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18 November 2020/ BLOCKCAST.CC/ Anndy Lian and a panel of experts spoke on “Digital Transformation and Innovation: What’s New for Governments and Businesses” at the Hong Kong Blockchain Week 2020. This session is timely as COVID19 has accelerated the pace of digital transformation, decision-makers who were reluctant to adopt and adapt have harnessed technology innovation to keep their companies afloat, and governments are relying on digital solutions to respond quickly to the global crisis.
Digitalization has become essential and has brought up its real purpose in such times. According to ASME-Microsoft study 2020, 83% of small and medium enterprises (SMEs) in Singapore now have digital transformation strategies. More than half (54%) reported delays in their digitalization plans due to COVID-19. Also, despite higher digital transformation adoption, only two in five SMEs perceive their efforts to be successful. This study also coincides with what Olga Yaroshevsky, the moderator of this panel, has mentioned in global trends that only 30% of digital projects implemented have exceeded its target value.
“This is not alarming, and this trend has happened long before the COVID19 times. Governments and associations are trying hard to push the technology agenda into businesses. Legacy is not the main issue. It is an excuse. I think human interference is a bigger deferral for the adoption of new technology. “Anndy Lian, Advisory Board Member, Hyundai DAC Technology commented.
Lian added: “Whenever there is a new technology in place such as negativity, I do see much negativity that comes along with it. People do not see the positive aspects of things on such innovation. Many are too relying on government grants, which is a big disadvantage, for example. Take Singapore, for example. In the past decade, companies took advantage of the grants, but the result is that most of them stopped using it after the claims were made. This is mainly because of their mindset, and their starting point when obtaining the grant is not with the correct intention and purpose. For innovation to grow, it has to be a win-win for everybody, companies need to have the right mindset, and a good push from the government will kick start innovation in a much better manner.”
Dr. Toa Charm, Chairman, OpenCertHub & Associate, and Professor, CUHK Business School, agreed with Anndy’s point. “The subsidy is helpful but not sustainable. Companies must appreciate the digital transformation culture and appreciate the digital transformation. In the times of COVID19, governments have placed additional subsidies and grants to SMEs and different programs, but this is only for a short period and may not be sustainable. We have to make it closer to what the companies are doing, embedding the technology in our daily lives seamlessly.”
Last but not least, Anndy emphasized, “Digitalization has struck every government as a priority never before. The move into digital with AI, big data, automation, blockchain & cryptocurrencies will stay with us for a long time.”
This session consists of Anndy Lian, Advisory Board Member, Hyundai DAC Technology, Dr. Ernie Teo, Vice-Chairman, Blockchain Association Singapore, Mohammad Sear, Associate Partner, Digital Government & Public Sector Advisory, EY, Dr. Toa Charm, Chairman, OpenCertHub & Associate and Professor, CUHK Business School and moderated by Olga Yaroshevsky, NexChange Group. The panelists have also shared their insights on the subject matter, and the full recording can be found online.
Hong Kong Blockchain Week 2020, hosted by NexChange and led by their Chairman Juwan Lee delivers specialist content and expert discussions directly from industry leaders who are building the future of blockchain technology and digital assets. This is the largest blockchain virtual event in Hong Kong will see the global blockchain community converge to discuss the latest developments and insights into the evolving, real-world applications of blockchain technology in finance, investment, enterprise, socially essential projects, and the global payment industry. High profile speakers include Dr. David Chung JP, Under Secretary for Innovation and Technology, Hong Kong; Dan Morehead, CEO & CO-CIO, Pantera Capital; Justin Sun, Founder, TRON & CEO, BITTORRENT; Roger Ver, Founder of BITCOIN.COM and Charles Hoskinson, CEO of IOHK & Founder of CARDANO.
About Anndy Lian
Anndy Lian is an early blockchain adopter and experienced serial blockchain entrepreneur known for his work in the government sector. He is a best-selling book author, “Blockchain Revolution 2030” and currently the Advisory Board Member of Hyundai DAC Technology. He plays a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region. Anndy is also part of the Gyeongsangbuk-do Blockchain Special Committee, the Government of Republic Korea.