South East Asia News Issue 2 2017

SE Asia News / Issue 2 2017

SouthEastAsia news

All Deforestation in Orangutan Habitat Must Be Stopped Also in this Issue...

Cyber Security Tops the List of Concerns for Internet Users in Asia-Pacific Early Rollout of 5G in Asia-Pacific Artificial Intelligence Will Not Eliminate Jobs in Asia Singapore, UK, New Zealand and UAE among World’s Stand out Digital Economies

Editor’s Note

, Welcome to the 2nd edition of SE News.

In this magazine, we showcase the very latest deals, news and insight from across the South East Asia region.

Particularly, we zone in on the latest insight into the ever evolving technology and science markets, which are rapidly growing within the South East Asian market. Specifically, we examine the impact that Artificial Intelligence will have on the region’s jobs market and how companies need to adapt to support their workforce during this period of technological transformation.

Additionally, we explore the early rollout of 5G networks in Asia, with an initial focus on select markets and spectrum/network sharing to manage price points, which will expedite the take-off of this exciting new digital marvel.

Automation, cybersecurity and scientific collaboration are all also featured in this packed edition as we explore the latest developments affecting the South East Asian corporate landscape.

There are also a number of stories covering issues such as the need to eliminate deforestation to support the continued growth of the Indonesian Orangutan population, Thai infrastructure development and the inclusion of Singapore in the Digital Evolution Index 2017. All of these stories ensure that you remain up to speed with the latest news and developments from across South East Asia and are able to gain a fascinating insight into the vast array of markets which are vital to the region’s business market.

Thanks for reading and we hope you enjoy this issue and if you have any comments or queries please feel free to contact us- we always like to hear from our readers!

Jessica Daykin, Editor Phone: +44 (0) 203 725 6842 Email: jessica.daykin@ai-globalmedia.com Website: www.business-news.eu

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Contents

, 04. News 08. Artificial Intelligence Will Not Eliminate Jobs in Asia 10. Golden Equator Capital Co-Leads $27m Investment into Indonesian E-Commerce 12. Early Rollout of 5G in Asia-Pacific 14. PACS Vendors in Southeast Asia Focus on Tech Advances and Strong Market-Entry Strategies 16. All Deforestation in Orangutan Habitat Must Be Stopped 18. Automation Key to Tackling Maritime Skills Crisis 20. Asia Records $10bn Economic Loss as Severe Flooding Continues in July 22. Carey Olsen Advises on New Jersey Private Fund 24. Thai Infrastructure Development 26. Singapore, UK, New Zealand and UAE among World’s Stand out Digital Economies 28. Cyber Security Tops the List of Concerns for Internet Users in Asia-Pacific 30. $500 Million Investment for Expansion in Southeast Asia and Korea

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NEWS

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IFSEC Southeast Asia 2017- Securing the Cities, Infrastructures, Businesses and More

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NEWS

, The world leading security, fire and safety event portfolio, IFSEC in its Southeast Asia edition will take place at the Kuala Lumpur Convention Centre (KLCC) this coming 6-8 September 2017.

The fifth edition is a must-attend event for players in the entire industry, which include buyers and other visitors such as architects, business owners, contractors, engineers, facility managers, finance professionals, human resources, IT professionals, procurements, property developers, senior management and more.

The three-day event will feature more than 350 world-leading brands showcasing cutting-edge products in access controls and biometrics, CCTV and surveillance, cybersecurity, drones, fire alarms, fire detection, fire protection, gates and doors, home automation, intelligent buildings, intruder alarms, network security, personal protection equipment, physical security, perimeter protection, x-ray equipment and many other latest technologies in security, fire and safety.

IFSEC Southeast Asia received strong support from Malaysia’s Ministry of Home Affairs, Royal Malaysia Police, CyberSecurity Malaysia, Asian Professional Security Association (APSA) Malaysia Chapter, British Security Industry Association (BSIA) and ASIS International (Malaysia Chapter).

For the fifth edition, this year, IFSEC Southeast Asia will include a few new features on the show floor, which will attract more than 10,000 visitors. For the first time, there will be a drone zone, where drone companies and operators will showcase their drone’s capabilities and its integration into the security, fire and safety industry.

Another new feature is the business matching service, which visitors could select their preferred

product to source. This service was created to help visitors find the best solutions or products for their needs, directly with the manufacturers or distributors.

The Malaysia’s Ministry of Home Affairs (MOHA), PPKKM, APSA and IFSEC Southeast Asia is organising Conference Perdana, where the conference will feature a panel discussion, dialogues with MOHA and a keynote address from the invited guest of honour, YAB Dato’ Seri Dr. Ahmad Zahid Hamidi, Deputy Prime Minister of Malaysia.

“We expect more than 2,000 security companies to join Conference Perdana, the first-ever conference specific for the security industry players and operators,” said Dato’ Seri Haji Mustapa Bin Haji Ali, President of APSA (Malaysia Chapter). “The conference is set to be the best platform for the industry players to gather and obtain the latest information and gain new knowledge that will benefit their businesses.”

IFSEC Southeast Asia 2017 is organising a three-day seminar on the show floor, where there will be more than 10 hot topics to be presented by experts. The seminar is free for all visitors. Be sure not to miss these seminars and listen directly from industry experts at IFSEC Southeast Asia 2017.

IFSEC Southeast Asia 2017 is a free-to-attend exhibition and seminar for all industry players and visitors. For more information on IFSEC Southeast Asia, please log on to www.ifsecsea.com

SANY Concrete Machinery Helps Build the New Landmark in Southeast Asia Landmark 81, the 81-storey skyscraper under construction in Ho Chi Minh City, will become the tallest building in Vietnam upon completion. Until now, 11 concrete machinery from SANY have been used in the project.

The total height of the building will reach 461 meters, 110 meters higher than Vietnam’s supertall building Keangnam Landmark 72 in Hanoi. The mixed-use tower will include highend apartments, hotels, shopping centers, restaurants, bars and a 360-degree observatory centre.

Recently, 49 stories have been built.

During the tower construction, all the concrete work of the mat and main building are carried out by SANY machines. 5 SANY HBT12020C trailer pumps, 1 HBT9035CH super high pressure trailer pump and 3 HGR28 placing booms have worked around the clock to support the on-time completion of the project. As the construction proceeds, another two-super high pressure trailer pumps have been ordered by the customer for the concrete pouring from 200-meter tall to the top floor.

To guarantee the smooth operation of the machines, SANY has sent two service engineers to provide on-site customer service.

With the superb quality and comprehensive maintenance by the service staff, until now, SANY

concrete machinery has proved exceptional performance without any failure reported.

