Recognising the critical role of connectivity in driving social and economic development, Ethio Telecom is making significant investments in expanding its network infrastructure, particularly in rural areas. One of Ethio Telecom’s most significant initiatives in recent years is the deployment of 100 new rural mobile solutions across 305 kebeles. This impactful initiative has already brought telecom access to over 903,000 residents, which will improve their lives and opportunities.

“We believe that access to communication and digital services is a fundamental right, not a privilege. We focus on bridging the digital divide and empowering all Ethiopians, including those in the most remote areas. While financial viability is a consideration, our commitment to inclusion and serving all segments of society takes precedence. We are driven by a vision of a connected Ethiopia where everyone has the opportunity to thrive,” Ethio Telecom stated.

The deployment of these 100 new rural mobile solutions is aligned with Ethiopia’s broader goals of achieving universal connectivity and leveraging digital technologies to drive socio-economic development.

These eco-friendly, solar-powered systems provide essential 2G and 3G services, with the potential for future 4G upgrades. Crucially, these solutions eliminate the need for rural residents to make long-distance travel to access telecom services, saving valuable time and resources.

The modular design of these systems allows for easy upgrades as technology advances, ensuring that rural communities remain connected to the latest digital innovations. These rural mobile solutions, however, are not only scalable and sustainable models for rural development but also solar-powered systems designed to operate efficiently in off-grid areas, reducing reliance on traditional energy sources and minimising operational costs. This approach ensures that the solutions are both economically viable and environmentally friendly, aligning with global sustainability goals.

These rural mobile solutions provide a gateway to essential digital services in critical sectors such as education, healthcare, agriculture, and finance. This access empowers communities to improve their livelihoods, access vital information, and participate more fully in the digital economy.

Additionally, it empowers the community to access mobile financial services through its mobile money platform, telebirr, promoting financial inclusion. This allows rural residents to perform transactions, save money, and access micro-loans without the need for physical bank branches.

Ethio Telecom’s dedication to connecting the unconnected underscores its commitment to building a more inclusive and connected Ethiopia. The company remains steadfast in its mission to expand connectivity and digital services, ensuring that all Ethiopians have the opportunity to benefit from the transformative power of technology.

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While explaining this phenomenon, Mike Hoy, Technology Director at Pulsant, remarked, “From a commercial perspective, this rapid expansion is enabled by a combination of high-speed, high-bandwidth 5G connectivity and rapidly-developing edge computing platforms. Edge computing, based on a highly connected network of regional data centres, is critical. It enables specialised gateway hubs in those data centres to process or pre-process massive amounts of data generated by the millions of devices that comprise the IoT.”

“Being close to the source of the data means this processing is accomplished at low latency – a vital requirement for many advanced applications, including artificial intelligence (AI) driven solutions and services. Processing all this data at the main public cloud providers’ data centres is not a viable option because the latency is unsustainable,” he added further during his interaction with Global Banking and Finance Review.

What is IoT?

As per ScienceSoft, “The Internet of Things (IoT) is an advanced technology that enables networks of connected devices (e.g., sensors, cameras, smart gadgets) to collect real-time data, transfer it to the cloud for processing and analysis, and react to events in real-time. IoT plays an important role in banking and finance, ensuring efficient data collection and processing and supporting digital automation of key processes. With IoT-enabled solutions, BFSI companies can optimize their services and operations, enhance the security of transactions, and offer cutting-edge customer experience.”

IoT offers a range of digitalization benefits to the banking and finance industry, from 360-degree customer view to enhanced financial security, fraud detection, advanced insurance strategies, and many more.

Talking about IoT and the financial industry, in 2018, spending on this front averaged roughly USD 153 million. However, it has already positively impacted the financial sector and will be the next big thing to watch out for in near future. Not only companies can save a lot of time and money on data-related operations, but they can also improve their customer experience and detect fraudulent activities in a better manner. In short, it can improve the entire banking security system in various ways.

Examples of IoT usage in financial industry

Talking about the best cases of IoT usage in the financial industry, we have chatbots, used by banks to provide a 24/7 customer service experience through the use of virtual assistants. As per an Insider Intelligence report, by 2022, conversational assistants could allow for operational cost cuts of over USD 8 billion across global banks. These bots use natural language processing and machine learning to improve each customer interaction and offer better-personalized experiences. For example, Capital One’s Eno was the first natural language SMS text-based assistant offered by a US bank. Eno can alert customers about suspected fraud, potential double charges by a merchant, or an overgenerous tip.

