Covering Disruptive Technology Powering Business in The Digital Age

The first AI Financial Summit APAC organised by Bosco Institute, was held at the Sheraton Imperial and saw 23 speakers both local and foreign engaging in dialogue and sharing experiences over the course of two days. There to commemorate the event and give the keynote speech was Deputy Minister, Ministry of Science Technology and Innovation, Datuk Dr. Wira Abu Bakar Mohamad Diah.

He shared his first experience during the early days when technology in Malaysia was still relatively unknown. He purchased a computer in 1984, and the after-sales service would visit the house every day for seven days to get him accustomed to the new technology. Today, everyone is expected to know how to use and operate any device.

“In 1997 there was a dialogue to discuss why we want to bring Wifi to Malaysia. They were very reluctant to provide Wifi to all. Why bring bad things to Malaysia. Into our bedroom. And today we can use that technology to do everything we need from our bedroom from our handphones. Such is the way of progress,” he quipped.

Chairperson for the event, Vince Kasten said, “While AI does have enormous opportunity, we are at the very beginning of a journey, a lot of challenges that are going to come up, a lot of practical issues with getting things built and an enormous disruption for our business models and profitability for our entire industry and the way we interact creating value for our customers and society around us.”

He shared that as the technology expands and becomes the talking point for most organisations to seriously consider adopting, it presents many challenges that will change the business models mostly for the better.

Disruption will occur from all segments such as in the technical infrastructure with new infrastructures being rolled out, relationships with customers, what role do we and the AI solution play, how does it affect the branding and how people perceive the organisation.

“All of those things are going to be open. And of course along with this, are the regulatory frameworks and the compliance frameworks and keeping control and making sure it still makes sense as this new technology evolves.

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