Author: CFI.co Blogger

Finance

€60 million for innovators awarded under EIT Crisis Response Initiative

Author ByCFI.co Blogger

30 June 2020, Budapest, Hungary – Almost 1 500 innovators from 44 countries applied for the EIT’s € 60 million Crisis Response Initiative. The funds have now been unlocked by the EIT Governing Board to ensure critical support swiftly reaches entrepreneurs. This will allow high-impact start-ups, scale-ups and SMEs to benefit from additional funding under the ‘Venture Support Instrument’; and will enable the launch of new innovation projects tackling COVID-19 related challenges as part of the ‘Pandemic Response Projects’. By deploying a rapid response mechanism, all EIT Crisis Response activities will be completed by the end of 2020 to help Europe recover.

Mariya Gabriel, European Commissioner for Innovation, Research, Culture, Education and Youth, responsible for the EIT said: ‘This action of the EIT is part of the EU’s comprehensive response to the COVID-19 crisis, including substantial support to innovation. I am glad to see the efficient mobilisation of all EU instruments that we have at our disposal. Thanks to the EIT’s funding, hundreds of innovators and companies will be given the opportunity to participate in the collective effort to overcome this crisis and rebuild our economy sustainably.’

Under the EIT Crisis Response Initiative, each EIT Knowledge and Innovation Community launched Calls for Proposals for ventures and for innovation projects. Close to 1 500 proposals were received from 44 countries (including all 27 EU Member States as well as the Israel, Northern Macedonia, Norway, United Kingdom, Serbia, Switzerland and Turkey).

Dirk Jan van den Berg, Chair of the EIT Governing Board, added: ‘This is the EIT in action: agile mobilisation of Europe’s largest innovation community to deliver innovative solutions and a boost to Europe’s economy. With the EIT’s rapid response and additional € 60 million funding, our Knowledge and Innovation Communities will now ensure high-impact ventures and ground-breaking projects help accelerate Europe’s recovery. The submission of almost 1 500 proposals highlights the depth of talent of innovators and the need for crisis recovery support in Europe and beyond.’

The quality and relevance of the EIT’s eight Knowledge and Innovation Communities’ Calls for Proposals under the EIT Crisis Response Initiative were evaluated. Based on this, the EIT Governing Board decided to allocate the following grants: 

EIT Climate-KIC: EUR 8.40 million

EIT Digital: EUR 7.65 million 

EIT Food: EUR 10.25 million

EIT Health: EUR 9.85 million

EIT InnoEnergy: EUR 7.40 million

EIT Raw Materials: EUR 9.80 million

EIT Manufacturing: EUR 3.30 million

EIT Urban Mobility: EUR 3.35 million

 Following the EIT Governing Board decision, each EIT Knowledge and Innovation Community will now finalise its selection processes based on the available budget. It is foreseen that 60% of the EIT Crisis Response funds will be awarded to highly innovative start-ups, scale-ups and SMEs as part of the ‘Venture Support Instrument’, and 40% to innovation projects under the ‘Pandemic Response Projects’. More details on the selected ventures and innovation projects to be financed will be announced in the coming weeks.

BACKGROUND: EIT- MAKING INNOVATION HAPPEN!

What is the European Institute of Innovation and Technology (EIT)?

The EIT strengthens Europe’s ability to innovate by powering solutions to pressing global challenges and by nurturing entrepreneurial talent to create sustainable growth and skilled jobs across Europe. The EIT is an EU body and an integral part of Horizon2020, the EU Framework Programme for Research and Innovation. The Institute supports the development of dynamic pan-European partnerships – EIT Knowledge and Innovation Communities – among leading companies, research labs and universities.

What is the EIT Crisis Response Initiative?

