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News & opinion

1 NOV 2018

Beneficially disruptive or a risky business?

Ahead of his presentation at our Property Technology Conference, we ask Dr Davin Wang, Chief Data Officer at StreetSine Technology, what he foresees as the biggest risks and benefits of technological disruption in Singapore for property professionals.

One of the key aspects of the government’s Real Estate Industry Transformation Map (ITM), a roadmap for the digital transformation of the real estate industry, is to encourage industry participants to embrace innovation and leverage technology. We feel this is vital for the industry to ensure it is future-ready; many of the new systems, devices and apps that are becoming available are truly transforming the B2C and B2B markets.

Many of these new technologies creep into our lives unnoticed — an app we have on our phone, an innovative website we frequent more often, or a new gadget we purchase — whereas others are truly “next-gen”. For example, potential buyers and renters can now virtually tour a property from anywhere in the world while an agent shows them what an empty space could look like by superimposing furnishings using augmented reality (AR).

Innovations like these are “beneficially disruptive” and lead to property professionals delivering shorter service times, attaining greater productivity and reducing operational costs through automation.

Not without its risks

However, as innovative technologies proliferate, data becomes increasingly more ubiquitous and risks associated with how it is used and stored amplifies. As more business and customer processes are conducted online, these risks can only increase.

Crossing the threshold

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Blockchain is a particularly exciting area in the data space that could transform property transactions through. It can facilitate the management of a rental property through the creation of a series of complete, immutable and traceable records offering audit trails of property ownership, rental cash flows and even maintenance records.

We see and encourage others to consider this as an opportunity to improve public confidence by doing our part to raise the industry standard of personal data protection and privacy. We accomplish this through the adoption of new technology platforms that both minimise data risk and satisfy compliance with the latest regulatory standards.

But does everyone feel this way?

At the APREA-RICS Property Technology Conference, Davin will join us to discuss what impact technology will have on markets. He will join several other speakers as we deep-dive into the future of Singapore’s real estate industry and discuss how it will affect building management and professionals.

Join us on 14 November in Singapore

More about Dr Davin Wang

Dr Davin Wang’s role as Chief Data Officer in Streetsine revolves around developing overall data assets, enhancing business analytics, and the effective exploitation of data assets to create business value, in addition to information governance, protection and privacy.