Access Asia Magazine Feb / Mar 2017 : IT TRENDS AND DEVELOPMENTS by AustCham Singapore

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IT IT TRENDS TRENDS AND AND DEVELOPMENTS DEVELOPMENTS 2017

FEBRUARY / MARCH

CONNECTING BUSINESSES ACROSS ASIA AND BEYOND anz.com/institutional

PRESIDENT’S MESSAGE

Welcome to the February / March edition of Access Asia magazine. In this edition, we take a look at the impact of technology on business; including one of the very real but easily managed security issues affecting your company to the impact of the digital economy across the ASEAN Economic Community and many things in between. For my regular Face to Face interview I caught up with Adam Lyle, who will be well known to many of you through his work as Executive Director at Padang & Co and his position as AustCham Vice President. Adam is about to embark on a new adventure, launching Level3 – a co-working space within the Unilever offices in Singapore. This unique opportunity for start-ups to connect with one of the largest consumer goods manufacturers in the world is fantastic. It was great to hear some of Adam’s experiences with changes in technology, particularly how its changed the nature of developing a business plan with the ability to quickly produce a prototype and test it in the market before investing a lot of time and money in an idea that may not work out. Following on from the challenges facing the global economy last year, early indications are that this year will be similar, with business looking at new ways to innovate and better connect with the market. These times can be challenging but through innovation and change there can also be new opportunities that open up. Now more than ever it is important to build your networks and stay informed about new developments as they happen. AustCham plays an important role in helping you and your business through these times, and we have a strong calendar of business briefings and social events planned for the coming year.

BOARD MEMBERS PRESIDENT GUY SCOTT VICE PRESIDENTS IAN CUMMIN BlueScope ADAM LYLE Padang & Co HONORARY SECRETARY JOHN DICK Dentos Rodyk HONORARY TREASURER SEAN STRATON UBS NIGEL CUMMINGS Sliding Doors Entertainment PHILIP FORREST Honorary Life Member

Kicking off 2017 for us is the one and only ANZ Australia Day Ball, the Australian business community’s night of nights in Singapore. By the time this edition reaches you hopefully you will have recovered after long hours on the dance floor and indulging in the fantastic Australian food and wine we have on offer again this year. Attracting close to 1000 attendees, our Ball is the best way to welcome the new year.

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EXECUTIVE DIRECTOR’S MESSAGE

In this edition of Access Asia magazine, we take a closer look at a few of the aspects of the broader IT industry. IT is a growth area and hugely important in the way businesses and individuals operate in a modern world. Many AustCham members across numerous industries have contributed to this issue, looking at a range of different topics under the broad heading of IT future trends. It is clear that IT will continue to change the workforce in ways that haven’t yet been considered and the impact on human capital is significant. Keeping pace with this change and making sure staff are considered in the process will be integral to taking advantage of the opportunities these changes will bring. More than ever before, your employee’s personal online security and behaviours also influence your business. Lax security measures on something as simple as a password, can make your company vulnerable to data breeches and data loss.

CONTENTS

AustCham is off to a flying start for 2017. We are putting the finishing touches on the Australia Day Ball as this edition goes to print and it’s shaping up to be a spectacular night.

FACE TO FACE WITH ADAM LYLE

THE HUMAN IMPLICATIONS OF DIGITAL LABOUR

MARKETING AUTOMATION THE ESSENTIAL TOOL TO GROW YOUR REVENUE IN 2017

INDUSTRY 4.0 - BUILDING DIGITAL ENTERPRISES IN ASIA PACIFIC

ADVANCING THE ASEAN ECONOMIC COMMUNITY

I hope you enjoyed catching up with loved ones over the festive season and I look forward to working with you in 2017.

YOUR PASSWORD MATTERS

KATE BALDOCK EXECUTIVE DIRECTOR

In this issue, we also look at a recently released report from Deloitte investigating the digital economy across ASEAN and the flow of information in this community. Plus much more – from the impact of IT developments on Qantas to building digital enterprises in the Asia Pacific region and how marketing automation can help your business succeed. Thank you to each of our members who have contributed to our magazine, and if you have a particular area of interest or an idea for an article please contact the editorial team info@austcham.org.sg.

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FACEtoFACE with

ADAM LYLE

Adam Lyle is most well-known to AustCham members as Executive Director of Padang & Co, and current Vice-President of the Chamber. With over 15 years’ experience in Asia in the field of innovation and technology, Adam is about to embark on a new adventure with Level3, an exciting new co-working space – set to open soon. AustCham President Guy Scott caught up with him to find out more. We’re sitting in your soon to be opened new office, it’s really impressive space and you’ve got some big plans for the new operations. It’s a co-working space but quite a different concept? Yes we are quite different. We have created this workspace with Unilever Foundry and although a separate entity we are located within Unilever’s HQ. The companies we have joining Level3 either work with Unilever currently or have technology and solutions of interest to Unilever. The space is designed for Unilever employees to hangout, attend events in the space and connect with the startups and through such connections, opportunities emerge for all. Plus as Unilever Foundry’s scout in Asia, we get briefs to go and look for start-ups for Unilever to partner with. So this is a real first corporates have backed accelerators and taken space in co-working spaces before, but this is the first time that there is a co working space with such proximity – basically inside the Asia headquarters – of the world’s second largest consumer goods company. There was a shift that happened 5 – 10 years ago when people started talking about incubators and start-ups but prior to that MNCs sat up on high and said we’re too big and don’t want to talk to the little guys... but now they do. What was that trigger do you think? I think it’s because they realised setting up standalone innovation units internally often faced challenges. Often, a few people picked up from another part of the company and told “well you’re now the innovation team” and they’re tasked with trying to move the whole 6

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organisation – a tough job. The landscape has also changed with the affordability of massive computing power, the rise of the cloud and the ease with which start-ups can appear and start disrupting incumbents. Add to this a crowdsourcing mind-set and things have changed dramatically. By engaging with a dynamic start-up they can take that energy and innovative thinking and combine it with the grunt and critical mass of the MNC. It’s about showing the MNC staff how quickly they can move and the agility of the start-up and it's exciting. Who is it behind all of this? You have a business partner… I have two co-founders in Padang & Co, Daryl Arnold and Derrick Chiang. The Level3 workspace is a division of Padang & Co. So what happens with Padang? We’ve known you as part of Padang for a while now, do you see that it will change in what it does? No, it’s going to continue doing what it does as an innovation catalyst. That’s getting start-ups and entrepreneurs and matching them with MNC’s and government to improve how they solve problems and develop opportunities. We’ve done 34 hackathons in Singapore over the last 3 years, but we also do other types of open innovation events. We’re also looking at expanding to Australia. There’s the Landing Pad launching here very soon, which will attract Australian companies into this space. The research that’s happening here and in Australia means there are great opportunities to drive those relationships.

FACEtoFACE

You mentioned hackathons, as part of that people develop a prototype as a solution to the issue they are presented with, is that generally a smart phone app? A lot of it historically has been apps because that’s the kind of easy thing that somebody can do over the course of a weekend. Other prototypes might be as simple as using good old cardboard, plastic, straws. When I first started in business you did business plans, you presented it, you tried to get funding and then you went and built your product. Today the whole thing is about fail fast, learn and iterate. It’s all about prototyping – build something and test it, whether it be an app, other software or hardware you can get a roughy out there and ask people “hey how does that feel, what do you think, would you use it” and you can watch people using it and over the course of days and weeks you get a sense maybe no that’s a lousy idea no one’s ever going to use that, so that’s why everything is moving so much faster. Padang has always felt to me like a combination of supporting innovation but with a strong focus on the social responsibility. Yeah, we’re very purpose driven. Anything to do with innovation is optimistic, it’s about the future and it’s about changing things. And hopefully it's always about doing things better and our particular focus is about how can we do things better for society. In the same way that Unilever is wanting to double their sales by 2020 they want to achieve it while halving their carbon footprint. Just being involved in these activities is great, there is no untouched industry and everything is up for disruption. And while that can be uncomfortable for some companies, disruption provides new opportunities and new jobs. So you wouldn’t fit into the strict definition of a millennial… I wish! Well, I think baby boomers and millennials are not as different as everybody says. One of the things about millennials is they want to have purpose, they want to do the right thing and do quality purposeful work. I think baby boomers also want to do good work because they’re saying how many years do I have left, I don’t want to sit around doing silly stuff I want to do good stuff. Or they’ve learnt, and have seen the horrors out there and have the level of maturity and possibly the financial wherewithal to make a difference by using wisdom or financial resources. There’s a lot of other differences but there are a lot of commonalities. It’s a bit like MNCs and start-ups! Moving on to the CSP, is it just another trade pact that is only relevant to big organisations or do you see that the CSP might be something different? I believe it to be different, but we are waiting for detail to come through on that. Whereas trade deals are setting up various positions that are often very complex between two countries and determining how companies operate underneath it, there’s a lot of strategic intent around the CSP – particularly in my target area of innovation. I think there is scope for many more organisations, whether they be start-ups or SMEs, to get involved. For Singapore companies to link ideas to Australia - it’s a big market compared to Singapore and it’s a western market so it’s a great way to try out ideas, and likewise with the labour mobility aspects of the CSP to enable more Australians to come to Singapore and learn about Asia and get involved in Singapore as a jumping off point. I think we are going to see great opportunities, and as always I think it takes individuals to seize them and not just think oh it’s another one of those things.