The EUR 60 million EIT initiative launched in May 2020 consists of two main tracks of activities to be implemented by the EIT’s eight Knowledge and Innovation Communities across Europe:

  • Venture Support Instrument: Start-ups, scale-ups and SMEs have been enormously impacted by the COVID-19 crisis. Additional EIT support (financing, technical assistance and network) will help highly innovative ventures weather the crisis and accelerate their growth.
  • Pandemic Response Projects: More than ever, innovations and new solutions are needed to tackle the current crisis and prevent its resurgence. The EIT ecosystem is agile and will mobilise innovators to address the COVID-19 crisis, both in terms of the immediate health concerns and the wider response needed.

Learn more about the EIT Crisis Response Initiative in this factsheet.

EIT powers innovative solutions to global challenges

The EIT’s eight Knowledge and Innovation Communities work to accelerate the transition to a zero-carbon economy (EIT Climate-KIC), drive Europe’s digital transformation (EIT Digital), lead the global revolution in food innovation and production (EIT Food), give EU citizens greater opportunities to lead a healthy life (EIT Health), achieve a sustainable energy future for Europe (EIT InnoEnergy), strengthen the competitiveness of Europe’s manufacturing industry (EIT Manufacturing), develop raw materials into a major strength for Europe (EIT RawMaterials), and solve the mobility challenges of our cities (EIT Urban Mobility).

Together with their leading partners in Europe, they offer a wide range of innovation and entrepreneurship activities. This includes education courses that combine technical and entrepreneurial skills, business creation and acceleration services and innovation driven research projects.

EIT Facts & Figures

  • Proposed budget of EUR 3 billion between 2021 and 2027 under the EU’s Horizon Europe Research and Innovation Framework Programme 
  • Europe’s largest innovation network: 2 000+ partners from top business, research and education organisations across Europe in 60+ innovation hubs across Europe
  • Europe’s tried, tested and proven innovation engine: powered more than 2 000 start-ups and scale-ups, created more than 900 new products and services. To date, EIT-supported ventures have raised more than EUR 1.5 billion in external capital. More than 2 200 students have graduated from EIT labelled master and doctoral programmes.
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More information: EIT in a nutshell Infographic

Discover EIT Community innovators: EIT Community COVID-19 solutions

Banking

Union Bank of the Philippines Bridges the Gap for Unbanked Filipinos through Cash-out via 11,000 Remittance Outlets Nationwide

Author ByCFI.co Blogger

Union Bank of the Philippines (UnionBank) recently rolled out more cash-out options for customers via 11,000 remittance counters across the Philippines, including in rural areas where most of the unbanked and underserved population are located.

Union Bank of the Filippines

This makes UnionBank the first Philippine bank to launch the largest cash-out network in the country – a crucial step seen to significantly improve access to financial services for communities amidst the current pandemic.

Recognizing that sending funds to families and relatives living in provinces has been challenging, especially in far-flung areas where ATMs and bank branches are scarce or unavailable, UnionBank identified that the best course of action to address this concern was to enable customers to send money from home via its app to remittance counters in underserved areas.

The Bank leveraged existing partnerships with top Philippine fintechs such as Dragonpay and Coins.ph, as well as remittance centers Cebuana Lhuillier, LBC, PeraHub and Palawan Express. Integrating the service on UnionBank’s app was made possible in a short amount of time through Application Programming Interfaces (APIs) exposed on the Bank’s API Developer Portal/ Marketplace. This also enabled rural banks, who are currently on the UnionBank’s i2i network, to connect to the payout counters, allowing their account holders to send or withdraw funds from these non-traditional outlets.

In just a couple of weeks, UnionBank secured approval from the Central Bank of the Philippines, to perform a live pilot remittance and roll out the feature in the UnionBank Online app.

“With the onset of this pandemic, it has become crucial that our products and services quickly adapt to the challenges presented in this new digital normal,” said Edwin Bautista, UnionBank President and Chief Executive Officer. “This cash-out service is just one way for UnionBank to demonstrate its commitment to financial inclusion as we continue venturing forth in tech-ing up the Philippines.”

Upon the launch of this service, UnionBank noted an immediate high uptake by its customers. At the end of April 2020, with all major remittance centers available through the service, transactions have more than doubled. The Bank also recorded a 20% increase in daily digital account opening as a result of this feature.

