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FROM THE EDITOR

esponding to modern customer needs may require institutions to wholly reimagine banking, envisioning a future where traditional banks may not exist. Toh Su Mei, CEO of ANEXT Bank, shares strategies for serving Singapore's small and medium enterprises on page 24. Our interview with Jose Teodoro Limcaoco, CEO of BPI, discusses reinventing the Philippines' oldest bank on page 20.

The Asian Business Review is a regional magazine serving Asia’s dynamic business community. Essential coverage includes the economy, investment, manufacturing, technology, travel, and trade. It offers fresh perspectives and ideas to guide its readers through the challenges and complexities of their businesses, providing opinion and analysis on all areas of business to improve performance. PUBLISHER & EDITOR-IN-CHIEF EDITORIAL MANAGER PRINT PRODUCTION EDITOR JOURNALISTS

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We also feature insights from CEOs across various sectors—healthcare, e-commerce, food and beverage. Highlights include dr. Ben Widaja's new paediatric heart centre at Mandaya Royal Hospital on page 12, Gunjan Soni of ZALORA on revenge tourism on page 16, and Winry Tjandra of Family Mart Indonesia on the logistics of convenience stores on page 18. We also recognise exemplary brand experiences in the Asian Experience Awards and top tech innovators in the Asian Technology Excellence Awards. Read the highlights on pages 36 and 58 respectively. Outstanding companies and leaders in Middle East and Malaysia are also given their spotlights, and you can check out the list of winners on 78 and 94. Read on and enjoy.

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THE ASIAN BUSINESS REVIEW

CONTENTS

CEO INTERVIEW

UNIT BOOSTS PAEDIATRIC 12 NEW HEART CARE IN INDONESIA

EVENT COVERAGE EXCEPTIONAL TECH INNOVATORS RECOGNISED AT ASIAN TECHNOLOGY EXCELLENCE AWARDS 2023

FIRST 06 Connectivity not enough to boost telco revenue 08 Greenwashing in banking: real concern or overblown issue? 10 How APAC CBDs can thrive amidst changing views on office use

RETAIL 14 4 shifts transforming SEA’s retail landscape

CEO INTERVIEW 16 ZALORA seizes opportunity in revenge tourists’ purchasing power 20 Bank of the Philippine Islands’ President talks reinvention and digital ambitions 22 How NETS is helping SMEs get the right data to raise their revenue 24 Why the bank of the future is not really a bank 34 Asia needs natural gas to balance ‘energy trilemma’

INSURANCE 26 The Netflix of insurance: KoverNow offers instant coverage with one click

Published Biannually by Charlton Media Group 101 Cecil St. #17-09 Tong Eng Building 2 SINGAPORE THE ASIAN BUSINESS BUSINESS REVIEW | MARCH 2018 Singapore 069533REVIEW

CEO INTERVIEW F&B SUCCESS SEEN IN FAMILY MART INDONESIA STORES

REAL ESTATE 28 More hotels pivot to co-living for better margins and stable cash flows 30 BPO sector seeks hub in Philippines' provincial markets over labour costs

POWER 32 Financial woes loom as Asian markets struggle to quit coal

EVENT 58 Asian Business Review lauds top brand experiences at Asian Experience Awards 2023 78 Asian Business Review lauds exceptional companies at the 2023 Middle East Awards 94 Outstanding leaders, innovators lauded at Malaysia Management Excellence Awards 2023

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News from asianbusinessreview.com Daily news from Asia MOST READ

RETAIL

MINISO transforms into a lifestyle super brand after a decade in the Lifestyle retailer MINISO has reached a milestone as it celebrates its 10th anniversary this year. This is thanks to the brand’s adaptability in coming up with new products aligned with the prevailing consumer trends, and its continued global expansion. The China-based retailer has over 5,400 stores worldwide.

AGRIBUSINESS

4 4

INSURANCE

Asian insurers’ AI-readiness dictates their competitive advantage Insurers in Asia are ill-prepared to take a slice from the trillion-dollar market value that artificial intelligence offers for the global insurance industry, McKinsey & Company's analysts revealed. Traditional organisational structures make it difficult to visualise the potentials of investing more broadly in artificial intelligence.

REAL ESTATE

RETAIL

Three ways retailers can serve ‘budgeteers’ A new wave of consumers called budgeteers is reshaping retailers’ selling and price strategies to cater for their new spending behaviour or “sustainability by proxy”. According to marketing firm Euromonitor International, it means consumers are choosing sustainable products that have minimal impact.

INSURANCE

How GAR’s golden strategy shields agribusiness from global supply

Indonesian tycoon shares secrets for sustaining 70 malls in 40 cities

Great Eastern builds 5 digital ecosystems to reach Indonesia

Experts predict that the supply chain disruption will not resolve anytime soon due to persistent irregularities in the flow of raw goods because of geopolitical tensions. However, one agribusiness company managed to stay one step ahead and used existing resources to grow its business, and mitigated supply chain disruptions.

Lippo Malls Indonesia (LMI) stands at the forefront of the rapid changes in consumer preferences, as it adapts its mall spaces to cater to diverse demographic demands, thereby maintaining its prominence as the largest mall operator in the country. LMI has harnessed its team’s 34 years of experience to consistently.

Great Eastern Life Indonesia is touting five comprehensive digital ecosystems that it hopes will make insurance more accessible to the Indonesian population. “One of the steps we are taking is to utilise technology so that customers can have additional options to connect with us digitally,” President Director Clement Lien Cheong Kiat said.

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FIRST multiple providers. Consumer divisions will need to implement a similar strategy if they are to grow their revenue,” according to the report authored by Tom Rebbeck.

SG LEADS APAC IN 5G COMMERCIALISATION NETWORK

(Photo by rawpixel from freepik)

ingapore has pulled ahead of its APAC peers in 5G commercialisation whilst South Korea led globally in terms of penetration, according to Kearney’s latest 5G Readiness Index report. The country scored 7.6 in the 5G readiness index, the highest in the region surpassing Japan which scored 7.1, and trailing behind the United States, which ranked first globally at 8.4. “Operators in 25 markets now offer 5G private networks or multiaccess edge computing… but only two markets, US and Singapore, are truly innovating and engaging with stakeholders via 5G-focused APIs and active ecosystem development,” as stated in Kearney’s report. Providers in the two countries such as Singtel’s Paragon in Singapore and US-based T-Mobile US DevEdge are leading in monetisation as they team up with companies and programmers on new services. “This B2B2x (B2B to any enduser) is one of the main roads to monetisation,” it said. Penetration rate Regarding penetration rate, or the share of 5G users to total subscribers, South Korea recorded the highest adoption at 36.4%, leading not only in the region but amongst all the 33 nations studied worldwide. It was then followed by Finland and Australia with 22% penetration each whilst Japan and China each have 20% penetration. Thailand saw the highest jump in take-up among the APAC countries with more than 8% improvement in the fourth quarter of 2022 from the first quarter of the same year, compared to the typical 2% to 6% increase in most countries. “Rather than maintain the status quo and operate the way they always have, telcos can be bold, find the opportunities inherent in 5G, and lead from the front,” Kearney said.

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Operators should offer a range of hardware and services (Photo by David Arrowsmith on Unsplash)

Connectivity not enough to boost telco revenue TELECOM

elecom operators’ consumer divisions need to take a page out of their business divisions’ books to stabilise and grow their revenue. According to a recent report by Analysys Mason, telecom operators’ short-term strategy of upgrading customers to unlimited mobile data plans or faster-fixed speeds has limited potential as many operators already have 80% of their mobile customers on unlimited plans and a third of their fixed customers on 1Gbit/s speeds. To increase revenue further, operators will need to offer more than just connectivity in their plans. Telecom operators’ business divisions have been successful in stabilising revenue for years, and consumer divisions can learn from their strategies. Business spending with telecom operators has held up better than consumer spending, which has been in decline for much of the past 10 years. For instance, spending in Western Europe declined by $21.82b (EUR20b) between 2012 and 2022. “Business divisions have become aggregators of IT services from

Business divisions have become aggregators of IT services from multiple providers

Tom Rebbeck

Broadening services Operators should offer a wide range of hardware and services for consumers, including Wi-Fi mesh hardware, endpoint security, cloud storage, pay TV and streaming services, games, and other products. The products and services offered do not have to be developed or created by the operator. Business divisions have a low threshold for success and do not try to sell all of their products to all of their customers. These products are low-risk because the operator has not invested in their development. In addition, operators that broaden their portfolio of services need to be willing to experiment and be flexible. They will need to add and remove products and test different pricing strategies, amongst others. The report added that operators should be also more concerned about the total value of the account rather than the margin per product. Offering a wider range of services provides more scope for differentiation. Consumer divisions can also make use of the investments made by the business division. The same basic products for mobile endpoint security can be sold to a multinational as to an individual on a prepaid contract. But, the business division must strategise for a different approach. Business products being sold for an extra fee whilst bundled with additional services into premium plans, for instance, maybe a better approach for the consumer market. Operators’ traditional approach was to differentiate their consumer connectivity product with a relatively small number of additional features. This report suggests that operators need to consider a more complex product portfolio if they want to increase revenue and stabilise their business. Consumer divisions should take a cue from their business counterparts and offer a wide range of services to their customers. Doing this will help to increase the total value of each account.

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FIRST or widespread enough. It's hard to say how much it's affected the trust in a brand, but it will be damaging when it occurs,” Goyne said.

No common standards or regulations are available yet for sustainable finance (Photo from Pexels)

Greenwashing in banking: real concern or overblown issue?

SUSTAINABLE FINANCE

aced with pressures of trying to prove their green credentials, banks now field questions on the veracity of their sustainability initiatives and claims of “greenwashing”, experts observed. “I think it's quite difficult to assess how prevalent greenwashing is. Firstly, I don't think anybody really does a reliable analysis of how prevalent greenwashing is. It’s detected anecdotally by incidents,” Eugene Goyne, EY Asia-Pacific Financial Services Regulatory Lead, told Asian Business Review in an interview. “What I would say is, there's a massive increase in the volume of sustainability disclosures coming from different perspectives,” Goyne said. With the increasing amount of sustainability-linked financial products and disclosures coming out, it’s expected that there will be a level of mistakenly inaccurate or misleading statements, and even an element of deliberate misrepresentation or fraud. But this isn’t limited to just greenwashing, Goyne said–

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it’s a common occurrence when disclosures and regulations are involved. “Sustainable finance is no different in that respect to other forms of financial disclosures or product disclosures,” Goyne noted. “There'll be a level of mistake and there'll be a level of fraud. You see that in listed company disclosures and bank disclosures and asset manager disclosures. But sustainable finance isn’t any more vulnerable to that.” Goyne recognized, however, that reputational risks abound for those who drag their feet about sustainability or engage in greenwashing practices. “Trust and disclosures to the financial system are absolutely critical for the system to help society transition to a more sustainable future. And greenwashing will undermine that trust when it occurs, if it's prominent enough,

More promises, less action Where exact data on greenwashing could not be found, companies’ performances can be studied. A research by the Hong Kong Monetary Authority (HKMA) released in 2022, for example, found that about one-third of corporate green bond issuers were found to have poorer environmental performance after their initial green bond issuance. Whilst this might not directly reflect the status of greenwashing in 2023, this indicates a level of greenwashing prevalence in the market, especially when there are not yet any fines introduced by the regulators in APAC, says Alan Au, APAC ESG Lead at Capco. There is no similar study conducted for banks, but there were studies that bank investments to sustainability have stagnated in one of the major markets of interest when thinking about greenification: energy. A study by Sierra Club, Fair Finance International, BankTrack, and Rainforest Action Network found that just 7% of the total financing value extended by banks to companies for energy projects were funnelled to renewable energy. “We did see that over the period [20162022], there is an increase in the value of financing that's going to renewable energy. But at the same time, there's also an increase in the value of financing that's going to companies engaged in fossil fuels,” Ward Warmerdam, Senior Financial Researcher for Profundo, had earlier noted. The lack of structure A major challenge to accurately measuring and reporting sustainability efforts of financial institutions (FIs) is the lack of high-quality and reliable ESG data to enable clear net-zero commitments and adequate implementation plans to align with the local decarbonisation aims, Au said. The lack of regulatory enforcement on established ESG guidelines is another challenge. This is compounded by the fact that there seems to be no consensus amongst regional and global regulators on how sustainability should be reported or measured. “Let's take the example of the EU regulation, what’s called the SFDR, or the sustainable finance disclosure regulation. It requires fund managers to label funds as to what type of ESG goals they have,” Goyne said. “The labels are regarded by the industry as very confusing.

