Singapore's Central Provident Fund (CPF) has started exploring technologically-advanced systems to help promote digital monetary management among Singaporeans who are saving up for retirement or investing in various sectors.
In an interview with GovInsider, CPF Chief Information Officer Ng Hock Keong said the agency should adopt new technology to provide better service for Singaporeans. "CPF, especially, touches 3.9 million members. It is very important for us to understand for every investment in technology, what it brings to the customer," Ng said.
According to Ng, the CPF is currently testing the possibility of integrating blockchain technology on its system to help develop a digital infrastructure that should enhance microservices for citizens.
The CPF is working to migrate around 34 million code lines from the agency's original mainframe and into a unified platform. Ng said the plan is expected to be completed by 2024 as part of the financer's tech initiative.
Even before the initiative was proposed, the CPF has been working on redesigning its services to benefit Singaporean citizens who need assistance with healthcare, housing funds, and investments.
Last year, the CPF board started using PayNow to allow for faster withdrawals instead of waiting for four days when transacting through a bank. For the coming years, the agency said it is planning to use blockchain technology for a number of tasks including document authentication.
Singapore's finance sector has been working to integrate technology into its processes. Last week, a new report by the Monetary Authority of Singapore (MAS) and the Institute of Banking and Finance (IBF) revealed that automation will replace human jobs in the finance industry in the future.
According to the Straits Times, the report suggested that processes involving product managers, fund accountants, and loan and credit officers could be impacted by the rise of technological advancements such as data analytics and automation.
To help ensure that high-end technology will not displace the workforce, the report recommended further training for workers in the finance sector. Researchers said employees should develop new skills that machine learning processes can work with.
Finance workers should also learn how to manage big data and automation systems. Instead of shrinking the workforce due to the rise of technological advancements, financial firms should allow workers to explore opportunities and seek lifelong learning.
The Singaporean government recently announced plans to prepare the finance workforce for technology integration in the coming years. ZDNet reported that the government introduced an initiative aimed at helping finance professionals consider tech-related careers.
The program will include training in cybersecurity, data analytics, cloud computing, and other segments under advanced technology.