Then we have the innovation called smart speaker devices. Amazon’s Alexa, Siri and Google Assistant are becoming hits in the banking sector as well. In 2019, NatWest piloted a voice banking feature with Google Assistant. The feature was compatible with the Google Home smart speaker and allowed customers to inquire about account balances, the latest transactions, and pending transactions.

Blockchain-based smart contracts are another innovation taking care of the security and privacy aspects of online banking, by providing better customer authentication. Blockchain-backed identity authentication ensures that customer identity credentials, which have already been in a logged-on mode on the bank’s website, can’t be changed. Blockchain also eases the cost of cross-border payments and increases the efficiency of trade finance processes. As per Insider Intelligence, financial institutions are investing about USD 1.7 billion annually in blockchain technology.

Another breakthrough innovation in this field has been Smart ATMs, which are basically Automated Teller Machines (ATMs) that have more functionality than dispensing cash. Smart ATMs enable consumers to do tasks (account opening, depositing cash and cheques, money transfers) which previously required them to undertake branch visits. Using the tech, banks are now increasing their digital footprint, while saving costs of building new branches. ATMs are becoming self-service, smart banking options in the 21st century. Powered by revolutionary data-gathering and analytics capabilities, smart ATMs now have the ability to collect massive amounts of information and process them to that extent, where they can even predict customer behaviour and preferences. Using biometrics in these smart ATMs, customers can also gain access to their accounts in a secure manner. 5G to play a crucial role as IoT continues to evolve.

“For banks, one of the most important aspects of IoT technology is its ability to develop use cases from the data generated by billions of smartphones. Statista believes that by 2030, consumer internet and media devices such as smartphones will number more than 17 billion globally. The data is increasing in volume all the time. According to IDC, IoT big data statistics show that, with increased adoption, numbers will reach 73.1 ZB by 2025, which equals 422 per cent of the 2019 output, when 17.3 ZB of data was produced. As companies integrate IoT devices into their network infrastructure, they will need edge infrastructure platforms to manage, process, filer and transmit this data,” Mike Hoy said.

“The ability to exploit such vast networks of consumer devices will lead to far higher levels of personalisation together with, much greater emphasis on frictionless transactions and higher quality of customer experience. This is vital in a market where fewer customers now have direct relationships with bank managers or their branches. Using personalisation and customer experience to build loyalty is certain to be a key feature of retail banking as consumers are now more likely to switch bank than their parents ever were,” he remarked further.

“The roll-out of 5G is pivotal for IoT because it enables faster, more stable, and more secure connectivity. For IoT to accelerate, access to high-quality connectivity is essential. Applications focused on real-time and aggregated data analytics need connectivity that has either low jitter, loss and lag or has dedicated high bandwidth. The telecommunications companies have been first movers in this market with 5G, but carrier fibre is an alternative and in many ways, more dependable. Yet we should not forget that strong IoT growth also depends on edge platforms with genuine compute power, network connectivity and resilience, and friction-free, fast access to the proprietary applications hosted with the big names in public cloud,” Mike Hoy said.

The ability of edge platforms to process and transmit data from 5G-enabled telemetry devices will have a significant positive impact on aspects like the quality and speed of policy and credit approvals, thus providing accurate, verifiable data on everything from vehicle usage to agricultural or factory outputs.

How banking industry can be benefited from IOT?

IoT devices can gather intelligence from the bank’s user activity of a bank, thus helping the management to understand the financial needs of the clients. Apart from this, IoT can also help the bank to perform functions like sending account balance-related notifications to the client, without human assistance. Data collected via connectivity devices will provide insights into clients’ demands, allowing banks to offer better services to them. Forget about visiting smart ATMs, clients can get their basic banking jobs done via smartphone as well. In the whole process, clients’ banking experiences will get improved with timely information and tailored products. IoT is known for its quick data-gathering process. Using this, the mechanism can easily be used to collect data about the customers’ financial behaviour, and based on the results; personalised products can be formed as per the needs of the clients. For banks, the innovation will help the management to digitize their daily, mundane paperwork and cut down their operational expenses.