“We know SANY equipment very well since we already used it during the construction of the Burj Khalifa Tower and Shanghai World Financial Tower. SANY is a world-class concrete machinery expert,” the Landmark 81 project director and associate director said. The high working efficiency, one-story concrete pouring per three days, stability and after-sale service again have won their recognition this time.

Since 2007, SANY has proactively participated in various major projects in Asia-Pacific region, for instance the Vinh Tan power station in Vietnam, Wheatstone LNG project in Australia and China-Laos railway. Following the Belt and Road Initiative, SANY will make continuous efforts to provide reliable machines and value-adding after-sale service to the customers.

For more information, please visit: www.sanyglobal.com

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Shanghai Diamond Exchange Joins Chow Tai Fook at JNA Awards 2017

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NEWS

, Shanghai Diamond Exchange (SDE), a longtime supporter of the JNA Awards, has shown further confidence in one of the world’s most prestigious awards programmes by moving up to become a Headline Partner from the 2017 edition.

The renowned Chinese diamond bourse joins Chow Tai Fook as a JNA Awards Headline Partner, with KGK Group, Rio Tinto Diamonds, Guangdong Gems & Jade Exchange and Guangdong Land Holdings Limited supporting the annual event as Honoured Partners.

Letitia Chow, chairperson of the JNA Awards, founder of JNA and director of business development – Jewellery Group at UBM Asia, said, “We are extremely privileged to have SDE’s unwavering support all these years. Their trust and strong belief in what we do at the JNA Awards is a clear signal that the event helps bring positivity and advancement to the industry.”

Lin Qiang, President of SDE, said, “Having been a solid supporter of the JNA Awards since its inception five years ago, SDE is very honoured and delighted to upgrade its position to Headline Partner this year. Through this gesture, we would like to pay special tribute to this prestigious event for the positive message it is promoting in the international jewellery and gemstone industry.

We truly believe that the vision and core values that the JNA Awards bring will inspire industry stakeholders to do their best and thus, create a brighter future for the jewellery and gemstone community. SDE is so proud to be a part of this driving force.”

SDE is a non-profit, self-regulating membership organisation and a member of the World Federation of Diamond Bourses. Authorised by the State Council, SDE is the only diamond exchange in China, providing diamond dealers a fair and safe transaction venue under close supervision. It also enjoys a favourable taxation policy and is operated in accordance with international best practices of the diamond industry.

Since its founding in 2000, the total value of SDE’s diamond transactions has been growing at an annual average rate of 27%, with diamond transactions reaching a total value of $2.67 billion in the first half of 2017. Its membership has also increased to the current 390 from 41 when it first started, including 262 overseas members from 14 countries and regions such as Israel, Belgium, India, Hong Kong, South Africa, the US, Japan and Canada. SDE is home to the most prestigious jewellery retailers, diamond wholesalers and manufacturers with a business presence in China.

The annual JNA Awards Ceremony and Gala Dinner will take place on 14th September, during the September Hong Kong Jewellery & Gem Fair 2017. The Award Recipients will be announced and feted at this glittering event.

For more information, visit www.

JNAawards.com

China Yuchai Enters Cambodian Bus Market China Yuchai International Limited announced that engines produced by its main operating subsidiary, Guangxi Yuchai Machinery Company Limited, have, for the first time, entered the Cambodian bus market through a batch order.

Ninety-Eight Yutong buses powered by GYMCL’s YC6G24030 and YC4G180-30 engines have been exported to Cambodia’s capital Phnom Penh.

These new buses support the Cambodian government’s new public transportation plans for the capital city.

GYMCL’s YC6G240-30 is a 7.8 litre, 6-cylinder diesel engine rated at 177 kW at 2200 rpm. Its main applications are for buses and coaches of 11 to 12 meters in length. The YC4G180-30 engine is a 5.2 litre, 4-cylinder diesel variation of the YC6G engine platform. It is rated at 132 Kw at 2300 rpm. Its main applications are for buses and coaches between 7.8 to 9 meters.

Phnom Penh is the capital and most populous city of Cambodia.

As the national capital, it is Cambodia’s economic, industrial and cultural centre. Once known as the “Pearl of Asia”, it has become a significant global and domestic tourist destination.

Mr. Weng Ming Hoh, President of China Yuchai, commented, “We are excited to extend our market penetration into the Cambodian market.

Our neighbouring Southeast Asian markets are important avenues for the export of our advanced engines. The advanced performance and reliability of our products and our superior after-sales service provide an attractive package for our customers. We look forward to continuing our sales growth in the global markets.”

www.cyilimited.com

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Artificial Intelligence Will Not Eliminate Jobs in Asia Artificial Intelligence will not eliminate jobs in Asia, but it will deconstruct them--to the region’s economic advantage, according to MIT Technology Review.

Asia-based senior executives in global firms believe that the impact of Artificial Intelligence (AI) and robotics on their business performance in Asia will be immediate, profound and positive.

China, Australia and India— has revealed that advances in automation technology are quickly changing the way Asia’s firms manage and develop their human talent, forcing them to examine the very nature of what a ‘job’ means.

In Asia’s AI agenda: The Deep Dive Editions, MIT Technology Review is re-examining the technology, venture capital, government and enterprise strategy trends that are converging on this region to drive innovation and adoption of Artificial Intelligence (AI) and how specific Asian markets are taking advantage of these trends. This was based on a survey of Asia-based senior executives (including human capital professionals) to gather perspective of the impact of AI and robotics on Asia’s business landscape.

Overwhelmingly, respondents felt technological advancements in AI and robotics will have very positive effects on most industrial sectors in Asia. While much of Asia lacks the depth of technical skills and R&D facilities needed to keep pace with AI development, there are significant pockets of the ‘natural resources’ Asian economies need to promote and develop their own machine-learning capabilities.

This holistic view of AI’s trajectory and how it is manifesting in each of four markets—Singapore,

China, India and other large Asian economies generate a copious amount of data, which is critical to pushing AI’s capabilities forward. Australia and Singapore, despite their small sizes, each punch well above their weight in the development of ‘indigenous’

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AI R&D resources and have clear visions for how machine learning can complement and enhance the competitiveness of their established leading industries.

Ironically, given a common presumption that AI will be responsible for disintermediation of jobs at all levels, it is Asia’s massive human capital dividend—the billions of constantly Internet-connected workers and consumers –that will propel AI development in the region farther and faster. AI may start to disintermediate roles and responsibilities across Asia’s economies, but it will enhance and redefine far more capabilities and increase the productivity of all firms and workers.

