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15-09-2017
Innovation and Technology Venture Fund

The Government has launched the Innovation and Technology Venture Fund on 15-09-2017. It is now open for application by venture capital funds to become co-investment partners (Deadline: 15-01-2018). A briefing session will be held on 03-10-2017 at the Hong Kong Science Park. Interested venture capital funds are welcome to attend.

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13-12-2018
Online hiring in healthcare declining in Singapore

Online hiring in Singapore experienced a slight positive trend last month, noting a 1% increase between October 2017 and 2018, according to findings from the Monster Employment Index (MEI).The two main industries driving this growth – BFSI and IT/Telecom – maintained a positive uptrend with a 14% year-on-year growth for both. Other industries that recorded a notable rise in online hiring were Advertising, Production/Manufacturing and Engineering/Construction, recording 8%, 5% and 4% year-on-year growth, respectively.On the flip side, Hospitality witnessed a notable decline of 9% year-on-year. The Consumer Goods/FMCG and Healthcare industries also witnessed an annual fall of 5% and 4% respectively.“BFSI and IT have always been at the backbone of Singapore’s economy for years. Technology has seen shifts in these sectors, and, along with a stable infrastructure are propelling growth, they are bound to experience increases in hiring. On the flip side, service-based professions such as  Healthcare and Hospitality have been witnessing a drop in demand.” said Abhijeet Mukherjee, CEO of Monster.com – APAC and Middle East.“Manpower growth in the tourism sector is on a downtrend and with STB reports projecting an influx of tourists in Singapore in coming times, the industry needs to develop a more sustainable growth model that is less dependent on labor.”The Monster Employment Index is a monthly gauge of online job posting activity, based on a real-time review of millions of employer job opportunities culled from a large representative selection of career websites and online job listings across the Singapore. The Index does not reflect the trend of any one advertiser or source, but is an aggregate measure of the change in job listings across the industry.Monster Employment Index Singapore results for the past 18 months are as follows:

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13-12-2018
IDEMIA delivers smart national identity cards to the citizens of Nepal

IDEMIA, an augmented identity solutions firm, has been working with the Government of Federal Democratic Republic of Nepal in delivering the national ID cards since 2016, through the Department of National ID and Civil Registration (DoNIDCR), and will provide new e-ID cards in continuity of this longstanding relationship.The new e-ID card has been designed to improve identity management services and assist in delivering government services and social security benefits. The cards can be used as an electronic authorization for e-services, cross-border security documentation and for the delivery of healthcare and welfare services.On 19th November, the Home Minister of Nepal was joined by IDEMIA executives in a ceremony to commemorate the initial run of smart cards. A special guest at the ceremony, and first recipient of the new e-ID card was 101-year old Bhagawati Devi Bhandari, the oldest enrolled citizen in Panchthar Region. This ceremony followed the inauguration of the card printing system at the beginning of November by the Secretary, Ministry of Home Affairs at the Personalization Centre of DoNIDCR along with the Director General and representatives from IDEMIA.IDEMIA was chosen to deliver an end-to-end system encompassing registration of citizens' data and biometric deduplication to ensure a unique ID is issued to each individual, in addition to the production and personalization of smart cards.The national identity card is a multi-purpose machine-readable biometric smart card, laser engraved polycarbonate, with several security features. The card features a chip, containing the cardholder’s photograph, fingerprint and signature.Tim Ferris, APAC Regional President for IDEMIA said of the rollout: “IDEMIA recognizes the importance of Identity to people around the world, especially those in remote areas such as those across Nepal. IDEMIA has worked with the government of Nepal on a number of key Identity projects in recent years, and we look forward to a successful rollout of e-ID cards to the Nepalese people.”Dipak Kafle, Director General of DoNIDCR said: “It is a major step in creating an ecosystem of trusted identities which promises to transform the lives of citizens, from the busy streets in Kathmandu to villages in the Himalayas. I would like to express my sincere thanks and appreciate the efforts and coordination put forward by IDEMIA to bring the project up to National Identity card distribution (issuance) level.”

