The virus outbreak is Asia’s call for digital business
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Coronavirus has significantly overwhelmed the world. The outbreak of Covid-19 caused the death of over 4,000 people and infected over 119,000. Some countries, including China, Italy, and Iran, have adopted restrictive measures, quarantining most of its citizens and canceling public events.
The virus has had a negative impact on trading and markets, as most of the European markets suffered significant slumps. It also disrupted the working process, and several banks have advised its staff to work from home.
This has become a problem for Asian countries and companies because most of their income depends on the physical presence of workers. It becomes impossible as most workers are currently in quarantine.
China to think more about switching to digital business
Most workers in China earn income from physical labor. They work in factories, which are the primary source of revenue for China. Yet, the emergence of Covid-19 has severely damaged the working process.
China should probably learn from its European counterparts to focus more on digital business, as it does not require the physical presence of workers and is perfectly available for employees to work remotely.
This trend has become very prevalent in European industries, especially online gaming. For instance, Armas Hämäläinen, who is the representative of online casino Spinia Finland has declared that the casino does not request its employees to come to work due to the fear over coronavirus. The company allows them to work from home, which helps keep employees safe and at the same time, keep the company active and functional.
“Coronavirus took its toll in South Korea as well, killing over 50 people and infecting 7,700.”
In contrast, China’s gambling industry is pretty much locked in. While Europe makes a lot of money from gambling. It has a legal framework, but in China, it is considered illegal and one of the weirdest facts about gambling in China is that they allow citizens to gamble in Macau which is technically their territory, but they cannot gamble inside mainland China.
We can say the same about top European banks such as Credit Suisse and Deutsche Bank. Both banks strongly encouraged some of its employees to stay home and work remotely, to contain the spread of coronavirus.
Therefore it is very convenient and useful for China if it switches to digital business more, as it will not only help to contain the virus but will create a wide range of possibilities as well.
South Korea urges local communities to take part in social distancing
Coronavirus took its toll in South Korea as well, killing over 50 people and infecting 7,700. South Korea is known in the world for its digital innovations and services, and unlike China, it did not have so many problems with working remotely, because a lot of people work in firms, where it is not necessary to be physically present at work. For instance, financial, insurance, IT, electronic companies – all of them are in favor of working from home.
Conclusion
It is hard to remember any virus, that caused so much disruption in the world, like coronavirus. No one would expect the damages to be so colossal, let alone the fact it distorted the working of companies, resulting in huge losses. As most countries in Asia, obtain revenues from the physical labor of workers, they should somehow find a way to adapt to digital services. Otherwise, it would further harm the workers and catalyze the spread of Covid-19.
Questions & Answers
Q.Why is the current virus outbreak more problematic for Asian countries compared to some European nations regarding business operations?
Why is the current virus outbreak more problematic for Asian countries compared to some European nations regarding business operations?
Most Asian countries and companies, particularly China, rely heavily on the physical presence of workers for income, especially in factories. This contrasts with some European industries where remote digital work is already prevalent.
Q.What is mentioned as a key difference between China and Europe regarding the gambling industry?
What is mentioned as a key difference between China and Europe regarding the gambling industry?
Europe generates significant revenue from a legal gambling industry. In contrast, gambling is illegal in mainland China, although citizens are permitted to gamble in Macau, which is technically Chinese territory.
Q.How did South Korea's existing business structure help it manage the impact of the coronavirus on working processes?
How did South Korea's existing business structure help it manage the impact of the coronavirus on working processes?
South Korea, known for digital innovations, had fewer issues with remote work as many people are employed in sectors like finance, insurance, IT, and electronics where a physical presence is not always necessary.
Q.Which specific European businesses are mentioned as encouraging remote work for their employees?
Which specific European businesses are mentioned as encouraging remote work for their employees?
Online casino Spinia Finland allows its employees to work from home. Also, top European banks such as Credit Suisse and Deutsche Bank strongly encouraged some staff to work remotely.