ANYTHING TO DO WITH INNOVATION IS OPTIMISTIC, IT’S ABOUT THE FUTURE AND IT’S ABOUT CHANGING THINGS.

So tell us a little bit about your background, how did you end up here? (laughs) how did I end up here… well in 2000 I was offered a chance to go to Taiwan for a few weeks with an Australian consulting company I was working with in Oz, so I went for 4 weeks and stayed for 4 years! Then I joined a UK change management company in Taiwan while they decided where I would relocate. The options being Shanghai or Singapore – and I was a big fan of Shanghai in those days so I was pushing for that – then, Singapore it was. My initial thought was oh my god the humidity of Singapore but as I came closer to moving here (in 2006) I took up running and used to run along the river and thought actually this is pretty special, matched only by running McRitchie which is actually one of the best runs in the world I think. So that’s how I got here. And then unfortunately on the back of the GFC they decided to close the Singapore office and they offered me a job back in Sydney, which frankly to a person in their 50s being offered a nice fulltime job back in Australia was a real opportunity but I felt my work in Asia wasn’t finished. My view was that if I went back to Australia I’d be sitting reading the Financial Review about what was happening in Asia and I’d be thinking I’d be missing out of that. I wanted to be part of it. So I decided to stay here and that’s when I set up the sustainability consultancy using my change management expertise. And then I met Daryl Arnold invested in his company Newton Circus and subsequently formed Padang & Co after we attracted Derrick back from Australia. It is funny how things I was working on decades ago keep coming back in some way though – destiny dare I say! But it’s all been about innovation and change. ACCESSASIA | WWW.AUSTCHAM.ORG.SG

THE HUMAN IMPLICATIONS OF DIGITAL LABOUR Author Carolyn Chin-Parry Director, People & Change, Management Consulting KPMG Singapore Author Peta Latimer Partner, People & Change, Management Consulting KPMG Singapore

As governments and businesses seek to maximise opportunity, advanced technologies play an important role. The rise of digital labour can be attributed to the historical shift from the Industrial Revolution to the Information Age, where industries are being reinvented with the rise of a new digital-based economy. Klaus Schwab, founder of the World Economic Forum, refers to the new ways that humans and machines connect and relate, as the 4th industrial revolution1. Still in its early stages, Industry 4.0 involves the combination of human-machine intelligence with modern technologies, most of which are getting faster and less expensive to deliver. While organisations are exploring the benefits associated with advancing technologies, this convergence is resulting in a blurring of lines between the physical and the digital, with the ability to create major disruptions to ‘work’ as we know it. Traditionally, change was driven by transforming people, process or technology. But as Mark Goodburn, Global Head of Advisory, KPMG International points out, “in a digital world, the interplay between these three dimensions is more dynamic – and the pace of change considerably more accelerated. Those who embrace change and adapt quickly will be rewarded.” While many have been fast to embrace the benefits of technological change in their social and personal lives, there is often resistance when this change impacts jobs. Kegan and Lahey describe this “immunity” to change as a paradoxical short-term self-defence mechanism and is a fundamental hindrance to organisational transformation2. The challenge for leaders is to learn how to integrate this change and make the most out of both human and digital labour. To do this successfully, organisations should be proactively reflecting on these five considerations (as seen in the diagram opposite): 1.

Leadership Vision: Digital labour will demand changes in operating models, infrastructure and management. Organisational direction must be assessed against the transformative power of digital labour. Leaders must have clear alignment around the timing, readiness and scope of the digital labour effort in order to leverage a future-proofed vision.

2. Culture Shift: Combining Human and Digital labour has implications which are expected to bring an exponential amount of change to the culture of an organisation. Core values, personalities and unwritten rules need to be revisited and adapted to reflect a new reality. Building in agility and resiliency will be key to overcoming potential misconceptions and resistance. 3.

Workforce Shaping: Current efforts to reshape a ‘Digital organisation’ too often centre on redesigning job roles rather than redesigning the actual work. Human-centred organisational design is needed to help reshape workforces, since some technologies will augment, reduce, or even replace human labour. This presents an opportunity to truly change the way ‘work’ works.

Talent Management: Reshaped workforces bring new talent challenges. Clarity of future talent needs, identification methods and reskilling efforts need to be invested in to move forward and prevent the loss of organisational knowledge. Proactive talent management should extend an organisation’s focus beyond the traditional full-time employment labour market, be scenario-based, and agile to manage future needs.

Changing Behaviours: Behaviour change is always challenging, especially so when it involves navigating complex relationships between humans and digital labour. A carefully developed and implemented change management strategy, learning and development programme, and change readiness plan will be essential.

1 Klaus Schwab, The Fourth Industrial Revolution, World Economic Forum, 2016.

2 R Kegan and L L Lahey, Immunity to Change, Harvard Business School Press, February 2009. 8

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As history proves, inventions have always created more higher-value jobs, just think about the plough and automobiles. According to futurist Ross Dawson, it will be key capabilities such as collaboration, problem solving, decision-making, framing decisions, sense-making, synthesis, trust building, and influencing which will be deemed irreplaceable and where human labour should be centred. To truly achieve the productivity gains offered by advancing technologies, Dawson believes that recognition of distinctive human capabilities is central to the design of education, organisations and the definition of work3. It is without a doubt that many jobs will morph and modify over time, with many workers having to learn new skills. Some countries like Singapore are actively endorsing and funding initiatives such as SkillsFuture to help impacted workers achieve this with minimal financial outlay. It is certainly an exciting time which requires opportunism, innovation and critical thinking. If we can each get past our immunity to change, we as humans and workers can more readily accept that change associated with Digital Labour does not destroy opportunity, rather it simply relocates it. Source: R Asha, Understanding the Impacts of Digital Labor on People and Organizations, KPMG

3 R Dawson, http://rossdawson.com/blog/framework-the-role-of-humans-in-the-future-of-work/

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MARKETING AUTOMATION THE ESSENTIAL TOOL TO GROW YOUR REVENUE IN 2017 Author Razy Shah Digital Consultant 2Stallions Digital Marketing Agency

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Marketing and sales efforts, when working seamlessly, can drive a businessâ&#x20AC;&#x2122;s growth. The role of the marketing team is to build brand awareness, nurture customer relationships and to generate leads. The sales team then takes over the nurtured lead to convert them into sales. Breakdowns do happen in the process such as the sales team receiving unqualified leads or when there is a high volume of leads. As companies trim their global workforce, there will be more such breakdowns. How can a company do more with a leaner sales and marketing team? Enter marketing automation. Marketing automation is usually enabled by a software platform that allows businesses to streamline, automate and measure their marketing and sales efforts. Essentially it allows businesses to nurture leads, close more deals and maintain customer relationships. When done right, it can help a business increase productivity and accomplish more with a smaller team, even if youâ&#x20AC;&#x2122;re a one-person company. Marketing automation software would combine a number of tools including a customer relationship management (CRM) tool and a function to send mass mailers. Lead nurturing through automated email journeys is a vital cog to the marketing automation system. IS EMAIL MARKETING STILL RELEVANT IN 2017? A 2015 study by MarketingSherpa discovered that 72% of adults in the U.S. prefer companies to communicate with them via email. Email was the most popular channel across every demographic. Your audience checks their inbox every day. The email inbox allows you to communicate directly with them without the distractions that other channels have. Email marketing has a high return on investment. According to the Direct Marketing Association UK, every $1 invested in email marketing has a return of 38X.

3 WAYS YOUR SALES TEAM CAN BENEFIT FROM MARKETING AUTOMATION The term marketing automation makes it seem that it’s software helpful only to your marketing team. However, the combination of marketing data and CRM can improve the efficiency of your sales team as well.

refined to better nurture your leads. Wow your customers with an immediate response to an email contact request You receive an enquiry via your marketing campaign. This enquiry could come at any time of the day and your team might overlook this request.