In terms of combatting fraudulent activities, IOT, armed with the biometric system, can help the bank in identifying even the slightest sign of irregularity. All transactions can be handled by a smart network of sensors and linked apps. Banks and their clients can now have technological control over payments, functioning as a vital security regulator. If a transaction gets flagged as fraud that will in turn freeze the source account. At the same point in time, the technology can also perform both monitoring and data-gathering functions, via a well-connected network of CCTV, smart alarms and other security devices. In case of a security breach/suspected fraudulent transaction; the whole operational infrastructure can be locked down with the help of an IoT network.

Another crucial benefit comes on the analytical front. The Internet of Things is all about data. An IoT network can gather a high volume of data. Special automated software then processes the data and produces useful information for the banks. Financial institutions can use this ability to gather information on their clients, something which comes in handy during the loan sanctioning process. Using IoT network gives the banks the opportunity to monitor the economic activity of loan applicants, apart from viewing trading data about private and government-issued bonds and their market volumes.

Another advantage of using IoT comes in form of smart Wallets. The 21st century is all about the invention of wearable payment devices like fitness trackers, smart watches, wristbands, and jewellery, which have smart features like allowing users to access their credit cards and check bank accounts from anywhere. Since the technology is still evolving, expect a future where autonomous cars would be paying for parking, gas, rental or even maintenance service, while using its embedded wallet. Each and every home appliance and consumer equipment would be able to host an embedded, pre-funded wallet that can manage its operating expenses on its own.

Account management, leasing finance automation, automated payment through things, risk mitigation in trade finance, tailor-made insurance services and P2P finance on tangible assets are some of the areas where the banks are onboarding IoT solutions to make their digital transformations future-proof. However, to enable this, banks will have to expand and overhaul their digital infrastructures. Another challenge will be finding/training staffers for handling these complex mechanisms, as all these solutions will give the desired results only when man and machine achieve perfect harmony.

Now the financial industry has access to a resilient edge infrastructure platform that comprises compute, network and cloud to deliver seamless, high performance. IoT’s ongoing evolution and the ability to operate on edge computing infrastructure present a bright prospect for the finance industry and a win-win situation for both customers and banks.

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Needless to say, this provides valuable insights and information about users’ behaviour and interests. With the help of the IoT and IoB, it is now possible to track, collect, and interpret the massive amount of data that is amassed from personal behaviour and online activities including commercial transactions and social media habits. The concept of IoB revolves around the correct analysis and understanding of behavioural data, and how it can be applied to create and promote customised products and services which will be of more value to customers. Given the plethora of advantages, corporates and organisations have already started investing heavily in this technology to improve their bottom lines. Additionally, IoB also benefits its customers by providing better tailoring goods and services to their needs and desires.

Growth prediction of IoB
According to experts, the future of both the IoB and IoT is bright and it will continue to have more growth and influence in the future. Gartner, in its report, has predicted that there will be more than 25 billion connected devices by the end of 2021, with the majority of the IoT currently made up of smartphones and other devices are also becoming increasingly common. The Gartner report also predicted that by 2025, there will be 75 billion connected devices all over the globe. Additionally, by 2023, more than 40 percent of the global population’s individual activity will be tracked digitally in order to influence their behaviour using the IoB concept. This translates into the fact that more than three billion people globally will be tracked by their behaviour.

Theoretically, the IoB is capable of revealing crucial insights to organisations that allow them to increase productivity, monitor compliance with Covid-19 safety protocols, and more. But, as we all know, the collection of data can be quite problematic. The use of the IoB begs questions like how we gather, navigate, and use data, especially as we collect more of it. Something as common as smartphones can be used to track your online movements and real-life geographic position. Now companies also know an individual’s interests, dislikes, and the way they purchase.

There is also the risk that cybercriminals can hack and use the data for nefarious means. This information could be stolen and sold to other criminals and has the risk of being revealed. This information could be stolen and sold to other criminals. Hence it is important to keep in mind that IoB is an important trend for companies to take notice of, but they also need to be equally careful in the ways they are protecting the data they collect.

