 So, I would like to welcome all of you now to the webinar by Asia School of Business. We're going to learn today on digital platforms and the new world, and in particular, sort of how digital platforms can solve some problems brought by the pandemic. And so before I go ahead and start, I'd like to introduce the panelists first. So we have here, Chen Chaoyou is the co-founder of the FAVE Group. I think does not need any introduction, but it's a next generation merchant digital platform in Southeast Asia. Chen Chaoyou is also the co-founder of K-FIT, hi Chen Chaoyou. He was also the regional ops director for Groupon and worked for Job Street before and was a management consultant for Accenture. He graduated from Cornell and also was an Eisenhower fellow. So thank you for joining us today, Chen Chaoyou. And from the China Construction Bank, we have Khao Kangkai, hi Kangkai. Hi everyone. Hi. He's the first vice president, and he joined CCB in August 2017. He has multifunction experience across credit risk management, marketing and financial analysis, and currently he oversees the overall risk culture in the bank, and he works across risk and compliance disciplines. And he has a master's degree in business and a bachelor's degree in finance. Welcome Kangkai. And I am Latie, I'm an assistant professor of economics here at Asia School of Business. I also hold an affiliation at MIT as a research affiliate. My main topic that I study is industrial economics and platforms actually. So what I'm going to do today is both moderate the session, but also give you a little bit of theory on, a very basic theory on sort of what platforms are all about and what makes them different than traditional businesses. All right, so one housekeeping thing before this, there is, as you can see sort of on your screen, a Q&A box, feel free as we're sort of going along the session to ask whatever question you'd like. And for those of you who are a bit shy to ask, there is sort of this upfold button that you can press. And we will try and highlight the questions that get a lot of uploads. All right. So let's go ahead. I'm here basically to sort of give you a little bit of theory and particular sort of a very quick and dirty introduction to platforms. So what really is a platform, right? And so I started my research on dating websites. So we'll probably hear a lot of sort of online dating examples. So I think a lot of you perhaps are familiar with Tinder, right? So swipe left, swipe right, Tinder. So Tinder, if you consider it connecting, say, women and men, essentially is acting as an intermediary. So platforms really, the way we want to think about them as intermediaries, connecting groups of people who may otherwise be separate. Now we're not going to go into this today, but there's a lot of theory around sort of how to start up a platform, how to scale up, how to sort of manage the dynamics of people on the platform. But what I wanted to keep in mind is this idea of intermediation. And of course, platforms can be of multiple sides. So before Tinder, you can think about it sort of being a two-sided platform. Google perhaps is a three-sided platform, right? So platforms can have many sides, depending on what the platform is. And the idea as a platform operator, as I'm sure we're going to hear later from the panelists, is that you sort of want to keep each of the sites happy, right? So Google has to keep the users happy, the websites happy, and also the advertisers happy, because that's a large portion of how it makes its profit. Now today specifically, we're going to try and focus on this idea of digitalization, in particular going from a world, a very sort of high contact world. So if you look at this, this is a Ramadan bazaar, something that Malaysians really like in this month. But of course, with the pandemic, something like this has become sort of a hot bed for infections, right? So how do we basically move from a world like this to a world where perhaps touch is lessened, we're digital, you can sort of interact with the same people, perhaps, but sort of on a platform, an online platform. So we're going to be talking about the process of digitalization of businesses in the context of the current situation that we're in. Now you may be asking yourself, why are platforms different than traditional businesses? And the main thing here is to keep in mind the idea of network effects. So network effects are sort of this idea that the more of the service or product you use, the more useful it is for other users. So the example I wanted to start off here was with Mac iOS. So if you think about the iOS system, it connects people who use iOS, so people like me with an iPhone. And then it connects me to basically people who develop apps, right? So my smartphone is only useful for me because I have all these apps I can use. And so the idea is that the more people who have smartphones, the more likely it is for software developers to want to develop apps. And the more software developers there are out there, the more apps there are. So the more likely I'm to use an iPhone over, say, another phone, right? So the network effects part is really what makes platforms different than traditional businesses. So that's all for me, I think, in terms of the content. I'm going to now pass it on to the panelists. Sort of explore these issues a little bit and also talk specifically about your platform and sort of what you're doing. All right, so for Chin-Chao, maybe you can give us a little bit of introduction on FAVE and sort of what FAVE does. I know it's a huge ecosystem of different services. There's a wallet, there's a deals. So give us a sense of FAVE. Yeah, thanks a lot, Professor Malati. Yeah, hi everyone, and good afternoon. Yeah, so I think for FAVE, we call ourselves a merchant-disturbed platform. So I think where we do, and I think that's what professors just all shared, I think it's basically a platform like connecting two sides, right? So I think on our two sides will be a merchant and a consumer. So I think maybe for the next 30 seconds, I think think of yourself as offline restaurants, right? So you run a cafe there. So I think what FAVE does is basically enable this cafe to fully digitize. So enable you where, think of it, you don't have much K-Packs. You don't have much people that will know digital. How do you be able to accept multiple payments options, driving vouchers to deals towards all the consumers that haven't gone approach to your cafe, drive retention, loyalty to back to your store, upsell, cross-sell, digital gift cards, review ratings, financing, analytics. Let's say low-touch with the digital menu, take away, and bunch of stuff. So basically I think the way is that, think of whatever Starbucks McDonald can do. How do we enable any cafe to be able to do that with no K-Packs? So I think sort of what we do and connecting to help the businesses, restaurant cafes to serve their consumers. All right. Thanks, Xinchao. So we're going to explore a little bit more sort of what FAVE does in just a second. But I want to move on to our second panelist, Nao Kangkai. Can you