“Through collaboration with various UnionBank teams and our fintech partners, we have demonstrated that the spirit of community is very much alive as we address the needs of our countrymen,” said Arvie de Vera, UnionBank Senior Vice President and Fintech Group Head. “This is a testament that we can use technology and digital services to ensure that no one gets left behind, especially as we weather through this ongoing crisis.”

Banking

Pent-up desire for holidays drives spike in demand for multi-currency cards

Author ByCFI.co Blogger

There has been a “sudden surge” in the demand for multi-currency cards as holidays and overseas trips are planned and as the pound remains weak, reveals the CEO of one of the world’s largest independent financial advisory and fintech organisations.

The observation from Nigel Green, chief executive and founder of deVere Group, which in 2017 launched the pioneering global e-money app and multi-currency card, deVere Vault, comes as international borders are gradually re-opened around the world following the pandemic and ahead of the busiest time for holiday travel.

Mr Green comments: “There’s been a sudden surge in the last week from clients looking to use our e-money app and multi-currency payment card.

“This spike, we believe, is due to a steady relaxation of travel restrictions releasing a pent-up desire to escape lockdown, take a summer holiday, and/or see friends and relatives overseas as the world gradually gets back on its feet after a highly unusual few months.”

He continues: “But the fragile global economy together with the weakness of the pound, which is making almost every destination in the world more expensive for Brits, are making people even more pro-active in searching low-cost exchange rates and low-cost banking.

“The pound continues to be one of the worst-performing currencies in the world as we head into peak summer holiday season – and it could get further battered should the current Brexit negotiations fail.

“Against this backdrop, it is sensible that people are seeing the value in managing, spending and receiving money anywhere in the world without hassle and excessive exchange rates by using deVere Vault.”

Launched shortly after the Brexit referendum caused a significant drop in the value of the pound, deVere Vault is a trailblazing app and its Prepaid Mastercard®️ allows clients to spend, receive, store and transfer money in up to 27 different currencies.

Added to holidaymakers’ exchange rate concerns are excessive bank charges.
 
Mr Green says: “When you use your debit or credit card abroad in anything other than your destination’s local currency, you could be paying excessive exchange fees.
 
 “Typically, an extra 6% is added on top, but these fees can be up to 10%.  All too often the customer is completely unaware of these costs.
 
“This is simply not on. In an increasingly globalised world, people have the right to expect hassle-free, borderless access to and use of their money, without over-the-top charges.
 
“deVere Vault addresses these issues.” 

It automatically pays in Sterling in the UK, U.S. Dollars in the States, Euros in the eurozone, and Swiss Francs in Switzerland, for example.

The multi-currency account also allows you to withdraw and spend money anywhere in the world where Mastercard is accepted.

The deVere CEO concludes: “The world is beginning to re-open, but, more than ever, those planning trips abroad don’t want to get caught out. They need and want to protect their holiday cash from excessive exchange rate and banking fees.”

Economics

Investors buoyed by extra U.S. stimulus to support recovery

Author ByCFI.co Blogger

Investors who have been “paying attention” have been topping–up their investment portfolios and will continue to do so, says the CEO of one of the world’s largest independent financial advisory and fintech organisations.

The comments from Nigel Green, the chief executive and founder of deVere Group, which has $12bn under advisement, come as stock markets around the world further rallied on Tuesday after the U.S. Federal Reserve announced an expansion to its historic stimulus programme.

Mr Green affirms: “Global stocks have been buoyed by the news from the Fed – the world’s de facto central bank – to buy individual corporate bonds in addition to the exchange-traded funds it is already purchasing, to support the world’s largest economy.

“This extra stimulus acts as a ‘backstop’ or ‘floor’ for equities. 

“The additional Fed support was widely expected by the markets and therefore, investors who have been paying attention have been topping-up their investment portfolios recently as entry points will inevitably continue to go higher as we move forward.”