There'll be a level of mistake and there'll be a level of fraud, but sustainable finance isn’t any more vulnerable to that

CMY

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FIRST

Anthony Couse

CBDs in Asia Pacific will need a balanced mix of uses, with improved amenities and investment in sustainable design (Photo by Polina Zimmerman from Pexels)

How APAC CBDs can thrive amidst changing views on office use COMMERCIAL OFFICE

sia Pacific's central business districts need to evolve beyond traditional office buildings by catering to a desire for "experience-based" spaces and accouunting for greater variability in commuting and travel patterns, according to a research by global real estate advisor JLL. Return to office rates are over 70% in Asia Pacific – higher than many parts of Europe and the US – with re-entry rates at pre-pandemic levels in Shanghai, Beijing, and Seoul, says JLL. However, a longer-than-expected return to pre-pandemic levels of transit usage and footfall will push CBDs

and supporting real estate and infrastructure to go beyond acting primarily as places of work. “How people perceive and use CBDs has shifted dramatically in the past three years due to the pandemic. To be future proof, cities in Asia Pacific will need to find ways to reimagine the traditional core area to attract visitors, businesses, and investment. For the future CBD to thrive as a mixed-use destination, investors and occupiers will need data-based advice and insights to collaborate strategically and make smart decisions,” said Anthony Couse, chief executive officer, JLL Asia Pacific.

Investors and occupiers will need databased advice and insights to collaborate strategically and make smart decisions

Investment opportunities To take advantage of long-term real-estate opportunities, CBDs in Asia Pacific will need a balanced mix of uses, with improved amenities and investment in sustainable design. According to JLL analysis, refurbishing existing buildings is more sustainable than developing new buildings, as renovations can come with carbon impacts of less than 500 kg of CO2 per square metre – well below that of new developments, which can be up to three times greater. According to the JLL report, reinventing CBDs requires partnerships between the private sector and governments. Investors can employ a strategic, long-term mindset toward repositioning and diversifying their portfolios to cater to shifting preferences and reduce exposure to external shocks. Developers should proactively consider locations based on potential for future growth and proximity to demand, the quality and age of buildings, and ability to meet regulatory requirements regarding energy efficiency and sustainability. Finally, governments must anticipate demand changes and provide greater flexibility to developers and investors, including through expanding tax credits to offset the cost of conversion and streamlining the planning process to reduce the lead time for delivery of new products.

HEALTHCARE REAL ESTATE WINS APAC INVESTOR INTEREST

he spotlight shines on APAC healthcare real estate as investors are drawn to life sciences and senior housing categories. Research and development (R&D) assets, mostly of life sciences real estate, emerged as APAC’s top alternative asset class last year with total investments of US$4.3b, up 61% from the year prior. The next is a 43% jump in the senior housing market after US$2.6b worth of aged care homes changed hands last year, according to MSCI Real Capital Analytics data. Andrew Haskins, head of the strategy and investor advisory for APAC real estate at Schroders, said the two healthcare-related sectors surpassed the data centre sector – previously the top pick among investors for non-traditional asset class – and even defied the broad investment drop last year when APAC’s overall alternative real estate deals fell 16%.

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Despite being a niche market, Haskins expects healthcare-related properties will continue to gain traction in select markets over the near term as more investors turn to non-traditional asset types. The growing demand for life sciences assets was mainly driven by long-term trends like the ageing population and advances in biotechnology. The properties in this segment, such as mixed-use laboratories, office buildings, and light manufacturing facilities, are usually concentrated in well-defined clusters in specific cities. Senior housing offering high-quality living solutions, medical care and amenities to retirees is also becoming a trend in certain markets especially in Hong Kong where there is a lack of aged care options, as well as Japan given its rapidly ageing population.

APAC real estate — investment volumes in alternative asset types (2022)

Source: MSCI Real Capital Analytics

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CEO INTERVIEW

New unit boosts paediatric heart care in Indonesia

Open-heart surgery and cath labs are more accessible for treating congestive heart disease.

INDONESIA | by Aulia Pandamsari

ith approximately 12,000 children in Indonesia suffering from congestive heart disease each year, and only half of them receiving treatment, there is a crucial demand for specialised heart care. The Mandaya Royal Hospital Children's Heart Center in West Jakarta plays a pivotal role in bridging this gap, offering essential support in the face of the high incidence of paediatric heart disease. President Director of Mandaya Royal Hospital, dr. Ben Widaja spoke to Asian Business Review, highlighting the urgency due to limited availability of cardiac catheterization services–or cath labs–in the country. Amongst the 40 hospitals offering cath labs, only 10 hospitals have the capacity to perform open-heart surgery. “We realised the importance of treating heart disease in children and establishing it as our priority in 2023,” he said. Mandaya Royal Hospital's new paediatric heart unit is equipped with modern, state of the art facilities, and a team of experienced paediatric cardiologists. Three clinical advantages This dedicated Children's Heart Center embodies a transformational approach in three key clinical advantages, designed to revolutionise heart care accessibility and quality across Indonesia. Firstly, the center boasts a comprehensive in-house medical team, eliminating the need for external referrals. The team comprises specialized experts ranging from interventional paediatric cardiac consultants, paediatric cardiac mapping experts, cardiac anesthesia consultants to cardiac surgeons. This robust team, equipped with extensive expertise ensures a thorough care for young patients battling heart disease. Secondly, the center embraces an integrated and multidisciplinary strategy. Collaborative efforts among medical professionals facilitate a holistic approach, encompassing diagnosis, interventions, and long-term care. This cohesive teamwork enhances the quality and efficiency of paediatric heart disease management. Thirdly, the Heart Center includes state-of-the-art technology, including the latest cath lab room and advanced equipment like intravascular USG, NICU facilities for newborns, and an operating room. Additionally, facilities such as cardiac surgery, cardiac MRI, cardiac spectral CTScan, 3D Echocardiography as well medical rehabilitation and hydropool therapy to ensure comprehensive care and optimal recovery to be able to treating congenital heart diseases such as perforated heart (ASD), heart valve disorders, heart failure, and tetralogy fallot defects (TOF). In establishing facilities such as Cath Lab Azurion 7, Heart Lung Machine, necessitated a substantial investment of approximately IDR30b ($1.98m). Despite this significant

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President Director of Mandaya Royal Hospital, dr. Ben Widaja

12,000 children annually grapple with congestive heart disease, yet only half receive treatment

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expense, the hospital remains committed to ongoing advancements, collaborating with renowned international health institutions like the Cleveland Clinic and the Royal Brompton & Harefield Hospital. These collaborations aim to enrich the expertise of Mandaya's paediatric cardiologist team, ensuring the continuous evolution of their capabilities in handling complex cases. Center of excellence Furthermore, Mandaya Royal Hospital's commitment to excellence extends beyond paediatric heart care. The institution has established various centers of excellence, including the Center for Neuroscience & Surgery and the Center for Advanced Cancer & Radiotherapy. With a vision to excel in treating chronic and terminal diseases like cancer, the hospital offers cutting-edge technology such as Elekta Versa HD Radiosurgery and Digital PET Scan Omni Legend, complemented by a senior oncology team. What sets Mandaya apart in cancer care is its holistic approach. It provides pain clinics for pain control, home care services, housing facilities within the hospital to a patient community that provides psychological and emotional support as well as direct support from cancer survivors. “This is what makes our cancer services very different, because we think about both the medical aspect, safety, comfort for patients and families,” said dr Ben. With a steadfast dedication to clinical excellence and an unwavering commitment to providing healthcare services, Mandaya Royal Hospital continues to strive to provide the best health services in Indonesia.

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RETAIL

4 shifts transforming SEA’s retail landscape The rapid expansion of small-format stores highlights one significant change in the region's marketplace dynamics. SOUTHEAST ASIA

he fast-rising presence of small-format stores in Southeast Asia's retail scene is one of the most watched trends by retail experts today. For instance, the local convenience store chain 99 Speedmart in Malaysia took 10 years to open its 1,000th store in 2017 but then doubled this number in just four years, reaching its 2,000th outlet in 2021. This means launching five stores every week. This rapid expansion is just one of the four key trends identified at the Retail Asia Forum in Manila. The other three are the resurgence of omnichannel retailing, the strategic benefits of ecosystems and alliances, and the transformative impact of artificial intelligence (AI) on retail. Local minimarts According to Julian Cua, partner at Boston Consulting Group, small format stores are not only growing in the region but “are also here to stay.” Meanwhile in Indonesia minimarket and convenience stores accounted for 73% of the modern trade retail market size by format, increasing from 57% in 2018. In the Philippines, supermarkets still account for the lion's share, but consumers are starting to go to minimarts more with 31% saying they are already seeing it as a source of main groceries. The share of minimarkets and convenience stores in modern trade grocery retail market size is still at 9%, but are expected “to follow pathways of its regional peers.” “We're seeing Alfamart and Dali coming in already disrupting the space. We're seeing conglomerates and supermarket brands starting to improve their offering. We're seeing sari-sari stores (local convenience stores) today actually becoming more digitised, either directly through Facebook Messenger and other digital channels or using platform players,” Cua said. “We're going to see a shift where Filipinos will continue to be demanding about how they want to receive their goods. They will continue to want the items to be close to where they live,” he said. 14

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Julian Cua, Partner, Boston Consulting Group, at the Retail Asia Forum in Manila

We expect retailers to strengthen their data capabilities, with personalisation and retail media as key drivers

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Cua cited three developments that are disrupting small formats. First is the rise of the challengers or newer players. Second is incumbent players facing challenges by continued expansion, strengthened digital proposition, re-orientation of value propositions, and rethinking of format propositions. Lastly, the traditional trade is actively evolving to digitalise and streamline its operations. Omnichannel Post-pandemic, Cua said the shift to online is even more evident. Large retailers such as Thailand’s Central Retail is seeing significant contribution from its online channel to its total retail sales at 18%. Thailand’s CP ALL also saw online channels accounting for 10% of its total retail sales, whilst Indonesia’s Mitra Adiperkasa reported a 9% contribution. Cua said this is also due to retailers having leveraged digital platforms to build awareness and discovery across multiple methods including shortform videos, heavy use of influencer marketing and the use of social media marketplaces such as TikTok shops. In the Philippines, a BCG survey showed over half of Filipinos go online to search for information on price comparison and about the product or service. “[Consumers go to the]

stores, they go to the malls, but they also complement that shopping with discovering things online and shopping things online,” Cua said. "Moving forward, we expect retailers to strengthen their data capabilities, with personalization and retail media as key drivers," he he said during his session. Creating ecosystem Retail operations are no longer operating to win on their own. Rather they now view digital ecosystem and alliances “as a source of competitive advantage.” In the region, Cua said nearly half of the largest retailers are part of local conglomerates that are involved in other businesses, making them well-positioned to drive a digital ecosystem and offer more products and services to their customers. For example, Thailand’s Central has grown from a department store to become one of the leading multiformat, omnichannel retailers in Southeast Asia. Central began its digital ecosystem in 2019 by launching an omnichannel platform. In 2022, omnichannel holds over 18% share in its total sales and it now has more than 27 million loyalty member customers worldwide.