tell us a little bit about CCB and the platform that CCB has recently launched and sort of what brought that initiative forward? Thanks, Prof. Melati, and good afternoon to everyone. Let me briefly introduce CCB Malaysia. It might be sound very unfamiliar to everyone of you. So CCB Malaysia is one of the subsidiary of China Construction Bank Operations, which is one of the largest banks in the world. So we have all obtained our license in October 2016. And today I would like to introduce this Match Plus program to everyone. And this is actually a matchmaking program. It's a smart matchmaking platform. So those businesses in Malaysia, if let's say they have some demands or they want to soft form some materials or services from the customer in China. They can actually go through this platform. And at the same time, it allowed them actually to publish their information. And I know that Malaysia will have a lot of potential businesses. They have the ego actually to go to global stage. And this would be the best thing for them. And CCB acts as a third party platform provider to connect all these domestic and also overseas markets. And maybe some numbers might be helpful for you to understand about this platform. We have now about 610,000 users for this platform and more than 900,000 services, products and even projects within the platform. So far as of today, we have completed more than 50,000 deals to help those businesses to actually match their demands. And apart from that, actually we also provide online virtual conference hall where actually you can have your expo or can have your forums via the platform. So why we start to embark on this initiative, three main things. First, we would like to serve the rate economy. This is the role and the nature of the bank. Finances system is the major fundamental system in the process of economy and social development. And so happened to us, we would like to utilize and adopt the technologies that is available within the group right now. We have AI, big data and all those things. We develop a global platform so that we can serve our people here. And the second one is actually we would like to connect the people. And the purpose of this platform is to bring the world together. For example, the virtual conference platform, everyone can sit together and also exchange their ideas and is actually on the platform. And the last one is actually the national of the bank. The bank supposed to be dynamic in actual demand changes of our consumer right now. We would like to actually think of something different to add value to our consumer and also to provide innovative solutions for them. And this platform would be good for them because apart from the platform, we as a bank can provide a full range of professional financial services. For example, credit account and all those remittances to help them to facilitate all these cross-border transactions. All right. Thanks, Kankai. So I think we kind of sort of get a sense of both the platforms right now. And I would like to move a little bit to sort of thinking about how is business right now. So how has the pandemic affected you guys in both of your platforms and sort of has anything changed? Have you seen sort of pot portions of the platform that are doing better than others? So I guess Chen Chao, maybe we can go first. Yeah. Thanks a lot, Professor. Yeah. So I think that in terms of COVID-19, I think as we all know, right? So today is from Malaysia. Today is exactly nine weeks since the local control order happens. So I think during this past nine weeks, I think definitely a lot of things have shifted, right? So I think for faith, we serve the offline local merchants. So think of it, your restaurants, the offline retailers, the beauty salon, travels, attractions and everything. So I think is it affected definitely? So I think the way it's two ways, right? So I think towards our overall grand scheme, a big picture vision, this is great, right? Because this helps to drive towards digitalizations. They are a vision is to help offline businesses digitalize. And I think some of you may have seen some WhatsApp or Facebook where people were spreading around who was most responsible for the drive digitalizations. And I think whether it's a CIO, CTO, CEO, and I think likelihood, the one and drive the fastest is actually COVID, right? So I think this helps businesses to drive digitalization across port. I think the last 10 years, you see digitalization in the consumer. We started using technology to book our rides, we buy things online and everything, right? But businesses hasn't really transformed that much. And I think this is a great way we see it. Let's say, for example, we have always wanted to drive digital signatures. During COVID period, it's 100% digital signature, right? Because people can't meet to go in, right? Let's say, even banks, I think there was once we wanted to open bank account, they did a video live streaming like Zoom and see me video signing on the piece of paper, right? So I think they all innovate. I think back then, I can't imagine three months ago telling a bank that I'm going to do a video Zoom in to sign for them. They will tell me no. So I think that that's the part that I think we want to drive in. So I think in the short run, definitely, I think there's an effect where people are not able to go out for dying in to buy retails during the period. So I think it's that, and now at this period where Malaysia has sort of partially opened. So I think it's the last two, three we've seen the recovery. I think we see the different offline businesses. Some of them adapt very fast. Some of them gradually catching up. Some of them are still in disbelief that this is happening. So I think it's key is, I think for businesses is to get past their own barrier and saying, okay, this is happening and this will happen. And I think things will not go back to exactly the norm like previously, right? So I think whenever we hold a cash, I think physical paper money, I think people will be scared of it. So I think I haven't touched physical money for nine weeks and I think many people hasn't. So that will shift, right? So I think that push will move through. And I think as we drive through this is, how do you make it easier, cheaper, better, faster with digital and technology? And it's not just for the sake of doing it, but every process, this is a good chance to make it faster, easier, cheaper, better. Thank you. I actually wanted to ask you specifically about sort of how you see e-wallets, but you kind of spoke a little bit to that. So I think there's a sort of a sense in which consumers have become a bit spooked, right? So even though the MCO restrictions have sort of been loosened a bit, like what you said, right? Like this, this like touching things is sort of becoming something that consumers don't want to do. So maybe you can you elaborate a little bit on, you know, e-wallets and sort of how you see that happening? I think I read an article recently that said in Malaysia, there are more than 40, I think, e-wallets. And so it's a very rich, I think, environment. So