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Responding a few hours later is bad for business. According to a Harvard

Let’s say your sales team attended the chamber’s Business Connects

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event. They spoke to a lot of potential customers and now have a stack of

follow up within an hour when compared to following up within 24 hours.

business cards to follow up on. Writing a personalized email to each and every one of them would take a lot of time. An email that is not personalized would certainly not be received well. Over the next few days, however, your sales team gets delayed writing the emails due to other deals, events or sales meetings. After a while, the hot leads from the chamber event have now turned cold. Marketing automation would allow your sales team to schedule an email to be sent within an hour or the next day immediately following the event. Simply snap a photo of the collected business cards to automatically add

With Marketing Automation, you can ensure that a hot lead is followed up with right away. The software issues an email immediately when a contact request is received. Even though the response is pre-written, it will sound like you just sent it. Your prospect will be delighted with getting a lightning fast response. A study posted by MarketingSherpa listed that 70% of consumers prefer email to any other form of marketing communication. The software can then assign a staff member to follow up with a phone call. Increase Your Revenue

them to your sales funnels. The software then generates email via an email

Your best new customers are always your old ones. While your sales

template that feels personal but can apply to any new contact.

team may be focusing on acquiring new customers, never forget about

Prioritise your leads If your sales team has a lot of leads to handle, you would want them to tackle the hottest leads first. Automation software enables your team to set their priorities as it ranks each lead based on their engagement with your marketing efforts. With this lead scoring, your team can focus on the leads that are closer to being converted into a sale.

the old ones as they are more likely to become repeat clients. Marketing automation can help you generate repeat business. It works through a series of automated rules that allow for cross sells, upsells and referrals. For example, if you’re an insurance agent with life insurance clients, you could upsell them a plan with better coverage or add-ons to their existing plan as their financial status improves by consistently keeping them informed about available plans and how they would help secure their

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home and vehicle. By staying in touch via email, you would also build up

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a good relationship with them and allow you to ask for referrals every few months to grow your client base. And the best thing about this is that you

With an optimized sales process, you can drive more sales quicker. When

would only be informed when your client is ready to purchase more or refer

Thomson Reuters implemented marketing automation, they found that they

someone to you, so all this time, you can concentrate on your existing

converted leads to sale almost 4X FASTER, which led to a 175% increase

appointments.

in revenue attributed to their marketing automation efforts. If you want to learn more about how you can convert leads into sales, download our FREE ebook at http://2stallions.com/turn-leads-to-salesebook. 3 WAYS YOUR MARKETING TEAM CAN BENEFIT FROM MARKETING AUTOMATION

Utilizing this form of marketing can have a major impact on your revenue and on the lifetime value from each customer. These are just some of the things that Marketing Automation can do for your business. Your business will have an easier time managing leads and existing customers with the help of automation software. Want to know what else your business can automate? Download our

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and finally, to generate a higher ROI from your marketing budget. Improve your marketing process Marketing automation necessitates the visualization of your customer’s journey. The team can see where the leads are dropping off during the different stages of the lead nurturing process. These areas can then be

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INDUSTRY 4.0 – BUILDING DIGITAL ENTERPRISES IN ASIA PACIFIC Author Christopher Warren Industry 4.0 champion and Director for CIO Advisory Services PwC South East Asia Consulting Author Pierre Legrand Technology Leader PwC South East Asia Consulting

Behind the scenes of the world’s leading industrial companies, a profound digital transformation is now underway. Industrial leaders are digitising essential functions within their internal vertical value chain, as well as with their horizontal partners along the supply chain. In addition, they are enhancing their product portfolio with digital functionalities and introducing innovative, data based services. PwC recently released the 2016 Global Industry 4.0 survey; of the 2,000+ industrial companies that we surveyed worldwide (304 in Asia Pacific) that are expecting to dramatically increase their overall level of digitisation. While just 33% of them rate their company as advanced today, that number jumps to over 70% looking ahead to 2020.

Industry 4.0 Survey Methodology: Based on research conducted with over 2,000 senior executives from industrial products companies in 26 countries. The majority of participants were Chief Digital Officers or other senior executives with top-level responsibility in their company for Industry 4.0 strategy and activity. Results were weighted by country GDP to provide a balanced view in global. WHAT IS INDUSTRY 4.0? While the term Industry 4.0 / Industrial Internet is becoming increasingly familiar, we use Industry 4.0 as a shorthand to describe a journey industrial companies are taking towards a complete value chain transformation. In our view, Industry 4.0 is driven by three elements: •

Digitisation and integration of vertical and horizontal value chains Industry 4.0 digitises and integrates processes vertically across the entire organisation, from product development and purchasing, through manufacturing, logistics and service. All data about operations processes, process efficiency and quality management, as well as operations planning are available real-time, supported by augmented reality and optimize in an integrated network. Horizontal integration stretches beyond the internal operations from suppliers to customers and all key value chain partners. It includes technologies from track and trace devices to real time integrated planning. ACCESSASIA | WWW.AUSTCHAM.ORG.SG

•

Digitisation of product and service offerings Digitisation of products includes the expansion of existing products, e.g. by smart sensors or communication devices combined with data analytics, as well as the creation of new digitized products which focus on complete integrated solutions. By integrating new methods of data collection and analysis, industrial companies are able to generate data on product use and refine products to meet the increasing needs of end customers. Digital business models and customer access Beyond providing digitally enhanced products, leading industrial companies expand their offering by providing disruptive digital solutions such as complete, data-driven services and integrated platform solutions. Disruptive digital business models are often focused on generating additional digital revenues and to optimise customer interaction and access. Digital products and services are often part of serving customers with a complete solutions in a distinct digital ecosystem.

The three elements of Industry 4.0 overlaid with the insights for Data and Analytics capabilities allows organisations to enhance their products and services in a digital environment. Highlights from Regional Results: Within Asia Pacific the survey results indicate that the region is currently slightly ahead of the global average in the level of digitization (40% high level of digitization today vs 33% globally). This may be due to the region’s lack of legacy processes, frameworks and systems, which is among the common issues faced by industrial companies in the developed economies.

investing heavily in developing capability building blocks and foundations. We are focused on building four key areas to support clients in their journey to build and access the digital economy. 1.

Cloud Services is a key enabler in order to build a digital enterprise. There are 2 main focus areas that we are developing. The first is enabling 'iconic' workloads for Cloud. For example we stood up a transformational finance system and powerful reporting and analytics platform in 4 months for less than 40% of traditional build and run cost. The second area focuses on providing a 'platform' for 'any' workloads (public or private). We have a Cloud Center of Excellence (CoE) 'as-a-service' with capabilities that can be used to support the transition to Cloud operations as a 'new normal'.

Data Analytics Services goes beyond reporting and business intelligence to delivery valuable business insights from the increasing amounts of data produced and captured by an organization in a digital environment. This includes assisting clients in developing sustainable analytics capabilities that include data scientists and data integration experts. These capabilities together have resulted in insights that have helps clients reduce costs and identify untapped revenue streams.

Digital Services, including our regional Experience Centre follows the belief that successful digital transformation can only be achieved through the nexus of business strategy, user experience and technology. Our Experience Centre employs creativity, design thinking, agile development and principles of user testing to ensure that every digital solution is customer centric. It works with clients from strategy right through to execution. With a proven track record, prior work includes projects transforming everything from government and transport experiences to banking, retail and health industries.

Cyber services not only protect business value; but can create it by using cybersecurity and privacy as a tool to transform businesses. By bringing together capabilities from across our services, we seek to understand senior leaders’ perspectives on cybersecurity and privacy in the context of strategic priorities so they can play a central role in business strategy. By incorporating tactical knowledge gathered from decades of projects across industries, geographies, programs and technologies, we can create and execute holistic start-to-finish plans to help clients in combating cyber threats and creating business value.

Conversely, Asia Pacific lags behind their global counterparts in using data analytics for improving asset utilisation or operational efficiency – at 64% compared to the global average of 71%. This may be due to there is a greater focus on building new infrastructure in the region than on optimising existing. Additionally, our survey results reveals that opportunities to apply data analytics (i.e.: solid business/technology knowledge) is more of an issue for industrial companies in Asia Pacific. When compared with the global average, these companies have a slightly lower need for skills and competency in data analytics. This may therefore suggest that the biggest challenge for businesses in the region lies in applying these skills to solve business problems and create new digital opportunities. It is agreed both in Asia Pacific and globally that the opportunities presented by Industry 4.0 warrants significant investment with >50% of respondents expecting an ROI within 2 years of investment. Asia Pacific, compared with global has aligning themes, with slightly different challenges and foundational capabilities required.

PwC Industry 4.0 - Blueprint for Success At the end of this transformation process, successful industrial companies will become truly digital enterprises, with physical products at the core, augmented by digital interfaces and data-based, innovative services. We are actively developing and supporting our clients on the Digital Journey within the future digital economy. Further Information can be found at: http://www.pwc.com/gx/en/industries/ industry-4.0.html

FOUNDATIONAL CAPABILITIES FOR INDUSTRY 4.0 In order to assist organisations in executing Industry 4.0 we have begun ACCESSASIA | WWW.AUSTCHAM.ORG.SG

ELEVATE YOUR INTERNATIONAL DIRECTOR PERFORMANCE Do you want to gain a deeper understanding of directing in a global context? Working across borders can be challenging, that’s why we developed the International Company Directors Course, designed to help you navigate the nuances of global governance and directorship. Who is the program for? Senior executives and directors working across different countries. How will you benefit? With a deeper understanding of your role and responsibilities you can: • Enhance your organisation’s strategy • Boost your organisation’s performance • More confidently address risk and compliance • Enhance your performance as a director or executive Upcoming dates 27 to 31 March 2017, Shanghai 23 to 27 May 2017, Singapore 4 to 8 September 2017, Hong Kong 13 to 17 November 2017, Singapore

