Business Daily Media

Business Marketing

Callsign Value of Digital Trust Index Report reveals first ever economic value to building digital trust of US$3,000 GDP per capita

Study further found 79% of consumers in Asia Pacific want digital identity system

SINGAPORE - Media OutReach - 16 August 2022 - Callsign, the digital identity pioneer, has released a report quantifying for the first time the value of digital trust to society and the economy. The research reveals the potential to build growth during the current global economic slowdown with a five percentage point increase in digital trust resulting in an average increase in GDP per capita of US$3,000.


The findings are revealed in The Digital Trust Index: The value of digital trust Report, which is seminal research, conducted by Callsign, the digital trust pioneer, and the Centre for Economics and Business Research (Cebr), into the attitudes and drivers of digital trust across modern economies. The findings are significant if the global economy tips into recession because investing in building digital trust into digital economies has the potential to deliver growth and productivity.

From a global total of 12,500 respondents, 2,500 came from Hong Kong, India, Indonesia, the Philippines, and Singapore.

"This Callsign research reveals the value of building digital trust to the global economy, and reflects the conversations and enquires we are engaging in. Organizations across the globe are looking at digital identity as the foundation to their digital ecosystem– delivering trusted interactions for consumer-to-business as well as business-to-business interactions. The research also demonstrates the negative impact if the industry doesn't take proactive measures to address consumers' building lack of digital trust," says Julie Conroy, Head of Risk Insights at Aite-Novarica Group.

This increase in digital trust in Asia Pacific means a potentially significant increase to the size of the economy in the region. Critical to improving digital trust is the deployment of a regulated digital identity system.

Individual market GDP data points for APAC:


1% increase in digital trust impact on GDP
5% increase in digital trust impact on GDP
Singapore
US$3.4bn
US$17bn
Indonesia
US$161bn
US$807bn
Philippines
US$65bn
US$322bn

Emerging digital trust gap

The report also found a 'digital trust gap' is emerging around the world. For APAC, the study found a positive digital trust gap, where digital trust is higher than societal trust.

Analysis found APAC markets have a positive digital trust gap of 5% while Western markets such as the US (-4%) had a negative trust gap (societal trust was higher than digital). This demonstrates that consumers in Asia Pacific have more trust in the digital economy than Western counterparts, offering potential economic advantage. 35% of APAC consumers surveyed claimed to have been affected by online fraud or a data breach which impacts their trust in online services.

Rapidly growing digital economy needs a regulated digital identity system

The digital economy is expected to grow to US$20.8 trillion* by 2025, while the cost of online crime to US$10.5 trillion.

With the rise in digital and online crime, 53% of APAC consumers expect governments to create a more secure digital world. 79% of APAC respondents support the creation of a digital identity system with almost a third saying banks and financial institutions are best placed to create and maintain the system.

Expectations in APAC of the deployment of a digital identity system quickly were much higher than other regions. 37% expect it to be rolled out in the next 12 months.

Namrata Jolly, General Manager Callsign, APAC said, "The opportunity in APAC from enhancing digital trust through digital identity is real and tangible. Consumers want and expect it to be part of their lives now. Their confidence in online experiences has improved in the last two years, which is the opposite response from consumers in Western markets.

This puts APAC at a real economic advantage as their levels of digital trust exceed societal trust. In the global digital economy, APAC appears poised to capitalise on the growth through the deployment of a secure and trusted digital identity system."

To see the full Digital Trust Index report, visit https://www.callsign.com/digital-trust-index.

Hashtag: #Callsign

The issuer is solely responsible for the content of this announcement.

About Callsign 

Callsign is pioneering digital trust through proprietary technology that uniquely mimics the way humans identify each other in the real world.

Positive identification of genuine users delivers privacy, safety and minimal friction whilst ensuring that bad actors are blocked. Through a simple Swipe or Type, users can be personally recognized to a 99.999% accuracy, delivering the highest-fidelity AI-based user recognition for the digital world.

To learn more about how this technology is used to underpin digital trust across financial institutions, governments and commerce globally visit:

About The Centre for Economics and Business Research (Cebr)

The Centre for Economics and Business Research (Cebr) is an independent consultancy with a reputation for sound business advice based on thorough and insightful research. Since 1992, Cebr has been at the forefront of business and public interest research. They provide analysis, forecasts and strategic advice to major UK and multinational companies, financial institutions, government departments and agencies and trade bodies. For further information about Cebr please visit .

Notes:
The methodology for this report involved conducting a survey to measure levels of trust in online and digital services across nine key regional markets. As part of the report, further questions were asked about trust in the wider society to be able to analyse differences and common trends.