yeah, tell me a little bit about that. Yeah. So I think one contrary to most people believe, faith pay is not an e-wallet. This is why we have the word pay behind it. Okay. Yeah. So unfortunately our loyalty services put the name with the pay before everyone launched that e-wallet. So I think e-wallets is basically to know what is e-wallet is like, you actually have to top up money inside. Right? So basically pools, grab pay, time can go. You actually have to load in money. So faith pay, Samsung pay, actually you don't load in money inside. So there's two groups of it, but we are all on digital payment, cashless payment, and contactless payment, right? So I think it's towards the similar aspects, but I think the method is different. So for faith, we are basically agnostic on payment methods. So you can use faith pay using a credit card, debit card, you can use it via e-wallet, let's say like pools. You can even use AirAsia points on faith pay. So I think basically accepting different payment methods towards it. So I think to drive that transition. So I think from a consumer side, I think that people doesn't want to cash money and hence this fully on digital work drive through. And I think the bigger enemy for I think e-wallet prior to this is actually cash. The part of our economy is still very cash-based. So I think as we go on it, I think this will help you a lot of flexibility as well. Because I think one of the barrier pre-COVID for businesses not going on any e-wallet or cashless payment is actually people doesn't want to leave trace, right? So I think especially the pure cash economy, so I think this would be a good impetus to drive everyone towards it. And I think maybe one day we'll be like, like how China is, right? Where 100% is on digital. And I think with digital, one thing is that let's say right now government talk about contact tracing, tracing who has gone to the restaurant and everything. Any payment that's using any digital cashless payment is actually trace. Because we actually know who paid and where at what time. So I think that is sort of one step. It is that today government couldn't fully rely on this because not 100% transactions on that. And hence there's still a manual contact. And I think the other one that will drive towards here is digital manual. I think you're going to see over the next couple of months more and more places going to embark on digital manual where you're not going to get a physical piece of manual because that manual has been touched by many other customers. So you can scan... Thousands of people. Yeah. So you scan some QR or some form on a website or some form of technology to get that piece of manual and just order. And I think that will save the time for waiter as well because that order will go straight to kitchen and hopefully reduce a bit of the time for you to get the food. Nice. Thank you. Yeah, I was recently at a mall and they had me scan a QR code to fill in a form before I went in for contact tracing. So very interesting sort of dynamics happening, I think, in this space. All right, so let's go to Kankai before we kind of explore some of these other issues. So in terms of CCB and the Match Plus, so your platform for obtaining all sorts of things from medical supplies to everything. Maybe you can speak a little bit about that. So sort of where do you see the impact of this platform in the time of the pandemic? Okay, great. Thanks, Professor Minati. So maybe I give you some background of this platform. It's actually the platform was launched in December last year, 2019. Just in time actually to assist a lot of businesses for them to source for medical supplies, especially during this pandemic. So two things that I would like to highlight the impact that I can see from this program. I agree with what Chantel said is now cheap, better and fast and how we are able to do it and how our business is able to do it. First, they have to utilize, better utilize their resources, which means that they have to enhance their productivity to have better access to better market. And let me share with you some experience that we have during this pandemic period. So we have approached by one of our customers and guess what? This customer is actually a forestry recycling company and what they are going to do is they want to repurpose their production line into those medical supplies product. They are going to use the polystream to make it into plastic resin and what they do normally is they send back to China to produce the photo frame. And now they are going to do is they repurpose their production line that produce a facial for medical supplies. And what this platform is able to help them is they approach us and we help them actually to onboard into the platform. They publish their demands for financial support to their parents' company in China. And the same information has been picked up by our counterparty, one of the CCP branches in China. Financing has been given, has been given timely to them and they are able to produce the product on time actually. So now of course definitely they have a better revenue and better performance. And the second impact I would like to share with you is actually what I can see the benefit of this program during this COVID-19 outbreak is for those local businesses to gain access to global market and to minimize the impact of supply chain disruptions. And why I say so, maybe I give you some example one of the real life example that we encountered. So one of our customers is actually a manufacturing company and they want to produce face masks, the surgical face masks. But back to two years, two months time ago you might not be able to find any raw material because a lot of country they actually banned the export of these fiber, the fabric for the surgical mask. And what they do is they approaches and discuss how best we can help. And via the platform, they actually propitiate demand what they want in the platform. And this information has been picked up by others, Europe customer, Europe supplier. And the product has been supplied to them timely and they can produce these medical supplies just in time to top those businesses and also to fight against the coronavirus pandemic. And these are the two impact and two observation that I see the benefit from this program, especially in context of COVID-19. Thank you for that. There's something that I've been wondering a lot for both of you actually. So, you always hear all these consumers always hear these stories about how the economy is collapsing, things are really bad, small businesses are sort of shutting down, et cetera, right? So since both of you sort of deal with the merchant side of things, I guess two questions. So one, are you seeing sort of more merchants drop off your platform? And two, is there anything you are doing to sort of try and get them on or to stay on? Like for example, you know, lessening your onboarding time or anything like that. In particular, you know, just because is a very tough situation for a lot of businesses because of the pandemic. So maybe we can go to Chen Chao and then come to