To find out more or to enrol t: +61 8 9320 1709 w: companydirectors.com.au/icdc

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Australian startups are landing in Singapore Some of Australia’s most promising startups will soon be heading to Austrade’s Singapore Landing Pad to develop their ideas and take their business global. The Singapore Landing Pad is one of five international Landing Pads. Along with facilities in Berlin, San Francisco, Shanghai and Tel Aviv, the Singapore Landing Pad provides marketready Australian startups with access to some of the world’s best innovation ecosystems. Successful applicants are based in an innovation centre for three months where they can work on refining and commercialising their product or service, and identify potential customers, partners and investors. A REGIONAL STARTUP HUB Singapore was selected as the site of a Landing Pad due to its vibrant culture of innovation. The island nation is currently ranked 10th globally for startup ecosystems and is ideally placed for accessing the 600 million-strong ASEAN consumer market. Singapore’s friendly entrepreneurial climate has created a collaborative and diverse startup ecosystem that has caught the attention of venture capital firms. The Singapore Venture Capital (VC) and Private Equity (PE) Association reported that Singapore-based PE and VC fund managers invested more than US$9 billion in 2015. “These factors make Singapore a logical choice for Australian startups that want to pursue international growth,” says David Campbell, Austrade’s Senior Trade & Investment Commissioner in Singapore. “Along with our new Comprehensive Strategic Partnership with Singapore, the opening of the Landing Pad also reflects the Australian Government’s commitment to helping Australian businesses pursue opportunities in Singapore and the

ASEAN region.” THE SINGAPORE LANDING PAD Landing Pad participants will be based at BASH (Build Amazing Startups Here), Singapore’s largest integrated startup space, where they will interact with international peers from diverse fields, including artificial intelligence, the Internet of Things, media, e-commerce and fintech. Located in the One North District, BASH hosts more than 260 new ventures and 25 incubators and accelerators. The Economist described BASH as “the world’s most tightly packed entrepreneurial ecosystem”. Corporate innovation programs and venture capital firms maintain an onsite presence, providing direct assistance to resident entrepreneurs. The first batch of participants commencing in January include 1.

Ebilities, Sydney- Online based ability testing for HR and other users in the Education industry

HipFlask, Perth - Audience Engagement platform for event promoters in the Entertainment industry

Quitch, Melbourne - A gamified mobile learning platform in the Education industry. Quitch is a spin off from Swinburne University

Zed Technologies, Melbourne - Provides cloud access to X-rays and scans to doctors and patients outside of the hospital or clinic in the Health Tech industry

Austrade will also provide participants with one-one-business development assistance, including: •

guidance on identifying and targeting customers

•

advice on accessing angel investors, venture capital and other sources of investment

•

introductions to local government agencies

offering support programs businesses and startups

for

new

•

advice on accessing ASEAN markets

•

introductions to a robust network of domain experts, mentors, and advisers.

Austrade will also provide participants with one-one-business development assistance, including: •

guidance on identifying and targeting customers

•

advice on accessing angel investors, venture capital and other sources of investment

•

introductions to local government agencies offering support programs for new businesses and startups

•

advice on accessing ASEAN markets

•

introductions to a robust network of domain experts, mentors, and advisers

ABOUT THE LANDING PAD TEAM The Singapore Landing Pad is staffed by dedicated Austrade personnel including Joseph Ziegler, the Landing Pad manager, who has more than two decades of startup expertise. Joseph and the Austrade team will link participating Australian enterprises with a network of mentors, investors and talent throughout the ASEAN region. Austrade’s team has extensive knowledge of the markets that are relevant to Australian businesses looking to expand into Southeast Asia. The team also has investment experience, connections to service providers and relationships with Australian and Singaporean leaders who can help advance the business development process.

Australian Trade & Investment Commission in Singapore Phone: +65 6418 8400 Email: singapore@austrade.gov.au Web: www.austrade.gov.au/singapore

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The AEC is arguably the single most significant economic policy initiative in Southeast Asia just now. It embodies the belief that by acting together, Southeast Asia is big enough to matter. It aims to put ASEAN on a higher and more sustainable growth path by creating a single market and production base that is ever more competitive and ever more integrated into the global economy. DIGITAL CAN FURTHER PROMOTE INTEGRATION With the 2015 deadline for integration now past, a refreshed blueprint has been put in place to complete the programme by 2025. Much of that plan is on point. If there is a flaw, it is that the digital economy remains at the periphery of the AEC framework. Doing so leaves the potential of the digital economy in an integrated ASEAN unfulfilled. The answer is to bring the digital economy front-and-centre in the AEC framework. Doing so gives renewed impetus to integration and opens up the possibility of a bigger, better market for business. DIGITAL IS BEST IN AN INTEGRATED ASEAN

ADVANCING THE ASEAN ECONOMIC COMMUNITY

Digital can contribute to growth and development in Southeast Asia in five big ways: 1.

Southeast Asian Consumers Go Digital As yet, digital commerce is a small part of the ASEAN marketplace and a fraction of what it should be. The fundamentals are there. ASEAN is home to 636 million people ~ the 3rd largest population in the world ~ with favourable demographics and an emerging middle class. More than that, its citizens are tech-savvy, early adopters of technology. Southeast Asia is #3 globally in mobile subscribers and #4 in Internet connections. When all that is taken together, it is no surprise that experts expect Southeast Asia to become a top-five digital economy by 2025.

Southeast Asian Manufacturers Embrace Industry 4.0 Digital opens up the possibility of a step-change in competitive position of manufacturing in Southeast Asia. Disruptive new technologies can make for big efficiency gains by bringing into being ever-more connected and networked value and supply chains. The diversity that is at the core of ASEAN can become a strength if digital delivers on making it faster, easier and cheaper to trade within the region and with other trading partners.

Digital Empowers the Regionsâ&#x20AC;&#x2122; SMEs Success in regional integration demands that its benefits be spread right the way across the community. Digital can level the playing field for the legions of SMEs in Southeast Asia, whether of the traditional or the high-tech varieties. Digital can bring these as-yet unconnected SMEs into a bigger, deeper marketplace both for retail consumption and for a as part of the supply chains of larger businesses.

Digital Drives Innovation in Finance Elsewhere in Asia, the digital economy has done wonders to innovation, development and growth in finance. The benefits spread across a range of stakeholders, but are especially focused on the underbanked, the unbanked and SMEs. In Southeast Asia, much of what is needed ~ overall market size, mobile penetration and willingness to adopt new technologies ~ is now in place. With supportive policies and regulation, finance in Southeast Asia has the potential to quickly go digital.

A More Vibrant Investment Environment Bigger markets in Southeast Asia will make for more and better investment opportunities. That happens whether by investing directly into the businesses tapping these new opportunities or by financing the infrastructure these businesses will use. Integration will make existing investments better, opens up new opportunities and creates new channels for capital to be deployed.

THE DIGITAL ECONOMY AND THE FREE FLOW OF DATA

Author Jeff Pirie Executive Director, Corporate Finance Advisory Deloitte & Touche Corporate Finance Pte Ltd

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Cyber security Digital data needs to be protected against breaches, thefts and attacks. In Asia in general and Southeast Asia specifically, cyberthreats seem both clear and present ~ eight out of ten countries most threatened by cyberattacks are Asian; of those, four are member states of ASEAN. So, concerns expressed around cyber security are understandable. The good news is that much has already been done as part of the AEC (a fact acknowledged in a recent UNCTAD report) and more of the right type is promised under the ASEAN ICT Masterplan 2020.

Data privacy Concerns around data privacy are entirely understandable. If data is to flow freely, it is reasonable that frameworks to address legitimate privacy concerns need to be in place. As with cyber security, the good news is that much has been done in ASEAN to put those legislative and regulatory frameworks in place. Of course, more can be done and improvements can be made. The APEC Cross Border Privacy Rules system is one framework that ASEAN can look to as a positive example to be replicated for the region.

DATA MUST FLOW FREELY Data is the lifeblood of the digital economy. Southeast Asia must allow data to flow freely across borders for the digital economy to thrive. At a transactional level, data underpins the flow of goods and services within the region and with its major trading partners. Free flowing data makes trading easier, faster and cheaper. More than that though, the free flow of data is a necessary condition for the adoption of cloud technologies. The cloud will drive positive change for many Southeast Asian businesses ~ increasing productivity, reducing upfront capital costs, aligning technology costs with usage and eliminating the need to make big bets on technology.

CHALLENGES EXIST, BUT CAN BE OVERCOME TThe opportunities from digital within ASEAN will be many and its impact substantial. But, there are specific challenges that require to be addressed.

Data localisation Data naturally flows, unless barriers are put in place. When these barriers go up, they harm economies in exactly the same way as tariff and non-tariff measures used to. The interest groups who press for data to stay local do so under the guise of boosting local enterprise or of keeping data safe. The reality, as has been demonstrated in many places by a wide range of experts, is that data localisation reduces opportunity, crimps innovation, limits choice, lowers service levels, creates cyber risk and raises costs. An entirely free flow of data does give rise to legitimate concerns; the answer to those concerns is not data localization.