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13-12-2018
JETCO to launch API exchange platform in January

JETCO's planned JETCO APIX open API exchange platform will allow banks and online service providers to collaborate and create new customer services

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13-12-2018
HKT Education launches AI learning programs

HKT Education will launch a series of STEM programs and courses and become a distributor of UBTECH's AI humanoid robots to assist AI education

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13-12-2018
Juniper CTO talks cloud, high-speed networking

Juniper CTO Bikash Koley looks at disaggregation, cloud computing and intent-based networking as he looks toward 2019

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13-12-2018
Intel kicks off a new focus on engineering

Following a miserable 10nm Cannon Lake launch, Intel signals a strategic shift to focus on six pillars of engineering

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12-12-2018
Businesses and governments must regain public trust

Following the launch of the Campaign for INSEAD: A Force for Good event at its Europe Campus, focus turned to Singapore, where the recent INSEAD Forum Asia and the Campaign for INSEAD Launch brought together leaders from across Asia to discuss more responsible leadership.The world is currently writing an important chapter that complements business innovation and intergovernmental cooperation – the chapter on integration. At the same time, we also see loss of trust in governments, businesses and institutions, which may hinder global integration of business and societal goals.According to the 2018 Edelman Trust Barometer, trust in business, government and media in many markets remains dismal. In some countries, only 30 percent of people trust business. Globally, 60 percent agree that CEOs are driven more by greed than a desire to make a positive difference in the world. And media has become the least-trusted global institution.How governments and businesses can regain trustIn his keynote address at the INSEAD Forum Asia and the Campaign for INSEAD Launch in Singapore, Chan Chun Sing, Minister for Trade and Industry of Singapore provided three insights into how business and government can be a force for good and begin building trust:Evolve the open rules-based global trading system so that economic gains are shared equally. Unleash the potential of people through a meritocratic system where achievements are based on talent and effort. Embrace the values that put society ahead of personal interests and imbue in all people a sense of stewardship.  Chan cautioned that how the world manages growing disparities will have significant global political impact. If the disparity between those who win more and those who win less is not well managed, it can translate into global backlash against integration.Similar commentary emerged from global business leaders in the “Business as a Force for Good” panel discussions moderated by Peter Zemsky, INSEAD Deputy Dean and Dean of Innovation, at INSEAD Forums in France and Singapore.André Hoffmann MBA’90D, Vice Chairman of Roche Holdings, shared how Roche integrates societal values into the company’s business model, which has placed the company atop the healthcare sector in the Dow Jones Sustainability Indices for 10 years running.He stated: “We’ve got to the point where it is becoming really part of the DNA of the company. If we have businesses that manage well their relationship with the planet and with the markets – efficiently and sufficiently; morally and with a sense of purpose – we will not need philanthropy any more. Because the root cause of all these issues will have disappeared. So I think it is very important to amalgamate the two as quickly as possible.” Piyush Gupta, Group CEO of DBS Bank, Singapore, elaborated on the bank’s “do no harm, do more good” responsible banking programme, which focuses on scaling up renewable energy, green bonds, social housing, financial inclusion and gender diversity.He asserted: “The idea about business for good is so important because this cannot be done by governments alone, nor by society or the NGOs. The only platform and the most relevant entity which has the capacity to do things and to move things along, is private sector corporations. This is the reality in today's world.”Subi Rangan, Professor of Strategy and Management at INSEAD, highlighted that businesses and institutions, which are created and led by individuals in power, need to use power as a force for good. He said that individuals would do well to remember that “we can regulate power. Trust is always coming back to the use of power, and the purpose for which it is being used. When we abuse power then trust goes down, but if we use power in positive ways, trust can be inculcated.”How business schools can play their partThe concept of stewardship is important. Responsible leadership and sound stewardship of natural capital can regain public trust. INSEAD believes this is how business can be a force for good at the community level and lay a foundation for growth over generations. Peter Zemsky, Deputy Dean and Dean of Innovation at INSEAD, said: “By sharing the action by those leading the way, we hope to inspire more individuals and leaders in more businesses and institutions around the world, including media. We all need to examine our power and influence, increase trust with society and act as a force for good in the world. At INSEAD, the business school for the world, we take our responsibility to develop global business leaders who understand the relationship between business and society very seriously.”INSEAD also aims to lead conversation and spark action around the most pressing issues facing the world today through the newly established Hoffmann Global Institute for Business and Society.INSEAD is committed to developing responsible leaders who transform business and society.  The school has integrated global insights on business and society issues into its new MBA curriculum and executive education programmes to prepare students and participants – the world’s current and future leaders – for global challenges and tough conversations ahead.  Caption: Chan Chun Sing, Singapore’s Minister for Trade and Industry at the INSEAD Forum Asia

