for overseas expansion.

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TECHNOLOGY

Last Call for Entries to the OPPO imagine IF Photography Awards 2024

8:59 p.m. July 15, 2024

OPPO today issued a last call for entries to the OPPO imagine IF Photography Awards 2024. Since the competition was launched on January 17, over one million submissions have been received from 73 countries and regions, each showcasing a vibrant tapestry of cultures and traditions from around the world. As the global submission deadline approaches on July 28, OPPO is calling on photography enthusiasts to seize the final opportunity to capture spectacular moments through the lens of their cameras and collectively demonstrate the power of mobile imaging.

imagine IF Campaigns Gather Inspiring Work from around the World

Since inaugurating the competition at the start of the year, OPPO has initiated a series of themed activities aimed at encouraging its global user base to use the power of images to expand their imaginative boundaries. From May to July, coinciding with Mother’s Day and the beginning of the summer season, the ‘Road to Paris’ campaign invited users to portray the grace of mothers and capture the excitement of sport through the photographic lens for the chance to win a spot at Paris Photo 2024. The ‘In Sync with the World’ campaign meanwhile sought images that portrayed exploration around the world. Across both campaigns, the wide breadth of entries received showcased strong and emotive works that help to foster exchange and understanding between different cultures.

Photo 1 Shot by Isthisreal; Photo 2 Shot by Andrewoptics; Photo 3 Shot by Shisan and Petrichor

Celebrating Culture in All Its Diversity

Many of the entries submitted so far this year have seen participants from around the world showcase the unique landscapes and traditions of their home countries through stunning photographs. From the lively coastal life of Rio de Janeiro to the profound natural wonders of the Amazon rainforest, each image offers a portal into a new world for audiences to step into.

Alongside the main OPPO imagine IF Photography Awards, OPPO has also collaborated with Discovery Channel to showcase the diversity and allure of world cultures through the ‘Culture in a Shot’ program. Kicking-off in June in northern Thailand, the program has so far seen OPPO capture traditional crafts and musical instruments in a series of captivating images that bring the region’s rich and colorful cultural heritage to global audiences while advocating for deeper cross-cultural exchange.

Shot by Jerome Teo

Share Your Imagination for the Chance to Win Incredible Prizes

Entries for the OPPO imagine IF Photography Awards 2024 remain open until 24:00 (UTC+8) on July 28. Submission to this year’s competition will be judged by a prestigious global judging panel that includes the likes of contemporary photography icon Steve McCurry, together with National Geographic Photographer Michael Yamashita, Hasselblad Master Tina Signesdottir Hult, Magnum Photos member Alec Soth, and OPPO Senior Vice President and Chief Product Officer Pete Lau. A series of exciting awards are on offer to all participants, including individual prizes of up to USD24,000 and the chance to have their work exhibited at Paris Photo 2024.

Schedule and Prizes of OPPO imagine IF Photography Awards 2024

More than just a photography competition, the OPPO imagine IF Photography Awards is a platform for cultural exchange and creative inspiration. All photography enthusiasts are invited to take part and share moving moments that ignite inspiration and imagination through the global platform. To learn more about the OPPO imagine IF Photography Awards and to submit an entry, please visit the official website at https://imagine-if.oppo.com/en/.

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TECHNOLOGY

ZTE CEO Xu Ziyang at MWC Shanghai 2024: Ingenuity for Solid Foundation, Openness for Win-Win

10:20 p.m. July 12, 2024

ZTE Corporation (0763.HK / 000063.SZ), a global leading provider of integrated information and communication technology solutions, announced today that the company’s CEO, Xu Ziyang, has delivered keynote speeches at both the “AI First” session and the GTI Summit themed “5G-A×AI” at MWC Shanghai 2024. Mr. Xu shared ZTE’s practices and innovations in intelligent digitalization amidst the AI wave.

In his keynote speech at the “AI First” session, Xu Ziyang shared insights under the theme “Ingenuity for Solid Foundation, Openness for Win-Win.” He emphasized that while the world has already entered an AI-driven industrial revolution, the development of generative AI faces challenges that extend from hallucinations, security, and ethics, to computing power, energy consumption, datasets, standardization, and commercial applications. To address these challenges, ZTE proposes three major principles: openness and decoupling, computing and network evolution, and training and inference enhancement.