Developing the digital economy within Southeast Asia does bring specific challenges. Whilst some measures are already in place, there is still a need to build a regional consensus around a regime that provides for the free flow of data across borders within ASEAN while addressing reasonable concerns. THE TIME FOR ACTION IS NOW The world has changed dramatically since the AEC was conceptualised. The pace of change will only accelerate. As regional integration enters a new phase, the time is now for member states to create the conditions to get the best outcome from the digital economy. A programme that brings the digital economy front and centre in the AEC framework should have the following elements:

Identify the digital economy as a core priority for the AEC as a whole

Commit to a new initiative to make ASEAN digital-ready across every sector

Perform a gap analysis in each member state to identify the laws and regulations that need to change to become digitalready

Acknowledge this as a horizontal, not a vertical issue and ensure that all the key stakeholders are integral to the process

Adopt a cross border framework to allow data to flow, while protecting legitimate privacy and security concerns

Support the adoption of cloud computing to give consumers and business more choice incorporating best available security and privacy protections

IN SUMMARY Regional integration and the digital economy are two major, near term opportunities for Southeast Asia. Both reinforce each other. Regional integration can benefit from the further impetus that the digital economy can bring. Digital works best when Southeast Asia is an integrated whole. With the right kind of action by policy makers and active engagement and involvement from business, these twin pillars can help to make ASEAN the integrated, dynamic, networked, innovative and competitive market it so clearly wishes to become. Read the full publication http://bit.ly/2klJ2La

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STATE OF THE HEART

LEARNING FOR THE NEXT

GENERATION

Introducing Stamford American International School’s new campus for early learners. Pioneer Class Aug 2017. The world is changing. Education is changing. Today, how people learn is as important as what they learn. And that’s the inspiration behind our extraordinary new Early Learning Campus. It’s been built entirely for little learners aged 18 months to 6 years. The new campus offers young children a first class early learning environment in which to explore their natural inclination to create, design, engineer and innovate. Our unique ‘state of the heart’ curriculum incorporates the International Baccalaureate (IB) Primary Years Programme, with new units of inquiry for science, technology, engineering, arts, mathematics and innovation. Come and see for yourself the difference this purpose-built environment can make to your child’s vital pre-school years. To visit our beautiful classroom display pod hosted by our friendly team simply register at www.sais.edu.sg

21/2/2016 – 20/2/2020

Stamford American International School CPE Registration Number: 200823594D Period of Registration: August 10, 2014 to August 9, 2018

Enrollment now open +65 6653 7907

YOUR PASSWORD MATTERS Author Dr Matthew Simon Digital Forensic Specialist INTERPOL

Enterprise IT security is a difficult business and there are myriad ways that bad guys can compromise security. Every user in a business, no matter the size, shares some responsibility in keeping the IT systems of the business secure. Your personal security plays a part in keeping these IT systems secure. An individual that is compromised in a data breach may also expose their employer, especially if they hold sensitive information. Passwords are the bane of security professionals and users alike. The former wants you to have strong passwords while the latter want something memorable. However, humans are simply not good at remembering many, long and complex passwords. Two very common problems associated with password security are weak passwords and password reuse. It may seem obvious that a weak password is one that is short; actually, weak passwords are any password that can be easily guessed. The word “antidisestablishmentarianism” is 28 characters and long for a password, but the reality is that it is easily guessed by traversing a dictionary. Weak passwords are also those that are easily guessed are words that are easily associated with you (names of your children and pets, birthdays etc.) or common combinations on the keyboard and obvious words. The most common leaked password of 2015 are: “123456”, “password” “12345678”, “qwerty”, “12345” . So you know you shouldn’t use a weak password. You create a password that you can remember but is long and difficult to guess; great! You have a Gmail account that you use for your personal communication and transactions and you feel secure now that you are using your strong password. When you decide to sign up to a website forum, you use your Gmail address and of course, you have a great password, so why not use that? This situation described here is extremely common. You have just given this website your Gmail address and password; they now have full access. A malicious website operator may compromise your security or even an honest operator may, through their own poor security practices, lose your valuable username and password to criminals. Either way, you are hosed. In this day and age, you have so many accounts (I have hundreds) that it is impossible not to reuse passwords if you have any hope of remembering them all. This is where a password manager may be of great value to you. A password manager is a software solution that employs strong encryption to protect a strong and unique password for each of your accounts. You then only need to remember a single (very strong) password for your password manager. Ideally passwords should be long and complex. Aiming for greater than 12 characters that is a mix of uppercase, lower case, numbers and “special” characters (such as !@#) is best. However, 12 characters is a minimum; I have accounts that have 64 character passwords that are a completely random generation of the above mentioned. My password manager does the hard work of generating and storing these passwords and it even assists me by entering them when I visit a website. One of the most convenient features is the passwords are available across all devices by synching the highly secure “vault” through the cloud. One does need to consider the security of the password manager that they choose to use as you are, after all, putting all your eggs into one digital basket. There are numerous products available and some have an enterprise solution. I choose to use a product that has a very good reputation and sound underlying security encryption model. In this way, I mitigate the high risk and high impact of a data breach that is completely outside of my control. If my password vault itself were accessed in a data breach, then the attackers would obtain a very securely encrypted file and I remain secure. Getting started with a password manager takes time and a period of adjustment. However, once established, there is a marked increase in security and convenience. Not only will you be more secure personally, but this will have a positive impact on the security of your company’s IT systems.

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South Beach

City House

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+65 6823 1388 www.city-servicedoffices.com EXECUTIVE SUITES | VIRTUAL OFFICES | MEETING ROOMS | BUSINESS SUPPORT | CITY DESK 20

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HARNESSING TECHNOLOGY IN THE AIRLINE BUSINESS Airlines have a long track record of using new technology to change the way people travel - from the jet engine to global distribution systems, one of the earliest forms of e-commerce. The good news is that there’s a lot more in the pipeline as the digital revolution speeds up. I wanted to single out some of the advances that Qantas sees changing the industry again over the next few years.

Mobile Connectivity With billions of mobile devices connected to the internet, there’s great untapped potential for airlines to tailor service to individual passengers. So far, that’s involved apps to deliver personalised flight information and manage frequent flyer accounts, as well as social media customer service. Inflight wi-fi offerings have been patchier because of technical limitations but that’s set to change. Qantas is working with the US company ViaSat to introduce genuinely high-speed wifi on our domestic flights, with our international network to follow. That presents some fantastic opportunities for inflight entertainment, whether it’s Netflix or live sport. Wifi is also going to help our crew - for example, by allowing them to update passengers about their connections during a flight, rather than after it lands. A Richer Shopping Experience One of the more unusual things about aviation is that it’s hard to shop for flights in the same way that you shop for other things. More often than not, people make their decision based on the route, the price and the class they want to fly. When you think about the many things that differentiate airlines, it’s a pretty narrow range of information. There’s a big push underway across the industry to develop new distribution systems that give travellers a much richer view of what each airline offers - from food to space to entertainment - presenting it in an appealing way through the online channels you normally use. From this year, you should start to notice the difference as more airlines and other travel companies Qantas included - get on board. Virtual and Augmented Reality Early experiments with virtual reality in the airline industry have focused on inflight entertainment - and there’s more to come on that front as the technology gets cheaper for consumers.

Author Benjamin Tan Senior Vice President Asia Qantas Airways

Another avenue for VR is travel inspiration. The Qantas VR app gives people the opportunity to experience some of Australia’s most iconic destinations, including a unique virtual flyover of Uluru. The potential for augmented reality could be more pragmatic. Last year, Qantas ran a hackathon - where we asked young coders and designers to present ideas for customer service. The winning entry was a proposal for an app that used augmented reality to guide customers through international flight transfers. It’s a pointer to the way this kind of technology could be used in the not-too-distant future. Behind the Scenes Some of the new technologies making the biggest impact are out of sight to travellers. In Qantas’ global operations centre, for example, we have a system that processes a huge amount of data when there’s a major disruption like a big storm. It allows us to make fast decisions on how to allocate passengers and aircraft, which in turn makes for a faster recovery. This is another area where high-speed inflight wifi will help, too. By getting real-time weather data, pilots will be better able to navigate around weather and avoid turbulence, resulting in a more comfortable journey. So whether it’s the shopping experience, entertainment options, or more operationally-focused innovation, it’s clear that the next wave of new technology presents any number of opportunities for airlines to improve service for customers. I’m confident that Qantas will be one of the carriers leading the way to make it happen.

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RESEARCH

2017: GLOBALISATION IN THE REAR-VIEW

By Richard Yetsenga, Chief Economist, ANZ

January, 2017

It’s not all bad. Calls to restore a 20th Century IndustrIal eConomy wIll Create openIngs for Intra-asIan regIonal ConsolIdatIon and dIgItal domInanCe for ChIna. mr trump’s ‘mandate’: restore the early 20th Century IndustrIal eConomy usIng the pulpIt of 21st Century medIa To understand the logic of President-elect Trump’s sharp breaks with Republican orthodoxy — threats of tariffs on US companies’ moving jobs abroad, treating the decadeslong One China policy as a bargaining chip — you need to remember how technology enabled a very specific passion for the past to become kingmaker in US politics.

If Mr Trump’s unexpected victories in America’s former industrial heartland states demonstrate anything, it was the political efficacy of his promise to restore America’s industrial heyday supposedly snatched away by “takers” — China, Mexico and Japan. Ironically, this call for the restoration of an earlier 20th century economy is being amplified by an exceptionally 21st century phenomenon: the decline of traditional media in favour of an ecosystem in which digital has a far greater weight and usergenerated stories can rapidly grow and proliferate.

One estimate put the decline in global print advertising spending at 8.7% in 2016 — which would make it the greatest drop since the financial crisis.

Digital now makes up 33.3% of advertising spending, more than 10x the amount it did in 2001.