Kankai. Yeah, thanks Professor Melati. Yeah, so I think in terms of, I think the impact of economy I think is real. I think that you definitely hit everyone, right? I think I'm presented multiple into it, right? I think it's not just health related, so economy related, oil related, and multiple aspects. So I think definitely there's a huge impact across and in different businesses, different individual impacted. I think never in our life we imagine that billions of people in the whole world couldn't go to work. Right, we've never imagined that all restaurants couldn't open for dying in, right? I think that's something that no business planning, as you think of it, that businesses when you do the planning in December last year or January this year, no one actually anticipated this. Right, so I think there's a big difference. So I think that in terms of, I think on the businesses, whether other businesses that got impacted, definitely yes. I think like the, in terms of coming on platform, I think definitely we see a lot of coming on. So let's say during the MCO, the number of merchants that come on board us is actually three, four times compared to normal. So I think there's a lot more coming in to digitalize. I think what we see is a lot of brands that previously never considered platforms because their business traditionally was very strong. Now they start coming on board, right? So I think anything that has collaboration as well, big platforms that previously may not consider small startups or platform like us started to consider. So I think like recently we did a collaboration with Facebook and Instagram to enable all the local merchants on our platform to surface on Facebook, right? To enable consumers to purchase via Facebook. So I think that's one of the aspects, right? So I think in terms of what we have done, I think one of the first initiatives we did, we did I think three, four days after MCO started in Malaysia was something we call SaveOurFaith.com. So basically Save Our Favorite Restaurant and Retailers. I think we were lucky that a bunch of celebrities as well, Haribi Skanda, a bunch of DJs, a bunch of celebrities came on board media as well. And I think like we together, we work with thousands of local businesses to come together. And I think the concept was straightforward. I think for us, we brave all our charges. We have sought out the credit card fees as well. I think from the businesses, they put an offer for let's say for $80 ringgit for $100 ringgit or something like that. Consumer will pay today. We will pay the businesses immediately. And today may mean March, April, right? During the MCO lockdown. So the businesses get the cash so that they can pay their employees or rental or other overheads. And the consumer has six months to spend at the restaurants. So I think one is to get the businesses to fight through the period. And I think the second is to help the businesses to recover fast as well. Because I think let's say in the last two weeks, we see that and right now the Malaysia with the relaxation of CMCO, I think people are still not fully confident, right? So I think there are people that have more confidence going out. But I think it's people are still worried. So I think if you go to the mall, like last night I was at Waotama. I think that even in the dinner time, including Bukapuasa time, where usually it's super big and all tables are taken, I think there's still a lot of restaurants that's pretty empty, right? Something that I'm unknown of. And I think that's the same case everywhere, right? So I think that's one of the aspects. So I think we, let's say the trend the last two weeks, we started seeing was the first few days of partial open, we see more people go out for lunch, but not during lunchtime. 11-something AM lunch, 2.30 PM lunch. So they want to go out to eat food, but they don't have to go out. Then after a few days, people start going, the first weekend people can go out, people start going more at lunchtime. And I think the last few days, we started seeing more and more people start going out in the evening time. And then Bukapuasa, I think the next miles to where government will open up, allow more people to open up a few later and everything, I think they would gradually see that effect. Nice. Thank you. So I want to ask again the same two questions to Kankai. I know you mentioned a little bit was sort of helping your suppliers of financing, but maybe you can talk a little bit more on that. I think you're on mute by the way. Okay, so thanks Professor Malati. So actually pretending to your question just now, we don't see actually that it's a drop of demand. In fact, a lot of customers that they don't even know about platform, they don't even have any exposure to this platform. They come to us, they actually came to us and to ask about what kind of service are very other things that we can provide. And actually for this platform, what we can see is during the first few months when we launched this platform in Malaysia, which is actually back to after Chinese period, February, we have only like 10 people sign out as a user. But surprisingly within two months, we have increased the subscriber and now we have more than 50, more than 80 users actually subscribed into this platform. And don't be surprised that actually for Malaysia context, we actually managed to close up more than 40 deals just within two months. And you can actually see nowadays, a lot of people requesting for all this platform and all this channel for them to solve for material. And just share with you one of my personal experience, my uncle actually. My uncle is actually a wholesale trader in Malaysia and what they normally do is they fly over, travel over to China to solve for the material, to solve for all those products, to merchandise and sell it back to Malaysia. And during this COVID-19, none of us is able to travel abroad. And it doesn't mean that they have to close their shop. They don't need to do any business, not necessary because through this platform, they actually sign up. I asked my uncle to sign up, but my uncle actually managed to connect with the supplier. And this is not medical product. This is something stationery and all those basic necessities. And they managed to contact with the supplier directly to get cheaper cost for them. Then this actually to pop up those businesses, especially the small businesses in Malaysia, to actually get better resource, better kind of products from China directly. And what I'm going to say is here, because as of today, this platform has been launched for not more than five months. And of course I will say this is a supply in China, but we are actually expanding right now. We are asking all our overseas network branches actually to go to whole worldwide and ask other countries, suppliers to log in and to register themselves. So moving forward, what you can see not in Malaysia and China, but it's actually connected the worldwide. And what we want to create is to bring the world together, especially in this connected world. And go back to the question that since now you are highlight