He continues: “It is likely that savvy investors will continue to enhance portfolios as the backing is likely to be maintained for years, not quarters.

“Also, it has been reported that President Donald Trump’s administration is preparing to unveil a $1 trillion infrastructure package. This will further boost asset prices.”

The deVere boss called the additional measures last week. 

He noted on Thursday June 11: “Further stimulus can be expected from the Fed – and also perhaps from Congress too – in the near future… This will support and likely boost asset prices moving forward. Investors will now be eyeing the opportunities before any fresh or enhanced stimulus packages are announced.”

London’s FTSE 100 and Frankfurt’s Dax both jumped 2.2% in morning trading on Tuesday, the pan-European Euro Stoxx 600 gained 2%. U.S. futures markets suggested that U.S. stocks would rise further when trading begins on Wall Street, with S&P 500 futures up 1%.

In Asia-Pacific, Tokyo’s Topix shot up 4% and Australia’s S&P/ASX 200 gained 3.9%. Meanwhile, Hong Kong’s Hang Seng rose 2.4% while China’s CSI 300 index was 1.5% higher.

Nigel Green concludes: “Few things can fuel markets like another stimulus injection.

“The message investors are taking away is that the U.S. central bank and government are prepared to do whatever it takes to support the recovery.”

Digital Banking

5 Benefits of Acquiring Payday Loans Online

Author ByCFI.co Blogger

It is well-known that online payday loans are an excellent option to cope with unannounced financial problems. If you have found yourself in a challenging situation like medical emergency, late utility bills, and mortgage repayments, you can acquire a payday loan. It can be advantageous for you in more than one way.

Fast Processing

If you are looking for bad credit loans monthly payments, you should definitely consider obtaining payday loans because they process very fast. Unlike traditional loans, you don’t have to go through lengthy processes. If you apply for a payday loan with a good online lending company, your loan application will be approved within minutes. And you will be able to acquire cash on the same day. You wouldn’t have to wait for days or even weeks to meet your financial emergencies. You can feasibly apply for payday loans online under any unexpected financial situation.

Easily Qualification

You can conveniently qualify for payday loans online. You don’t have to face substantial documentation and lengthy processing periods like traditional loans. And there are low chances that your loan application will be rejected. Online lending companies have straightforward requirements if you happen to meet those, you are in a favorable position to acquire payday loans same day. You need to have a valid proof of monthly income, a bank account, and your driver’s license to qualify for loans easily. However, you should know that the amount of payday loans are totally dependent on your monthly income.

No Credit Check Process

Since payday loans are convenient, there is no such thing as a credit check process. You are only required to meet a few basic terms & conditions, and then you are good to qualify for a loan amount. You can surely apply for payday loans with no credit check. Individuals with even bad credit history or score can easily be eligible for payday loans as long as they are capable enough to give valid proof of their monthly incomes. When it comes to payday loans, you don’t have to worry about credit checks. It is noticed that only a few online lenders ask for a credit check when it comes to negotiating for a significant amount.

No Usage Limitations

You can use payday loans for anything. Generally, these loans have no limitations; it doesn’t matter what payday loans can be used for. When it comes to traditional bank loans, you are bound to use the amount for one or two things. For instance, if you are applying for a bridge loan, you will be able to use this just for purchasing or selling your property. However, with payday loans, you are not bound at all. You can acquire payday loans to meet your financial needs under any emergency. Your lender will have no issues as you can use the loan amount for whatever reasons.

Automatic Lending System

When it comes to payday loans online, you can expect an automatic lending and transferring system. After an online lending company has approved your loan application, it will directly transfer the amount to your bank account. And once your payday has arrived, the borrowed amount will be transferred back to your lender automatically with added interest. You wouldn’t need to do anything else on your end.

Economics

No-deal Brexit fears trigger investors to seek international options

Author ByCFI.co Blogger

Growing fears of a no-deal Brexit will prompt an increasing number of British and international investors to move their financial assets overseas out of the UK, believes the CEO of one of the world’s largest independent financial advisory and fintech organisations.
 