MALAYSIA 2023

AI - FINANCIAL TECHNOLOGY

Unveiling the visionaries behind OKX Help: Revolutionising customer service with AI

The OKX Help bot has evolved to not only handle frequently asked questions but also adeptly solve complex issues and make informed decisions in over 10 languages.

n the ever-evolving landscape of business, OKG's Global Business Services (GBS) under Centauri Services and Technology Sdn. Bhd. has always strived to stay ahead of the curve. Recognising the transformative power of AI, they embarked on a mission to unravel the true essence of customer needs, fueling their future product development and customer service strategies. This pursuit led to the birth of an AI chatbot named OKX Help, an extraordinary concept born out of the pressing demand to address the deluge OKG's Global Business Services of repetitive queries inundating its live chat support. It was crystal clear that a data and exercises logic, propelling its chatbot would be the perfect match to fulfil predictions and decision-making prowess this role. With humble beginnings, the team through algorithms and computational grew from a lone pioneer to a formidable models. Furthermore, to enhance customer group of five, wholly dedicated to meticulously experiences to new heights, OKG’s GBS has shaping the implementation process—from embarked on ambitious API integration crafting captivating conversation flows to projects related to its chatbot. These training the AI bot. advancements include IP region detection, Witness the birth of an AI marvel that data retrieval from existing open orders, has surpassed all expectations. The OKX identification of customer fee levels, improved Help bot was engineered to conquer the top merchant conversion, and many more, with the 20 most frequently asked questions, and goal of resolving customers' queries within today, it astounds by answering thousands minutes with a few clicks. of customer queries in more than 10 Whilst the journey to implementing the AI languages. Its prowess extends far beyond bot was not without its share of challenges, simple inquiries; armed with the abilities the outcome has been truly remarkable. once exclusive to human intelligence, it now Countless hours were devoted to training adeptly solves complex problems and even the bot, enabling it to comprehend customer makes informed decisions based on individual queries with greater precision and respond customer profiles. with the utmost finesse. Invaluable feedback As OKG's GBS ventures into uncharted from the company’s cherished customers territories, the concept of customer service has become an indispensable aspect of its in the financial technology (FinTech) realm continuous improvement process. Month after undergoes a paradigm shift. By embracing the month, OKG’s GBS witnessed a remarkable potential of generative AI platforms such as upward trajectory in the deflection rate. ChatGPT and an array of other remarkable Encouraged by these encouraging results, the chatbots, OKG's GBS stands at the forefront team expanded further, working in seamless of innovation. The company’s groundbreaking collaboration with its esteemed backend tech OKX Help bot, introduced in 2021, is team to integrate APIs into the AI bot. revolutionising the way it engages with its This momentous integration has unfurled esteemed customers in the fast-paced world a world of automation and an elevated digital of financial/blockchain technology. experience, transforming the OKX Help bot from a mere FAQ repository to an unparalleled Advanced capabilities unveiled customer support tool. Four key metrics Delve deeper into the astonishing capabilities played a pivotal role in gauging the success of of the bot as it diligently analyses intricate

this endeavour. Firstly, the deflection rate, an indicator of the number of conversations deftly handled by the bot. Secondly, customer satisfaction, gauged by the valuable ratings bestowed upon by OKG’s GBS patrons. Thirdly, bot resolution evaluates the bot's efficacy in resolving customer issues and providing accurate answers. Lastly, bot recognition, a testament to the AI bot's profound understanding of customer inquiries. Harnessing the boundless potential of generative AI Through the implementation of API integration projects, significant advancements have been made across all these crucial metrics. Moreover, diligent customer segmentation has given rise to heightened satisfaction levels amongst the company’s esteemed clientele. As a result, OKG’s GBS proudly announced an approximate 20% improvement across these key metrics, with the deflection rate soaring to unprecedented heights, surpassing an awe-inspiring 85%. The chatbot has successfully resolved tens of thousands of chats, leaving behind a trail of delighted customers. But this is just the beginning of the company’s voyage towards harnessing the boundless potential of AI-assisted customer service. The OKX Help bot has paved the way for a future illuminated by the awe-inspiring power of generative AI. “With its unparalleled ability to comprehend natural language and generate responses akin to human interaction, generative AI will undoubtedly revolutionise the OKX Help bot, creating a captivating and immersive experience for our esteemed customers.” Centauri Services and Technology Sdn. Bhd. is committed to pushing the boundaries of innovation and is determined to provide an unparalleled customer experience that will define the future of technology. Together, OKG’s GBS embarking on this remarkable journey into the realm of limitless possibilities.

With its unparalleled ability to comprehend natural language and generate responses akin to human interaction, generative AI will undoubtedly revolutionise the OKX Help bot THE ASIAN BUSINESS REVIEW

CEO INTERVIEW

ZALORA seizes opportunity in revenge tourists’ purchasing power

The e-commerce platform added more travel-related items catering to the rise in travel searches from customers.

SINGAPORE | by Consuelo Marquez

evenge tourism can spell negative outcomes for online commerce platforms, like ZALORA, which relies on native population customers rather than tourists who tend to buy in-store in their new destination. However, with the increase in travel-related searches, ZALORA found that tourist demand for travel preparation increased with luggage and winterwear. With this, over the last few months, ZALORA added more travel-related products to meet their customers’ increasing demand. These include travel bags, hard case luggage, and passport holders, from popular brands such as Bellroy, Jansport, Tumi, CROSSING, Thule, and THE 815 CO. “People getting ready for travel is the opportunity for us in e-commerce. That’s why we also created curations… to support the travel economy that’s happening around us,” ZALORA CEO Gunjan Soni told Asian Business Review in a recent interview. The search for travel-related items such as sunscreen and swimwear grew year-on-year by 31 times and up to 19 times from 2020 to 2021 alone, data from ZALORA said. From 2022 to 2023, revenge travel seems to be going strong, with travel-related searches on luggage, winter coats, and gloves continuing to increase by around 18% year-to-date. A study from KPMG showed that retailers can tap Gen Zs who are adapting to consumer trends such as revenge spending and traveling. There are about 600 million Gen Zs who find appeal in retailer offerings. Singaporeans embracing subscription ZALORA evolved from the online shopping strategy of solely offering discounts and good deals to creating ZALORA VIP, a one-year subscription service that offers exclusive rewards for consumers who have availed of the membership. Soni said Singaporeans want convenience aside from good deals, which is why their subscription service offers next-day and unlimited free shipping with no minimum spending. According to its website, Singaporeans can avail themselves of ZALORA VIP at S$17.90 yearly or S$1.49 per month. Shoppers can also get a full rebate, vouchers, and other exclusive rewards. The subscription service generated 20% of the net merchandise value (NMV) from subscribers of Zalora VIP. Sustainability curation Aside from revenge travel, Soni said they created an Earth Edit, a sustainable filter in ZALORA products, which caters to eco-conscious consumers, such as Generation Z. “The fashion industry traditionally is not proud of this, but we are one of the high consumers of carbon credits,” Soni said. “Therefore, I’m seeing this trend as a positive, and we are seeing some of our early efforts, finally starting to see consumer traction,” she added. Earth Edit provides information on the carbon footprint: if it is made with fair production, if the product is pre-loved, and if it is animal- and environment-friendly. 16

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Gunjan Soni, ZALORA CEO

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That’s why we also created curations: to support the travel economy that’s happening around us

Overall, this sustainability curation helped ZALORA record sales of products made from sustainable materials or via eco-production to 14% of NMV. What’s more, 21% of ZALORA’s brand products were made from environmentally lower-impact materials, up 9% in 2022. Over 1.2 million parcels were delivered by low carbon emissions methods. “Clearly, Singapore is leading that adoption, so I’m very happy to see that, that both Singapore and also Hong Kong, see good traction on it,” said Soni. Transforming e-commerce search As early adopters of new technology, ZALORA boasts of using an umbrella system, Titan, which allows the e-commerce platform to collaborate with external generative artificial intelligence (AI) tools, which creates a unique experience for customers. Specifically, Soni pointed out that finding a good shopping assistant will be difficult for companies to look for, but she believes that AI can help reshape consumer search patterns. She said a few puzzles solved for instance are: “What were the past purchases that are working and how can I guide my consumer to make better recommendations?”

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2023

Roads and Transport Authority – Dubai clinches win at Middle East Technology Excellence Awards The adoption of AI capabilities led to processes being done entirely digitally. The Smart Parking Inspection is an AI technology-based system that uses various advanced sensors, ANPR cameras, and software to monitor and inspect vehicles parked in paid parking zones. It is designed to enhance the efficiency and accuracy of inspection processes whilst reducing the need for manual intervention.

The Roads and Transport Authority at the Middle East Technology Excellence Awards

he Roads and Transport Authority (RTA) – Dubai took home the Smart City Government category win at the Middle East Technology Excellence Awards 2023 for the successful implementation of its Smart Parking Inspection system.

Revolutionising parking enforcement This automation addresses challenges in parking enforcement as it replaces manual identification of fines by field inspectors in Dubai, dealing with manpower, weather, and technology issues. As such, the Smart Parking Inspection system was put in place. The solution is equipped with advanced technologies such as AI, big data, and deep learning that detect and analyse the vehicle’s plate number, by the use of innovative and intelligent ANPR cameras.

The ANPR cameras are placed at different angles to read each license plate and parking layout with high accuracy. The adoption of AI capabilities for the parking inspection system led to the achievement of added value for the initiative, including the digitalisation of 100% of parking fine tickets, the notification of parking fines via SMS, emails, and smart applications, and disputes to parking fines being done 100% online and resolved within three working days. Enabling rapid review and action Using the smart parking inspection platform, office inspectors review up to 12 car pictures per scan and take actions. This innovative approach increased daily inspections to 125,000 vehicles, compared to 45,000 by field inspectors, with the smart scan vehicle achieving the efficiency of 17 inspectors at 10,000 scans per day.

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CEO INTERVIEW

F&B success seen in Family Mart Indonesia stores

If you have to experience a long queue [in convenience stores], it means it’s no longer convenient

Fast food and drinks rival grocery sales, averaging 50% of transactions in each store. INDONESIA | by Ibnu Prabowo

eople used to travel to big shopping centres with long shopping lists. But today, consumers prefer a simpler approach, buying only what they need at the moment. This shift in consumer behaviour drives the mini market sector and Family Mart Indonesia keeps their customers engaged by boosting its ready-to-eat food and drinks. “We want to highlight our food, so that when consumers first enter the shop they will see the food menu at the checkout, then the food and grocery area,” Family Mart Indonesia CEO Wirry Tjandra told Asian Business Review. Taking a step back from the conventional convenience store concept, Tjandra said Family Mart is more focused on making F&B their core service in every store. So far, the strategy is paying off with fast food and drinks transactions reaching 50% of store transactions on average. Highlighting in-store F&B Family Mart offers an extensive selection of food items, just like at fast-food restaurants. Their menu boasts a wide array of options, ranging from fried and baked goods to delectable soups. You’ll also find an enticing assortment of pastries, cakes, salads, and puddings to satisfy your cravings. To accompany these delectable treats, an assortment of beverages crafted in-house, including coffee, chocolate, milk, and tea, are available under the exclusive FamiCafe label. “We produce our own food, starting from the chicken we fry ourselves, the pastry we bake ourselves, as well as the drinks we mix ourselves,” Tjandra said, adding that Family Mart is the first convenience store in Indonesia to have a halal certificate. “This applies to all of our food menus,” he said. In terms of menu, the food offerings were created to meet Indonesian people’s tastes and categorised menus to morning, afternoon and evening eating habits. “So that’s why consumers can come more than once in one day… for breakfast and lunch or for lunch and dinner,” Tjandra said. “In fact, new menu innovations are increasingly being carried out considering that our consumers are consumers who can come up to five times in one week,” he added, noting that another menu change will be launched soon. Servicing the office segment The office market segment has been Family Mart’s first target, because it is a productive group of consumers whose demands for the day must be readily served. That is why Family Mart has long made its presence in office buildings. “Almost 90% of office buildings in Jakarta have Family Marts,” said Tjandra about the target demographic. “So at least when we first arrived, we already had a captive market, namely the people who work in the building.” In the end, when the office segment of people became very familiar with Family Mart, they began to appear on the streets.