about the financing service. Maybe for you Mike, because this platform is not only for you to purchase your product and services, you can even raise your request if you need financing, especially for cross-border activities. You have a project in China, you need financing, your company in China need financing. You can actually log into the platform, register yourself, be that authenticated user for the platform, post your demands. And I believe all those partners that within the platform, especially our CCB branches, if let's say your project is potential, has the potential to grow, definitely they will lend a hand, helping them to you to help you to grow your business. So the COVID-19 outbreak, the impact, of course I'm not going to deny, I will want to, the heat, I will want to the impact, but how we are going to go through it is actually better to, better utilize the resources that you have. Yeah, I think that is what I want to share regarding to your question just now. Berlati. Thank you. Yeah, so I definitely sort of see a lot of, I think, value in this idea of intermediation, right? So I think both of you spoke a lot about, you know, connecting groups and stuff like that, but I think one of the questions in the Q&A, and if I may remind people tuning in, you should upfoot questions that you want to sort of, you know, hear the answer to, just so that I get a sense of what to pivot the discussion towards. But, you know, one thing that people always ask with the use of anything digital really, right, is data. So I know Kankai, you spoke a little bit about, you know, the AI and sort of everything like that, right? So I think that's something that a lot of platforms are using a lot, you know, sort of this very curated experience, but perhaps, you know, one of the Q&A was asking, you know, how do you see people's perhaps fear of their data being misused, right? Something people hear about a lot. So can you speak a little bit about that and sort of what your platform does to perhaps safeguard people's data and stuff like that? So maybe go back to Chen Chao and then come back to Kankai. Yeah, thanks a lot, Professor. Yeah, so I think data privacy and everything, I think security is definitely very core. So I think that, I think that's something that I think are most investments to make sure that all those things are there. So I think like, let's say even myself, I would not be able to even see a consumer email for number. So basically, let's say within the data core, basically everything we see is a reference ID, right? So every user is seen as an ID and I think everything else is done through that and then it could basically encrypted through before you can get it through to send an email or push notification. So basically the goal is, how do you make sure the security is there and yet personalize, right? So I think it's how to do that both at the same time and driving that to make that happen. So I think that is always the key, right? So I think for consumer, if there's no personalization, then to the consumer there's a span because it's basically sending random things. But then if it's, so then the question is, how do you personalize without having a human reading it? But I think the thing of it is a segment, thing of it as a station because it's the messaging, whether it's the push notification, whether it's an email, whether in the in-app is the right message to write people at the right time, right? So I think that's the right thing. So I think that would be key. So I think let's say for the merchant side, the data again is super important that if the data is on the list, that could be the competitive advantage for them or actually the private secret information for them, right? So imagine that right now we, let's say there are 1,000 bakeries on Fave platform. We definitely need to make sure that the 1,000 bakery, each only see their own data and not anyone else's data. The only thing they can get is to compare reason against benchmark within this whole group, right? Where it cannot be identified who, what is the information? You can compare against the same location, the same category, right? So I think that's one of the ways. I think one of the things that we did on analytics is using machine learning where every month, all the 35,000 businesses on Fave actually get the 30 slides to analyze the business to tell them that what's the percentage of new customers in the customer, the demographics, let's say female age 31 to 40, how much they're spending, how frequent they repeat versus the other demographics, what day, what time they shop this, it is full, what time is empty. So basically I think a lot of this thing for online platform is actually very normal. But I think for the offline businesses actually a lot of them have never seen that. So I think our goal is, think of it as like for big brands, let's say a Starbucks thing like who an analyst analyzing it. How do we enable that for every businesses? So I think it's take it up and then basically build it through for them. So I think that's what we have been building. And I think all the slides and everything are created fully automated, fully digitized with no human being. Thank you, Xinchao. Kankai, do you want to take the same question? Yeah, thanks, Melati. So maybe I would like to share with you some data protections that has been put in place. Of course, data protections is almost important for us, especially in this platform. And for the platform, we actually comply with the standards and also all the compliance required for banking industry, especially for China, those regulator. And the data that I can say can be divided into two types. First is the data that you want to be shown to the public, the information, the customer, the product, the services that you want to provide, you want to show to other people. And the second one is the personal data that you are not going to share with others. So first thing, for these two data, we will have different kind of measures, a different kind of level of access for the platform user. Even at our end, we will not be able to see the information. All the information will be scripted. So for personal data, especially, if let's say all this information that you want to share of a system that gives you some notification that you are not allowed to share of personal information, if only you want to share, then we will be able to do that. So this is actually a reminder to our user and also one of the ways to protect the data in the platform. And so far, we actually process a lot of applications and a lot of people they want to register. They actually send us the request and help them to onboard. And all the information has been kept in our server. And this server is actually a private cloud. The cloud is owned by our CCD. No one is able to access, which is actually secure. And all the information, there is no human interventions because we have AI technology. All the information has been processed without human interventions. And that is to ensure the data protections for this platform. Yeah. Thank you, Kankai. So it seems, of course, it's