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12-12-2018
Mimecast report finds email containing dangerous attachments up more than 25%

Mimecast, in its latest quarterly Email Security Risk Assessment (ESRA) - an aggregated report of tests that measure the efficacy of widely used email security systems - found that email security systems are missing 25% more email containing dangerous file types.Typically dangerous file types such as .jsp, .exe, .dll and .src are rarely sent via email for legitimate purposes, and can be used to facilitate an attack.Every quarter, Mimecast aggregates the results of individual ESRA tests and reports to the industry its findings.To date, Mimecast has inspected more than 180 million email that were deemed “safe” from these incumbent systems. Within these email messages, the tests found 16,581 that contained dangerous file types.The report also found 21,183,014 spam email, 17,403 malware attachments, 42,350 impersonation attacks and 205,363 malicious URLS, all missed by these incumbent providers and delivered to users’ inboxes.It also concluded that an aggregate 12% of all secured and filtered email were unwanted email and thus were false negatives.“Mimecast has seen an increase in security efficacy versus legacy vendors along with detailed information on the proliferation of threats of all types. The ESRA provides deep insights for our customers on the types of attacks threatening their business,” says Lindsay Jack, security service director at Mimecast.“Attacks we are seeing include key executives being targeted with cloud storage services exploits, impersonation attacks targeting legal, finance and administrative assistance as well as social engineering attacks against the C-suite. Mimecast helps organizations understand how they compare with other organizations in their geography or industry vertical. Additionally, these reports provide insights on the rise of new types of malware and key trends in malicious email campaigns.”“Cybercriminals are constantly adapting their email-based attacks, looking for new ways to bypass security solutions that rely too heavily on reputation-based detection or file signature matches. This quarter we saw a particularly large jump in emails containing dangerous file types.,” said Matthew Gardiner, cybersecurity strategist at Mimecast.He added that Mimecast uses multiple layers and types of detection engines, combined with high performance analytics, a diverse set of threat intelligence sources, and computer-aided human analysis to identify and stop unsafe email from getting into inboxes. 

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12-12-2018
ACI Worldwide partners BioCatch for behavioral biometrics for fraud prevention

ACI Worldwide has collaborated with BioCatch, a behavioural biometric provider, to protect customers from online and mobile banking fraud such as account takeover.In addition to machine learning and advanced analytics capabilities from ACI’s UP Payments Risk Management solution, banks around the world will now benefit from BioCatch’s real-time behavioural assessments to identify a wide range of cyberthreats without disrupting the user experience.Founded in 2011 by experts in neural science research, machine learning and cybersecurity, BioCatch’s patented approach analyses the way users interact with online applications and devices and introduces subtle tests known as “invisible challenges” into their online banking sessions. Users subconsciously respond to these challenges, without sensing any change in their experience. The response provides additional behavioral data that can be used to distinguish a real user from an imposter, whether human or robotic. Together with ACI’s UP Payments Risk Management solution and its capability to coordinate data sources and integrate risk services, organizations will be able to better combat new and emerging online threats that compromise business integrity, while maintaining a desirable online user journey. “As online and mobile banking proliferates, fraudsters are consistently finding new ways to infiltrate banks’ systems, creating havoc for consumers and businesses alike,” said Avi Turgeman, CTO and founder, BioCatch. “By using behavioural data to distinguish between a genuine customer and a fraudster – whether human or non-human – we are able to detect fraudulent activity in real-time and protect consumers. Our high-profile customer base attests to the significant and measurable ROI that the technology provides coming from reduced fraud losses, lower operational costs, improved customer service and prevention of false declines. These capabilities are complementary to ACI’s market-leading fraud management solution.” “New and emerging online threats such as account takeover, social engineering and robotic activity are difficult to keep up with while pursuing an enriched customer experience,” said Cleber Martins, global director, Payments Intelligence & Risk Solutions, ACI Worldwide. “By providing banks with cost-efficient access to behavioural biometrics technology from BioCatch, and expanding the powerful enterprise risk management eco-system from ACI, banks can further promote safety and loyalty through the online relationship with their clients, and rest assured that their important assets are being protected on every channel.”