How can the IoB benefit businesses?
For a while now, a large number of digital marketing companies have been using analytics tools to find insights that reveal common consumer behaviours. With the help of IoB, marketers are able to analyse customer buying habits across platforms, gain access to previously unattainable data, redefine the value chain, and provide real-time point-of-sale notifications and targeted advertisements. Additionally, an appealing UX is an important part of sales. With the help of the data provided by the IoB, companies now can understand people’s attitudes toward specific products or services.

This makes the process of resolving customer issues and complaints even easier. The companies that come under the manufacturing sector are already using sensors and RFID tags to determine if on-site employees are washing their hands regularly. And with the help of computer vision, it is also possible to make sure employees are complying with mask protocol or social distancing directives. With the help of IoB, health providers can measure the activation and engagement efforts made by patients. IoB also helps improve public safety by monitoring exciting new opportunities across industries.

Throughout multiple industries, Stefanini, a global digital AI and IT solution provider based in Brazil have been using data collected from IoT devices to help businesses better connect with their employees and customers. Having decades of experience in technology and domain, the company transforms enterprises with integration, digital expertise, and a big-picture vision. Stefanini uses sensors that feed data analytics and IoT platforms, which is then connected with applications and process systems for full end-to-end enterprise intelligence. The company also integrates the data from IoT-connected devices with automation and artificial intelligence to transform the way they work.

The importance of IoB
IoB in businesses provides the ability to analyse a wide range of consumer behaviour and then effectively respond to it for their benefit. Commonly, businesses will use the IoB to market their products and services more effectively to current and potential customers and to influence them further to buy their products. It may seem like IoB only benefits businesses, are a lot of ways how IoB can benefit customers. For example, an insurance company working on a premium based on an individual’s positive or negative health habits or driving records. In another example, a fintech company can use user data to encourage different types of savings or investing plans after analyzing the customers’ spending habits. Additionally, individual health and lifestyle applications can assist customers with important daily variables like sleep, diet, heart rate, weight, and blood sugar. The collection and tracking of this personal health data can help us as well as the healthcare system formulate more targeted and effective treatments and recommendations for better physical and psychological health. For example, Netflix uses user data to forecast what they might like or dislike, by providing suggestions based on their personal preferences and ratings for a specific film or series. Another example is where Uber or any other cab aggregator uses IoT to track drivers and passengers. They offer a survey after each journey to review the guests’ experience.

Additionally, with the help of IoB, companies can also provide a service to individuals with access to this more insightful personal data which will help them resolve potential problems before time and provide improved products and services that will keep their customers happy.

There is no doubt that data has been absolutely essential for businesses to flourish and stay in the market since the inception of the internet. IoB ensures that businesses continue their growth, even in the face of a global pandemic and changing climate of the world’s economy. But the main purpose of IoB is to collect, analyze, respond and understand all types of behaviours to improve customer/user experience. It is a known fact that psychology and marketing go side-by-side from the beginning of advertising. This way, businesses can get new insights into the data that’s collected by IoT. Currently, the IoB is a new but powerful tool for businesses’ sales and marketing worldwide. IoB can help businesses get a better understanding of their customers to keep them happy.

Not only IoB affects customer choice, but it also restructures the supply chain. It helps insurance companies and banks to improve their profile. IoB can help change violent behaviour without special medical advice and can also forecast responses to shopping ads or social media messages.

Concerns surrounding IoB
As is the case with any growing interconnectedness, there is an increasing concern regarding finding the legal and socially acceptable balance when it comes to IoB. According to security experts, while most customers are concerned about companies having too much access to their personal data, it has also been observed that they are agreeing to trade off an acceptable amount of privacy in order to get access to the best deals on products and services they want. It has also been observed that many job seekers will accept some online investigation and analysis of their background by a potential employer.

For example, a lot of people in the logistics industry would be okay with their employers accessing their driving history so that they could determine if there are any issues that need to be addressed. But the same set of people will have an issue if their employer starts snooping their social media activities to determine if they fit for the role.

Similarly, most consumers will not object to a company reviewing and analyzing their latest searches and purchases from the company website, but it’s safe to say that this could easily flip if the company misuses their access and starts analysing their social media behaviour.

Given the rapid growth of IoB, coupled with the rising number of smart devices, it definitely presents a cybersecurity concern. Most of the portals we access are connected to either our personal or business network, which, in turn, presents a threat for sensitive data that has the risk of being compromised or stolen. As IoT and IoB gain more and more popularity, experts say that it is essential to pay more attention to our cybersecurity efforts and to remember to follow good cybersecurity practices both at work and at home.