MIT Technology Review’s mission is to equip its audiences with the intelligence to understand and contribute to a world shaped by technology.

www.technologyreview.com

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Golden Equator Capital Co-Leads $27m Investment into Indonesian E-Commerce Golden Equator Capital, a fund management firm, announced its first investment from its Technology and Innovation Fund II, into Indonesian fashion e-commerce start-up Sale Stock.

Golden Equator Capital, jointly with Gobi Partners, is leading a $27 million Series B+ round into Sale Stock. Other investors include SMDV, Alpha JWC, Convergence Ventures, Korea Investment Partners and MNC Media. According to Sale Stock’s founding CEO Lingga Madu, the funding will be used to further strengthen Sale Stock’s position as the market leader in Indonesia and accelerate reaching profitability in the near term.

Sale Stock, one of the fastest growing e-commerce start-ups in Indonesia, provides imported, local and in-house fashion labels for women. Sale Stock’s vision is to bridge the online shopping gap by providing affordable clothing to low-to-middle income earners in Indonesia. The company currently carries over 15,000 stock keeping units (SKUs) and receives thousands of orders daily, making it the largest fashion-related vertical

commerce in Indonesia in terms of daily orders.

Sale Stock’s proprietary merchandising technology, conceptualised by President Jeffrey Yuwono and built by the company’s world class engineering team, is powered by artificial intelligence (AI) and leverages over 1,300 data points captured during the consumer purchasing process to make inventory decisions. On the front end its AI chatbot is integrated with social messaging channels such as Facebook Messenger, WhatsApp and BlackBerry Messenger to handle customer enquiries, take sales orders and complete purchases. Sale Stock was the first company in the world to integrate with all four leading messaging platforms to enable shopping with a conversational interface.

Daren Tan, Managing Partner of Golden Equator Capital, said: “Following the success of the first Technology and Innovation

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Fund, we are looking to invest across the Southeast Asia region in verticals where we can add strategic value—addressing bottlenecks or pain points. For example, Indonesia’s fragmented geography poses ongoing challenges to e-commerce and logistics, providing an opportunity for tech start-ups to solve and disrupt how products can now reach new customer bases in the most efficient manner.”

“We see the value Sale Stock brings to Indonesia’s ecommerce space – its tech-driven platform successfully reaches Indonesia’s fast growing and relatively untapped middle-class markets in tier 2 and tier three cities.

70% of Sale Stock’s customers in these cities are making their first ecommerce transactions, demonstrating the company’s unique advantage and potential for growth in Indonesia’s fast evolving digital economy,” Daren concluded.

Golden Equator Capital invests in Series A and B companies, with a focus on digital marketplaces, fintech and enterprise solutions, in areas such as healthcare and urban solutions. Invested through Golden Equator Capital’s Technology and Innovation Fund II, a targeted $100 million fund, Sale Stock marks Golden Equator Capital’s first investment from this fund. Golden Equator Capital’s portfolio companies, through its first Technology and Innovation Fund, include notable companies such as M17 (previously known as Paktor), MC Payment, Glints, Vault Dragon and Eunoia.

Indonesia’s ecommerce is driven by the growth of the middle class and of tier 2 and 3 cities where access to retail is limited.

According to a study by Google and Temasek, Southeast Asia’s ecommerce market is projected to reach $88 billion by 2025, with Indonesia comprising 52% of the total market.

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Golden Equator Capital Co-Leads $27m Investment into Indonesian E-Commerce

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Early Rollout of 5G in Asia-Pacific Initial focus on select markets and spectrum/network sharing to manage price points will expedite 5G take-off, finds Frost & Sullivan’s digital transformation team.

The imminent rollout of 5G will transform the telecommunications industry in Asia-Pacific. As internet speeds go up and data costs come down, new industries will emerge and the playing field between mobile network operators (MNOs) and fixed broadband providers will level out.

Justifying the high implementation costs of 5G in the developing world alongside 4G, where 4G is still growing from its current 10% penetration and demand for 5G services is finite or limited, will, however, prove a restraint. Fitting 5G efficiently into existing 2G/3G/4G MNO networks and services portfolios while managing customer migration will also be challenging.

“The push for faster internet speeds through 5G will come from governments and industry regulators that realise its potential contribution toward a country’s economic growth and digital economy transformation,” said Frost & Sullivan digital transformation industry principal, Quah Mei Lee. “At company level, the fact that the true extent of investment required for 5G is not known and business models for monetisation are not yet clear complicates matters.”

5G in Asia-Pacific, forecast to 2022, recent research from

Frost & Sullivan’s Mobile & Wireless Communications Growth Partnership Service, is based on extensive research involving MNOs, network equipment vendors, and industry experts. The study examines key features, use cases, potential market size and rollout time frames, likely frequencies and spectrum considerations, and 5G deployment approaches for MNOs. It covers country markets, including South Korea, Japan, China, Hong Kong, Taiwan, Australia, New Zealand, Singapore, Malaysia, Indonesia, Thailand, the Philippines, Vietnam, Cambodia, India, Bangladesh, Pakistan, Myanmar, Laos and Brunei, along with global benchmarking against the US, EU and UK markets.

Frost & Sullivan estimates that 5G service revenue in AsiaPacific will reach $4.50 billion by 2022 with 280.4 million 5G subscriptions. Factors driving the market include: •Potential for real-time use cases such as artificial intelligence (AI), augmented reality/virtual reality (AR/VR), and connected vehicle that can bring a new era in digital services and fresh revenue sources for MNOs; •MNO focus on monetising their 4G network and upgrading to 4.5G or long-term evolution

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advanced (LTE-A) Pro to be ready for 5G when it is finally commercialised; •Government support for 5G in populous countries such as China and India and; •New business models that will emerge out of the trials by MNOs at the upcoming Winter and Summer Olympic Games in South Korea and Japan respectively.

Frost & Sullivan expects that unless there is sufficient demand from consumers for 5G use cases or specific use cases that can generated volume, MNOs may find it more cost effective to upgrade to 4.5G and then push it to the limits prior to upgrading to 5G. Spectrum and network sharing is expected with 5G, especially in developing countries.

Network sharing can reduce the number of sites required by 3040 %, capital expenditure by 2030% and operational expenditure by 25-30%. In fact, regulators in each country may decide to mandate spectrum/network sharing to overcome spectrum scarcity and introduce 5G at the right price points to their markets earlier.

“The optimum trigger point for MNOs to rollout 5G will be when the pricing for 5G hardware/ software and devices, including

smartphones, reaches mass market price points,” noted Mei Lee. “This will likely materialise at the earliest by 2023 or closer to 2025.”

Meanwhile, developments in 5G will lead to opportunities for industries such as the cloud, software and network equipment manufacturing to increase their revenue potential.

