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The rise of Hong Kong’s FinTech industry

Inside Telecom Staff

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The rise of Hong Kong’s fintech industry

Hong Kong is committed to the growth of their fintech sector. With a national GDP of $341.4bn, the city is fast becoming a hub for digital transformation. The rapid advancements in technology has led to the rise in fintech innovation and online banking methods which has supported consumer needs amid the pandemic.

The latest report from the Fintech Association of Hong Kong (FTAHK), documents that Financial Services contain the largest component of the total amount of blockchain companies – accounting for 35% of the total number. With a rapid increase in corporate adoption of blockchain comes the need for raising greater public awareness of cryptocurrency, blockchain technology and the services that can make daily transactions easier and more secure.

Hong Kong issued banking licenses in 2019 according to reports. The first online bank, ZA Bank, a unit of China’s ZhongAn Online P&C Insurance Co. Ltd, opened in March 2020. The digital banking licenses were presented last year in the hope of launching the platforms soon after, however, domestic challenges (prolonged protests) stalled plans. The new wave of online banking licenses being issued across Asia marks a profound new phase in the competition of virtual banking – with many companies aiming to provide better services to attract and retain customers.

In an effort to promote widespread adoption of fintech, Fintech News Singapore has announced that Hong Kong FinTech Week will introduce an innovative Global Fast Track Programme to support new tech companies in connecting with the region’s leading financial institutions and regulations in Hong Kong.

The programme aims to encourage entrepreneurs and innovators and will facilitate meetings with industry leaders (one-on-one), to discuss perspective collaboration and partnerships. Candidates who are highly commended will be sent to Hong Kong FinTech week to pitch their ideas to a panel of judges, with a chance to win USD 1 million of investment.

Hong Kong government provides funding support to allow the FinTech industry to stay resilient amid the pandemic and to thrive thereafter. Because virtual banking was adopted relatively slowly by traditional banking institutions worldwide, FinTech innovators have challenged conventional banking methods by creating powerful, user-friendly applications that offer a diverse range of services to customers.

We’re a diverse group of industry professionals from all corners of the world. Our desire is to provide a high-quality telecoms publication that caters to an international market, offering the latest and most relevant telecoms information to businesses, entrepreneurs and enthusiasts.

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5G and cybersecurity challenges in the aviation sector

Ranine Awwad

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5G and cybersecurity challenges in the aviation sector

The aviation industry has become more digitalized. Thus, the dependence on technology has engendered more cybersecurity risks. In December 2018, Finland Helsinki Airport became the first 5G airport in the world. This achievement came out after a collaboration between the Swedish Telecom provider Telia and the Finnish airport operator Finavia. However, aviation cybersecurity is becoming more and more complex with emerging technologies like the 5G network, according to Security Boulevard.

The adoption of the fifth generation technology would improve the passenger’s experience. Moreover, 4G technology can manage around 10, 000 devices per square kilometre but a 5G network can manage a million, according to the National. The high-speed Internet will facilitate communication between aircraft and their ground control system. According to Fortune Business Insights, the global 5G in the aviation market size is expected to reach $4.2 billion by 2026.

With an increasing demand for connectivity, providing a 5G network at the airport becomes crucial. Finnish Telecommunications Company, Nokia, has been collaborating with Belgian mobile operator Citymesh aiming to enable the use of 5G at Brussels Airport by the end of March 2020. However, many challenges arise when talking about the deployment of the 5G network across the aviation market. ImmuniWeb report entitled “State of Cybersecurity at Top 100 Global Airports” states that “97 out of 100 world’s largest airports have security risks related to vulnerable web and mobile applications, misconfigured public cloud, Dark Web exposure or code repositories leaks”.

Airports have suffered from different cybersecurity attacks such as DDoS attacks or incidents in which hackers stole building plans and sensitive security protocols, states Trip Wire.