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With its affordable food and drink offerings, Family Mart will suit any market segment, said Tjandra. “According to the name ‘Family,’ we basically embrace all segments as one family,” he said. Minimise queues Due to its strong presence in the office sector, Family Mart places a significant emphasis on providing swift service. This is made feasible by Fami Apps, which serves as an integral component of the omni-channel Family Mart experience. “With this application, they don’t need to queue, just order via smartphone, pay, then the goods or food can be delivered or picked up themselves,” explained Tjandra. Apart from that, they also have an in-store ordering kiosk machines that consumers can use to order independently while making payment. Store employees will receive orders through the system and immediately prepare the items to be purchased, saving consumers from queues. The cash register can also process POS machine payments. They also accept various payment platforms, from debit, QRIS, credit cards, or cash to accommodate the payment habits of each consumer. Tjandra said innovation was the key to cutting the long transaction time. One example is the use of handheld portable cash registers that can easily open a new line in case the cashier queue is too long. “This is also the main point of convenience stores. If you have to experience a long queue, it means it’s no longer convenient,” he said. The CEO of Family Mart Indonesia said that by the end of the year, they will have a total of 300 shops in two big cities in Indonesia, namely Jakarta and Surabaya; and next year, they are targeting to have 400 shops.

Wirry Tjandra, Family Mart Indonesia CEO

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Bank of the Philippine Islands’ President talks reinvention and digital ambitions CEO TG Limcaoco says that 6 million of BPI’s clients now use digital channels.

PHILIPPINES | by Frances Gagua

or Southeast Asia’s oldest bank, reinvention and innovation are the key ingredients to how it remains one of the Philippines’ biggest banks since its establishment over 170 years ago. In the modern era, Bank of the Philippine Islands (BPI) has set its sights on an ambitious goal: to be the undisputed leader in digital banking. “The pandemic has accelerated digital banking adoption among Filipinos, and all indicators say that there’s simply no turning back. If we truly want to be the Philippines’ undisputed banking leader, we must ensure that each and every one of our customers, without exception, has digital access to our services and products,” Jose Teodoro “TG” Limcaoco, president and CEO of BPI, told Asian Business Review in an exclusive interview. Since assuming the leadership of BPI in 2022, Limcaoco has pushed BPI’s position as a pioneer in local banking — the very quality that has allowed it to thrive in every era. “We doubled down on digitalisation over the past two decades as online banking transformed into mobile banking. We brought banking services that were only available on desktops to smartphones,” he said. “BPI’s spirit of innovation has enabled the bank to become a pioneer in various aspects of banking. In the 1980s, BPI launched the Express Teller system and introduced the first 24-hour ATM service in the Philippines. We later on launched the country’s first debit card system. In the 1990s, BPI began offering phone banking and then introduced Express Online,” Limcaoco added. More recently, BPI introduced the mobile wallet in 2012 for retail payments, the country’s first bank-initiated contactless payment system. Its latest reinvention has borne fruit in 2022. BPI reported a record net income of PHP39.6b (US$716.36m) in 2022, 66% higher than in 2021, thanks to strong loan growth, higher net interest margin, and lower provisions. In its most recent quarterly results, BPI posted a net income of PHP12.1b (US$218.77m), 52% higher than in the first quarter of 2022. As of December 2022, BPI has nearly six million clients enrolled in digital channels and nearly four million active users across all digital platforms, and has facilitated 375 million transactions. Limcaoco sat down with Asian Business Review to share more about BPI in the modern banking era, his thoughts on the future of financial services across the region, and what inspires him in his daily life as CEO of Southeast Asia’s oldest bank. What’s it like to be the CEO and president of a bank that bears such a long history? As the President and CEO of the oldest bank in Southeast Asia, I am acutely aware of the challenges that come 20

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Jose Teodoro “TG” Limcaoco, President and CEO of Bank of the Philippine Islands

We must navigate a rapidly changing regulatory landscape that demands greater transparency, accountability, and compliance

with leading an institution with such a long and storied history. We have weathered many changes over the years, including wars, economic crises, and political upheavals. However, the current era of massive digital and regulatory changes presents a unique set of challenges and opportunities that we must address to remain relevant and competitive. On one hand, we must embrace digital transformation and leverage emerging technologies to improve our operational efficiency, enhance customer experiences, and enable innovative products and services. This requires significant investments in technology and talent, as well as a willingness to adapt our business models and processes to the digital age. On the other hand, we must navigate a rapidly changing regulatory landscape that demands greater transparency, accountability, and compliance. We must be vigilant in ensuring that we meet these requirements whilst maintaining our commitment to customer confidentiality and trust.

CEO INTERVIEW We cannot be truly sustainable unless we consider economic growth not only for our customers but also for our country

Ayala Triangle Gardens Tower 2 where BPI Head Offices are located as of June 2023 (Photo from Lobien Group website)

Tell us more about yourself. What’s your career like? What led you to the path of becoming a banker, and eventually, the head of BPI? Many people assume that my entire career was spent in banking and finance, which is fair, given that most senior bankers do begin and end their professional lives in the field — in some cases, within the same institution that gave them their first jobs. How I got here is actually through a series of personal and professional reinventions. After having earned my Mathematical Sciences degree, I started out in Silicon Valley as a programmer/analyst in a tech firm. This was the early ’80s and tech was the industry to be in. With Stanford (where I studied) being just a stone’s throw from The Valley, going into tech felt like the natural thing to do. It would have been the comfortable thing for me to stay. I enjoyed it well enough, and coding remains a casual hobby of mine. However, my early love for banking and finance never really died out. I’ve wanted to be a banker since I was young, due to my innate love for numbers and having been raised by a banker dad. So, when I had the opportunity to take postgraduate studies, I opted for an MBA rather than a master’s in computer science or engineering as many of my peers did, in hopes of reinventing my career path towards finance. That Wharton MBA did lead to my first banking job in New York. My stint at JPMorgan was soon followed by an invitation to return home as a manager in corporate finance with BPI.

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I’d really like to say that “the rest is history,” and that my banking career was a straight trajectory to where I am now. However, the path to success is rarely easy or simple. I didn’t stay very long in BPI after my first assignment. I moved back and forth quite a bit among BPI, global banks, and Ayala Corporation before I found myself home — for good — at the helm of the bank I love. How I got here was a combination of many things: a very supportive family, lots of hard work, carefully cultivated relationships, serendipity, and my own willingness to take chances and to reinvent myself. What are your priorities as leader of BPI? One, to be the undisputed leader in digital banking. The pandemic has accelerated digital banking adoption among Filipinos, and all indicators say that there’s simply no turning back. If we truly want to be the Philippines’ undisputed banking leader, we must ensure that each and every one of our customers, without exception, has digital access to our services and products. Two, increase the share of SMEs and consumers in our loan book. Collectively, SMEs employ over 60% of the Filipino workforce. Supporting them through financial products that help grow and sustain their businesses positively impacts and helps secure the future of ordinary hardworking Filipinos. Three, close the gap in funding leadership. We want to be the leader and increase our market share in the industry. Four, establish the new role of branches as sales points and not only as service points. Branches will remain an integral part of BPI, but I believe their greater potential lies in providing financial advisory services and financial literacy sessions for customers, and as a space where our customers can explore the many ways in which we can help improve their financial well-being. Five, set the standard for sustainable and responsible banking. We will strive to be more inclusive and reach out to the underserved. For us in BPI, it is actually ESG + E. It is a formula unique to us, where the last E stands for Economic Growth, since we cannot be truly sustainable unless we consider economic growth not only for our customers but also for our country.

BPI Chairman Jaime Augusto Zobel de Ayala (center), and President and CEO Jose Teodoro K. Limcaoco (2nd from left) preside over the bank’s Annual Stockholders Meeting in 2023

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CEO INTERVIEW

How NETS is helping SMEs get the right data to raise their revenue NETS has a network of about 10 million cards and 130,000 payment touchpoints in Singapore. SINGAPORE | by Frances Gagua

ver three decades of changes and advancements in the payments industry, Singapore-based payment network company NETS maintains a clear goal: connecting communities and empowering lives. “Our key question is always, how can we do good? How can we leverage technology, leverage our understanding of the business that we do?” Lawrence Chan, CEO of Network for Electronic Transfers (Singapore) Pte Ltd. or NETS, told Asian Business Review in an exclusive interview. Catching up with Chan at the Singapore Fintech Festival 2023 last 15-17 November, it had to be asked how NETS was going about helping small and medium enterprises (SMEs) in Singapore increase their revenue. Putting it simply, he said that they give SMEs access to the right data. To do this, NETS is leveraging its network of 130,000 payment touchpoints and about 10 million cards in Singapore. “We may not know them by name but from where they spend, we know that they are millennials. We will know that you own a car, because you may not use your NETS card to pump petrol, but you will use it to pay for changing the tire and repairing the car engine,” Chan said as an example to how the profiles work. “We know the customer profile, [and] by knowing the customer profiles, we can help our merchants know who shopped with them. And we can actually then compare, not by exact name but against the industry, whether they are weak or they’re strong in certain customer segments,” he explained.

Lawrence Chan, Network for Electronic Transfers (NETS) CEO

What are the current payments and technology needs of small businesses in Singapore? For the first question, I’ll cite the Singapore Business Federation survey that was done recently as a reference. Their survey shows that revenue increase and cost declines are the top two needs of SMEs in Singapore. Digitalisation of the business actually comes at the lowest in that research survey. This points to one fact: you don’t do digitalisation for digitalisation’s sake. You do it to impact the business. Revenue and costs are key. That hasn’t changed over the years right now. Now, with more digital assets available, the core needs to be sustainable as a business to make money, increase revenue, reduce costs, is still a very core need for SMEs in Singapore. Over the past year, what are the latest tech solutions NETS has rolled out? One of the latest things we have done is we really tried to understand — with the scale that we have in Singapore — how we can make an impact on our merchants; how we can help them. Going back to the survey that I mentioned, in terms of increasing revenue and reducing costs, let me focus on revenue first. We have the privilege of being very dominant in the face-to-face merchant space. For most face to face merchants, the biggest challenge from a revenue growth 22

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standpoint is they actually do not know who their buyers are. [For example], a small merchant sells 100 bottles of drinks a day, maybe they can remember all 100 names. But if I’m bigger, say I have two or three locations, it is very difficult for a merchant to really know who their customers are. You’ll have to ask customers to download and register [an app], and most customers will not want to do that. Understanding the merchants is understanding that their customers are a very big part of increasing their revenue. If you do not know who your customers are [and] who you’re serving, how do you then meet their needs? NETS may not know each person individually like where he lives, where he stays, and what exactly he buys; but we know the customer profile. By knowing the customer profiles, we can help our merchants know who shopped with them. And we can actually then compare, not by exact name but against the industry, whether they are weak or they’re strong in certain customer segments. Understanding who the buyers are is a key part that we can help our merchants in, not by giving them individual names, email address, no, but by the customer profile of who is buying from them. How do they compare against the competition, the industry?