The observation from Nigel Green, founder and chief executive of deVere Group, which has $12bn under advisement, comes as the UK formally rejects an extension to the Brexit transition period – raising the risk of a no-deal departure at the end of the year.
 
Mr Green notes: “Due to the Covid-19 pandemic, the UK is suffering its deepest recession in 300 years. Nevertheless, the government is sticking with its hard Brexit plans.

“Concerns over the fallout from a no-deal Brexit will prompt an increasing number of British and international investors to move their financial assets overseas out of the UK.”

He continues: “Should the UK leave with no-deal, the already weak pound – which is one of the world’s worst-performing currencies this year – is likely to remain weak for several years to come until Britain and the EU readjust. It has already shed about 20% of its value since the EU referendum in 2016.

“A low pound can help to reduce people’s purchasing power and lead to a drop in UK living standards. Weaker sterling means imports are more expensive, with rising costs being passed on to consumers.”

The drop in sterling is good for UK exports some insist, however around half of the country’s exports rely on imported components. “These will become more expensive as the pound falls in value,” noted Mr Green.

“In addition, a weaker pound is, of course, bad news for British expats, amongst others, who receive income or pensions in sterling and as Brits looking to travel overseas,” he added.
 
The deVere CEO goes on to say: “Britain appears to be sleepwalking towards an economic blackhole.
 
“People are already becoming increasingly nervous about this situation.  Many will, inevitably and quite sensibly be looking to build and protect their wealth by moving assets overseas through various established international financial solutions.
 
“The pace of this trend is likely to increase over the next few months as the issues look set to ramp-up.”

Finance

6 Tips for Preventing Fraud

Author ByCFI.co Blogger

In the first 6 months of 2019 alone, £616m was stolen from banks in the UK due to fraud. In the Philippines, there were over half a billion pesos lost due to credit card fraud. Each year, banks, ATM systems, and credit card scanners come up with new ways to protect you against identity theft and fraud. These upgrades don’t seem to last, however. As quickly as the safety upgrades are made, it seems criminals are coming up with new ways to get around them. You can never be too safe and that’s why you need to learn about preventing fraud yourself.

The more knowledge you have about it, the better chances you have at avoiding it altogether. Don’t be a victim to identity theft, fraud, or any other type of financial scam. Continue reading below for six of the best tips to know about preventing fraud in your life. 

1. Take Advantage of All Online Security Features

If you bank online, then you need to set up an account with as many security features as possible. Your banking app has these features set in place for you to ensure your information stays secure. If you’re not taking advantage of all the security features, then you could be placing yourself in a better position to get hacked.

Most banks will offer a multi-step authentication process when logging in accounts online or on the app. Make use of these. For example, to access your account, it might require you to give your fingerprint, log in using your credentials, send a security code to your phone, and make you answer security questions. 

Use as many of these features as you can. 

2. Check Your Bank Statements Frequently

Some criminals will gain access to your bank account and spend a large amount of money all at one time. Others will use your information to make purchases overseas. When either of these situations happen, it signals a red flag to your bank. 

Other fraud criminals, however, are a bit smarter with their crimes. They’ll start out by only taking small amounts out here and there. This makes it less recognisable by you and your bank. 

To catch them in the act, you’ll need to keep an eye on your bank statements on a regular basis. Log into your accounts and go through each withdrawal. 

3. Avoid Accepting a Check and Wiring Money

One of the most common ways criminals scam innocent people is by sending them a check and asking them to wire money back in exchange. This mostly happens when someone makes a private purchase. A person will contact you saying they want to purchase something you have for sale. 

They’ll explain to you that they only have a check for a certain amount, which is greater than the price of the item. They’ll send you the check and ask you to then wire them the difference. After you wire them the difference, you’ll soon learn that their check was bad. 

If anyone approaches you with this scenario, decline. Avoid accepting checks with the intent to then wire money. Once you wire your money, it’s gone, and usually can’t be traced. 