In 2020, the World Economic Forum (WEF) has shed light on the consideration of emerging cybersecurity challenges in the aviation industry. The report states that the aviation sector will suffer from cyberattacks amid the digitalization process. Cybersecurity threats in the aviation sector are difficult to detect and control resulting in economic losses, and negative impacts on passenger’s experience. According to ‘Building cyber resilience in airports’ report published by PA Consulting, the European Aviation Safety Agency (EASA) said that 1,000 attacks on aviation systems happen each month.

5G will increase the entry point for attackers. The UK Civil Aviation Authority CAA has launched the Assure Scheme aiming to strengthen the aviation industry’s cybersecurity resilience.

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5G subscriber growth in South Korea

Karim Hussami

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5G subscriber growth in South Korea

As long as countries improve their telecoms infrastructure and enhance their offerings in mobile services, internet and wireless, they can expect to generate more subscriptions over time.

The latest 4G and 5G networks are getting the most subscribers especially in light of plans for wider deployment. As of late, 5G mobile subscribers have exceeded 7 million in South Korea in June, according to reports.

The reason behind this rise is South Korea’s ambitious efforts to offer the fastest mobile service, which began in April last year, in parallel with the anticipated increase in the number of 5G subscriptions later this year after the launch of new phones like Samsung’s Galaxy Note 20.

As such, 10 percent of the country’s 69.6 million mobile subscriptions in total is represented in the latest figure. As shown by data compiled by the Ministry of Science and ICT, the country had 7.37 million 5G users as of June – up 493,101 from the previous month.

The government said in a statement, “Local operators had already deployed over 115,000 5G base stations across the country.”

South Korea has the highest number of broadband users today.

SK Telecom, KT, and LG U+ are Korea’s three main telecommunication companies with the first having the most 5G subscribers at 3.35 million, followed by KT Corp. at 2.24 million and LG U+ at 1.78 million.

The world’s first commercial 5G network rolled out in the country on April 3, 2019.

The three operators vowed last month to invest up to 25.7 trillion won to speed up improvements to 5G services and install a nationwide network by 2022.

Despite the Covid-19 pandemic delaying telecom investment plans for the year, the steady growth in 5G users comes as the country pushes for the network’s wider deployment.

Although 5G is being implemented efficiently with these advanced services resulting in additional users, the 4G network has 55 million subscriptions and represents roughly 80 per cent of total mobile accounts.

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Videotron suspends international calls charges after Beirut explosion

Ranine Awwad

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Videotron suspends international calls charges after Beirut explosion

Lebanese citizens living in Canada will not have to worry about long-distance call charges. On August 6, 2020, Videotron, a Canadian communications company announced in a press release that it has suspended charges for calls from Canada to Lebanon until August 23, 2020. This move came to allow Videotron customers to reach out to their friends and family after the Beirut port explosion.

Videotron states that a long-distance call in Canada is free and unlimited. However, the company has several international calling plans. For calls to the Middle East including Lebanon, a Canadian Customer will pay $1.64/ minute for calls to a mobile phone, and $1.62/ minute for a call to a landline, according to Videotron website. On the other hand, the overseas long-distance calls scheme costs $5 per month. Under this option, a customer can make up to 10 minutes of calls to the Middle East.

Customers do not need to contact the company to make a free call to Lebanon. Videotron international charges to Lebanon are automatically canceled for all residential, business, and mobile accounts.

In 2019, Videotron’s total revenue was over 3.47 billion Canadian dollars. The company has already provided free services for its customers amid the Covid-19 pandemic. In fact, data caps on Videotron residential and business plans were suspended between March 13 until June 30, 2020. Furthermore Videotron suspended charges for the Daily Traveler Pass and canceled roaming charges for travelers outside Canada to help its customers until they were able to return home, according to the company’s website.

Canada has been home to many Lebanese people who decided to immigrate to secure jobs, healthcare, and a future for their children. Many Lebanese students are living in Canada to pursue their university studies. Videotron’s decision is crucial for Lebanese Canadians who are worried about their relatives after the Beirut blast that happened on August 4, 2020.

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