APAC: 2,500 = Hong Kong 500, Singapore 500, Indonesia 500, India 500 and the Philippines 500
Brazil: 1,000
Canada: 2,000
Middle East: 2,000 (UAE 500, Kingdom of Saudi Arabia 500, Qatar 500, and Bahrain 500)
Nordics: 500
South Africa: 1,000
UK: 1,000
USA: 2,000

Footnotes
*In December 2021, the Global GDP estimate was US $94 trillion () with the World Bank . The World Bank also estimates that over the past 15 years, the digital economy has grown 2.5x quicker than the . To calculate the value of the digital economy in 2025, we averaged global growth forecasts for 2022 from the , and , which equalled 3.73%. Given that the digital economy grows 2.5x quicker than Global GDP, the digital economy's growth rate for 2022 was 9.33%.

Compounding this growth until 2025 meant that the digital economy would be worth US $20.8 trillion, while the Global GDP would be US $108.9 trillion. Therefore, the digital economy would account for 19.13% of Global GDP in 2025 an increase of 3.63% over 2021.

Given the current macroeconomic context these are clearly projections, which assume that the economy will continue to grow through 2025 with a significant economic downturn. Additionally, the value of the digital economy may in fact be a greater percentage of the Global GDP in years to come as our economy continues to benefit from digital innovation and more humans getting access and begin contributing to the digital economy. The above analysis was conducted by Callsign Corporate Strategy team.

News from Asia

Vietjet Air celebrates 10th anniversary of operation to China

*Announce the Xi'an - Ho Chi Minh City route SHANGHAI, CHINA - Media OutReach Newswire - 10 April 2024 – Vietjet today celebrates its 10th anniversary of operation to China (2014 – 2024) and annou...

Bay of Lights Partners Ascott, Setting New Standards for Luxury and Hospitality in Sihanoukville, Cambodia

SIHANOUKVILLE, CAMBODIA - Media OutReach Newswire - 11 April 2024 - Steering the groundbreaking Bay of Lights coastal development, Canopy Sands Development (CSD) proudly unveils a landmark partner...

TDCX the first Southeast Asian and Singapore-headquartered service provider to be recognized among world's top outsourcing companies

TDCX ranked 18th in OA500 Index which recognizes top BPO firms globally SINGAPORE - Media OutReach Newswire - 11 April 2024 - TDCX, an award-winning digital customer experience (CX) solutions prov...

Super election year increases risks of political violence, warns Allianz

SINGAPORE - Media OutReach Newswire - 11 April 2024 - With an unprecedented 'super-cycle' of elections in 2024, almost half the world's populations will go to the polls before the year is out...

Grand Opening of Apple Storage Creative Hub: Unleashing Creativity in Hong Kong

HONG KONG SAR - Media OutReach Newswire - 11 April 2024 - Apple Storage Group, one of the leading providers of self-storage services in Hong Kong, has been dedicated to delivering high-quality sto...

The Hong Liang Art Museum at NTHU Set to Open Next Year

HSINCHU, TAIWAN - Media OutReach Newswire - 11 April 2024 - The beam-raising ceremony was held for the Hong Liang Art Museum at National Tsing Hua University (NTHU) in Taiwan...

Generali Hong Kong Triumphs with Six Wins at the "10Life 5-Star Insurance Awards 2024"

HONG KONG SAR - Media OutReach Newswire - 11 April 2024 - Generali Hong Kong has secured six prestigious accolades at the "10Life 5-Star Insurance Awards 2024". The awards, which serve as a benchm...

SHANGHAI TANG Unveils Its S/S24 Collection

Spring and Summer Extravaganza Blending Nature and Tradition HONG KONG SAR - Media OutReach Newswire - 11 April 2024 - As the Year of the Dragon unfolds, SHANGHAI TANG proudly presents its highly ...

HKU hosts Inaugural Hong Kong Climate Forum Fostering collaborations to create regional and international impact on the climate front

HONG KONG SAR - Media OutReach Newswire - 11 April 2024 - The ambitious sustainability goals set by China and California, US, which are at the forefront of combatting climate change, have made col...

THE MICHELIN Guide Extends To Da Nang, Vietnam

HO CHI MINH CITY, VIETNAM - Media OutReach Newswire - 11 April 2024 - Michelin is delighted to announce that the MICHELIN Guide has added the city of Da Nang to its gourmet destination portfo...

Popular

I hired a business coach to help my small business soar - here’s why you should too

What do they say? The first rule of business is to stay in business. Starting any business is tough, but staying in and growing a business can be impossible. Figures tell us that more than half (60 percent) of start-up businesses ...

Food recalls are growing

Food recalls are growing: expert reveals 6 ways food manufacturers can reduce risks through supply chains   There has been an alarming growth in food recalls in Australia: 106 recalls took place in 2018-19, compared with 81 ...

How To Reduce Unnecessary Business Costs To Improve Margin

Not all new entrepreneurs and business owners know from the beginning of their startup journey how to save money by prioritising spending. Some business costs are compulsory and inevitable, while some others can be reduced o...

Virtual Office
Tomorrow Business Growth