Let’s suppose you accidentally tore your ligament in the knee while exercising in the gym tomorrow. Do you know how much you’d need to pay for medical fees? Before we reveal the answer, there’s a saying amongst Singaporeans: it’s cheaper to die than to fall sick in Singapore. Sure, there is the basic health insurance MediShield Life that all Singapore citizens and permanent residents (PR) are automatically signed up to (and it comes out of your pay anyway), but it covers only basic public hospital treatments and comes with many limits. Even with the Integrated Shield Plan (IP) booster, patients…
Author: Satoko Omata
Pop quiz: What is big data? Actually, don’t answer that. Everyone can easily recite the same quote: “It’s the process of analysing huge amounts of data to draw actionable insights that are beneficial to your business.” In practice, this can be a difficult area to navigate. Big data covers an immensely wide area, and different datasets can yield different results; knowing what to use when and for what purpose can soon turn infinitely confusing. In the banking industry, where data is religiously collected and archived, it seems like the perfect playground to run big data projects. However, the key…
Technology isn’t just changing the way businesses work, it is also impacting careers across all fields and disciplines. This is especially true for the financial sector, as financial services institutions are investing heavily in new technological capabilities to enhance competitive positioning and operating efficiencies. While it may seem like a rat race when it comes to adopting new technologies, it is crucial to not neglect the humans who will ultimately be driving that change. An ageing workforce In Singapore, the traditional “hire-and-fire strategy” – hiring people with the skills for emerging jobs and firing those in less relevant jobs -…
Since the early days of initial coin offerings (ICO), the world of cryptocurrencies have added myriad types of terminologies – IEO, IFO, IAO, STO, etc. – all of which seems to be designed to confuse anyone who isn’t in the cryptocurrency business. Let us demystify the acronyms, to help you navigate the increasingly intricate network. Don’t let the I-something-O jargons turn into I-GiveUp-O. Types of Token Currency token – is the original token type you find in blockchain. It exists to serve as a form of payment for goods and services, and can be widely used across platforms. Utility token…
Central banks across the globe are no stranger to the concept of blockchain. In fact, according to a recent World Economic Forum (WEF) report, at least 40 central banks across the globe are working in some capacity with blockchain and distributed ledger technology (DLT). While there are numerous applications for blockchain, one of the most common usage explored by most central banks is to implement a central bank digital currency (CBDC). The WEF has highlighted several notable examples of central banks exploring the usage of blockchain or DLT in their processes. Monetary Authority of Singapore’s Collaboration with England and Canada’s…