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The deal was signed by Adel Hamed, chief executive and managing director of Telecom Egypt, and Henrik Fall, Head of Cloud Services and Networks in the Middle East and Africa at Nokia.

As per the deal, Nokia will help develop a global IoT infrastructure and a Pay As You Grow business model, which in turn will enable Telecom Egypt to provide IoT services at lower prices.

Further, the IoT infrastructure will contribute to the automation of projects and help companies reduce their operating expenses, enhance productivity, and provide new services to several markets.

Earlier this year, Telecom Egypt selected Juniper Networks to help design and deploy a significant network capacity expansion and upgrade.
Mohamed Alfowey, chief technology officer of Telecom Egypt told the media, “Telecom Egypt believes that the ability to respond to rapidly-changing customer needs is a key competitive differentiator, so improved infrastructure agility is key.”

“A faster, more resilient and predictable network, in the context of remote working trends and skyrocketing demand for cloud-driven, 5G-ready, data-rich applications and services, enables Telecom Egypt to deliver this and meet SLAs, while controlling operational cost and complexity.

“We believe that Juniper’s innovations in cloud routing and network automation help us overcome this challenge now and for the long term, enabling us to deliver an exceptional end-user experience.”

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To put things into perspective, the market stood at $3.06 billion in 2020. The pandemic has accelerated the growth of technology and blockchain in particular. There has also been a growing demand for cloud-based technology solutions in recent times.

According to an analysis report by Research Dive released earlier this month, the global blockchain IoT market is projected to garner nearly $5.802.7 million revenue by 2026, and grow at a CAGR of 91.5 percent from 2019 to 2026.

Recently, Berlin-based AI-powered computer vision startup Mobius raised around £4.5 million in a fresh funding round, which will be used to expand in the UK. The startup plans to open an office in the UK in early 2022.

The funding round for Mobius was led by European Venture Capital pioneer Ventech VC. Other investors that also participated in the funding round include Atlantic Labs, APEX Ventures, Space Capital, Lunar Ventures and additional angel investors.

Appu Shaji, chief executive and chief scientist at Mobius Labs told the media, “I am very proud of what we have achieved at Mobius Labs so far but there is still a lot to be done. This new round of funding will help accelerate our plans and expand quickly as a company.”

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The report, called ‘Blockchain IoT Market by Component (Hardware (IoT Sensors & Crypto-Wallets), Software and Platform, and Services), Application (Smart Contract, Security, and Asset Tracking and Management), Organization Size, Vertical, and Region – Global Forecast to 2026, further revealed that the US and Canada are expected to be major contributors to the Blockchain IoT markets growth.

It was reported that London-listed crypto mining firm Agro Blockchain has started paying its chief executive officer, Peter Wall, in Bitcoin. According to a press release, the change in the mode of payment took effect on March 1st, 2021.

In this regard, Peter Wall told the media, “I’m delighted that Argo has followed up with another record month in both mining revenue and profits. A mining margin of 81 percent is absolutely amazing, and we continue to add to our BTC HODL. I’m also pleased to be the first publicly-traded company that we know of to have their CEO paid in Bitcoin.”

Previously, Tesla chief executive Elon Musk endorsed the idea of taking his salary in bitcoin. Last month, Tesla bought $1.5 billion worth of bitcoin. According to the company, it is planning to soon start accepting bitcoin as a form of payment for its products.

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Speaking exclusively to International Finance, the representative added that using advanced technologies was part of its digitisation strategy aimed at generating operational data that can be used to find better efficiencies. “The more things we can digitise, the better we can improve our efficiency and our operations,” he said.

With regard to the use of IoT, AirAsia has pre-installed some of its planes with over 1,000 sensors each. Using IoT, these sensors capture various operational and non-operational data, which is further analysed by the company to boost efficiencies. As an example, the representative said, sensors were being used to help in monitoring its aircraft engines to ensure they are not dirty as they could then end up burning more fuel, which would translate to increased spending for the company.

“Dirty engines consume more fuel, and while engine cleaning is regularly scheduled, monitoring the data allows for adjustments and cleaning. What we can do now is if an engine is starting to burn more fuel, we can go ahead and send it in for washing earlier. Now, we can be more proactive and these things will save us money,” the representative explained.

