Posted on 17/12/2018 by Fay May Su
As we step ahead into December and year-end holidays, let's recap key takeaways from the events that our team visited in the two final months of this year, and pave the way to what we can look forward to in 2019.
The back-to-back events happening in mid-November were the Singapore FinTech Festival 2018 and GA + SGInnovate: Women Data Leaders, while the key event in early December was Big Data & AI Asia.
Heavyweights and disruptors all conjugated at Singapore Expo, from banking giants to blockchain specialists across a myriad of countries. As the name goes, fintech is an inseparable marriage between the financial world and technology. Artificial intelligence in finance was heavily talked about as it is already in action and constantly refining to mitigate risk for not just the aspect of the business but in easing the processes on the consumer level.
I also received an in-depth introduction to a predictive modelling company, Tookitaki, which has teamed up with Hewlett-Packard to offer innovation into regulatory compliance to not only reduce risks for anti-money laundering, not just keeping the money internally but keeping it safe. As things stand at present, AI still requires more acceptance and investment in the financial world, but it will definitely be part and parcel of the industry in the years to come. Money makes the world go round and tech is what keeps it going, which will only further create opportunities for skilled professions.
On the following day, an event for Women Data Leaders was conducted in conjunction with General Assembly at SGInnovate, a mere 5-minute walk away from SearchElect's headquarters. It was a powerhouse of women in data science sharing on the pain points and potential of what data science has to offer with the wealth of data waiting to be discovered. The events chimed a resonating theme on how usage of data is balancing on a tight beam with regulation.
The Director of Data Science at Allianz SE shone a light on how it is possible to have innovation in a 100 year-old company, despite the limitations of data quality and potential advancement. A specialist in advanced analytics in one of the Big Four firms also highlighted how new tech is current controlled and monitored according to best practices in ethical AI, and that the way to scale would be to form partnership in adoption.
I had a conversation with these powerful ladies at the end of the day and gathered that businesses will always have an open door towards new tech even if there is resistance - it is just the question on knocking on the right door as the pay-off is far larger in the long run, as we can more intuitively understand how each and every component of the company clicks.
Fast track to December at the Big Data & AI Asia event, where data science and artificial intelligence were all the rage. They can be used to unlock insights and provide social good - from greener electricity and improved telecommunications, to better wealth management and legal solutions. These sections highlight how we are at the tip of the data iceberg, and the myriad potential that data is starting to provide in all areas of the economy.
Amongst the robustness of hot topics, there was one which caught my eye - how AI can be decentralised to democratise our participation in it. By incorporating blockchain networking, machine learning can take a more agile and secure form while empowering our decision-making based on our customised needs. It is essentially an open source system where data science talent, computing resources and the commodity of data is utilised more efficiently.
All in all, we are at an exciting time where, taking big data, artificial intelligence and blockchain all into one, you can get a whole new perspective on what tech can do for us.
If you would like to take the step ahead in 2019 and be part of this new tech world, we are here and ready to give you a head start!