really nice to hear, I think from the consumer side, how the data protection works, like Jinxiao was saying, I think this is very normal for online platforms, but something that the brick and mortars of the world, perhaps, may not be very used to. And so I wanted to come back to this last question, and then I'll go to Q&A a little bit. But what do you see being the future of businesses like yours in the world post-COVID? So in particular, I think one thing people are asking now is our business is ready to digitalize, right? Like, are they ready to actually embark on this very different journey perhaps in what they were envisioning for themselves? And what are your comments on that? So Jinxiao, maybe we start with you and then we go to Kankai. Yeah. So I think in December last year, I actually had a, I was fortunate that just before pre-COVID, I actually spent two weeks in Hangzhou, China at Alibaba campus. So I actually spent two weeks to learn on how digital works, how the cashless and everything like, I didn't live a life in Hangzhou. And I think during the two weeks, I did not touch any China repeat cash, even though I could, right? I think even when I go to the shops, let's say with a cafe, I wanted to pay cash. They basically had a box there and said, put in any cash you want, but there's no change. So they are not even entertaining any change, right? So even during that time. So I think it's everything to try. I remember I went to the toilet and if you want to take toilet paper, you scan the QR to get the toilet paper, right? You say Alipay or Wichapay. So I think it's moving the digital fully. Let's say restaurants there, almost no restaurant has a waiter with dresses to serve you. Yeah, the waiter with dresses are there to bring food for you, but not to bring manual for you. So maybe think of it, right? Maybe explain the way that it's, think of it today in Malaysia, right? So if you pre-COVID, you go to restaurants, you first, they get you to your seat. Second, they bring the way, bring the menu to your table. So that's the one step, right? And after that, come back to you when you're ready to order. And then stand there 30 seconds, one minute, two minutes for you to order. And then after that, walk away, then bring food to you. And then after that, when you call them for food, they walk towards you or know that you're the bill. Then they bring a bill to you. Then after that, you give them credit cards. Then they walk back, put in the credit, bring the credit card machine for you to key in the pin code. And then after that, they walk away, right? And then they come back again to collect their plates. But I think if you think on a world where it's fully digitalized, you walk in, you just sit down, you open up the phone, you just scan the QR, you just order on your phone, you press the button, you pay, and the food will come and serve to you. So they only need to bring the food to serve to you. And then when you're finished done, you just walk out and then you earn a cashback for your next visit. And then they only come back to collect the plates. So every part of it will be fully digitalized and cut through, right? So I think those are all very possible. Technology is all ready. I think that we started seeing in Singapore a lot more businesses start going on. And I think we started analyzing on the businesses that embark on this. People actually order more. Because a lot of time when you go with a few people, you feel shy that your friends know that you eat a lot. Or you feel shy that you make the way for them. I don't have that problem. I just keep thinking. Yeah. And they don't expect you, right? Because you can, everyone just take your phone and just scan it. Order. So it means everyone paid from your own phone. So you don't really worry about my friend, not you paid me and everything. So I think they are multiple. I think those are just some of the ways, right? But I think the post-COVID, I think it's a low-touch contactless way. I think everyone will feel very worried if they start to have any form of contact. So I think that's where I think these things will gradually build. And I think we all will together shape that now. All right. I think then. And I think this is our FNB. But if you think of it in every other sector, the things will be like that. I think maybe three months ago, you may not have imagined doing attending or doing so many webinar on video. And I think in the last two months, I think you have done more webinar on video than your free with your whole life. This is very true. And now you can get married through Zoom as well. So it's a boundless world. I'm actually attending a Zoom wedding next week. So yeah, going to be fun. Yeah, I know a very different world. Kankai, do you want to speak a little bit about the future of platforms and whether or not, you know, CCB thinks that businesses are ready to digitalize. Okay. Thanks, Pilati. So perhaps talking about platforms, I believe that platforms will likely become the prefer and also the dominant business model for a lot of businesses and even for banking industry. So nowadays, people spend most of their majority of their time on digital platform. Those parents that have kids are not so sure how long every day your kids spend time on digital platform. So therefore, businesses, they have to position themselves to what actually their customer are and actually to create a corresponding strategy in order to cater for the change of this environment. And it's very important for them to have this in order for them to be sustainable. And but then please take note that the path to success is by no means easy because ultimately, as a platform, you have to perform even better than the traditional one because during the process, you have a lot of challenges that you are going to face, the debt obligations that you have to pay because a lot of investment that you have to put in and you have to be socially, financially, and even politically viable so that there is no a lot of compliance thing that you have to comply and so on. And now we are actually at the age of platform economy and actually platform is like a plug and play model, business model. Everyone can join together, connect with each other and to exchange and create value. And in this today connected world, I think it is very important for us to stick together to make good use of all this platform and talk regarding to what you say just now, whether our Malaysia enterprises whether they are ready to go with this platform to transform themselves into the platform. Not really, because for big corporations we can see a lot of people moving into and a lot of startups they actually startup those platforms but a lot of us more enterprises they don't have a lot of capital they don't have a lot of money but they also need to actually have global presence and they also need to tap on all this platform in order for them to be present at global stage. And therefore a lot of platform like B2B like us they see the best class even like safe actually will be able to top them to go to this global presence and to go to those platforms