4. Never Use a Public Computer or Connection

When you do need to log into your bank account online, never use a public computer or a public connection. You only want to use your private phone network or a secure network at your house or someone’s house who you trust. 

When you log into your bank accounts using a computer that isn’t yours or from a public internet connection, you take the risk of a scammer hacking your information. 

5. Report a Card Lost or Stolen Immediately 

Haven’t seen your bank card in a few days? Don’t wait to report your card lost or stolen. Even if you believe it fell in that hard-to-reach place in your car, don’t take the chance of not reporting it. 

Replacing your credit and debit cards with your bank is quite simple. They’ll even give you a temporary card to use while waiting for your new one to come in the mail. Even if you have to go a few hours or days without access to your account, it’s better than allowing an unauthorised user to have access to it. 

6. Contact Your Bank About Added Safety Features

Following these tips is a great way to reduce your risk of bank fraud. There is more you can do, though. If you feel you need an extra layer of protection on your account, then contact your bank directly.

Ask about what security features they offer. They might be able to put a high alert on your account. This sometimes means that you’ll have to go inside the bank to make any type of transaction and the slightest detail in your account statement could warrant a phone call to you from your bank. 

Some of these features might seem like they’d become pestering, but it’s the best way to ensure no fraud is allowed on your account. 

Preventing Fraud Is Simple When You Know These Tips!

Finding out your bank account has fraudulent transactions is a big hit to the gut. If not caught right away, it can sometimes take years for people to gain their identity back or get their life back together after a scam. Don’t be one of these people. 

Preventing fraud is easy when you follow the tips listed in this post. 

For more topics as helpful as the one here, visit our blog on a daily basis!

Banking

Union Bank of the Philippines among ‘Most Helpful Banks in Asia-Pacific’ during COVID-19

Author ByCFI.co Blogger

The only Phl bank in the Top 20

Union Bank of the Philippines (UnionBank) has been ranked as the second most helpful bank in Asia-Pacific during the coronavirus crisis – the only Philippine bank in the top 20 list.

UnionBank was next only to KakaoBank, South Korea’s largest digital-only bank, according to the BankQuality Consumer Survey on Retail Banks – an online survey conducted last April 1-30, 2020 and covering total 11,000  respondents, with 1,000 each coming from China, Hong Kong, India, Indonesia, Malaysia, Philippines, Singapore, South Korea, Taiwan, Thailand and Vietnam.

The respondents, aged between 18 to 65 and who have at least one bank account each, chose the banks most beneficial to them amid the ongoing pandemic because of their contactless nature and digital services.

UnionBank was ranked higher than international banks such as HSBC, Citibank, DBS, CIMB, United Overseas Bank and OCBC, among others.

UnionBank president and CEO Edwin Bautista expressed gratitude for the public’s recognition of the bank’s quick, sincere and relentless efforts to help alleviate their plight in this difficult time.

“It warms our hearts to know that our customers recognize and value our heroic efforts during this crisis. The coronavirus pandemic has brought the world an unprecedented disruption, but with each of us doing our share, we will weather this challenge – no matter how massive it can be,” Bautista said.

Since the start of the quarantine period, UnionBank boosted its mobile and web banking platforms for retail and corporate customers namely UnionBank Online and The Portal, respectively, to enable clients to safely do their banking transactions from home.

UnionBank was also among the first banks to waive its online fund transfer fees, and deployed its Bank On Wheels to bring its bank branches at the doorstep of its customers.

“I would like to also thank our very hardworking and selfless UnionBankers – frontliners all – who have been doing their utmost during this pandemic to deliver safe, consistent and full service digital banking to our customers, for this accolade,” Bautista added.

The bank’s fintech arm UBX, has facilitated the release of cash subsidies through the deployment of mobile automated teller machines (ATMs) to its rural bank partners and financial cooperatives where beneficiaries of the government’s Social Amelioration Program can withdraw their money quickly.