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12-12-2018
First Data and China CITIC Bank International partner to launch new merchant acquiring solutions

First Data and Hong Kong-based CITIC Bank International Limited (CNCBI) have partnered to launch a range of merchant acquiring solutions including point of sale terminals, eCommerce solutions and other value-added services in Hong Kong.Through this partnership, CNCBI clients will have access to a full range of payment acceptance methods in-store, on mobile devices, and online. Clients with physical stores, for instance, can take advantage of First Data’s latest all-in-one point of sale terminals which accept all major payment types in Hong Kong, while they can also ride on First Data’s global eCommerce solutions to facilitate the convenience of payment via card, mobile wallet or e-wallet, online and offline.The partnership with First Data aims to provide CNCBI clients with more channels to accept payments and inject funds directly into their CNCBI Business NOW account with a shorter settlement time. “Clients can manage their operating cash in a single account, enjoy preferential deposit interest rates and gain better visibility and control over their working capital,” said Ronald Lu, Executive General Manager, Assets & Liabilities and Customer Strategy, Personal and Business Banking, CNCBI.“As First Data continues to invest in best-in-class technology, CNCBI clients will benefit from the flexible, robust and secure merchant solutions enabled by First Data in Hong Kong and as they expand their operations globally,” said Ivo Distelbrink, Executive Vice President, Head of APAC, First Data.

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12-12-2018
Japan’s LIFECARD adopts FICO to manage credit risk

LIFECARD, a credit card company with more than 5.7 million accounts, has adopted the FICO® Score to enhance its credit assessment for existing customers.The deployment is expected to make calculating an appropriate and timely offer for a credit limit increase is more accurate by reassessing customers with the FICO® Score, which analyzes their credit bureau data from all their credit accounts.LIFECARD is also using the FICO® Score to realize risk and cost reduction by better evaluating credit risk eligibility.Shinichiro Okuyama, executive officer at LIFECARD, said, "Growth in the Japanese banking market continues to be hard-won. A contracting population, ultra-low interest rates, shrinking margins and constrained demand mean that lenders need to find opportunities for innovation. To grow our share-of-wallet we needed a way to differentiate our approach to lending, and offering proactive credit limit increases and personal loan offers to our customers offered us that. Using the FICO Score, we can do this in a responsible and profitable manner."FICO® Scores have been available for more than ten years in Japan and are based on credit data at the major credit bureaus. Until now they have only been utilized by financial institutions for loans origination."Numerous credit card companies in Japan are using custom risk models for originations but little else," said Hiroshi Muramoto, country manager for Japan at FICO.  "LIFECARD is being innovative in the market, using scoring to help them pursue new directions in account management. By using the FICO Score, they are able to make better decisions and be more competitive in the Japanese market."

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12-12-2018
OCBC Bank enters first-of-its-kind venture with Xiaomi and Hanhua

