The phrase “metaverse” has been bandied about but what exactly is it and how far along is the project? Academic James Pang and entrepreneur Liang Xinjun explain that the implications of this development are larger than most think. The metaverse is not so much a sub-world to enter into on the side but the integration of the real and virtual worlds and economic systems, essentially creating a new world with new governance structures and norms. US and Chinese firms are, of course, racing to get a big slice of the future.
Digital
Economy
The recent accelerated opening up of China’s capital market has presented a challenge to investment banks in China, which may have seen their role marginalised or bypassed by major foreign players who have international experience and are highly capitalised and better managed. Academics Pei Sai Fan and Peng Chang suggest how investment banks in China can compete and stay relevant.
Technology
Technology expert Yin Ruizhi notes that Microsoft’s recent announcement to acquire gaming company Activision Blizzard is not just about breaking into the gaming market, but an important step towards building its capabilities to develop the metaverse. Can it succeed and will other Western tech giants follow?
Technology
Huawei’s digital talent programme in Indonesia is contributing to China’s soft power as the latter seeks to engage Indonesia as an important node of its Belt and Road Initiative. Indonesia stands to gain from the exchange but also needs to be wary of possible cybersecurity concerns.
Technology
When it comes to the metaverse, the various tech giants are taking different approaches, from conservative to aggressive. Technology expert Yin Ruizhi takes a look at three major players — Facebook, Nvidia, and Tencent — and their respective strategies, and how they are likely to contribute to building the metaverse.
Economy
China must guard against pursuing too much financial development too fast, says NUS academic Pei Sai Fan. Only when a fine and delicate balance is struck between financial development and financial supervision — taking both financial innovation and financial stability into account — can the innovative development of the financial sector project its positive energy and dutifully serve the real economy. In that endeavour, it will be important for regulatory authorities to recruit and retain professional talents who embrace innovation, know much about fintech and are au fait with ways of growing the emerging digital financial sector as well as the market and financial risks.
Politics
As geopolitical competition among global powers extends into outer space, major players are looking at how the private sector can play a bigger part in the space race and boost national space venturing capabilities. Yogesh Joshi and Ashmita Rana note that while India's space expenditure stands at only one-sixth of China's, and the latter seems to be leading the way in working with its private space firms, India's great ambitions and edge over China in working with global partners may give it a greater push to catch up.
Economy
Even as the pandemic created greater demand for internet companies like Kuaishou, Alibaba and Meituan, these companies are finding their large staff numbers unsustainable, leading to a wave of major retrenchments over the past year or so. This is not just due to overexpansion, but also operational pressures that come with new regulations to protect employment rights. Zaobao journalist Meng Dandan reports.
Politics
In this op-ed in conjunction with the 17th Joint Council for Bilateral Cooperation (JCBC) which will take place on 29 December, Singapore's Deputy Prime Minister Heng Swee Keat examines how Singapore-China relations go beyond the pandemic, into areas including digital connectivity, green energy efforts, economy and trade, and even "panda diplomacy". These efforts will bring the two countries closer together in the next chapter of bilateral relations.