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CEO INTERVIEW

Why the bank of the future is not really a bank ANEXT Bank’s Toh Su Mei reveals how they reimagine banking for micro businesses.

SINGAPORE | by Frances Gagua

ne year after kicking off operations as a fullfledged digital bank, ANEXT Bank CEO, Toh Su Mei shared one of her key takeaways on Singaporeans’ modern banking needs, “Nobody needs another bank in this day and age!” Pushing this premise, she added, “Which is why we were very clear from the onset on why we do what we do and how [we do it].” In the past year, ANEXT Bank has been embarking on discovering the best way to service Singapore’s underserved small and medium enterprises (SMEs). Business loans were offered for as low as US$3,700 (SG$5,000) and up to US$22,200 (SG$30,000) to meet the liquidity needs of SMEs. ANEXT is also the first bank in Singapore to offer remote virtual onboarding for business owners who are based overseas but have registered businesses in Singapore, reducing the need to travel into the city to set up shop. Toh cited their target market, the SMEs, as an inspiration and called them a reflection of what the bank strives to serve. “We serve businesses from industries and individuals that are typically not digital-first. Our youngest customer is 19 years old, whilst our oldest is 86,” Toh said, noting that this diversity in ages shows the impact of what customer-driven and tech-led financial services can make. This is also why ANEXT Bank remains optimistic about its ability to enable financial inclusion for the long term. Dwelling on this enthusiasm, Asian Business Review got its CEO to open up about more interesting insights on the future of banking. How have things been on ANEXT Bank, one year on? What have you achieved over the past year? At ANEXT Bank, we have a big, hairy audacious goal to reimagine financial services for financial inclusion — we believe in establishing the essentials that stay true to our mission, and to do them well. We’re encouraged by the trust that SMEs have placed in us this past year. About 65% of SMEs who have chosen us to be part of their journey are micro businesses, whilst 33% have businesses incorporated for less than two years; [and] 30% of our customers are foreign business owners who have incorporated a business in Singapore. Our customers are also showing a 20% month-onmonth increase in cross border transactions. Over six in 10 of your customers are micro businesses. Why do you think you became the bank of choice for micro businesses? Regardless of business setup, size, and vintage, there are common areas or challenges they all face when it comes to financing and banking, which is the gap we aim to fill for them — whether it’s banking directly with us or through embedded financing from our partners. We are committed to building an open ecosystem and working with financial institutions and industry partners to drive industrial transformation and even more value for these partners. The ANEXT Programme for Industry Specialists (APIs) is an example of our open approach, to improve and scale embedded finance for SMEs by making it

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ANEXT Bank CEO, Toh Su Mei

Our customers also showing a 20% month-onmonth increase in cross border transactions

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easier for businesses to access financing through our industry collaborations. Through our initial two partners, we can serve close to 15,000 SMEs collectively, supporting them with easier and more seamless access to their financing needs. Any notable trends you observed in SG’s banking sector? The banking and finance industry, like many other industries, has seen an accelerated shift towards digitalisation, including the issuance of digital banking licenses as another indication towards championing digital-first behaviours. Small businesses account for more than 85% of cross-border e-commerce in the Asia Pacific region and digital trade is expected to further accelerate in tandem with higher consumer adoption of digital lifestyles. It’s no surprise that Singapore has a highly banked population, but studies have shown that SMEs are still underserved by the country’s banking sector. According to Deloitte, 72% of SMEs require funds to better manage their working capital and mitigate cash flow problems. At the same time, local governments and industry players are building ecosystems and digital infrastructure to support SMEs’ digitalisation. We are not here to compete with incumbents, but to provide SMEs with an additional choice to cater to different needs.

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INSURANCE

The Netflix of insurance: KoverNow offers instant coverage with one click Its subscription model gives another option for consumers who don’t want long contracts.

SINGAPORE | by Djan Magbanua

hen Stephan Kaiser, CEO of insurtech firm KoverNow, first created his company in 2019 he was banking on people becoming attracted with the subscription-based model, and for good reason. Almost four in five people or 78% of adults globally are enrolled in a subscription service, making it the most in-demand business model in the world, according to data from Zuora's Subscription Economy Index report published in 2021. Speaking with Asian Business Review, Kaiser, who is a former investment banker, explained that his experience in his last job initially brought him close to the insurance industry. He used to raise capital and debt for insurance firms. Whilst working in the industry on a project basis, he came to realise that even though most banking services have evolved to adapt digitally, most insurance services have not. “I thought that was becoming an obvious pain point. So when I spent enough time in investment banking, I thought it was time to do something else. That’s when I move to insurance,” Kaiser explained. He first started the company in the UK in 2019 but decided to uproot and go to Singapore as he believes that there is more demand for his vision of an insurance model in Asia, particularly in Southeast Asia. Netflix for insurance Kaiser described that platform is like Netflix. This means customers can decide whether they will get the monthly subscription or the yearly one. They can also ‘turn off’ their subscription whenever they want. KoverNow’s main product is called Items Kover. It is an insurance product that covers luxury items such as jewellery, watches, cameras, handbags, laptops and more. The way it works is that a customer can register their luxury items in the app and ‘subscribe’ to insurance 26

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In a recent campaign, KoverNow is giving the spotlight to insuring luxury watches

APAC, not just Singapore, is the dominating region within [the global luxury watch market] pie

Stephan Kaiser

whenever they have to use it or take it out. “The way it works is that for each of those categories, we have an underlying database. For example, for watches, we have 35,000 watches in our database that we know all the details of. And because we know all the details, we can establish a current market price for every one of those watches every day,” Kaiser said. This means, that users who register an item for evaluation get an almost instantaneous number of how much that watch is worth in the current market and how much the insurance will cost. “Let’s say a watch is worth $4,950. If you register it in the app, we can immediately give you an executable policy price to insure that watch for 30 days. The whole thing is digital,” Kaiser explained. With the way it also works, if the value of the item in the market goes up, the premium for it automatically goes up in the app as well which is part of KoverNow’s agreed-upon policy. And that coverage is on a global scale. Aside from North Korea, once consumers insure the item, it will be covered. KoverNow also made making claims easier. If the insured item is lost or damaged, all you have to do is answer a few questions about what happened, and submit a police report

if loss or a photo if damage. Then all the app will ask for you next is your personal information and a bank account where they will send the claim. “That's only possible because everything is compartmentalised in digital. And we can take those things and put them together, as we need for the customer to have a good user experience,” Kaiser said. A growing market In a recent campaign, KoverNow is giving the spotlight to insuring luxury watches. This is a calculated business move according to Kaiser because the global luxury watch market is around $30b and is expected to grow to $33b by 2026. “And the interesting part is that Asia Pacific, not just Singapore, is the dominating region within that pie. Additionally, Singapore is great market for luxury watches, especially Swiss watches. In fact, there have been S$3b ($2.11b) worth of watches sold in Singapore this year,” Kaiser explained. Crunching the numbers, the potential premium income of ensuring that S$3b worth of watches is around S$60m. This is quite a sizeable income because a lot of these watches, Kaiser said, just sit at home or in banks, having only the minimal risk of loss or damage.

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THE ASIAN BUSINESS REVIEW

REAL ESTATE

More hotels pivot to co-living for better margins and stable cash flows Six to seven hotels have been acquired for conversion from 2020 to the first quarter of 2023.

Dash Living on Prat (Photo from Dash Living)

HONG KONG | by Noreen Jazul

he growing trend of hoteliers offering extended stays has spurred investors to acquire underperforming hotels to repurpose them into co-living spaces that have gained immense popularity in Hong Kong, especially amongst the local young professional demographic. What makes hotel assets attractive to investors and co-living operators alike is their relatively “quick turnaround” and “minimal capital expenditure requirement versus other asset types.” “Pricing for hotels was generally cheaper than the equivalent pricing for a comparable residential building for the same purpose,” Shaman Chellaram, Colliers’ senior director of Valuation & Advisory Services for Asia, told Asian Business Review. “Hotels themselves present an opportunity to potentially drive a higher return on investment; but bear in mind that each opportunity must be looked at on a case-by-case basis,” Chellaram explained. He added investors are also keen to convert hotels into co-living spaces since the latter’s model offers low operational expenses, requires fewer staff, and “when operated well, can provide strong margins and a more stable cash flow.” “Apart from the ease of conversion and some pricing dislocation, hotels give co-living investors the 28

THE ASIAN BUSINESS REVIEW

additional flexibility of providing a combination of short stay and longer stay options for their guests, enabling the owners to operate a hybrid hotel slash co-living model to capture changes in demand and any potential uplift in their daily rate,” the Colliers expert said.

SCAN FOR FULL STORY

From hotels to co-living spaces Converting hotels into co-living spaces may take as short as three weeks to as long as nine months, according to Aaron Lee, CEO of Dash Living. He said the length of time for conversion depends on how heavy the construction will be. When converting hotels, Lee said his team looks at the building plans first. “We ensure compliance. We look at what spaces we can change, what spaces you can actually change the usage of or if change is even needed,” Lee told Asian Business Review. He said this process may take anywhere from a couple of weeks to a month. After the compliance check, Dash Living proceeds with the design process which includes picking areas in the building where they can extract the most value. Before the co-living operator transformed Dash Living on Prat, the building’s basement used to be a restaurant. “This asset was acquired during the pandemic, so obviously, retail was heavily hit,” recalled Lee.

Shaman Chellaram

“We realised the basement was underutilised and the business in the basement wasn’t so good." That basement is now an almost 4,000 plus square-foot communal area. “That area contains all of the kitchen, laundry space, [and] meeting space. There’s also a multi-purpose room… for yoga and meditation events. There’s also pilates and yoga class for guests that happens there once in a while,” Lee said. After the design process is the construction. As one of the project managers, Dash Living monitors the entire construction process. “We check the noise, smell, all these factors, when constructing the space,” Lee said. But even during the construction phase, Dash Living already offers the units for sale to facilitate a quicker move-in for guests once all the work is completed. Co-living’s rising popularity In Hong Kong, about six to seven hotels have been acquired for conversion into co-living spaces. This figure accounts for an estimated total of 2,038 keys or rooms. Some hotels which have adapted the co-living model include Rosedale Hotel, Travelodge Hollywood, and Butterfly on Prat Hotel. Dash Living, for its part, has helped 22 hotels in Hong Kong shift to a co-living model. Of these 22, Dash Living helped two with the actual conversion and construction. Chellaram said co-living owes its popularity to the convenience and flexibility it offers, which tenants, particularly young professionals look for in their accommodation. “People, especially at the earliest stage of their careers, want the convenience and flexibility of not being bound by long-term contracts and without the burden of having to buy their furniture and they want to live with like-minded people,” the Colliers expert said.

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THE ASIAN BUSINESS REVIEW

REAL ESTATE

BPO sector seeks hub in Philippines’ provincial markets over labour costs The office sectors in Clark, Iloilo, and Davao are expected to be ‘very bullish.’