Print advertising spending

Digital advertising spending - As percentage of total advertising spending

33.3%

8.7% 3.33%

Source: Plummeting Newspaper Ad Revenue Sparks New Wave of Changes

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2001

2016

It is a media landscape in which the Tweeter-in-Chief can present his narrative via a direct line to his followers, who can further deepen their sense of connection and empowerment by sharing such stories directly from their own social profiles, becoming news curators and arbiters of power in their own right. If you doubt how powerful that feeling can be, consider that public polling already shows a rise in optimism about the future among working-class whites, Mr Trump’s demographic support base — an effect so powerful that some experts speculate whether it can boost their health even if questions remain about the effectiveness of his policies in economic terms. Broader, formal measures of consumer sentiment also show confidence around the highest levels since 2004.

The irony of this situation, however, is that technology has been a core driver of the prosperity the US already possess. Indeed, delivering on the promise to restore the 20th century industrial economy will be a near-impossible act, because there is a disconnect between the passionate politics of declining US manufacturing jobs that Mr Trump has deftly exploited and the actual root cause behind the loss. Analysis by economists such as Harvard’s Dani Rodrik has demonstrated that while trade has played a part in the decline of such jobs, in the developed world, these losses have been primarily driven by technology. Trade policy will struggle to bring these jobs back.

In 1980 it took 25 jobs to generate USD1 million of manufacturing output in the US; today it only takes 5 jobs.

25 Jobs in 1980

5 Jobs today

Source: Manufacturing Jobs Aren’t Coming Back

don’t assume thIs us baCKlash wIll be enough to put sand In the wheels of global trade One shift that’s already sent a large signal is Mr Trump’s promise to reject the Trans-Pacific Partnership (TPP). Within Asia, this is likely to lead to increased airplay for China’s own version of regional integration via the Regional Comprehensive Economic Partnership (RCEP). Indeed, as the President-elect takes the oath of office this month, Xi Jinping will be on his way to speak at Davos — the first attendance by a Chinese leader at this event. The signalling from China seems clear — it is open for engagement as the US is closing down. Moreover, the world beyond the US generally hasn’t shifted from its broad support for global integration and trade. Even in the UK, Brexiteers have argued not against international integration broadly, but for different trade deals with different partners. Certainly some of the Trumpian rhetoric of supporting national economic actors under appeals to “fairness” is now being echoed as far afield as India, where in December two of the country’s most successful entrepreneurs called for greater government support of homegrown companies against multinational competitors.

Yet, even in that example, the local companies in question benefit heavily from foreign investment, as commentators have pointed out. We strongly doubt the longevity of a style of politics that demands local entrepreneurs continue to benefit from the parts of global integration they like, but not suffer from the parts they don’t. There are, of course, scenarios where the US could spark tit-for-tat trade wars of the sort that hark back to the 1930s. A more likely scenario, in our view, is that the US will isolate itself by pulling against the tides of economic preference elsewhere in the world. For APAC, the historical dynamic strongly favours continued regional integration. In fact, for APAC it is pretty straightforward. The region’s growth and development have only been possible because of an openness to trade and, selectively, to foreign capital. The US, conversely, has historically been much more closed. Indeed, a major distinction between TPP and RCEP is that while TPP includes lofty goals such as sustaining the environment, implementing labour standards and combating corruption, the more modest RCEP is much more focused on the core issue of further facilitating the intra-Asian movement of goods between APAC countries. It is not a one-to-one substitute for TPP, but rather goes after the “low-hanging fruit” of further value integration long under way: ACCESSASIA | WWW.AUSTCHAM.ORG.SG

Since the late 1980s, the most explosive growth has been in regional trade agreements between developing countries.

For the broader Asian region, we also need to be cautious about separating too discretely Mr Trump’s domestic policy agenda from his external one. Applying a fiscal stimulus of as much as a trillion US dollars to an economy already close to full employment must result in some combination of: (a) higher inflation as prices adjust to weed out excess demand; and/or (b) higher imports as excess demand is satisfied through the external sector. While raw-materials exporters such as Australia, Indonesia, Malaysia and Thailand might be expected to be key beneficiaries of these developments, the effects, in fact, should be much broader.

Total number of north-north, north-south and south-south agreements with trade facilitation 120

South-South

Number of RTAs

Between 2013 to 2015 Asia was hit by tighter USD liquidity and weaker exports. As the Fed moves to hike interest rates further, the prospect of a double whammy with weaker exports seems far less likely. In fact, the latest data from across the region suggest that only China has yet to see export growth return to positive territory on a sustained basis.

North-South

North-North

0 '88

‘90

’92

‘94

‘96

‘98

'00

’02

’04

’06

’08

’10

’12

'14

Note: Figures are cumulative. The cut-off date for these data is 8 January 2015. Source: World Trade Report 2015

The top export destinations of Australia:

$82.9 USD

$43.1

BILLION

USD

BILLION Japan

China

China is Australia’s largest trading partner, accounting for:

$19

USD

BILLION

South Korea

$11.1

USD

BILLION

United States

Australian merchandise trade with China, 2015 (AUD million):

75,736

22.4%

Imports from China

Exports

USD

India

Exports to China

30.2%

$10

BILLION

Imports of merchandise

Total merchandise trade (exports + imports)

61,788

137,524

Source: OEC Australia profile and DFAT China trade resources

the opportunIty Cost of baCK-to-the-future A further complication for the Trumpian agenda is that trade, and commerce generally, has quickly become quite digital. For instance, during my last visit to China, politics aside, what struck me the most were the advances in China’s digital economy. They seem more pervasive than almost anywhere else I’ve visited recently. As I wrote earlier, the tight and seamless integration of social, mobile and digital payments was extraordinary; I was one of the few people during my trip using cash at all.

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Admittedly this applied only to my observations in Beijing and Shanghai; although they are among China’s fastest growing cities with the highest standards of living. As well, in the context of the last decade, while we talk about transformations in manufacturing, there’s another number we shouldn’t miss — the value created by crossborder digital services:

In 2014, the usage of cross-border digital bandwidth was 45 times larger than in 2005. The flow of digital services as a result – based on data flow – accounted for an additional USD2.8 trn in global GDP.

2005 - 2014

USD2.8 trn added to global GDP

Source: Digital globalisation: The new era of global flows

The regulation and promotion of cross-border digital services was intended to be a key component of TPP. Parties of the trade agreement would consent to allow for the transfer of data cross-border, ban forced localisation of computing facilities, prohibit the forced disclosure of source code, and promote access to and use of the internet for e-commerce. While implementation of the TPP would have improved some regulations and the promotion of digital services, it’s unclear if TPP’s dissolution will have an adverse effect on cross-border trade in digital services. While it is possible that, with the demise of TPP, countries could enforce mandatory localisation policies, the probability of an abrupt change doesn’t seem too high. As members of the Asia-Pacific Economic Cooperation (APEC), many countries party to the TPP already abide by digital services standards under the APEC Cross Border Privacy Rules system. While APEC is non-binding, it does set a regulatory tone that will be difficult to strike against. Even China may become less forceful on issues around source code if it advances its regional agenda. Furthermore, driven by exponential price decreases in core technologies over the past decade it’s increasingly cheaper to build technology companies. Despite a potential unwinding of TPP, growth of e-commerce and digital services is likely to continue across APAC.

let’s be Clear A Trump presidency represents a challenge to globalisation, not its end. Mr Trump’s rise is as much about citizen-initiated debate, as anything else. Almost certainly the world will be more fractious and less harmonious, with debate amongst governments adopting a tone we haven’t heard much of since the end of the Cold War. Coupled with a more protectionist stance from the US, this is likely to propagate businesses’ post-crisis hesitancy to make longduration decisions — hiring staff is likely to continue to be prioritised over capital investment. But not everything will be in President Trump’s control. Asia’s prosperity is clearly tied to a more open trading environment, and Asian leaders in recent months have been vocal in their support of a transparent and open trading system. In any case, digital trade has also been a source of explosive growth, and Mr Trump, as President, is likely to leave well enough alone. As well, a large fiscal stimulus will raise US demand for imports; regardless of President Trump’s trade policy gymnastics. It will be difficult, therefore, for him to upset a system of global trade anchored in Asia that has flourished in decades past, even if the US pulls away.

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ANZ Disclaimer: This publication is published by Australia and New Zealand Banking Group Limited ABN 11 005 357 522 (“ANZBGL”) in Australia. This publication is intended as thought-leadership material. It is not published with the intention of providing any direct or indirect recommendations relating to any financial product, asset class or trading strategy. The information in this publication is not intended to influence any person to make a decision in relation to a financial product or class of financial products. It is general in nature and does not take account of the circumstances of any individual or class of individuals. Nothing in this publication constitutes a recommendation, solicitation or offer by ANZBGL or its branches or subsidiaries (collectively “ANZ”) to you to acquire a product or service, or an offer by ANZ to provide you with other products or services. All information contained in this publication is based on information available at the time of publication. While this publication has been prepared in good faith, no representation, warranty, assurance or undertaking is or will be made, and no responsibility or liability is or will be accepted by ANZ in relation to the accuracy or completeness of this publication or the use of information contained in this publication. ANZ does not provide any financial, investment, legal or taxation advice in connection with this publication.