Trials by MNOs will lead to understanding of local demand which is a crucial first step to business model formulation and a necessary step towards 5G monetisation.

However, it will take time for the solutions to be developed, the necessary partnerships to be forged and workable business models to crystallise. Also, as with other disruptions, there needs to be time for regulations to catch up with new 5G use cases.

Overall, 5G will play a key role in modernising and transforming digital businesses and the opportunities lie not only with MNOs but also with the industry.

There is certainly a lot of challenging work ahead if 5G is to materialise by 2020.

ww2.frost.com

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Early Rollout of 5G in Asia-Pacific

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PACS Vendors in Southeast Asia Focus on Tech Advances and Strong Market-Entry Strategies Granular understanding of customer needs in each segment and country crucial to growth, finds Frost & Sullivan’s transformational health team.

The highly competitive picture archiving and communication systems (PACS) market in Southeast Asia (SEA) is both lucrative and complex. The extreme range and requirements of customer segments, where large private hospitals are in their second or third generation of PACS while mid- to small-sized hospitals are only now planning budgets for their first PACS investments, compel vendors to create distinct penetration strategies for each segment.

Local and international vendors are vying for a share of the region’s booming imaging informatics market through a combination of direct sales and partnerships with distributors.

Technological sophistication, in terms of data management and analytics, will offer a strong competitive advantage.

“The Asia-Pacific PACS market is at an interesting stage, where vendors have the opportunity to harness business from both traditional PACS and more advanced vendor-neutral solutions,” said connected health industry analyst Natasha

Gulati. “There is plenty of room for revenue growth, market penetration and technological advances.”

End-user and Decision-maker Survey of Southeast Asian PACS Market, forecast to 2021, new research from Frost & Sullivan’s Connected Health Growth Partnership Service program, is based on a survey of over 70 radiology decision makers across SEA. The study covers standalone, integrated radiological information system (RIS) PACS and mini PACS and presents valuable insights on specific customer segments and countries. Indonesia, Malaysia and Thailand have the highest opportunity potential.

In the Philippines, healthcare is undergoing modernisation, but the country is a level-two priority for most multinational vendors.

The total PACS market in Southeast Asia is expected to be worth $329.3 million in 2021.

However, constrained budgets limit the full potential of PACS implementations in the region.

The dominance of incremental workflow improvements in previous deployments, coupled with little understanding of

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upcoming technologies like cloud and big data analytics, hinder investments.

While the industry is moving toward interoperability, providers still see the shift as a PACS replacement rather than the migration to vendor-neutral archives (VNAs). These factors make it crucial for vendors to partner with hospitals to help them evolve through their PACS journey.

“There is a fine barrier between a PACS and a vendor-agnostic data management platform that can be easily overcome with technology,” noted Gulati. “The imaging informatics space has a strong tendency to favour horizontal IT vendors that offer greater solution flexibility, modularity and interoperability.

Already evident in developed markets, this industry power shift is now taking shape in SEA.” Key players in the market currently include GE Healthcare, Philips, Siemens, Merge Healthcare, IBM, Hitachi Data Systems, Toshiba Medical, Hitachi Aloka, Carestream and Infinitt Healthcare. Vendors must continue to invest in

technological advancements and be creative with their product mix and value proposition. Keeping up with evolving customer needs and competitive strategies is crucial because a significant proportion of business will depend on customer relations, company branding and word of mouth. ww2.frost.com

PACS Vendors in Southeast Asia Focus on Tech Advances and Strong Market-Entry Strategies

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All Deforestation in Orangutan Habitat Must Be Stopped Greatly improved official orangutan survey figures released on August 22nd provide a clearer picture of the plight of the species in Borneo, where the great apes are now thought to number only an estimated 0.13 to 0.47 individuals per square kilometre, down from the 2004 estimated density of around 0.45 to 0.76 per km2.

The new Orangutan Population and Habitat Viability Assessment, which the government says was carried out in much greater detail than ever before and over a larger area, found that of the 52 orangutan meta-populations surviving across Sumatra and Borneo, only around a third (38%) are expected to remain viable over a 100 to 500year time frame. [1] Habitat destruction and fragmentation is the primary cause of the great ape’s decline. [2]

the already compelling evidence that all deforestation in forests mapped as orangutan habitat must stop immediately.

Last year, the International Union for Conservation of Nature (IUCN) placed the Borneo Orangutan in the “critically endangered” category following the devastating fires of 2015 which stemmed from forest clearance and peatland drainage carried out by plantation companies. [3] Orangutans are a protected species under Indonesian law.

However, these measures have not been able to provide sufficient protection to orangutans, as companies continue their expansion in places like Sungai Putri, a 55-thousand-hectare peatland forest that is home to between 800 and 1200 orangutans.

Early this year Greenpeace presented evidence that the Sungai Putri orangutan population, thought to be among the largest in Indonesia, is threatened by logging company PT Mohairson Pawan Khatulistiwa (MPK), who opened a new unlawful drainage canal on peatland. Whilst the Government claims to have stopped the development, the drainage canal remains in place and in the last

Greenpeace forest campaigner Ratri Kusumohartono said: “The government is clearly failing to protect Indonesia’s most iconic animal species, as companies continue to develop plantations in forests and peatland that are some of the last homes for orangutans. This report adds to

For years, both palm oil and paper pulp industries have built canal networks across Indonesia’s vast peatlands to drain them for plantations. This peatland drainage is considered one of the important factors in Indonesia’s 2015 fire crisis.

President Joko Widodo stated in late 2015 that his Government would end the issuing of licences on peatland.

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two weeks some activities have restarted in this concession. [4] “No restoration progress has been made, while fires are already breaking across West Kalimantan. The Government must revoke the license of PT MPK immediately. Protecting this landscape is vital both for preventing the fires of the future and to save Indonesia’s crucial orangutan habitats” The assessment released considers around 16 million hectares of orangutan habitat across Borneo to calculate an estimated Borneo Orangutan population of 57,000 and improves on what experts say was an underestimate of 55,000 produced in 2004, when a more simplistic survey methodology was used over a smaller area of around 8 million hectares.