PHILIPPINES | by Vann Villegas

ith a huge spike in wages and increasing labour costs, businesses, especially business process outsourcing (BPO) sector, are looking for office space outside the capital of the Philippines. According to KMC Savills, the net absorption in the office market in 2022 was 270,900 square metres (sq m), a reversal of the negative uptake in 2021. “The office sector in general… is a mixed bag,” KMC Savills Managing Director Michael McCullough told Asian Business Review. “We see some really high-performing markets like the Bonifacio Global City (BGC)… other submarkets like Alabang, the area has struggled.” The BGC market saw a net absorption of around 141,000 sq m or more than half of the total in 2022, with the lowest vacancy rate in the capital region at 7.6%, as submarket’s “superior-quality” stock and location were appealing to the tenants. The BGC’s average annual rental growth rate 1.2% YoY in 2022 was the only recorded positive growth in the submarket. The Makati Central Business District (CBD) posted a vacancy rate of 15.7%, with the average rents dropping by 3.4% year-on-year (YoY) due to the stock of ageing buildings. Meanwhile, Ortigas Center recorded a net absorption of 22,400 sq m in the fourth quarter, with an increase in rents by 0.9% compared to the previous quarter. Provincial pull On the other hand, McCullough noted the provincial sites are performing well, noting that they are “very bullish” on Clark in the province of Pampanga in the northern Philippines, Iloilo in the central, and Davao in the south. He also noted that Cebu is starting to see some recovery with landlords adjusting prices. There is a shift in demand in the provinces, particularly for business process outsourcing 30

THE ASIAN BUSINESS REVIEW

Additional office space in Clark, Pampanga expects to bring more BPO firms (Photo from the official website of KMC Savills)

The deciding factor is not so much the cost of the rent ...it's the cost of labour

Michael McCullough

(BPO) due to the cheaper labour as it accounts for around 80% of their cost structure and allocated budget. “The deciding factor is not so much the cost of the rent. That doesn’t force the companies that go one place or another, per se. It’s the cost of labour, which is a lot larger portion of the way their expenses go,” he said. “Labour is really driving the decision process. If they can save a little bit of money by being in the provinces with more affordable office space, more affordable labour, then the clients feel very happy,” McCullough added. Cebu take-up triples According to Savills, Cebu saw its net take-up triple in 2022 to 51,800 sq m with the Cebu Business Park (CBP) accounting for around half of the absorption, and Cebu IT Park (CITP) underperforming with an uptake of just 12,800 sq m. Despite this, Cebu’s overall vacancy rate was maintained at 21.8% with the additional 65,300 sq m supply. The average rent in the province declined by 8.6% YoY,

with the Cebu Fringe suffering the worst fall at 11% YoY “For 2023, we expect new building completions covering 187,900 sq m to reach their highest since 2015, as a bulk of new supply is set to locate in CITP,” a Savills report read. “However, we still forecast Cebu’s vacancy rate to drop to 18.8% as we expect a rebound in demand from the IT-BPO sector assisted by the lower rents from landlords. CBP may edge closer to single-digit vacancy rates this year whilst most leasing activity may concentrate in CITP and Cebu Fringe due to the number of vacancies,” the report added. Future of the office sector Savills expects that the rebound will continue this year, with the net absorption expected to see a slight increase. However, this may be isolated only to the top markets. The occupancy rate is also not expected to return above 85% of office stock until 2025. The occupancy rate is also not expected to return above 85% of office stock until 2025.

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THE ASIAN BUSINESS REVIEW

POWER

Financial woes loom as Asian markets struggle to quit coal Fossil fuel exit is still a steep climb as Asian markets need to rely on coal power at least in the short run for energy security.

The current energy system in most Asian countries are still heaviloy optimised for fossil fuels.

sia’s pursuit of higher power consumption contradicts decarbonisation goals as it fosters dependence on fossil fuels. This becomes an even steeper climb as Asian markets run the risk of incurring financial losses with moves to retire high-emitting power plants ahead of their lifespan. The region is projected to see the highest growth in power consumption in the next decade, Ashis Kumar Pradhan, senior coal analyst at Rystad Energy, told Asian Business Review. He noted that to meet this demand, the region is expected to depend largely on coal for electricity generation. “To achieve their carbon neutrality goals by 2050-2070, many Asian nations plan to rely on fossil fuels in the short term. However, the long-term focus is shifting towards increasing the use of renewable energy sources with the support of battery storage and pumped hydro systems,” Pradhan added. Asian nations have taken concrete steps to get rid of dirty energy with

THE ASIAN BUSINESS REVIEW

The long-term focus is shifting towards increasing the use of renewable energy sources with the support of battery storage and pumped hydrosystems

Ashis Kumar Pradhan

renewable energy targets coupled with coal phase-out and divestment plans; but coal’s dominance remains. This is mainly linked to its affordability and reliability as a baseload power to support renewable energy (RE) sources. Pradhan noted the region continued relying on coal during the pandemic with coal prices notably declining, compared to volatile gas prices. “The current energy system is heavily optimised for the use of fossil fuel. Decarbonising the energy system will require countries to accept losses in these stranded fossil infrastructures before their planned retirement,” Dr. Ken Tay, senior regional energy transition analyst at Rystad Energy, said. Coal in Asia It did not help that Russia’s invasion of Ukraine drove prices of liquefied natural gas (LNG) to new heights, leading Asian markets to view gas as an “expensive and unreliable fuel source,” Warda Ajaz, project manager

for Asia Gas Tracker at Global Energy Monitor, said. Pakistan, for instance, announced it will increase domestic power capacity, including coal, as it plans to phase out imported LNG. China and India are amongst the economies actively promoting power generation, Pradhan noted. Rystad Energy data showed that in 2022, a total of 106 gigawatts (GW) of coalfired power plants were approved by the Chinese government. Of this, around 50 GW were already under construction in 2022, whilst 56 GW are set to begin construction in 2023. Likewise, India has introduced its National Electricity Policy which provides a target of 50 GW coalfired power generation in the next decade. Rystad noted 25 GW of this was already in construction with plans to add the remaining 25 GW in the pipeline. Meanwhile, Japan and South Korea have neither set plans to actively phase-out coal or construct new plants in the near-term; whereas Indonesia and Vietnam, which account for 65% of the coal-fired capacity in the region combined, have entered in the Just Energy Transition Partnership (JETP) to take a step out of coal. Rystad Energy noted that as of 2022, Indonesia’s coal fleet reached 40 GW. With the JETP, the country committed to suspend nearly 14 GW of on-grid coal-fired power and decommission existing plants before its planned lifecycle ends. Balancing act For its part, Vietnam pledged to add only up to 6 GW of coal capacity in the future. Sreejeet Barik, junior analyst for power and coal at Rystad Energy, noted Vietnam remained committed to this target as its recently launched Power Development Plan 8 showed it only has approximately a 6.125-GW coal capacity under construction. “It is worth noting that the agreement made by Indonesia primarily targeted on-grid power plants and did not encompass captive power plants used by industries such as nickel, aluminum, steel, and chemical plants,” Barik said, noting that Indonesia has more than 12 GW of captive coal-fired capacity in the pipeline, including in the nickel industry.

THE ASIAN BUSINESS REVIEW

CEO INTERVIEW

Asia needs natural gas to balance ‘energy trilemma’ Natural gas is cleaner than coal and would support the intermittency of renewables. ASIA PACIFIC | by Vann Villegas

he region’s pursuit of energy transition and security would have to take into consideration balancing the “energy trilemma” — energy affordability, reliability, and sustainability. Ensuring that all three are met would entail the adoption of natural gas in the energy mix. The Asia Natural Gas & Energy Association (ANGEA) released a study, along with Rystad Energy and in partnership with the American Petroleum Institute, on the region’s energy security which found that almost all countries in Asia would require much more energy to keep up with the economic and population growth. ANGEA CEO Paul Everingham said this creates the trilemma where energy should be supplied affordably, reliably, and sustainably. “The report looked at different ways in which that could take place and found that natural gas plays an important part in any of the possible solutions in meeting that energy trilemma,” he told Asian Business Review. Everingham also discussed how markets in the region could balance the energy trilemma and achieve energy security. How important is the energy trilemma in ensuring national energy security? Every country takes energy security, energy affordability, and energy sustainability very seriously, including all of the nations in the Asia Pacific. The problem with just looking at one of them is often it may harm the outcome of the other two. So, if an emerging Asian economy cannot get a form of energy affordably, then they’re not going to be able to access it, regardless of whether it’s clean or not. At the moment, with the price of gas being high, relatively historically, because of the Russian-Ukraine situation, you’re seeing many emerging Asian countries priced out or being kept out of the natural gas market. That means their coal-fired power generation continues indefinitely until they are in a position to be able to affordably and reliably get access to a much cleaner hydrocarbon such as gas. That does not help anyone in terms of sustainability, because that means those countries continue to burn coal when they could be using a fuel like gas, which is 60% cleaner compared to coal when you use it in electricity. Why is it important to balance these factors and what are the barriers in pursuing them? Globally, we need to be able to balance the energy trilemma: affordability, reliability, and sustainability. That is because if poor or emerging nations cannot get affordable energy, then they’ll keep using whatever is affordable. At the moment, in developing nations, that is not just coal, it is wood. In Africa, some people use wood for heating their food. In countries, such as India, the use of wood indoors is still very high. 34

THE ASIAN BUSINESS REVIEW

Paul Everingham, CEO of Asia Natural Gas & Energy Association (ANGEA)

Affordability is a primary concern for emerging nations; reliability is a primary focus for developed economies; and sustainability is the third part of the equation

SCAN FOR FULL STORY

As for reliability, a lot of the advanced nations in the world are switching to renewable power, using wind and solar, and the problem with those is that they are intermittent. If you try to go to 100% wind and solar power anywhere in the world, then you are going to have large parts of the day where there is no electricity. Affordability is a primary concern for emerging nations; reliability is a primary focus for developed economies; and sustainability is the third part of the equation. The entire world wants a cleaner, more sustainable energy system, and lower carbon. Every country in its own different way is on a journey to a more sustainable environmental future. Some are more advanced than others but everybody’s trying their best. When you add up those three, you can say that everybody wants sustainability, emerging or poorer nations have a pressing requirement for affordable energy and developed countries are in a position where they are seeking reliable energy. What policies or measures can Asian markets adopt to balance the energy trilemma? To encourage investment in gas and related energy assets in countries throughout Asia, a few things have to happen. One is that there has to be a stable fiscal and regulatory environment. That means an easy-to-understand and transparent tax system and a set of clear regulations, which govern the safety and the operation of the gas or energy system. There is investment required to build the relevant processing and storage infrastructure. Whether that is development finance or bank finance, it takes time and it requires detailed negotiations.

2023

SINGAPORE BRAND EXPERIENCE OF THE YEAR - TELECOMMUNICATIONS

Fueling rapid digital transformation: China Mobile International (Singapore) Pte Ltd's mission

CMI Singapore is poised to shape the future of connectivity, offering comprehensive one-stop solutions that drive innovation, efficiency, and growth in the evolving telecom landscape.

n today's rapidly evolving business landscape, digital transformation has become a necessity rather than a choice. Companies that embrace technology and innovation are better positioned to thrive in the digital age, and China Mobile International (Singapore) Pte Ltd (CMI Singapore) is leading the way in this transformation. With a vision to empower innovation and accelerate digital transformation, CMI Singapore is making waves in the world of telecommunications and technology. CMI Singapore is a subsidiary of China Mobile International Limited. Leveraging its global reach and expertise, CMI Singapore offers a range of services and solutions that cater to the diverse needs of businesses in the region. One of CMI Singapore’s standout features is its iSolutions service portfolio. This comprehensive suite of offerings includes over 50 highly targeted enterprise solutions, spanning various industries such as Finance, Internet, Logistics, Manufacturing, and Retail industries. These iSolutions have helped more than 7,000 enterprise customers make the most of emerging technologies and deploy business globally. These customers come from Asia Pacific, Europe, the Americas, the Middle East, and Africa. Smart port solution Being one of the global leaders in connectivity and network, empowers ports with cuttingedge technologies for enhanced productivity, safety, and growth. The Smart Port solution tailors customized solutions based on customer insights and CMI Singapore expertise in six key areas: Cloud Network Integration, Connectivity, Data Center, Unified Communication, ICT, and IoT. CMI’s Smart Port solution encompasses networks, platforms, applications, clouds, and endpoints, enabling efficient operations and improved productivity. By integrating these components into a production management system, ports can benefit from improved efficiency and enhanced smart operations. Moreover, CMI Singapore can provide intelligent cargo handling systems to

