Two recent studies have found Singapore to be the world's most prepared city for the age of artificial intelligence (AI), and the global leader in terms of smart city effort. The first research, conducted by the Oliver Wyman Forum, ranks 105 international cities in terms of their preparedness for the technological and digital disruption that will be spurred by AI. The index ranks cities on four key criteria: the quality of a city's plan (Vision); a city's ability to execute on forward-looking plans (Activation); the extent and quality of talent, education, and infrastructure (Asset Base); and how the interplay of Activation and Asset Base are impacting its overall momentum (Trajectory). With an average score of 75.8 out of 100, Singapore showed the most readiness overall, surpassing London (75.6), One key finding from the study is that although megacities like London, New York and Paris, have well-scaled business communities and talent pools, smaller cities can be just as competitive technology-wise.

This year has brought dramatic change to financial services, as fintech leads innovation that impacts traditional workflows. The number of ATMs is decreasing due to the widespread adoption of cashless payments, while regulatory issues, starting with the European Union's General Data Protection Regulation, continue to be a convoluted topic of discussion. One of the greatest drivers is the global shift toward digitization and automation. From banks to insurance and wealth management platforms, competition to offer customer-friendly, scalable and detailed service is intensifying. These are eliminating the need for bank branches, with their often inconvenient locations, limited working hours and long queues.

The Ministry of Economy, Trade and Industry will request a total budget of ¥1.4 trillion for fiscal 2019, up 9.9 percent from the previous year, sources with knowledge of the matter said Thursday. With the increased budget for the year starting in April next year, the ministry aims to promote cashless transactions for small companies and the development of advanced technologies such as artificial intelligence. Specifically, the ministry plans to spend ¥3 billion to help small businesses and other entities introduce cashless payment terminals and to standardize quick response, or QR, codes that currently vary among companies, according to the sources. For research and development of AI, next-generation computers and other technologies, the ministry hopes to allocate ¥27.9 billion. It plans to spend ¥1.8 billion for the cultivation of human resources, promoting the provision of refresher programs, for example, the sources said. To invigorate businesses in the field of social security, the ministry intends to boost spending to ¥2 billion from ¥600 million in fiscal 2018.

Digital means money -- that's a no-brainer. From traditional conservative companies to progressive enterprises, all are looking to leverage'digital' to compose their future. Over the next few years, new technologies, a changing workforce, and new consumer expectations will create significant change, opportunity and threat. These highly disruptive trends will not only affect us as individuals, they will also impact the organisations we work in and our overall society. The work that got us to the present won't get us to the future because the digital economy requires completely different skill sets and attitudes, as well as greater expectations.