Apart from this, data received from these sensors is also being used to implement predictive maintenance, a tool built for the company’s defect analysts to determine what is to be done on specific aircraft component or systems prior to them becoming a failure. Such maintenance is said to help the company save costs as it aims to mitigate all operational disruption that could happen from technical delays and turn it into planned maintenance activities.

The representative explained that for every flight, these IoT sensors would help fetch up to 24,000 data parameters related to aircraft systems or component sensors. The data is obtained as soon as the aircraft power is switched on, after which it is transmitted on ground to the cloud server, then captured by the maintenance management systems and eventually analysed by the predictive maintenance machine learning algorithm to predict the failure of a specific target system, like for instance, the depletion of oxygen from the crew oxygen bottle.

IoT aside, the Malaysian airline is also using AI to save costs. In this regard it has partnered with American conglomerate General Electric to use its Flight Efficiency Services (FES) to help make its aircrafts more fuel efficient which helps save both costs and reduce its carbon footprint. This technology by GE, uses the power of the Industrial Internet to help AirAsia make significant savings, through the implementation of precision navigation services, flight data analytics, and fuel management services. The representative explained that the FES helps its airlines improve and follow better navigation routes, that are otherwise estimated to be about 20 percent inefficient across the industry, apart from also helping analyse flight data to optimise aircraft utilisation and fuel consumption. AirAsia forecasts that it will save between $30 million and $50 million over the next five years by using this technology.

Apart from using AI to save costs, AirAsia is also using it to boost efficiencies. One such example is its introduction of AVA (AirAsia Virtual Allstar), an AI powered chatbot that is part of its website and mobile app facelift. This was developed by the company using technology from Ada, a Toronto based company that specialises in AI-powered customer experiences.

The company representative said that this chatbot is aimed at delivering a more seamless, user-friendly experience to airasia.com and the app’s 3.3 million monthly active users, from flight bookings to browsing for deals to online shopping and customer support. AVA, which speaks eight languages, including English and Bahasa Malaysia is helping boost efficiencies by being available on the company’s new live chat feature and responding instantly to inquiries from guests.

Apart from AI and IoT, the company also uses other technologies such as biometric and facial recognition technology. An example is Fast Airport Clearance Experience System (F.A.C.E.S.), a technology that AirAsia introduced in 2018 in an effort to improve the boarding process of its guests.

The representative explained that F.A.C.E.S uses facial recognition technology to identify enrolled guests as they approach the automated boarding gate, allowing them to board their flight without having to present any travel documents, thus helping them save time. While this is already operational at Senai International Airport in the Malaysian city of Johor Bahru, it is expected to be rolled out soon at Malaysia’s Kuching Airport and Melbourne’s Avalon Airport.

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Demand for digitisation in the manufacturing industry is ever-increasing. Besides creating sustainable production, there are major streamlining benefits and savings to be made.

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These figures were released in connection with Annual Investment Meeting (AIM 2019), which will be held from 8th to 10th April in Dubai. The organisers of AIM said that digitalisation is becoming an increasingly important part of globalisation, and the fact that Dubai ranks on the top position for artificial intelligence and robotics confirms that the city is fast emerging as the global destination for investment in smart technologies.

While AI adoption will account for 45% of the world economy’s total gains by 2030, the UAE ranks first in the Arab world in terms of expected annual growth of AI contribution to the economy at 33.5%, followed by Saudi Arabia at 31.3%, the rest of the GCC region at 28.8% and Egypt at 25.5%.

“Digital growth is significant to the growth of the economy. In the UAE, it is in line with UAE Vision 2021, which aims to position the country as a top spot for tech investments,” said Dawood Al Shezawi, CEO of Annual Investment Organising Committee.

Annual Investment Meeting is the world’s leading platform for FDI, aimed at facilitating strategic networking and promoting investments. Power-packed with international investment community, this exalted gathering witnesses high-ranking policy makers, business leaders, regional and international investors, successful entrepreneurs, leading academics and celebrated financial experts showcasing up-to-date information and strategies on attracting FDI.