China Mobile International (Singapore) Pte Ltd wins at the Asian Experience Awards

enable remote control of machinery, intelligent tallying, and unmanned horizontal transportation. These capabilities rely on real-time data collection through the IoT, cloud-powered analytics, and 5G networks operating on different frequencies. Automation reduces manual labor, replacing truck drivers and minimizing worker fatigue, while eliminating risks in hazardous environments. A key feature of CMI Singapore ‘s approach is to work with key partners to develop solutions that meet the needs of different customers in different industries and settings worldwide. Mature partner ecosystem To enhance collaborative efforts across the ecosystem, CMI Singapore is aligning with headquarters' directions to launch the iSolutions Partner Ecosystem Alliance. The aim is to strengthen collaboration among cutting-edge partners specializing in AI, blockchain, cloud, digital, network, edge, terminal, and security (ABCDNETS) within the Singapore and South Asia markets. The new global alliance integrates the partners’ development capabilities and resources to help enterprises implement digital

By focusing on R&D, CMI stays at the forefront of industry trends and maintains a competitive edge in the rapidly evolving telecoms landscape

transformation on a true “one-stop service” platform. The partner ecosystem includes more than 200 leading players from the information service, cloud service, digital innovation, and technology industries. These partners work collaboratively to combine their technologies, capabilities, and innovative ideas, delivering value to customers. Expanding the ecosystem to both upstream and downstream industries in this way, CMI Singapore is seeking to spark innovation, improve integration with partner products and find new ways to efficiently co-develop one-stop solutions and offer comprehensive services. To drive technological advancements and innovation, CMI places a strong emphasis on R&D. The company plans to invest in initiatives and explore new technologies, therefore, improving capabilities, and developing solutions to address emerging market needs. “By focusing on R&D, CMI stays at the forefront of industry trends and maintains a competitive edge in the rapidly evolving telecoms landscape,” states Adelyn, The Managing Director of CMI Singapore. “We aim to be a preferred and trusted telecoms partner for businesses seeking growth and efficiency, as well as individuals seeking enhanced connectivity and digital experiences,” Adelyn concludes. THE ASIAN BUSINESS REVIEW

EVENT: ASIAN TECHNOLOGY EXCELLENCE AWARDS

Exceptional tech innovations recognised at Asian Technology Excellence Awards

he technological revolution and digital transformation in Asia have ushered in an era of innovation, economic growth, and societal change. As Asia continues to innovate and adapt to the digital age, it stands as a testament to the transformative power of technology in shaping the future of societies and economies. Asian Business Review seeks to celebrate companies that are successfully riding the digital disruption wave with the third Asian Technology Excellence Awards. The awards programme aims to recognise exceptional technological projects and innovations, from technology companies that pioneered ground-breaking IT products and solutions to innovative technology initiatives that made an impact on businesses. This year’s entries were evaluated by an esteemed panel of judges consisting of: Steve Lo, Chief Innovation Officer at EY Asia-Pacific;

Wilson Chow, Global Technology, Media and Telecommunications Industry Leader at PwC China; Darren Yong, Head of Technology, Media and Telecommunications at KPMG Asia Pacific; Yang Chi Chih, Technology, Media and Telecommunications Industry Leader at Deloitte Southeast Asia; and Jason Yau, Regional Leader, Asia Pacific at RSM International and Partner, Technology & Management Consulting at RSM Hong Kong. In judging entries, Yong emphasised the importance of the ability to solve complex client problems, along with having a commercial perspective. “In a fast-moving environment, individuals that can extrapolate and connect in ways that demonstrate their ability to solve complex client problems in elegant ways using technology would be well regarded. Coupled with a commercial view that can deliver scalable value for businesses, these combined qualities would elevate any submission,” he said.

Asian Business Review congratulates the following winners:

KGiSL Software - Technology

Ant Group E-Wallet - Financial Technology Australia Orion Innovation Software - IT Services Verkada Smart Technology - Safety & Security Bangladesh

Mindsprint Digital (India) Pvt Ltd Analytics - Agriculture Digital - Agriculture Schneider Electric India Mobile - Electronics SG Analytics Analytics - Media & Entertainment Tata Communications Cloud - Airline

Prime Bank Fintech - Banking

Teleperformance AI - Technology

Brunei

Indonesia

Brunei Shell Petroleum (BSP) Automation - Oil & Gas

Amartha Mobile - Financial Technology

Dynamik Technologies Sdn Bhd Enterprise Software - Government

BPJS Kesehatan AI - Healthcare Big Data - Healthcare

Cambodia Canadia Bank Plc. Digital - Banking

Golden Energy Mines Digital - Manufacturing

China

INFOMEDIA Automation - Outsourcing

DHGATE Group E-Commerce

Jumpstart Smart Technology - Retail

Keppel Real Estate (KRE) China PropTech - Real Estate NIIT China Digital - Training and Development

PT Astra International Tbk Enterprise Software - Automotive Services Mobile - Automotive Services

India

PT Bank DBS Indonesia Digital - Banking

Binary Semantics Enterprise Software - Insurance Broker Fintech - Financial Technology

PT PLN Indonesia Power Analytics - Energy Augmented Reality and Virtual Reality - Energy

36 THE ASIAN BUSINESS REVIEW

ASIAN 2023

PT. Dkatalis Digital Lab Information Management - Human Resource Technology PT. GTech Digital Asia Digital - Retail XL Axiata Business Solutions ICT - Telecommunications Myanmar KBZMS General Insurance Smart Technology - Financial Services MO - Modus Operandi Fintech - Financial Technology Pakistan Engro Corporation E-Commerce - Manufacturing

Sri Lanka Amana Takaful Insurance Mobile - General Insurance Hatton National Bank PLC Robotics - Banking Sri Lanka Tourism Development Authority Online Services - Tourism Taiwan Shin Kong Financial Holding Co., Ltd RegTech - Financial Services YungChing Realty Group PropTech - Real Estate Thailand

Faysal Bank Digital - Banking

AI and Robotics Ventures Co.,Ltd Robotics - Oil & Gas Robotics - Technology

iTecknologi Group of Companies Mobile - Technology

Central Group Automation - Retail

NdcTech Digital - IT Services

CPF IT Center Co., Ltd. (AXONS) Smart Technology - Food Manufacturing Solutions

One Network Pvt. Ltd Smart Technology - IT Services

Danone Specialized (Thailand) Analytics - FMCG

PARCO Analytics - Oil & Gas

East-West Seed Digital - Agriculture

Philippines

KASIKORN LABS CO., LTD. AI - Financial Technology

Aboitiz Data Innovation AI - Utilities

Körber Pharma Manufacturing Technology - Healthcare

Asticom Group of Companies Automation - Business Services

Krungsri Consumer Mobile - Financial Services

Converge ICT Solutions Inc. AI - Broadband Telecommunication

Morphosis Design Technology - Logistics Mobile - Banking

Digiplus Startup - Media & Entertainment G-Xchange Inc. (GCash) E-Wallet - Financial Technology Malayan Insurance Co., Inc. Digital - Marketing MDI Novare Data Centre - Technology MediLink Network Inc. Software - Healthcare Technology PrimeWater Infrastructure Corporation Software - Utilities Web Services - Utilities Rizal Commercial Banking Corporation Digital - Banking UnionBank AI - Banking

Pfizer Thailand Digital - Pharmaceuticals PTT Digital Company Limited (PTT Digital) AI - Energy Digital - Oil & Gas S&J International Enterprises PCL Design Technology - Beauty & Cosmetics Seven Peaks Software Mobile - Government Thai Group Holdings Automation - Financial Services UOB Thailand Analytics - Banking Vietnam akaBot, FPT Information System Robotics - Financial Technology THE ASIAN BUSINESS REVIEW

EVENT: ASIAN TECHNOLOGY EXCELLENCE AWARDS BSS Group E-Commerce - Retail Coca-Cola Beverages Vietnam Digital - Food & Beverage ConnectPOS Software - E-Commerce HIVE by Income Fintech - Financial Technology

Ant Group

J&T Express Vietnam Enterprise Software - Logistics Kyanon Digital E-Commerce - Consumer Products - Non-Durables NAVIGOS GROUP VIETNAM JOINT STOCK COMPANY Online Services - Human Resources Consulting Orient Commercial Joint Stock Bank (OCB) Design Technology - Banking Phu Nhuan Jewelry Joint Stock Company - PNJ Cloud - Retail

Asticom Group of Companies

BPJS Kesehatan

SMART NET TRADING SERVICE JOINT STOCK COMPANY (SmartPay) Fintech - Payments SSI Securities Corporation Fintech - Brokerage Techcom Securities Joint Stock Company Blockchain - Financial Technology

Brunei Shell Petroleum (BSP)

Vinschool Education System Digital - Education Mobile - Education

Canadia Bank Plc.

Aboitiz Data Innovation

Central Group

AI and Robotics Ventures Co.,Ltd 38 THE ASIAN BUSINESS REVIEW

Coca-Cola Beverages Vietnam

Converge ICT Solutions Inc.

ASIAN 2023

CPF IT Center Co., Ltd. (AXONS)

DHGATE Group

Dynamik Technologies Sdn Bhd

East-West Seed

PT. GTech Digital Asia

Hatton National Bank PLC

HIVE by Income

Jumpstart

KBZMS General Insurance

Digiplus

INFOMEDIA

J&T Express Vietnam

KASIKORN LABS CO., LTD.

Keppel Real Estate (KRE) China

Krungsri Consumer THE ASIAN BUSINESS REVIEW

EVENT: ASIAN TECHNOLOGY EXCELLENCE AWARDS

MediLink Network Inc.

NIIT China

One Network Pvt. Ltd

Orion Innovation

PARCO

PrimeWater Infrastructure Corporation

PT PLN Indonesia Power 40 THE ASIAN BUSINESS REVIEW

Pfizer Thailand

PT Astra International Tbk

PT. Dkatalis Digital Lab

ASIAN 2023

PTT Digital Company Limited (PTT Digital)

Rizal Commercial Banking Corporation

S&J International Enterprises PCL

Tata Communications

UOB Thailand

Vinschool Education System

Schneider Electric India

SSI Securities Corporation

Thai Group Holdings

UnionBank

Verkada

XL Axiata Business Solutions

YungChing Realty Group THE ASIAN BUSINESS REVIEW

THAILAND

DIGITAL - PHARMACEUTICALS

2023

Pfizer Thailand recognised for health accessibility through ONE Pfizer Ecosystem Pfizer Thailand won the Thailand Technology Excellence Award for the Digital - Pharmaceuticals Category at the Asian Technology Excellence Awards 2023 for the ONE Pfizer Ecosystem.

he pandemic forced people to stay at home and thus accelerated digitalisation across various sectors, including health. To ensure that health information is easily accessible anytime and anywhere, Pfizer Thailand launched ONE Pfizer Ecosystem. This innovative project that prioritised omnichannel engagement has garnered Pfizer Thailand the win in the Thailand Technology Excellence Award for Digital - Pharmaceuticals category at the Asian Technology Excellence Awards 2023. Communication in the pharmaceutical market used to be limited to medical representatives only. However, the volatility and complexity of the current situation have also made disease and treatment more complex, leaving a gap in the communication between physician and patient interaction. Pfizer Thailand's Online Health Initiatives To help bring health information to people’s fingertips, Pfizer Thailand created various online channels to raise health literacy amongst Thai People Its Facebook Page is the most popular, garnering 71.22 million reach and around 235,000 engagements. This year alone, its Facebook Page raked 32 million reach, with around 118,450 engagements. Pfizer Thailand also has a YouTube Channel https://youtube.com/@pfizerthailand-

official and can be reached through its website Pfizer.co.th. It also has websites dedicated to therapeutics such as https:// happylung.pfizer.th/ Pfizer Thailand does not only cater to patients. Recognising that physicians are overwhelmed with tons of new data that they have to digest in a limited time to manage their clinics, Pfizer Thailand created the ONE PfizerPRO Ecosystem. Connecting HCPs with PfizerPro The company created the healthcare professional (HCP) portal, PfizerPro which can be reached through https://pfizerpro.pfizer. th/ to communicate scientific management, and aid in guideline management data and condense them into bite-sized content such as one-page summary, case sharing, congress summary, and re-run congress. “At Pfizer, we have a goal of putting health information at our customers' fingertips and then being able to access information when and where they want to. The Thai Medical Association has a shared goal with Pfizer, which is providing access to medical education for physicians. Having the collaboration allows physicians to access content seamlessly from one platform or another, and enables us to put content up on their platform,” said Deborah Seifert, Country