[1] ‘Kondisi Terkini Populasi dan

Habitat Orangutan’ (‘Current Condition of Orangutan Population and Habitat’) -- Media release from Environment and Forestry Ministry, 22 August 2017. forina.or.id/orangutanpopulation-and-habitat-viabilityassessment-2016/ [2] Indonesian Orangutan

Conservation and Action Plan 2007-2017. forina.or.id/

wp-content/uploads/2015/08/ Orangutan_National_Action_ Plan_2007-2017bilingual.pdf [3] Bornean orangutan declared

‘critically endangered’ as forests shrink www.theguardian.com/ environment/2016/jul/07/ bornean-orangutan-declaredcritically-endangered-as-forestsshrink [4] Concrete action needed to

protect critical peat landscape Sungai Putri, West Kalimantan. www.greenpeace.org/seasia/ Press-Centre/Press-Releases/ Concrete-action-needed-toprotect-critical-peat-landscape-/ www.greenpeace.org

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All Deforestation in Orangutan Habitat Must Be Stopped

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Automation Key to Tackling Maritime Skills Crisis A perfect storm of retiring baby-boomers and the ongoing global economic downturn, are causing the number of skilled seafarers in the global industry to shrink dramatically, but attendees at Seatrade Offshore Marine & Workboats Middle East (SOMWME) will hear from an expert panel of speakers how automation and advances in connectivity could solve the looming skills crisis.

The issue will be addressed on day one of the biannual Seatrade Offshore Marine and Workboats Middle East (SOMWME) 2017 exhibition and conference, at the Abu Dhabi National Exhibition Centre (ADNEC) from 25 - 27 September 2017, where speakers at the ‘Manning Update’ will assess the role of automation in tackling the ongoing challenge.

“The number of skilled personnel across multiple functions has been in decline for a number of years. In 2010, The Manpower Report by BIMCO/ISF calculated the global supply of officers stood at 624,000, compared to a demand for 637,000, concluding the figures were ‘near-ideal’.

“However, by 2016, the shortfall stood at 16,500 officers and is predicted to rise to 147,000 worldwide by 2025. In the United States, figures published in 2016 by the U.S. Maritime Administration placed the country’s shortfall at 70,000 mariners by 2022,” said Emma Howell, group marketing manager, Seatrade portfolio, UBM EMEA. Moderated by Captain Michael P. Elwert, Group Chief Executive

Officer, Elektrans Group, the panel will feature William Tobin, underwriting syndicate manager -- Offshore, The Shipowners Club and Captain John Lloyd, Chief Executive Officer, The Nautical Institute, as well as Revd Dr Paul Burt, regional director, Gulf & South Asia, Mission to Seafarers.

delegated to artificial intelligence -- aviation has undergone a similar transformation, with the role of the pilot evolving with each new generation of aircraft.

However, innovations in shipping can be leveraged to address a gap, rather than requiring existing specialists to up-skill.

Captain Lloyd commented: “The increasing sophistication of technology is opening the door to serious discussions about the remote control of ships, perhaps one day leading to completely autonomous vessels.

While moving in this direction gives wonderful opportunities to improve reliability, one of the key challenges will be to balance the cost of reliability against performance and financial viability through savings.

That is really a matter for the technologists and the economists to address.”

Lloyd continued: “On the operational side it is important we create a regulatory framework which gives an opportunity for these vessels to be developed and then to identify the skills required to operate them safely and efficiently. It is likely these skills will draw heavily on maritime knowledge and experience if we are to develop effective solutions.

As the professional body for those in control of ships, The Nautical Institute is already actively engaged in these discussions and looks forward to the next generation of ships and operations supported by world-leading technology and innovation.”

Automation in shipping is not a new concept; many responsibilities, checks and safety functions are now carried out autonomously. But in the age of driverless vehicles and remote controlled drones, the first unmanned, autonomous ship, could be on the horizon.

It would not be the first time, complicated skill sets are

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Part of SOMWME’s Power 60s series the Manning Update will be followed by a session on finance and law, moderated by Eithne Treanor, founder and MD of E Treanor Media and featuring Bora Bariman, head of energy & marine, corporate & institutional

banking group, National Bank of Fujairah; David Manuel, senior marine specialist - Petrodata, IHS Markit; Knut Mathiassen, Managing Partner, NorthCape DMCC; and Tien Tai, partner, Holman Fenwick Willan.

Elsewhere in the conference programme, discussion will turn to green and efficient vessels for the future. Seatrade Offshore Marine & Workboats is the largest workboat and offshore marine event outside of the USA, attracting more than 200 offshore marine and workboat companies.

For more information, log on to www.seatradeoffshoremarine. com. For UBM Asia, visit www.ubmasia.com

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Automation Key to Tackling Maritime Skills Crisis

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Asia Records $10bn Economic Loss as Severe Flooding Continues in July Impact Forecasting, Aon Benfield’s catastrophe model development team, on August 8th launches the latest edition of its monthly Global Catastrophe Recap report, which evaluates the impact of the natural disaster events that occurred worldwide during July 2017. Aon Benfield is the global reinsurance intermediary and capital advisor of Aon plc.

The report reveals that relentless seasonal flooding that began in mid-June resulted in continued fatalities and damage across parts of Asia during the month.

The greatest impacts were recorded in China, where nearly 200 people were left dead or missing and hundreds of thousands of homes were damaged or destroyed. The Ministry of Civil Affairs listed combined economic flood damage at more than USD10 billion during a six-week stretch, much of which occurred in the Yangtze River Basin.

Heavy flooding also occurred in Japan following the landfall of Tropical Storm Nanmadol and abundant remnant moisture associated with a frontal boundary, with more than 2,600 homes and other structures damaged or destroyed as extensive flooding and landslides affected Fukuoka, Oita, Shimane, Kumamoto and Hiroshima prefectures. Total economic losses were expected to near USD1.0 billion.

Meanwhile, monsoon rains killed hundreds and caused major damage to structures, agriculture and infrastructure in parts of India, Bangladesh and Pakistan.

Total economic damage was

minimally listed in the hundreds of millions (USD).

Additional seasonal rains in Thailand killed at least 23 people and caused economic damage more than $300 million, while flash flooding in northern Switzerland prompted claims pay-outs of nearly $D90 million.

Two separate instances of powerful thunderstorms resulted in considerable damage in Turkey, marked by large hail and flooding throughout the greater Istanbul metro region. Turkish insurers anticipated combined claims pay-outs reaching $440 million; overall economic losses were higher.

Additional severe thunderstorms and subsequent flooding affected many sections of the United States. Damage and casualties resulting from large hail, straightline winds, isolated tornadoes and flash floods were noted in the Midwest, Plains, Southeast, Mid-Atlantic and the Desert Southwest. Total combined economic and insured losses were expected to enter the hundreds of millions (USD).

Claire Darbinyan, impact forecasting associate director and meteorologist said: “There was no shortage of global natural disasters during July, though the

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vast majority were reported in Asia where enhanced seasonal monsoon rainfall over China and throughout South Asia led to significant flooding that caused considerable loss of life and billions of dollars of damage to property and agriculture.

country during the first half of 2017;

“In addition, three tropical cyclones in the region enhanced the monsoonal flow to trigger further flooding in multiple countries. Given low levels of insurance penetration in the region, most these losses are expected to be uninsured, highlighting the considerable protection gap and the potential for re/insurers to further offer their specialist risk management skills.”

