The virtual economy refers to the use of digital information and knowledge as key factors of production. The current traditional economy already transitioned to the internet, cloud computing, big data, fintech, and other emerging digital technologies which are used to monitor the information and transform social interactions. It creates benefits and efficiencies as next emerging technologies drive innovation and it increases the job opportunities and accessibility of manual processes.
As the Philippines now enters its third month of lockdown, local businesses and industries are now looking into a viable solution for their businesses and Asia’s digital transformation is now one of the latest topics that creates a massive impact on the current economy.
Financial institutions have also given rise to new ways of delivering services, particularly in facilitating payment such as Mobile Banking and Door to Door or Bank on Wheels where banks now can be accessible in some areas through their roaming caravan .
There are multiple benefits from this digital transformation, understanding the digital economy remains a challenge. Many times, people in developing Asian countries do not have access to a basic online account, be it due to lack of digital devices, poor internet connectivity and lack of proper awareness on how it can help their normal processes. Another factor to consider are nationally accepted forms of identifications, or socioeconomic barriers. To create more inclusion in the digital economy, there needs to be a deep understanding of the differences in access and adoption within the populations of different countries. New issues related to trust, privacy, and transparency also need to be addressed. Digital transformation is about not only payments and digital platforms but also how those advanced technologies can be utilized to maximize opportunities for innovation, new business models and processes, and smart products and services.
The Virtual economy has the potential to transform the social environment and economic activities especially in the Philippines. However, despite the vast opportunities presented by the digital economy, Asia has not yet fully realized the potential of harnessing digital technology for sustainable development, due to (among others) poor ICT infrastructure, few Educational materials that is necessary for development, and lack of proper awareness that prevent much of Asia’s population from engaging in the transformation.
To Promote an awareness on the role of the digital economy in Asia, particularly how digital technologies impact economies and transform both business practices and societies.
To examine how institutions, policies and regulations, and human skills can be transformed to keep up with the quickening pace of digital transformation in Asia.
To exchange views on the current state of the country during the COVID-19 pandemic and a discussion that includes the process of the related to digital flows; e-commerce; financial technology.
To determine and discuss the role of Digital transformation when it comes to the education, skills, and innovation and implications of digital transformation on Asia’s economic landscape.
To help Startups to learn the processes of the Digital Transformation and how will it benefit their business model based on the experience of the successful founders and companies
35 Speakers from successful industries and CEO/Founders/Co-Founders of well established companies in Fintech, Blockchain. Retail, E-Commerce will share their experience on a Live Discussion that will be published on the Facebook pages of the St. Louis University, Conres TBI, and Tech incubator hubs supported by the Department of Science and Technology.
Participants can freely and Actively join discussions and share views and experiences through live chat.
Better knowledge and enhanced capacity of developing countries in understanding the digital economy and its increasing impact in Asia.
Enhanced dialogue among founders , Stakeholders and experts on key issues related to the digital economy.
RSVP for Free Session and Get Exciting rewards from our Speakers.