UBX has also begun linking its rural bank members to its new network that includes Cebuana Lhuillier, LBC, Palawan Express and PeraHub.  This enables customers of these rural banks to send funds and payments to over 11,000 branches of the four remittance centers nationwide.

Banking

Union Bank of the Philippines appoints world-leading Data Scientist to further advance digital capabilities

Author ByCFI.co Blogger

Consistent with its commitment to make banking simpler and more inclusive via best-in-class digital and mobile capabilities, Union Bank of the Philippines (UnionBank) recently appointed global data science expert Dr. David Hardoon Ph. D., as the Bank’s Senior Advisor for Data and Artificial Intelligence (D & AI), reporting to President and CEO Edwin R. Bautista.

Senior Advisor for Data and Artificial Intelligence (D & AI): Dr. David Hardoon Ph. D.

The announcement was made as the Bank continues to see a surge in digital transactions among customers as a result of evolving consumer behavior amplified by the current enhanced community quarantine.  These transactions mean an increased volume of data running through the Bank’s systems which data science and AI can unlock to allow the Bank to serve its customers better.

“Leveraging Data and AI is a key driver to our next-level of digital transformation as we continue to put the customer – both individuals and businesses – at the heart of our business,” said UnionBank President and CEO Edwin Bautista in a statement.

Dr. Hardoon replaces John Januszczak, who is now focused in his role as president and CEO of UBX, UnionBank’s fintech subsidiary.

Dr. Hardoon is a graduate of Royal Halloway, the University of London with First-Class Honors B.Sc. in Computer Science and AI, and a holder of a PhD in Machine Learning from the University of Southampton School of Electronics and Computer Science United Kingdom.

Prior to his appointment at UnionBank, Dr. Hardoon was the Monetary Authority of Singapore’s (MAS, Singapore’s counterpart of the Bangko Sentral ng Pilipinas) first appointed Chief Data Officer and Head of the Data Analytics Group, and subsequently MAS’ Special Advisor on Artificial Intelligence. In these roles, he led the development of the AI strategy both for MAS and Singapore’s financial sector as well as efforts in promoting open cross-border data flow.

In addition, he led and established the ASEAN Advanced Analytics of Ernst & Young Advisory Singapore as Director of EY Data, IT Advisory Services, and co-founded Azendian Solutions Pte. Ltd., an information management and data science consultancy between 2013 and 2017. He was also Head of Analytics at SAS Institute Ltd. Singapore from 2010 to 2013.

As Senior Advisor for Data and AI, Dr. Hardoon will be working with various centers, groups, and units to reinforce data infrastructure and governance, behavior modelling, machine learning, and AI capabilities as well as applications in the Bank and its parent company Aboitiz Equity Ventures.

Aside from his role with the Bank, Dr. Hardoon is concurrently Senior Advisor for AI to Singapore’s Corrupt Investigation Practices Bureau, and Senior Advisor for Data Science to Singapore’s Central Provident Fund (CPF) Board.

Economics

Expert comment from Warwick Business School

Author ByCFI.co Blogger

Warwick Business School

Commenting as Easyjet announced it would resume flights next month,

Professor Loizos Heracleous, an aviation industry expert at Warwick Business School, said:

“Airlines will face a number of challenges as they resume flights. For example, if governments require them to observe social distancing rules on planes, that would mean middle seats are left empty.

“This would reduce capacity and lead to an increase in ticket prices. According to the International Air Transport Association (IATA), prices would have to rise by 40-50 per cent, just for airlines to break even.

“The good news for airlines is that they will benefit from lower oil prices and research is already under way that may enable equipment to sniff out coronavirus before passengers board.

“Airlines have been forced to conserve cash to survive, cutting flights, reducing their workforce, and postponing capital investment. However, social habits including the urge to travel have not changed. Provided we find ways to control the virus, through testing, treatment or a vaccine, the industry should be back to pre-pandemic levels within two to three years.

“Aviation is too essential to wither. It is here to stay and the market system is resilient enough to ensure the industry thrives after this temporary setback.”