OCBC is working with two Chinese corporations – technology giant Xiaomi and major SME lender Hanhua Financial Holding (“Hanhua”) to promote an integrated financial services model in China.The three parties signed a Memorandum of Understanding (“MOU”) at the inaugural Singapore-China (Chongqing) Financial Summit 2018 in Chongqing co-organised by the Monetary Authority of Singapore, People’s Bank of China, China Banking and Insurance Regulatory Commission, China Securities Regulatory Commission and Chongqing Municipal People’s Government. Present at the signing ceremony in Chongqing were OCBC Bank’s Kng Hwee Tin, CEO of OCBC Wing Hang China, Xiaomi Finance’s Vice President for Strategy Cao Ziwei, and Hanhua’s Deputy Chairman Wang Dayong.The first-of-its-kind venture between a Singapore bank and a major Chinese tech company will allow OCBC Bank to leverage on Xiaomi’s technological resources and capabilities as well as Hanhua’s knowledge of China’s financial services industry to deepen its presence in Greater China.The collaboration aims to see OCBC Bank, Xiaomi and Hanhua combining their strengths, networks, platforms and expertise to launch fintech innovations and collaborations to support each other’s business expansions in their core markets.The three partners are looking to introduce an integrated platform that delivers differentiated service quality and operational efficiency in providing financial services throughout China. The new set-up will explore providing high quality consumer and financial services, in particular to Xiaomi’s more than 300 million retail customers and business partners.The new alliance empowers OCBC Bank to further deepen its presence in one of its core markets, Greater China, as it leverages its partners’ capabilities and reach to drive further expansion of its onshore business in China. At the same time, OCBC Bank’s digital transformation efforts will be boosted by Xiaomi’s support as one of its strategic partners going forward.                                              

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12-12-2018
Singapore Airlines, TCS to digitally transform ground operations for airlines

Tata Consultancy Services and Singapore Airlines (SIA) have launched the Intelligent Airline Operations (IAO) solution, a first-of-its-kind operations management solution that will digitally transform airlines’ ground services and operations control.Co-created by TCS and SIA, this solution for the airline industry expands the long-standing strategic partnership between the two organizations. It combines TCS' and SIA’s airline industry and digital thought leadership to deliver a best in class Operations Management solution.The IAO solution provides operations controllers and airport management staff with real time, on-the-go views of their passengers and operations.This view will enable them to make informed decisions while simultaneously providing enriched services to customers.During disruption scenarios, such as flight delays, misconnections and cancellations, the solution will help airlines mitigate the compounding effects of the disruption, and quickly recover at scale.The solution utilizes TCS’ New Core, a cloud-ready, high speed messaging and data processing platform with machine learning capabilities and an advanced events engine.The platform amalgamates data in near real time from different functional areas and systems, including flight operations, airport operations, crew operations, customer services, baggage, and loyalty, making it a robust platform for data driven airline operations.Experts from the two organizations developed the solution using Agile methodologies, adding and releasing new business capabilities and functionality on a continuous basis.The very first deployment of the IAO solution has been by SIA itself. The solution has been rolled out to SIA’s airport management staff, such as Station and Duty Managers, across the globe.“Digital is a key focus area of our organization-wide transformation efforts and we are very pleased to collaborate with our longstanding partner Tata Consultancy Services to co-create a solution for the airline industry,” said George Wang, SVP, Information Technology, Singapore Airlines.“By combining near real-time operational data from various systems with mobility solutions and a user-centric, modern design, the solution will enable our operational staff to make more informed decisions, drive operational efficiencies and deliver a world class service experience to our customers."Girish Ramachandran, President, Asia Pacific, TCS said: “Singapore Airlines is one of our most valuable and long-standing clients in the region. We are very pleased to be able to partner with them yet again to bring an industry-validated, ready-to-deploy solution to the airline industry.”TCS is the transformation partner to over 30 leading airlines across the world. The global IT services provider believes that this latest co-creation initiative with Singapore Airlines provides a unique solution to forward-thinking airlines looking to transform their ground operations and provide a superior customer experience. 

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12-12-2018
CrowdStrike: Organizations are still too slow to detect attacks