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OUT&ABOUT AUSTCHAM SPECIAL BREAKFAST: LEADERSHIP 2020 WED 23 NOVEMBER 2016

BUSINESS BRIEFINGS

UPCOMING EVENTS

Leadership 2020 highlighted many issues arising from a constantly changing professional landscape, and the importance of foresight and vision from those in positions of leadership to enable their organisations to succeed in this changing environment. Thank you to Virginia Mansell, Founder & Executive Chairman of Stephenson Mansell for speaking at our Special Breakfast.

ANZ ECONOMIC OUTLOOK

Melissa Mayne, Pippa Detmold and Sharon Detmold

WED 8 FEBRUARY 2017

Bill Foo, Lyn Boxal and Trevor Williams

EVENT SPONSOR

Adam Lyle, Virginia Mansell, Joe Fisher and Susan Tan

BUSINESS CONNECTS FEBRUARY THU 16 FEBRUARY 2017 EVENT SPONSOR

austcham.org.sg/events 26

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4 3

OUT&ABOUT

AUSTCHAM SPECIAL BREAKFAST : CSP AND SAFTA - OUTCOMES AT A GLANCE Thu 08 December 2016 This Special Breakfast focused on the recent CSP and SAFTA outcomes and how these developments affect businesses. With insights from Tegan Brink, Assistant Secretary and the lead negotiator on the agreement, it was a very informative session. We will keep you updated as more developments unfold. Thank you to Austrade and Department of Foreign Affairs and Trade for joining this discussion.

Sean Straton, Philip Green, Tegan Brink and David Campbell

John Dick and Christopher Soh

Joseph Ziegler, Prerana Mehta, David Campbell and Paul Seaton

Peta Latimer, Adam Lyle and Carolyn Chin Parry 1

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OUT&ABOUT XMAS DRINKS Thu 01 December 2016 Our annual Xmas drinks were held at the Beast & Butterflies, M Social hotel. Thank you to Commonwealth Bank of Australia and James Cook University for sponsoring our Xmas Drinks.

SOCIAL EVENTS

UPCOMING EVENTS

ANZ AUSTRALIA DAY BALL 2017 SAT 4 FEBRUARY 2017

EVENT SPONSORS

Daniel Matthews and Sayonnara Ith

Derek Mackenzie, Clare Mackenzie and Adam Martin

Clive Tilbrook, Joanne Wheeler, Annette Tilbrook, Belinda Knowles and Amanda Teng

Lucy Bates, Mel Syers and John Gordon

Yim Ming Yiong, Kwek Eik Sheng and Belinda Lee

Andrew Chew, Susan Anderson, Yolanda Dick, John Dick and Dale Anderson

Tony Gravina, Michelle Herridge, Prerana Mehta and Philip Forrest

EVENT SPONSOR

BAND FLOWN BY

GOLD SPONSORS

PHOTOGRAPHY & LOGISTICS SPONSOR

AUCTION SPONSORS

WINE SPONSOR

BEER SPONSOR

GOURMET SPONSOR

MOBILE BAR SPONSOR

DIGITAL COMMUNITY PARTNER

austcham.org.sg/events 28

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CONNECTING BUSINESSES ACROSS

ASIA AND BEYOND IT’S IN OUR DNA

Open up a world of opportunities in Asia’s key trading markets. Our on-the-ground presence provides regional insights and local expertise, vital to accessing and navigating local markets. So if you’re looking for a banking partner with a long history of delivering for its clients across the Asian region, connect with us.

anz.com/institutional

30 ACCESSASIA WWW.AUSTCHAM.ORG.SG Australia and New |Zealand Banking Group Limited (ANZ) ABN 11 005 357 522.

ESPRESSO MARTINI BY JUSTIN METCALF WORLD BARISTA JUDGE™

Duncan believe they have mastered the flavour profile of a traditional made drink from a cocktail bar. Creating and roasting different coffee blends and profiles to refine the beverage was one of the key aspects to making this drink successful. Coming from a coffee background, it was imperative that the espresso foundation for the martini be unique and pure. Free of preservatives or additives, the Espresso Martini is ready to drink, just shake and pour. When Justin Metcalf was asked what the inspiration behind the martini, he replied “With the growing worldwide trend of Espresso Martini’s we saw

Originating in the bars of Soho, London, the Espresso Martini has become an obsession with lovers of cocktails and coffee alike. The exact history of the Espresso Martini is not definite but one theory suggests the drink

an opportunity to expand our coffee and beverage range, which is very exciting. Along with Australia’s insatiable need for a great martini, we are working hard on ensuring a great stable product.”

was created by cocktail guru Dick Bradsell in 1984, when a Supermodel came into and crassly asked him to make her a drink that would “wake me

up, and then f@*# me up!!” and Dick’s subsequent creation was the first Espresso Martini.

Duncan Jamieson is a qualified food scientist –“With the martini being a cold brew base, we are constantly working on providing a clean and hygienic, shelf stable beverage. Our customers' expectations guide our standards in taste and consistency, and our priority is on making sure that

The secret to a delicious martini lies in the ingredients and that means starting with excellent coffee. Developed by Coffee Experts, Justin Metcalf

the product is food safe and stable, backed and supported by analysis. We don’t leave anything to chance.”

World Barista Judge ™ Espresso Martini is designed to retain a crisp and bright espresso flavour and perfectly blended with Vodka and a coffee liqueur. The base is a cold brew coffee, ground coffee steeped in chilled filtered to extract the bittersweet coffee flavours. Aurigin is an innovative, passionate and professional coffee roasting company. In an ever changing and competitive coffee market we are

We are launching in Singapore at Café Asia on the 2 – 4 March 2017 at Marina Bay Sands – Hall E, Thursday & Friday (Trade Only): 10AM – 6PM & Saturday (Trade & Public): 10AM – 5PM. Espresso Martini is available in 300ml “Ready to Drink” bottles and 20 litre kegs (133 serves).

always looking for new and exciting ways to be the best. In keeping with

Singapore Contact: Luxe Brew Pte Ltd – 10 Ubi Cresent #03- 41, Ubi

our philosophies on quality we have created a Cold Brew “Ready to Drink”

Techpark Lobby C, Singapore 408564 Telephone: Helen Pang +65 8450

Espresso Martini. The 300ml bottle (8.6% Alc) is a perfect way to create

1888.

two standard martinis, no mess, no fuss, yet matching, even bettering

E: orders@aurigin.com.au

most bartender made cocktails.

www.aurigin.com.au

Backed by over 45 years’ experience in coffee and manufacturing

www.justinmetcalf.com

industries, Directors Justin Metcalf and Duncan Jamieson have developed a “Ready to Drink” solution for retail and wholesale. Both Justin and ACCESSASIA | WWW.AUSTCHAM.ORG.SG

NEW

MEMBERS

GOLD CORPORATE MEMBERS

TELSTRA

ASHBY CORRIGAN Group Account Director www.telstraglobal.com

AUSTRALIAN TRADE AND INVESTMENT COMMISSION

CORPORATE MEMBERS

GEOFFREY FOURACRE

JOSEPH ZIEGLER

Principal www.avondale.edu.sg

Landing Pad Manager www.austrade.gov.au

CORPORATE MEMBERS

MICHAEL PAGE

ABIGAIL BROWNE Director www.michaelpage.com.sg

AVONDALE GRAMMAR SCHOOL

BOUNCE SINGAPORE

DELTA CAPITA PTE LTD

INTERNATIONAL SOS

IMA ASIA PTE LTD

SIMON OGILVIE

MICHELE COLENSO

MICHAEL GARDNER

IS SMITH

Executive Director www.bounceinc.com.sg

Region Head www.deltacapita.com

Group Director Global Medical Services www.internationalsos.com

Head of Client Support www.imaasia.com

NATIONAL AUSTRALIA BANK

TIM RAES

PYNT BENARDOS CAMERON HOSPITALITY CONSULTING PTE LTD

Private Client Manager www.nationalaustraliabank.com

Consultant / Beverage Director

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ANDREW CAMERON

SMATS

TRISTAN PERRY Tax Manager www.smats.net

GADEN LAWYERS SYDNEY PTE LTD

ALIFOOD S.R.L

IAN CLARKE

VITTORIO DORIA LAMBA

Partner www.gadens.com.au

Managing Director www.alifood.it

INDIVIDUAL MEMBERS INTERPOL

JOHN HOLLAND PTY LTD

MATTHEW SIMON

SHERIDAN INGRAM

Digital Forensic Specialist

Project Controls

PIERFRONT CAPITAL

VISTRA

ANDREW STARKEY

HUGH DARWELL

Director

Director Business Development

GOLD CORPORATE MEMBERS

ASSOCIATE MEMBERS

YOUR AUSTRALIAN BUSINESS CONNECTION

“Originally I joined AustCham as a way to expand my network in Singapore. The Chamber has delivered beyond my original expectations, it has provided access to a group of business leaders that I can shared and learn insights into how best to navigate the unique business challenges of the Asia region.” Benjamin Vella Head of Growth Markets, Asia, Telstra AustCham member since 2013

"Austcham is a vital network for Australian’s doing business in Singapore. Personally, it has allowed me to build relationships and provided opportunities to work with other like-minded expats." Tim Raes Private Client Manager, NAB Private Wealth, Singapore AustCham member since 2016

"Whilst working abroad internationally in Asia and Europe Austcham has been invaluabe for my company. Many doors have opened for my business within the expat professional community in Asia and has been a positive experience for business collaborations and partnerships." Anastasia Malishev Founder and Managing Director, 83 Design Inc AustCham member since 2016

CONNECTION . PROMOTION . ADVOCACY 34

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YOUR AUSTRALIAN BUSINESS CONNECTION CONNECTION . PROMOTION . ADVOCACY

ANNUAL SIGNATURE SOCIAL EVENTS

ANZ Australia Day Ball Business Awards Lunch Wine & Cheese nights (Mar & Aug)

events in 2016 and planning even more to keep you busy in 2017...