“Disruptive technologies like AI, blockchain, internet of things (IoT) boost the productive capacity of countries and also the global GDP. To maximise its benefits, countries need to integrate new avenues that will drive more investments in these solutions,” added Mr. Shezawi

At the upcoming Annual Investment Meeting (AIM), experts will highlight strategies and mechanisms for enhancing tech solutions to draw FDIs, in addition to highlighting internal and external incentives that encourage companies to adopt these solutions. The three-day exhibition will also offer opportunities for governments and private organisations to launch and promote their projects to a vastly diverse audience.

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The Prime Minister of Vietnam Nguyen Xuan Phuc at the WEF ASEAN Meeting in Hanoi 2018 said: “Vietnam identified digital economy as one of the essential pillars with an important role for economic growth in the context that the world is entering into the 4th industrial revolution. The Government of Vietnam is making efforts to create a favourable environment ready to test new business models on the basis of digital technology application. The Government encourages the promotion of digital technology in all areas of socio-economic life, especially in aspects with great potentials, such as e-commerce, agricultural management, and processing industry. For administrative reforms, the Government of Vietnam highly focuses on building toward the Government, the digital economy and the digital society by closely linking the reform process with IT applications.”

As a major provider of telecommunications and IT services, VNPT is aware of its role and opportunity in the development of Vietnam’s digital economy. Therefore, the company has built-up its vision, mission and strategic objectives in this new period—with a goal to lead the digital transformation trends in the country.

Accordingly, the company has carried out the mission of developing and providing digital platforms and digital services at a global level for the Government, the businesses, and the society. Seizing the opportunity, thanks to the advantages of existing infrastructure and services ecosystem provided to customers, VNPT aims to build a digital solutions and services driven ecosystem based on platforms built by it, such as media, e-Government, smart city integration and IoT.

The development of service platforms will help to supply end-to-end solutions to customers with personalised experience. Until now, in Vietnam, VNPT has been at the forefront of developing ecosystems for ICT products in many fields such as e-Government, health, education, smart city, smart tourism, and much more.

According to VNPT Group CEO Group Pham Duc Long, who plays an important role in leading the company in the process of digital transformation: “Digital transformation is a great opportunity for Vietnam in general, and telecom and IT companies in particular. So far, it has been very expensive to provide a big data solution, or a smart city. However, the recent development of technologies allows us to do all these things at a much cheaper cost. This opens up opportunities big enough for all businesses to join hands to grow digital transformation in the Vietnamese economy.

“As for VNPT, in 2018, we also signed cooperation agreements with dozens of provinces, ministries, and corporations on the implementation of digital transformation. In 2018, the digital services achieved highest growth rate against other services provided by VNPT. This is a clear evidence for the wide and effective participation of VNPT in this area.”

Before the wave of industrial 4.0 was going strong, VNPT had begun to study the core technologies of this revolution. The company has cooperated with major technology companies in the world to build research labs on AI, blockchain, IoT, cybersecurity and cloud computing. It has also mastered technologies and is now focusing on the development of specific applications and solutions suitable to the actual needs of Vietnam—as well as introducing those technologies into its existing solutions in order to meet customers’ requirements.

In addition to achieving the goal of leading digital trends in Vietnam, the VNPT Group is also an enterprise that is focused on achieving sustainable development. Against the backdrop of Vietnam’s fiercely competitive ICT market with many challenges, 2018 has been the 5th consecutive year for VNPT’s achievement in profit growth of over 20% with VND 6,445 billion, up 25% compared to 2017. VNPT’s return on equity is 10.2%, an increase of 23% compared to 2017. The company has 34 million telephone subscribers, of which 31.3 million are Vinaphone mobile subscribers; and the total number of broadband Internet subscribers is 5.2 million.

With the role of being the leading ICT provider in the country, in the past years, the company has made efforts to build a modern, synchronous and widespread national communication infrastructure—making positive contributions to promoting the socio-economic development and bringing modern ICT services to the Vietnamese people. Along with that, VNPT has been contributing to the development of the community by participating in the promotion fund for education and training by means of encouraging the education sector and sponsoring social security programs. With VNPT, that is an important responsibility for the development of the community.

Keeping up with the trends of the digital era, VNPT has transformed itself from a traditional service provider to a digital service provider with a vision to become the leading provider of digital services in Vietnam in 2025—and the Digital Transaction Hub in Asia in 2030. For this reason, the company will continue to promote digital transformation in the country and provide high-end digital services to its customers in the coming years.

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