CrowdStrike has released the 2018 CrowdStrike Services Cyber Intrusion Casebook, which provides takeaways and insights into the frontlines of incident response (IR) cases spanning 2018.The Casebook reveals IR strategies, lessons learned, and trends derived from more than 200 notable cyber-intrusion cases, spanning a multitude of industries, that CrowdStrike Services engaged on during the past year.It also offers recommendations for organizations looking to safeguard critical data and improve overall breach preparedness, detection and response capabilities.The Casebook provides a detailed look at distinct IR use cases to offer trends in adversary behavior, motivation, and tactics, as well as response scenarios. It provides an all-encompassing investigative analysis of specific cases, and dives into forensic artifacts uncovered in multiple instances.Some key findings include:Organizations are not making substantive progress to detect intruders and stop breaches overall. This year, 75% of the organizations CrowdStrike engaged with were able to internally detect a breach. This represents merely a 7% increase over the prior year’s findings, indicating that organizations have only slightly improved their ability to detect breaches. Dwell time also remained relatively the same at an average of 85 days compared to 86 in 2017. This statistic reflects the number of days between the first evidence of a compromise and its initial detection.   Commodity malware was often observed as a precursor to larger, more disruptive attacks. An organization’s susceptibility to commodity malware is also an indicator of the effectiveness of their entire security strategy: If their systems can be compromised with commodity malware, then what could a more sophisticated attacker do?   There was a dramatic rise in the number of attacks that leveraged social engineering and phishing. Across the IR cases observed, the CrowdStrike team observed a dramatic increase in the number of attacks leveraging social engineering, phishing and spear-phishing, jumping from 11% in 2017 to 33% in 2018. This accounted for one-third of all attacks investigated by CrowdStrike Services. Web server attacks comprised the biggest single attack vector, but showed a decline from the 37% noted last year to 19.7%. “Cyber-related attacks continue to proliferate as eCrime actors and nation-states ramp up their sophistication. It’s absolutely critical that today’s businesses are aware of emerging attack trends and adversary motivations in order to implement a more proactive stance to cybersecurity,” said Shawn Henry, chief security officer and president of CrowdStrike Services.“It is not a question of if you will be targeted, because it will happen to everyone. This is a business risk, and boards of directors and the C-suite need to have a sense of urgency to protect their organizations’ viability.”The 2018 Casebook also offers guidance on remaining protected against today’s ever-evolving threat landscape, including integrating next-generation endpoint security and proactive strategies to increase cyber resiliency.Tools such as machine learning and behavioral analytics help prevent exploits and never-before-seen threats, while proactive threat hunting can help uncover even the most stealthy adversary. Additionally, solutions that provide for efficient remediation capabilities can aid in mitigating the threat before a small infection or compromise turns into something larger and more costly to the organization. 

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12-12-2018
HID Global extends service to provide government agencies with end-to-end solution for adopting mobile citizen IDs

HID Global, an identity solutions firm, yesterday announced that its HID goID solution has been extended to provide an end-to-end system for deploying and managing a mobile citizen ID program. From issuance through verification, HID goID is backed by the same security standards for data, communication and privacy protection that are used in today’s physical electronic ID (eID) programs.Key HID goID solution components include an issuance system, utilizing HID Global’s modular software suite for the management of physical and mobile IDs; a gateway for mobile ID provisioning which can be managed locally by governments or offered as a service; a software development kit (SDK) for the development of the citizen app to meet local requirements. HID Global also provides support and training for the creation and deployment of the citizen app and verification solutions.HID goID includes off-the-shelf data structures enabling governments to issue mobile Passports that will help comply with digital travel credentials currently being developed by the International Civil Aviation Organization (ICAO) and to issue mobile driver’s licenses that will help promote compliance with ISO18013-5 specifications being developed by the International Organization for Standardization (ISO).The solution allows countries to move from paper or electronic documents to mobile IDs, streamlining proof of identity issuance through over-the-air provisioning directly to citizens’ phones. It protects privacy through end-to-end encryption and has four layers of fraud-fighting security mechanisms. Additionally, citizens can control what verification data they share, and with whom.  Post-issuance technologies keep mobile IDs current and trustable, and verification can be performed from distances up to 66 feet (20 meters).HID goID also enables issuing authorities to easily add other government agencies and authorized private-sector entities into its ecosystem. This creates new opportunities to improve communication between governments and their citizens while opening the door for people to carry many different citizen and commercial IDs in one convenient mobile application.

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CyberLink Vol.122 November 2018

CVCF 2018 celebrated HK$234M fund raised on Cyberport Investors Network's anniversary

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CyberLink Vol.121 October 2018

Secretary for Commerce and Economic Development met with start-ups at Smart-Space 8

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CyberLink Vol.120 September 2018

Cyberport Venture Capital Forum (CVCF) to bring top investors' insights and foster match-making opportunties this Novmber

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