ANNUAL BUSINESS SERIES

650 Over

members... and growing

4500

attendees at our events in 2016

3400 social medial followers... and counting

W W W. A U S T C H A M . O R G . S G ACCESSASIA | WWW.AUSTCHAM.ORG.SG

MEMBERSHIP CARD OFFERS PRESENT YOUR AUSTCHAM MEMBERSHIP CARD AND ENJOY THESE BENEFITS

travel QANTAS Complimentary business class check-in for you and your family at the Qantas lounge in Singapore

business services AIMS IMMIGRATION SPECIALIST 15% discount on professional fee at AIMS Immigration Specialist CITY DEVELOPMENT LIMITED 10% discount on facilities and services at City Serviced Offices CLIFTONS 25% discount on room bookings GEEK TEAM ASIA 20% discount off all your technology support needs LAW IN ORDER Enjoy 15% off a range of business administrative services RUNNINGSTREAM 50% discount for the first year proprietary Portfolio Program SERVCORP Enjoy one month complimentary ‘The Virtual Office’ package

education & training BRITISH COUNCIL 20% off all corporate training workshops COALFACE DIALOGUE Special members’ rates on selected professional development program GEMS WORLD ACADEMY SINGAPORE Priority discounts & preferential discounts for enrolments in the 2016-2017 academic year PM-PARTNERS Enjoy 20% off standard price of any public or in-house training course SINGAPORE MANAGEMENT UNIVERSITY Receive 5% discount on selected SMU Executive Development Programmes THE CHANGE SCHOOL Enjoy 20% off on selected corporate workshops and retreats WHITE LODGE Free trial class for your child at any one of eight centres throughout Singapore

financial services ANZ Application fee waiver for new Australian property loan (save up to USD$750) PAY2HOME Enjoy money transfers to Australia for a flat fee of $15 (save 25%) QBE SINGAPORE 20% discount on personal lines including Home, Motor and Travel coverage

health services ALL IN THE FAMILY COUNSELLING

Enjoy special rates for counselling sessions DENTAL ESSENCE Special members’ rates for consultations IN TOUCH PHYSIOTHERAPY Enjoy 10% discount on physiotheraphy services

lifestyle and entertainment THE BIG BLOW Receive a complimentary Kevin Murphy Treat Me express service with every Perfect Blow Out THE BRITISH CLUB 50% off Associate Transferable Membership for only $8,000+ GST

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MEMBERSHIP CARD OFFERS

lifestyle and entertainment BOUNCE SINGAPORE 10% off General Access Tickets URBAN FAIRWAYS 10% off golf simulator rental and food & beverages

restaurants and hotels ANGSANA BINTAN 30% off best available rate at Angsana Bintan BANYAN TREE BINTAN 30% off best available rate at Banyan Tree Bintan ANGSANA LANG CÔ Complimentary choice of one unlimited inclusion (golf/spa/dining) per day BANYAN TREE LANG CÔ Stay 3 pay 2 Nights and enjoy the 3rd night free CARLTON HOTEL SINGAPORE 20% off total bill at Café Mosaic, Tuxedo and Gravity Bar 10% off total dinner bill at Wah Lok Cantonese Restaurant COMO THE TREASURY PERTH Save over 33% on best available room rates FAR EAST HOSPITALITY 5% off best available rate with complimentary daily breakfast and WiFi 10% off best available rate at TFE hotels in Australia JAXS BISTRO 10% off total bill MARINA MANDARIN SINGAPORE 15% off best available room rates and hotel managed restaurants & lounge MEAT SMITH Exclusive all day happy hour drinks and 25% off all meat platters NOVOTEL SINGAPORE CLARKE QUAY 15% off total buffet food bill only at The Square Restaurant PARK REGIS Enjoy special rate for Corporate Room and Seminar Package WHITEGRASS 20% off total bill at The Bar

retail EASTERN CARPETS 10% off on all carpet cleaning services POP UP WINE Complimentary S$49 bottle of wine with every 12 bottles purchased SHIVA DESIGNS 15% discount on purchases over $99 WINE EXCHANGE ASIA $69 per bottle for cases of six Billecart-Salmon NV Champagne

transport and relocation services ALLIED PICKFORDS Two hours complimentary handyman service on moving day

visit www.austcham.org.sg for full details & conditions

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NEWS FLASH SIRVA EXPANDS MOVING SERVICE CAPABILITIES IN THE PHILIPPINES THROUGH ITS ALLIED PICKFORDS BRAND BOOK AN APPOINTMENT FOR A PASSPORT APPLICATION OR NOTARIAL SERVICE The Australian High Commission recently introduced a new appointment system for passport applications and notarial services. Clients should not attend the High Commission without an existing booking. Information on how to make an appointment is available on the High Commission’s website at www.australia.org.sg or you can book directly via www.ahcsing.setmore.com. Appointments are not required for passport collections and consular enquiries.

SIRVA, Inc., an industry-leading global relocation and moving services provider, announced on 15 November 2016 about the expansion of its moving service capabilities in the Philippines through its international moving brand, Allied Pickfords. The Philippines booming economy, driven by the business process outsourcing (BPO) sector, is increasing the focus on global mobility to manage talent in the region. The expansion of Allied Pickfords’ direct delivery of moving services offers the country a team of local experts and capitalizes on experience of the global SIRVA network. According to Tata Pintac, General Manager of Allied Pickfords in the Philippines, “Our Philippines operations are an extension of SIRVA’s globally integrated network. Clients and their employees benefit from the consistency and security that comes from working with a well-established, high-quality and accredited global provider.” “By delivering the services directly, our local experts are best-placed to serve clients’ diverse needs and it demonstrates our sustained commitment in providing the highest standards of quality to all our clients, wherever they are in the world,” says Jacob George, President of SIRVA Asia and Middle East.

SERVCORP ANNOUNCES EXPANSION INTO INDONESIA WITH NEW OFFICE LAUNCH AT INTERNATIONAL FINANCIAL CENTRE TOWER 2 Servcorp, a leading provider of executive Serviced and Virtual Offices with 150 locations in 23 countries across the globe. The company recently added a new country to its network, with the opening of its flagship premise in International Financial Centre Tower 2, along Jalan Jenderal Sudirman in Jakarta, Indonesia. Servcorp occupies level 33 of the ultra-modern, 48-storey International Financial Centre Tower 2. The IFC, completed in 2016 and situated centrally in Jakarta’s financial district and within the golden triangle, is a popular and sought-after business address for several global corporations and major Indonesian companies. The building’s excellent construction, coupled with its unrivalled views over the city skyline, as well as its convenient location close to various transport options, amenities and entertainment venues, makes this an ideal office location. Through a combined service offering, Servcorp aims to provide businesses around the world with the means to leverage growth opportunities easily and conveniently by joining their new community initiative which gives access to clients in all other international locations. Visit servcorp.co.id for more information or contact Ms Zann Lee at +65 6679 6013 or zann.lee@servcorp.com.sg to arrange a visit.

For article contribution or advertising in Access Asia, email us at info@austcham.org.sg

Before you reach the Hunter Valley, we’ll serve you a taste of it in the air

Enjoy Rockpool inspired cuisine paired with some of Australia’s best wine when you fly with Qantas. Australia starts here.

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pe Boo r ky st er so na ou at lt r w w w. ou r ai s

Your child’s Passport to Success

.sg

Part 2:

Resilience

INTRODUCING

the AIS

Athlete Development Program Unique to AIS, our Athlete Development Program offers the top 1% of AIS sportsmen and women the opportunity to train and be coached on a path to university scholarships and elite level sport. At AIS, the development of character and the sense of team is every bit as important as the development of skills and fitness, which is why we field over 100 teams across Elementary and Secondary School, creating places for any child who is inspired to participate.

DID YOU KNOW AIS STUDENTS ENJOY

100 500 13 COMPETITIVE TEAMS

SPORTING FIXTURES ACROSS 10 COUNTRIES

COMPETITIVE SPORTS

www.ais.com.sg/sports +65 6653 7906 Offering the best of the Australian curriculum and the International Baccalaureate for children aged 18 months to 18 years old.

EDU-2-2037 19/2/2016 – 18/2/2020

Australian International School Pte Ltd is registered by the Committee for Private Education (CPE), part of SkillsFuture Singapore (SSG). CPE Registration Number 199204405H. Period of Registration 6 July 2015 to 5 July 2019