that we want to share the same. And for financial sector itself I think platform for opportunities for those banking because banking is able to access to all this data as what just now Chantel shared for safe you actually will stand a slide to do analysis on the consumer behavior and the same thing for banking because let me share with you some example the time where actually I go to visit my counterparty my parent back in China so for a person if let's say walk into the branch when they scan through your face yet they actually can predict what actually you want they understand what is the demand what is your today whether this person is very angry she is going to complain something so it helps these these financial service provider especially the staff to be prepared and to actually cater for the need to be more efficient and today consumer expectation is different from the past I believe that in future it's going to be changed so as the expectation changed the business must change the business model and so for if let's say the traditional model would not be able to fit that I believe platform would be able to do something on that yeah thank you thank you both for everything that you've told us I'd like to now move to taking some Q&A questions if that's all right so I think we sort of have a sense of you know the value proposition of platforms you know how you're basically watching agility in motion right so people just like you were saying traditional businesses now you know on board onto your platform and pivoting basically to to options that make more sense for them in the time of the pandemic but I want to kind of go to some of these Q&A's really quick so from Ashraf here we have the following so public policy could likely become more attuned to the complexities of digital age with the cooperation of companies and governments so what are the recommendations for policymakers in enabling the development of digital platforms to prepare for the new world that we're barreling into so basically what is your advice for policymakers in order to sort of support it may be you know push through this world of platforms Chin Chow Yeah so I think yeah definitely I think as a push on this I think policymakers I think regulators everyone I think would need to basically get into in tune so I think that one of it is I think maybe even industry players there are people that who would actually eventually join the policymakers or regulators to be part of that to get to understand it and to be able to be part of so let's say people that have been in the five years, ten years in digital world to go from embark on it and I think that would be maybe one aspect of it because I think we see the world is that today the online world is getting more and more connected and borderless and actually our offline world is becoming more and more re-border and less connected right with all this thing so and I think we've the connected world as well the competition is now global therefore good or for bad right so I think for businesses that are ready your market is now worldwide right and this actually acts a lot of complexity for policymakers regulators and everything right and I think if you flip the other way is your competition is worldwide businesses that's not even here how do you do it right so I think the key of it I think it's a kind of talk about value add efficiency as well I think it's how do you be able to ensure that the objective of it to driving economy and all those things are there ensuring security ensuring so I think the tables take still have to be there and I think enable a room for the industry player to shape yet following a few key must must do or must not do right so I think that's enable the new way for people to move and I think as it grow I think be able to ensure that it doesn't disrupt or affect the capital market or banking sector or any other aspects but enable the way so I think the way thing of it let's say banking is banks and no kind guys here but maybe banks may or may not exist but banking still needed right if you think of it right just how to do the banking right so I think communication is still needed it's our old way of doing communication may or may not commerce is still needed it's just the way of doing commerce may or may shift so I think a lot of all these things are like that so I think it's how do we adapt to it and then thinking on the call and then how do we do it right so instead of back then maybe back then some regulations are done to prevent I think over the last 20-50 years we have done a lot of regulations policy to drive or prevent fraud or whatnot in the offline works so right now with the digital world how do you do it and I think some markets I say China Korea some of the markets are a hit of us right and I think there's a lot of learning to do from them from them as well what are the things that they have done that could work right I think our counterparts in Singapore as well I think a few of the business markets have moved quite a bit ahead and I think Malaysia is not far behind I think that we have a good friendly governments irrespective of the site right I think regulators they are wanting to drive this so I think in the end is how do we all work together as one and look into the whole sector and how do you do it and I think within the players as well is how do we all come together to self-propose to how to regulate as well I think play a fair game and go across right so I think maybe that's another aspect thank you Chen Chao Kankai okay so I think in this connector world we need to be more I mean like we need more collaborations because the same thing also to policy maker and just now I agree watching Chao say learning they actually our regulators or even our policy maker they have to learn from other country advanced country that they might have some insight that would be able to help our businesses but I do one thing that I want to give a credit to our Malaysia's regulator is actually in the market actually we do have a lot of financing assistance or financial assistance provided by the governments or even by the government agencies they are actually willing to provide financing at cheaper rate or even they can give grant to all those businesses who is qualified for them to to enable them to tap into this market and for regulator I think one thing the new approach actually is to work together and to actively participate in shaping this new landscape especially right now we can see after COVID-19 is everyone moving toward the transformations every businesses moving to transformation so the same thing to our policy maker they have to do it quickly they have to talk to the talk to the ground go to the businesses to understand what actually the challenges they are they are facing right now and to come out with the best policies or the best solutions for them yeah Thank you both so just just talking about you know what we're talking about sort of this this post COVID world and what governments can do and stuff like that people often speak about a sort of bigger problem that humankind will face which is you