•Tropical Storm Talas made landfall in Vietnam, causing $44 million in economic damage;

Other natural hazard events to have occurred elsewhere during July include: •Major severe weather events were noted in Canada, China and Europe; •Officials in Italy reported that prolonged drought conditions have cost the economy some €2.0 billion ($2.3 billion) in economic losses. Production of vegetables, fruits, cereals, vines and olives were all impacted by the abnormally dry conditions which prevailed across the

•Extreme heat and drought conditions led to wildfire damage across parts of the United States, Canada, Portugal, France and the Balkans;

•Strong earthquakes were recorded in the Philippines, Greece, Turkey and China; •A winter storm brought high winds and flooding to New Zealand; damage estimated in the millions (USD).

To view the full Impact Forecasting July 2017 Global Catastrophe Recap report, please follow the link: aon. io/2fmZ3TM Along with the report, users can access current and historical natural catastrophe data and event analysis on Impact Forecasting’s Catastrophe Insight website, which is updated bi-monthly as new data become available: www.aonbenfield.com/ catastropheinsight www.aon.com

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Asia Records $10bn Economic Loss as Severe Flooding Continues in July

SOUTH EAST ASIA NEWS / Issue 2 2017 21

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Carey Olsen Advises on New Jersey Private Fund Carey Olsen’s Jersey team acted as lead counsel on the successful launch of first time fund AVI Frontier Fund I. The fund will invest into a series of South-East Asian companies listing on the Vietnamese Stock Exchange and allows investors to handpick which companies they want to invest in.

The Fund is structured as a Jersey limited partnership under Jersey’s popular Jersey Private Fund (JPF) regime which launched in March 2017 and offers significant streamlining advantages for the establishment of private investment funds.

The fund has appointed Viet Capital Securities as its local Vietnamese investment advisor.

Robin Smith and Chris Griffin led the Carey Olsen team, assisted by associate Katrina Lindsay.

Chris Griffin commented: “The combination of AVI’s relationship with Viet Capital Securities and the Jersey Private Fund regime is a perfect platform to offer investors access to the SouthEast Asian market.”

Emerging market. We are seeing a great deal of investment activity and we are excited to offer the opportunity for our investors to gain exposure to this high growth market.

“We converted our existing Very Private Fund structure to the new JPF regime which proved to be a simple and quick process.

The new regime has provided us with a greater degree of flexibility in terms of attracting a larger number of professional investors whilst not being overburdened with greater regulatory requirements.”

For further information about Carey Olsen visit www.careyolsen.com

Richard Chilvers, founder and CEO at AVI Frontier Fund, said “It is an interesting time for the South East Asian markets, particularly Vietnam, as it transitions from a Frontier to an

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Carey Olsen Advises on New Jersey Private Fund

SOUTH EAST ASIA NEWS / Issue 2 2017 23

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Thai Infrastructure Development Thailand’s strategically important geographic location gives it ample advantage to become a primary regional economic hub, not only in trade, investment and tourism, but also in communication and transportation networks that connect to other regions around the world. Thailand’s government has in recent years made investment in domestic infrastructure its top priority.

The Thailand infrastructure action plan for 2017 is worth $25.2 billion and includes 36 projects, covering rail, roads, air transport and ports around the country.

The government plans to begin selling Thailand Future Fund investment units in October as an infrastructure investment alternative. It’s a way of raising liquidity from the public for the construction of massive state infrastructure projects. The unit sales are expected to reap $1.1 billion.

The Industry Ministry recently revealed that Thailand’s emerging Eastern Economic Corridor (EEC) is expected to see investment in infrastructure projects reach $43 billion in the next five years -- for airport expansion, new railways and cities, port development and spurring modern industry.

Helping ensure the success of its infrastructure development, the government will provide full support, including eliminating barriers, rules and regulations to generate real, high-value investments, as well as a one-stop service to facilitate investment in the EEC. The Board of Investment of Thailand (BOI) in turn offers enticing and competitive privileges, including

a corporate tax holiday for up to 15 years, exemption from import duties on machinery and raw materials, 17% personal income tax credits for executives, experts and researchers working in designated zones, grants to support investments in R&D, innovation and human resource development, permission to own land for promoted activities and one-stop service to facilitate business operations.

An integrated local and crossborder transportation network Fast-paced development of a comprehensive network of interconnecting transport routes across the country will accommodate rapidly surging demand for both domestic and cross-border transportation.

Government agencies are expediting efforts to call for bids on several new mass-transit routes and an expressway system throughout Greater Bangkok and motorway, doubletrack rail and high-speed train projects across the nation.

Prime Minister Prayut Chano-cha has made a personal appeal for public support for the Thai-Chinese high-speed railway planned to link Bangkok to the north-eastern province of Nakhon Ratchasima. The same railway is envisioned as connecting with Chinese high-speed trains in

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Laos traveling to China, as part of a joint Chinese-Thai effort which forms part of Beijing’s vast infrastructure drive known as the ‘One Belt, One Road’ initiative.

Another high-speed train project, the 193.5-kilometre BangkokRayong route, which will link the Eastern Economic Corridor to Suvarnabhumi, Don Mueang and U-tapao international airports, is in now undergoing a feasibility study and preparations for a public private partnership (PPP). Elsewhere in Thailand, a Bangkok-Hua Hin high-speed railway and a mass-transit rapid monorail system for Phuket are currently being assessed for feasibility.

Emerging digital hub to address innovation-driven industry development Thailand’s ambition to become the digital hub of Southeast Asia is meanwhile also getting off the ground, with the country continuing to establish robust fundamentals to nurture an innovation-driven economy.

CAT Telecom PCL and the government are working closely together on projects proposed for the EEC. These include Digital Park Thailand in Sri Racha, Chon Buri, intended as a hub of research and development in digital innovations, with the aim of adding value to Thai

businesses and industries. The park will attract digital innovators from around the world to share their experiences and knowledge using CAT’s telecommunications infrastructure.

A unique logistics gateway to Southeast Asia As well as making it the gateway to Southeast Asia, Thailand’s central location provides it the edge to become a key intraregional and inter-regional logistics centre. To turn the country into a regional logistics hub in line with the Thailand 4.0 goal, the government has drafted the Manufacturing Logistics Master Plan 2017-2021 with the objective of reducing logistics costs to every industry by least 20% and optimising supply-chain management by at least 10% by 2021. The plan focuses on areas such as developing supply-chain and digital supply-chain logistics and logistics to support economic zones like the EEC and special economic zones.