Centered on customer value, ZTE provides a full-stack and full-scenario intelligent computing solution encompassing computing power, networks, capabilities, intelligence, and applications. This establishes a robust foundation through technical expertise and fosters innovation through collaborative partnerships, aimed at empowering various industries in their digital transformation. By continuously injecting momentum into high-quality economic development, ZTE plays a pivotal role in shaping a brighter future in the AI era. 

At the GTI Summit during MWC Shanghai 2024, Xu Ziyang participated in the GTI-GSMA 5G-A×AI cooperation signing ceremony and delivered a speech titled “Computing and Network Evolution Towards an Intelligent Future.” He detailed the transition from traditional industrialization to new industrialization, addressing core challenges, proposing solutions, and citing practical cases. The critical pathway involves breakthroughs in core digital and intelligent technologies, enhancing infrastructure efficiency and capability, and deeply integrating industry expertise. This accelerates the convergence of digital and physical realms, enhances production and transaction efficiency, and establishes agile, resilient organizations prepared for an uncertain future.

According to Mr. Xu, ZTE advocates focusing on four dimensions – digitalization, networking, intelligence, and low-carbon initiatives – to tackle current challenges and drive continuous innovation and development. The company promotes openness and decoupling, unleashing superior computing with advanced networks, enhancing intelligence capabilities, and driving business growth through green initiatives, with a strong commitment to vigorously supporting the healthy and sustainable development of the industry chain, fostering a thriving digital economy.

Below is the original text of Xu Ziyang’s speech titled “Ingenuity for Solid Foundation, Openness for Win-Win”:

Good day, everyone. It’s an honor to be invited to speak here at the MWC Shanghai. Today, I’d like to share ZTE’s insights and practices under the theme of “Ingenuity for Solid Foundation, Openness for Win-Win”.

Embracing Changes and Promoting Intelligent Evolution

Over the past year, large language models and generative AI have accelerated the transformation towards an increasingly digital and intelligent world. With the rapid emergence of new technologies and products, new business scenarios and models are also gaining momentum. Although generative AI is still in the early stage, there is a growing consensus that the world has already entered an AI-driven industrial revolution. AI will have disruptive and far-reaching impacts on all aspects of production and life, and significantly reshape the global economic landscape. According to forecasts by a consulting firm, by 2030, AI will boost China’s GDP by 26% and North America’s by 14.5%. This is equivalent to USD 10.7 trillion and accounts for almost 70% of the global economic impact. Apparently, AI will bring unprecedented business opportunities in various sectors such as retail, financial services, and healthcare.

Apart from issues concerning hallucinations, security, and ethics, the development of generative AI also faces challenges in terms of computing power, energy consumption, dataset, standardization, commercial application, etc. Therefore, advancements in multiple areas are required. As such, ZTE proposes three major principles: computing and network evolution, training and inference enhancement, openness and decoupling.

First, to break through technology bottlenecks, it’s crucial to strengthen research on architectures, algorithms, computing networks, and hardware-software synergy, thus improving AI training and inference efficiency. Second, various solutions such as Retrieval-Augmented Generation (RAG) and AI agents should be employed to ensure reliability, security, and interpretability, thereby facilitating the widespread application of large models and higher value creation, and building a data flywheel that improves both capabilities and business efficiency. Finally, accelerating standardization through openness and decoupling will help build a thriving industrial and commercial ecosystem.

Building a Highly-Efficient Foundation Through Computing and Network Evolution

To begin with, we emphasize computing and network evolution to build a highly-efficient foundation. For intelligent computing, high-speed network connections are not just vital but also indispensable. From die-to-die connectivity to interconnects of chips, servers, and data centers, continuous innovation and breakthroughs in network technology will greatly enhance the performance and efficiency of intelligent computing.

More specifically, Die-to-Die (D2D) emphasizes high-speed interconnects between bare dies in a single package. Combined with the full series of in-house parallel and serial D2D interface IPs, as well as the advanced 2.5D and 3D packaging technologies, our solution enables heterogeneous integration and disaggregation. To a certain extent, challenges arising from the slowdown of Moore’s Law and constraints in manufacturing can be effectively mitigated. We have developed chip architectures that enable heterogeneous computing and network processing, which in turn deliver enhanced performance and cost efficiency.

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