know climate change right and sort of environmental issues that will probably hit us in the face in a couple decades from now if not earlier and so tying sort of you know this idea of problems right that businesses sort of have to face and with one of the questions asked on you know kind of the environment right so from one my Sara we have here what are some measures that have been adopted by digital platforms to help capitalizing or sort of you know build opportunities for better environmental outlooks right so you know thinking about the pandemic being a huge problem let's say we get over the pandemic then we have say climate change and sort of environmental issues sort of hitting us in the face so what do you see the role of sort of platforms in helping towards this cause Chen Chao perhaps first okay yeah so I think environmental I think definitely I think is that there are some efforts being done but definitely I don't think that's enough right I think maybe maybe a few things that I think we can think of is I think let's say take grab food right or food panda I think one of the initiatives that I think grab food has done was enable people to choose not to take cutlery right and as a default turn off cutlery right and I think that we basically save I don't know how many pieces but lots of plastics every day right because I think one of the things during this COVID world a lot of people are doing food ordering and I think that drives it right so I think that's definitely one I think digitalization as well I think we save a lot of paper a lot of transportation so I think in the last two months I think a lot of us use our petrol a lot less a lot of us go out a lot less so I think reducing in the CO2 and everything right so I think all the businesses can play a part right so I think let's say whether business travel do we need to do that much of it I think how if you can get drive businesses to do more digitalize so let's say we talk about let's say every month we have a few thousand businesses that sign on what faith for each of those that when you use a paper contract versus digital contract you save everything of several pages of paper there's a tens of thousands of pages of paper just from just that action alone right and let's say claims for the company can the companies do digital claims versus paper claims any other aspects that you can do so I think it is a lot of it is in all our actions and I think every one of us can play a part in this it's not just companies it's not just there's a leaders in the company I think everyone in the company can play a part everyone in the site can play a part right and I think together we can shape that as a consumer of a brand as well and we make a conscious choice to see brands that drive more towards the causes that we believe in right whether climate whether environment whether any other issues right so I think is we all can play a part to move it if all of us care a lot more about that I think businesses, organizations governments will all take actions do it step thank you Jin Chao Kan Kai yeah I'm talking about environment so I think like for platform users because I believe that a lot of platform they can actually integrate into the company system which allow them to have like paperless those paperless actually they reduce quite a lot of those environments are harm to environments and like one thing that I may need to share because like for example like for our platform we do have this online or virtual conference so recently our counterparty in China Shandong and also counterparty in Thailand they have this export import export so they do it online virtually so I believe that there will be a lot of savings you don't need to actually waste a lot of resources you don't need to travel so far actually it's kind of save the environments because you travels have to incur a lot of cost to our environment and especially if let's say you want to do a physical export you want to do exhibitions instead of doing online online you can even do it on on 3D modes but if you do a physical one how much of paper how much of publications that you are going to waste you are going to use that for that means to capitalise on these environment issues so all these actually platform will be able to help to shift the people's mind to help out to focus on our natural environments I think this is all the platform that we will be able to help out thank you Kankai and thank you Jin Chao both I wish we could talk more about this but unfortunately I think we we kind of have a hard stop at 345 so just to conclude a little bit so again like I think one thing that we were constantly hearing about was this idea of connecting right and so Jin Chao mentioned you know the world is big but somehow it's also kind of limited in a sense right so I put this slide up you know it connected but socially distant world so sort of a low touch contactless world where I think platforms will play a bigger role sort of going forward both for consumers and also for businesses and I kind of wanted to end on perhaps the following question which is so we're talking about digitalization right so I'm sort of the final note here what is sort of one piece of advice you could give a business that is trying to go digital so just kind of quick and dirty 30 seconds you're one piece of advice because we have a very broad audience listening and some of them may be thinking of taking their business this online right so tell me a little bit about that 30 seconds Jin Chao okay I think start from the problem that you try to solve right so don't start from a digital technology start from a problem you try to solve and use digital to make it easier cheaper better faster less than 30 seconds cool Kang Kai 30 seconds okay so digital business platforms are essential two things that you have to remember you have to know what is the design outcome that you want to achieve and the second one is you have to create your long-term roadmap in order for you to achieve the design outcome that you want to be thank you cool so what I'm hearing is that you know keep the sort of a final goal in mind and build sort of work towards that goal right all right cool so I think that's it we kind of barely scratch the surface here on on platforms and this this field called market design which which we study a lot of ASB I in particular study but I think that basically concludes our webinar for today I did want to let people know though that there is this a bunch of series of sort of online learning where you can learn more about you know different types of questions here so cyber security work from home regulatory development etc and if you're interested you can go ahead and scan the QR code and it will give you more information on that all right um but yeah so thank you again Chen Chao Kang Kai for for sharing and uh thank you all for the wonderful questions I wish we had more time but again just scratching the surface here all right I guess I conclude the end of the webinar thank you all thanks thank you Kang Kai thank you Chen Chao thanks for that team thank you so much all right bye bye