Thailand Post, the national shipment service provider, is keen to serve as a logistics enabler for the government’s EEC scheme with its recent system modernisation. Seeking to capitalise on the fast-growing e-commerce market, it is investing three billion baht a year from 2016-2018 on upgrading its core automation systems

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Thai Infrastructure Development

and distribution centers. The company also plans to expand its logistics service capacity in eastern Chon Buri province to serve heavy traffic in the EEC. Current fast-paced infrastructure development efforts aim to facilitate 10 targeted growthengine industries under the Thailand 4.0 policy, which include the country’s existing five industries - the ‘First S-Curve’ and five new industries, termed the ‘New S-Curve’. The First S-Curve industries are biofuels and biochemicals, smart electronics, next-generation automotive components, medical and wellness tourism for the affluent and food for the future.

The New S-Curve industries are the digital economy, an emerging medical hub, aerospace production, automation and robotics, agricultural and biotechnology. www.boi.go.th

SOUTH EAST ASIA NEWS / Issue 2 2017 25

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Singapore, UK, New Zealand and UAE among World’s Stand out Digital Economies The Fletcher School and Mastercard unveil the Digital Evolution Index 2017, an in-depth look at technology adoption and the state of digital trust around the world. With nearly 50% of the world’s population online, this research maps the journey towards digital development for 60 markets.

The Fletcher School at Tufts University in partnership with Mastercard unveiled the Digital Evolution Index 2017.

This comprehensive research tracks the progress countries have made in developing their digital economies and integrating connectivity into the lives of billions.

The research identifies Singapore, the United Kingdom, New Zealand, the United Arab Emirates, Estonia, Hong Kong, Japan and Israel as digital elites characterised by high levels of digital development and a fast rate of digital evolution. With momentum and innovation on their side, these ‘stand out’ markets exemplify the sweet spot of advancement and future growth.

With nearly half of the world’s population online, the research maps the development of 60 countries, demonstrating their

competitiveness and market potential for further digital economic growth. The Index measures four key drivers and 170 unique indicators to chart each country’s respective course: •Supply (or internet access and infrastructure); •Consumer demand for digital technologies; •Institutional environment (government policies/laws and resources) and; •Innovation (investments into R&D and digital start-ups).

Businesses, governments and civil society are working to bring everyone online, while also ensuring the security of the digital infrastructure. The report provides a way to assess digital “trust” as well as the state and rate of digital evolution with examples from around the world, giving countries the opportunity to learn from each other to further their advancement.

“Adoption, the quality of digital

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infrastructure and institutions and innovation collectively shape a country’s digital competitiveness, but governments also play a key role. The report also found that consumers’ trust in digital technologies correlates

with digital competitiveness,” said Bhaskar Chakravorti, senior associate dean of international business & finance at The Fletcher School at Tufts University and founding executive director of Fletcher’s

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Singapore, UK, New Zealand and UAE among World’s Stand out Digital Economies

Institute for Business in the Global Context.

The findings According to their overall digital evolution scores, Norway, Sweden, Switzerland, Denmark, Finland, Singapore, South Korea, the United Kingdom, Hong Kong and the United States make the top ten list of advanced digital economies, but given the current pace of innovation and change, being an advanced digital economy today doesn’t guarantee that status tomorrow.

How open and supportive they are to innovation help determine their future growth potential.

Combining the pace and state of digital advancement, the research puts markets into four distinct categories: •Stand out – Singapore, the United Kingdom, New Zealand, the United Arab Emirates, Estonia, Hong Kong, Japan and Israel demonstrate high levels of digital development while continuing to lead in innovation and new growth; •Stall out – Many developed countries such as in Western Europe, the Nordics, Australia and South Korea have a history of strong growth, but their momentum is slowing. Without further innovation, they are at risk of falling behind; •Break out – Though still at relatively lower absolute levels of digital advancement, these countries demonstrate the fastest momentum, are poised for growth and are attractive to investors. China, Kenya, Russia, India, Malaysia, Philippines, Indonesia, Brazil, Colombia, Chile and Mexico exhibit this breakout potential and; •Watch out – Countries such as South Africa, Peru, Egypt, Greece and Pakistan face significant challenges, constrained both by low levels of digital advancement and a slow pace of growth.

“We all know technology can do more to improve economies and make our lives better, but growth

is only achievable if everyone has confidence in the developing ecosystem,” said Ajay Bhalla, president, global enterprise risk & security, Mastercard. “In our pursuit of a truly connected world, trust and security are critical to successful digital development.”

New this year: the trust factor To date digital trust has proved difficult to understand, let alone measure, but it remains a keystone of the global digital economy. New to the 2017 report, the research team at The Fletcher School analysed 42 of the 60 countries in the Index around four key dimensions behaviour, attitudes, environment and experience - to understand the state of digital trust. Some of the findings include: •China, Switzerland, Singapore and the Nordics score well on different metrics, but for vastly different reasons; •The Chinese consumer is an outlier when it comes to demonstrating patient user behaviour in the face of friction, such as slow internet speeds; •Western and Northern European states lead in digital trust experience and environment scores, which reflect investments in strong security, privacy and accountability measures and in minimising friction and; •Overall the research shows that in countries where their momentum score was higher, consumers were more tolerant of friction in their daily digital interactions and transactions, suggesting that momentum may be a vital factor in understanding consumer behaviour and trust.

Further, governments and businesses are considered the guarantors of trust and are charged with facilitating trust among their citizens and consumers. The findings demonstrate that trust is critical to digital competitiveness and that countries can only go so far without it. sites.tufts.edu/digitalplanet

SOUTH EAST ASIA NEWS / Issue 2 2017 27

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Cyber Security Tops the List of Concerns for Internet Users in Asia-Pacific The Internet Society recently released the findings from its annual Survey on Internet Policy Issues in Asia-Pacific.

The findings show that cyber security is now the top concern for Internet users in the region, followed by access, data protection, connectivity and privacy. The concerns brought to light by the survey highlight the fears people now have when going online.

Over 2,000 people from 40 economies across Asia-Pacific responded to the survey, which takes an in-depth look at how Internet users handle personal information online.

They key findings are: •Cyber security topped the list of Internet users’ key concerns; •Without sufficient online data protection, 50% of women and 40% of men said that they were highly unlikely to use online banking and financial services and approximately 40% of women and men were highly unlikely to use e-commerce sites and online shops;

•Over 70% of respondents felt that their personal information was not sufficiently protected online. Yet, close to 60% of respondents believed that they did not have sufficient knowledge and tools to protect their privacy online and; •Both women (91%) and men (89%) were either very uncomfortable or uncomfortable with disclosing bank and credit card details online.

