{Digital} applied sciences are altering the idea of firms’ operations and interplay with purchasers. Nevertheless, their use creates sure dangers that monetary market individuals are already contemplating at present. This opinion was reached throughout the panel session “Digital Transformation and Improving the Quality of Services in the Securities Market” on the twenty sixth Annual Basic Assembly of the Asian-Pacific Central Securities Depositories Group (ACG).
Digitalization not solely modifications work of monetary market individuals, but in addition helps demand for monetary providers. In Indonesia, throughout the pandemic and energetic implementation of digital options, the variety of buyers has considerably elevated, – Samsul Hidayat, President of PT. Kustodian Sentral Efek Indonesia, stated throughout the occasion.
“During the pandemic, many investors registered on our exchange, their number reached 13.3 million in our central depository,” he added.
The Indonesian Inventory Change index has doubled over the previous 10 years and reached 7,700 factors. At this time, the Indonesian inventory trade information about 200 thousand transactions each day. Whole variety of issuers on the trade quantities to 9037 firms.
Capitalization of the Indonesian inventory market is estimated at $ 700 billion. On the identical time, the Indonesian capital market is taken into account one of the vital developed in Southeast Asia.
Taiwan Depository & Clearing Company (TDCC) additionally determined to enhance customer support by way of digitalization. Julie Wang, Senior Vice President of Company Technique and Public Affairs at TDCC, defined that the platform launched new monetary applied sciences in its actions again in 2009.
TDCC additionally makes use of synthetic intelligence, as an example, for translation, coding, encryption and different options. Nevertheless, she famous, not each process is appropriate for synthetic intelligence. For instance, extremely confidential info shouldn’t be supplied to AI. As well as, AI doesn’t work very successfully with restricted information. However since TDCC works primarily with correct information, AI can be utilized to foretell and mixture it. On the identical time, Kazakhstan not solely retains up with international tendencies in expertise, however even surpasses them, says Mikhail Novoselov, Government Advisor at Freedom Finance.
“Our GovTech and RegTech technologies are not just the most advanced in the world, but exceed the highest standards. For example, we have a biometric database of all residents, and, in fact, you can open a bank account or board a plane simply by scanning your face and providing only your document number. All checks are carried out quickly and invisibly,” – stated Mikhail Novoselov. He added that at present it takes just some minutes to open an account, though beforehand this operation took quarter-hour. However, he agrees, using digital applied sciences creates sure dangers, whereby it’s essential to conduct many checks on the consumer, bearing in mind sanctions and different dangers.
With the event of digital options, an vital emphasis can also be given to regulation. In response to Jim Micklethwaite, Director and Head of Operations at Thomas Murray, regulation emphasizes that every one organizations take note of all dangers, conduct inner coaching, testing and report on all points. He additionally famous that some unstable programs will be moved to the cloud to make sure their safety.
“These technologies are inexpensive, and you get more benefits. Many countries have implemented regulations on securities and on key and personal data storage. Another trend is post-Covid. Working from home is becoming normal, although previously there was a wary attitude towards the issue, because people are accessing important systems from home. But now it is becoming the norm,” – Jim Micklethwaite added.
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ACG is an affiliation of central securities depositories within the Asia-Pacific area, established in 1997. Its foremost goal is to cooperate throughout varied sectors to enhance effectivity within the clearing and settlement area.
