12th BAFE navigates discussion on emerging digital technologies

The annual International Conference on Business, Accounting, Finance, and Economics (BAFE) returns with resounding success for the 12th time, on 23 October 2024, held via Zoom and at UTAR Kampar Campus. It gathered participants from more than 13 economies, including Malaysia, the Philippines, Indonesia, India, Thailand, China, Tanzania, Nigeria, Ghana, the UK, Hong Kong, Syria, and Palestine, to discuss the theme Navigating the Landscape of Emerging Digital Technologies: Exploring Business Opportunities and Challenges Across Various Frontiers.

The conference aimed to serve as a unique platform for collaboration and networking. It also aimed to encourage all participants to engage actively with one another, share ideas, and forge new connections that may lead to fruitful partnerships and collaborative research efforts. The exchange of knowledge and experiences was vital, enabling participants to collectively navigate the rapidly evolving digital landscape.

At the opening ceremony, Acting Dean of the Faculty of Business and Finance (FBF) Dr Peter Tan Sin Howe said that the theme was timely as it was important for businesses to explore the vast opportunities and challenges of the digital revolution. He also encouraged participants to engage in discussions for the exchange of knowledge, solutions and ideas that will bring more understanding of business’ roles and their universal impact in leveraging emerging digital technologies.

This year, BAFE 2024 gathered more than 50 research papers. Dr Peter Tan emphasised, “Since the inaugural BAFE in 2013, more than 750 papers have been presented and published in the conference proceedings, further solidifying its importance in fostering global academic collaboration. Through this ongoing effort, we may uncover different economic models that can expand markets, increase customer bases, boost business and investment opportunities, enhance stakeholder engagement, improve productivity and supply chains, and foster new contracts and partnerships, ultimately leading to self-sustaining, scalable solutions.”

Meanwhile, UTAR Vice President for Student Development and Alumni Relations Prof Dr Choong Chee Keong, in representing UTAR President Ir Prof Dato’ Dr Ewe Hong Tat, expressed, “We stand at the threshold of a transformative era. The convergence of the digital and physical realms is presenting both unprecedented opportunities and significant challenges for businesses across the globe. The integration of digital tools, artificial intelligence, and automation is reshaping industries and changing the way businesses operate and engage with global markets. It is crucial that we adopt a forward-thinking approach to address these challenges, while simultaneously capitalising on the immense potential that these technologies hold for revolutionising economies.”

He added, “As we move forward, let us remain vigilant in keeping ourselves informed and updated with the global advancements being made in progressive nations worldwide. Complacency has no place in this rapidly evolving landscape, and we must continually seek better and more efficient ways of conducting business. I hope that this conference will provide fresh insights, sparking new ideas and innovations that will inspire future research and improvements.”

Three keynote speakers, namely Dr Bernard H Casey from Social Economic Research, London and Frankfurt; Group Director/Co-Founder GSH PRECISION TECHNOLOGY SDN BHD Mr J. Philip Vincent; and Prof Dr Rita Yi Man Li of the Department of Economics and Finance Director for Sustainable Real Estate Research Center, Hong Kong Shue Yan University.

Dr Bernard’s keynote presentation titled “Early withdrawals from the Employees’ Provident Fund: Malaysia’s response to the Covid pandemic” enlightened participants on changes that would be necessary to the issue at hand. He noted that Malaysia may need to move from a high-income emerging market to a developed economy; restructure EPF but with complements, such as effective social assistance, unemployment insurance, and health insurance; and establish a policy for ageing society.

The second speaker, Mr Philip Vincent, presented his keynote titled “Landscape challenges in manufacturing technology”. He gave insights on the semiconductors supply chain, and the focus on industries in recent times, including green technology, electric vehicles, and digital economy. Participants also learnt that the semiconductor industry has made Malaysia one of the world’s six largest exporters, with a hold of seven per cent in global market share, and 13% of the global semiconductor packaging, assembly, and testing market. He then enlightened participants further on the Malaysia National Semiconductor Strategy (NSS) and elaborated on the strategy’s five headline targets.

The keynote presentation titled “Unlocking the Truth: Travellers’ Candid Views on Smart Airport Facilities” by Prof Rita Yi highlighted the importance of running efficient airport facilities and managing efficient airport facilities well. She noted that although smart technology can improve visitors’ experiences and pleasure, the study emphasises that the flaws found in social media comments must be fixed. She hoped that airport operators and management could use these insights to enhance customer service and maximise the functionality of smart facilities.”

More insightful discussions took place during the two parallel sessions held. Presenters and participants engaged in interactive Q&A over the topics on Navigating Modern Banking and Finance, Human Resource Management and Workplace Dynamics, Economic & Environmental Sustainability: The Roles of Institutions & Education, Digital Innovations and Strategies in Education, Financial Economics: The Role of Digitalization & Institutions, Economic Challenges and Resource Management, Financial Management in the Contemporary, Sustainability and Firm Performance, Societal Trends and Service Evaluation, Digital Transformation and Technological Innovation, and Sustainability and Innovation in Business and Education. In the end, Amalia E. Maulana was awarded the “Best Presenter Award” for her presentation titled “Navigating Barriers: Consumer Behaviour and Takaful Penetration in Indonesia”, which she co-authored with Mochammad Muchlasin.

The BAFE 2024 was jointly organised by the Faculty of Business and Finance, UTAR Centre for Accounting, Banking and Finance, UTAR Centre for Business and Management, UTAR Centre for Economic Studies, UTAR Centre for Learning and Teaching, alongside Jiangxi University of Finance and Economics, China; World Citi Colleges, Philippines; Institute of Accountancy Arusha, Tanzania; University of Batangas, Philippines; Mae Fah Luang University, Thailand; Institut Desain & Bisnis Bali, Indonesia; Universitas Lambung Mangkurat, Indonesia; Manuel S. Enverga University Foundation, Philippines; and Shandong Foreign Trade Vocational College, China.

BAFE 2024 was sponsored by BMC Travel Sdn Bhd, NLT & Co Chartered Accountants, Eu Yan Sang, Perak Chinese Chamber of Commerce & Industry, PSR Partner Solution Sdn Bhd, and MGB Advisory.