“As Internet use in Asia-Pacific continues to skyrocket, it’s crucial that Internet users, organisations, governments and other stakeholders understand the challenges that the region faces. The survey results underscore the need for both the public and the private sectors to not only build robust and secure networks and systems, but also to develop tools that equip users with the knowledge and skills to use these services safely online. These actions will help increase their confidence in using online services and their trust in the Internet,” explains Rajnesh

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Singh, regional bureau director, Asia-Pacific, Internet Society.

concern for the following issues: •The need to regulate fake news;

Cyber security Cyber security rose to the top of this year’s survey, up from last year’s second-place, when access was the number one concern. In 2016, existing laws were revised and new ones established relating to cyber security and data protection in countries throughout the region, most notably in China, South Korea and Indonesia.

Over 60% of users were aware of Internet-related policies, regulations or laws enacted by their national government in the past year. According to survey participants, these mainly sought to address cyber security, cybercrime, access, privacy and data protection—the same issues that were top of mind for them.

A majority of the respondents (63% of women and 72% of men) strongly agreed or agreed that the Internet became a more regulated space in the past year.

Several respondents expressed

•Increased surveillance that violates privacy rights; •Increased censorship and blocking of sites that affects freedom of expression and; •The lack of online child protection.

Internet trust Most Internet users do not feel that their personal information is protected online and hesitate to use services that don’t have privacy guarantees. These concerns have important implications on the rollout and use of not only commercial, but also public and social services online.

More than half (55%) of respondents indicated that they were either highly unlikely or unlikely to use online services if there were no guarantees that their personal information would be fully protected. Without

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Cyber Security Tops the List of Concerns for Internet Users in Asia-Pacific

sufficient online data protection, 50% of women and 40% of men said that they were highly unlikely to use online banking and financial services and about 40% of the women and men were highly unlikely to use e-commerce sites and online shops.

Online privacy Over 70% of respondents felt that their personal information was not sufficiently protected online. Yet, close to 60% of the respondents believed that they did not have sufficient knowledge and tools to protect their privacy online.

Most Internet users (90%) were very uncomfortable or uncomfortable with providing bank and credit card details online. A larger percentage of the population in the Asia-Pacific region trusted traditional services

such as banks, public authorities and health institutions, but had less trust in strictly online service providers.

“Users want to be informed and need to have a certain level of control over the collection and use of their personal information. Public and private organisations that collect and share user information need to take this into account when formulating or updating privacy frameworks. This is also relevant for governments in the region as they start to consider new provisions such as the ‘right to be forgotten’ as well as pursue digital transformation initiatives,” added Singh.

For the full survey please visit: www.internetsociety.org/doc/ APACSurvey

SOUTH EAST ASIA NEWS / Issue 2 2017 29

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$500 Million Investment for Expansion in Southeast Asia and Korea Earlier this month, WeWork announce a $500 million investment in a new entity, focused on fuelling its growth and expansion in Southeast Asia and Korea.

This investment underlines the potential for WeWork in Asia and follows on the heels of WeWork’s other recent investment news from the region: a $500 million investment with SoftBank and Hony Capital dedicated to WeWork’s expansion across China and a joint venture with SoftBank to bring WeWork’s transformational community to Japan.

WeWork is also thrilled to announce that it will acquire Singapore-based co working company Spacemob, including its founder and CEO, Turochas ‘T’ Fuad and his team. Fuad will become Managing Director of Southeast Asia for WeWork and will oversee the company’s expansion in the region.

Fuad founded Spacemob in early 2016 and quickly grew the company to multiple locations in Singapore, with spaces in Indonesia and Vietnam scheduled to open soon. Prior to founding Spacemob in early 2016, Fuad founded and sold two start-ups: WUF Networks

and Travelmob. Fuad also held senior roles in Southeast Asia and Asia Pacific for Yahoo! and Skype, respectively.

Matt Shampine, currently head of marketing and revenue for Asia, has been appointed general manager of Korea for WeWork. Shampine originally joined WeWork in 2010 as a member and his digital agency went on to be a founding member of WeWork Labs. In 2013, he joined WeWork as an employee, initially as director of strategic partnerships. More recently, Shampine has played a key role in WeWork’s entry and subsequent expansion in Asia.

Both Fuad and Shampine will report to Christian Lee, Managing Director of WeWork Asia.

Miguel McKelvey, co-founder and chief culture officer of WeWork, said: “Today’s announcement reaffirms WeWork’s commitment to scaling our business across Asia. We are amazed and humbled by the response to WeWork so far and look forward to continuing to build our vibrant and diverse community in the rapidly evolving region.

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“To be part of WeWork is to be connected to one of the most meaningful business networks in the world and we are excited to invite new members from some of the most creative and innovative cities on the globe.

I speak for the entire WeWork team and our 130,000 members when I say I am incredibly excited to have T and the team from Spacemob join us in our mission to create a world where people work to make a life, not just a living.”

Christian Lee, Managing Director of WeWork Asia, said: “I’m delighted to welcome T and Matt to the Asia management team. Both are seasoned entrepreneurs with deep roots in Southeast Asia and they will be invaluable as we scale the business across the region.

Matt’s WeWork experience - as both a member and an employee - will be critical as we expand our offerings in Korea. With Spacemob, T and his team will accelerate our efforts to establish WeWork in key Southeast Asia markets. The Spacemob business that T has built is a

testament to him and his team’s capabilities.”

Turochas “T” Fuad, Managing Director of Southeast Asia for WeWork said: “WeWork’s purpose-driven approach to providing businesses of any size with the space, community and services they need to thrive is without equal.

I could not be more proud to lead WeWork’s expansion in Southeast Asia. The region represents close to nine percent of the world’s population, it is an exciting market full of budding entrepreneurs, enterprises and creators and that is a massive opportunity for WeWork. I know that we will have a meaningful impact on these communities.

My team and I cannot wait to get started on what promises to be an incredible journey.”

Matt Shampine, general manager of Korea for WeWork said: “It has been exciting to launch WeWork in Asia and to see the WeWork vision and community take shape here.

To see the way new members have grasped WeWork’s core

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$500 Million Investment for Expansion in Southeast Asia and Korea

values has been inspiring, educational and fun. The region has so much potential, I have no doubt that current and future WeWork members in Asia -- and especially in Korea -- will thrive and contribute in a positive and meaningful way to WeWork’s global community. It’s going to be exciting to be part of it and I’m ready for the challenge.” www.wework.com

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