At Pfizer, we have a goal of putting health information at our customers' fingertips and then being able to access information when and where they want to 42

THE ASIAN BUSINESS REVIEW

Manager, Thailand and Indochina of Pfizer. Using their PfizerPro Account, HCPs can access all of Pfizer Thailand’s channels including Pfizer E-mail Campaign, LINE for HCP, Pfizer Webinars, Docquity (Doctor community) and Med X – Thai (Continuing Medical Education) CME The Pfizer LINE and Webinar were solutions developed as a customer-centric approach by highlighting doctors’ pain points and developing a prototype to test before launching to the market. This is not limited to Pfizer Thailand’s channels as it also entered a partnership with the Thai Medical Council through a memorandum of understanding to link PfizerPro with the Thai Medical Council’s CME platform. Pfizer Thailand's Omnichannel Success Through the ONE Ecosystem, Pfizer Thailand was able to increase its Thai doctor reach to a broader range from around 5,000 doctors per month mostly from face-to-face only around 12,500 or 2.5 times higher through the omnichannel engagement. The ONE Ecosystem recorded a doctor or satisfaction score of 4.7 out of 5, and a net promoter score of 56% in 2023. The Asian Technology Excellence Awards, the most prestigious awards programme in the region that recognises the most outstanding technological projects and innovations, acknowledges exceptional companies that efficiently rode the digital disruption wave and led the technological revolution through digital innovation.

INDONESIA

DIGITAL - IT SERVICES

2022

Unlocking Indonesia's Digital Potential: Telkom's Leap into a Digital Future With a focus on creating a comprehensive digital ecosystem and supporting MSMEs, Telkom is revolutionising industries and improving lives across Indonesia.

Telkom Indonesia team

eyond doubt, Indonesia is a digital powerhouse in the waiting. Whilst the country has already made huge strides, digital adoption has the potential to unlock up to US$2.8t in value by 20401, further underlining Indonesia’s position as ASEAN’s biggest digital economy. But this significant jump in growth is contingent on a number of factors. In order to enable this acceleration, State-Owned Enterprise PT Telkom Indonesia, Tbk (Telkom), Indonesia’s largest information and communications technology enterprise and telecommunications network, has itself embarked on a profound journey of transformation. Over the last few years, Telkom has undergone an evolution from a traditional telecommunications provider to becoming a Digital Telco company. The company underwent a comprehensive overhaul across four fundamental aspects: business transformation, infrastructure enhancement, systems and operational model innovation, and human resource development. Out of this change, in order to realise our unwavering commitment to advancing national digitalisation, the Leap - Telkom Digital programme emerged in 2022. Driving digital transformation through Leap Leap is a reflection of Telkom’s aim to drive digital transformation across every facet of Indonesian society, through the creation of a comprehensive and inclusive digital ecosystem that encourages grass-roots innovation and growth. In order to do this, the Leap - Telkom Digital focuses on the development of digital

platforms such as data centres, cloud computing solutions, big data, the Internet of Things (IoT), and cybersecurity solutions. These and other digital infrastructure solutions are pivotal to laying a robust and secure foundation for a connected, digital future. In addition, building on this digital foundation, Leap continuously innovates and embeds cuttingedge technologies such as Artificial Intelligence (AI) for superior customer experience. Digital adoption and MSME progress Over 60% of Indonesia’s Gross Domestic Product (GDP) and 97% of all job opportunities are generated by Micro, Small, and Medium-sized Enterprises (MSMEs). But despite the high rate of internet penetration across the nation, many of these 65 million-strong MSMEs are still limited in terms of their digital adoption. Only 13% of Indonesian MSMEs had adopted the internet for marketing and delivering their products and services. Compared to large businesses, MSMEs lack resources, and know-how and face structural difficulties in adapting and adopting new technologies. In addition, they often have limited access to funding, which is an issue since the implementation of digital tools requires investment. To tackle this issue, Telkom’s Leap programme has created an innovative digital platform called PaDi UMKM. Driving digital transformation for Indonesia’s MSME PaDI UMKM is a digital platform that connects micro, small, and medium enterprises (UMKM) with state-owned enterprises (SoE), including state-owned banks and financial institutions. This innovative platform helps facilitate users on both sides of the business spectrum such as streamlined digital administrative and verification procedures. The objective is to help MSMEs in Indonesia

to overcome the obstacles and jumpstart growth, by leveraging digital technology, and to connect them with buyers and financial services providers in an efficient and scalable manner. Buyers include big State Owned Enterprise (SOE) companies, which MSMEs often have difficulties penetrating. In just three short years, PaDi UMKM has experienced remarkable growth. In its third year, as of mid-2023, more than 100,000 MSMEs had joined the platform with Gross Merchandise Value (GMV) reaching IDR 9.1 trillion from over 340,000 transactions between MSME with stateowned enterprises (SOE) as well with private sector business. A survey reveals that 80% of sellers experienced a surge in revenue after becoming a part of this vibrant ecosystem. This is a testament to the platform's effectiveness and the trust that MSMEs have in this platform. Revolutionising lives, driving the digital evolution Telkom stands as a key player in the nation's journey towards unlocking its digital potential, harnessing the power of technology to bring about a brighter, sustainable future. As Telkom forges ahead to become a Digital Telco, it is committed to innovating and testing creative digital solutions, each poised to revolutionise various sectors and improve the lives of the Indonesian people. By fostering a thriving ecosystem of digital solutions, Telkom is not just advancing its own transformation but is also empowering the nation to make the leap into the digital era towards a better future for the people of Indonesia.

Muhamad Fajrin Rasyid, Director of Digital Business at Telkom Indonesia

Telkom stands as a key player in the nation's journey towards unlocking its digital potential, harnessing the power of technology to bring about a brighter, sustainable future THE ASIAN BUSINESS REVIEW

INDIA

CLOUD - AIRLINE

2023

Mr Rajesh Awasthi, Vice President, Cloud and MHS, Tata Communications

Cloud optimisation: No more a choice but a priority

Beyond mere cost savings, cloud optimisation unravels overspending sources and maximises business advantage.

y 2025, IT spending on public cloud computing is expected to exceed 51% of enterprise budgets. Yet, recent surveys indicate that almost 30% of cloud expenditure is suboptimised. With more than half of IT budgets poised to be allocated to the cloud, a critical question arises: Are our enterprise cloud spending truly optimised? Industry leaders and technology experts can tell you that cloud optimisation goes beyond cost savings. It unravels the sources of cloud overspending and optimises operations for maximal business advantage. It is a strategic approach for specifically tackling challenges related to overspending and cloud overconsumption. Therefore, enterprises need to keep a couple of considerations in mind whilst optimising their cloud environment: Legacy architecture[1]: Money saved is money earned. Comparing the costs associated with maintaining legacy equipment against those linked to cloud migration and adoption has become crucial. Hence, Organisations are now seeking to extend the lifespan of their on-premises systems. So, not only will they require to strategically integrate a cloud solution that complements their existing setup and is specifically tailored to meet their unique requirements but also assess its capacity to support modern workloads, and upskill their workforces. 44

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Legal considerations[1]: In the constantly evolving regulatory landscape, strict adherence to data governance and security guidelines is critical. Enterprise data is subject to specific legal obligations regarding its location and access. However, certain applications, which are distributed across geographies and incompatible with cloud environments, encounter challenges related to data storage and security when incorporated into a cloud-native strategy. The risk of runaway costs emphasises the growing need for optimisation and FinOps. As per a recent 451 research, 45% of organisations reported exceeding public cloud budgets, with 14% significantly over-spending, attributing issues to resource scaling, governance gaps, and over-provisioning, highlighting the urgency for optimisation. Optimising cost, performance, and security on the cloud: Striking the right balance According to the 2023 Flexera State of the

Cloud Report, an overwhelming 82% of enterprises identify the management of cloud expenses as their main challenge. This rising importance of cost optimisation and FinOps, has surpassed even security concerns. Customers are shifting focus from adopting new cloud solutions to optimising existing resources, particularly addressing excess and wasteful expenditures. They emphasise the need for purpose-built clouds tailored to specific infrastructure and resource requirements. Legacy infrastructure protection is paramount, leading some to consider maintaining their own data centres instead of relying solely on public clouds. This shift towards self-owned or collocated data centres is increasingly prevalent in customer conversations, reflecting a desire to optimise consumption and extend the life of legacy platforms rather than blindly embracing public cloud services. On the security front, it is essential to understand that security goes beyond organisational teams, involving user behaviour and collaboration with data centres, SaaS applications, and platform providers. There's a call for organisations to define their security architecture, considering unique risks and vulnerabilities. Security discussions extend to supplier partnerships, with CISOs playing a vital role. Not only building cloud controls from scratch and aligning applications with risk tolerance is key, but also having visibility across devices, identities, applications, and virtual machines is becoming extremely crucial. Therefore, whilst evaluating cloud service provider, organisations should assess their ability to deliver a balanced mix of cost, performance, and security. The reduction of cloud complexity involves choosing providers that ease adoption friction, with proof-of-concept deployments aiding initial evaluations. Organisations with successful cloud deployments should establish a Cloud Center of Excellence for comprehensive visibility and strategy coordination. One should also bear in mind that the qualification of substantial discounts for long-term commitments provided by cloud service providers requires a holistic approach to demand and capacity planning. Achieving long-term benefits necessitates a macroeconomic view of cloud requirements, emphasising careful planning for performance, security, and availability.

Customers are shifting focus from adopting new cloud solutions to optimising existing resources, particularly addressing excess and wasteful expenditures Source [1] : Based on an interview conducted with S&P Global

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THAILAND

DIGITAL - AGRICULTURE

2023

East-West Seed transformed the seed production process through precision farming

SmartFarm solution digitised more than 24,000 acres of seed production farmland and empowered its 300+ field staff with real-time data & insights. to a digital environment with data-driven insights and better user experience. Moreover, there is now a real-time visibility of field activities with 96% on-time completion leading to improved production accuracy through proactive monitoring of crop protocols, and of the production quantity estimation integrated with their ERP system creating a single source of truth for their Sales & Operations Planning Teams.

East-West Seed team at the Asian Technology Excellence Awards

The implementation of the SmartFarm solution has digitised over 24,000 acres of seed production farmland, leading to a full culture shift from manual form data collection to a digital environment with data-driven insights and better user experience

ast-West Seed (EWS) is the market leader for tropical vegetable seeds headquartered in Thailand with more than 40 years of experience in serving over 23 million smallholder vegetable farmers with quality seeds and innovative services. EWS has always embraced cuttingedge, new-age technologies to enhance its core operations. Whilst that has been extremely successful in its endeavours as a seed company, the crux of the digital transformation lies in the modernisation of the way it operates. EWS faced significant challenges and there was an urgent need for digitising their seed production processes to help them in their efforts to bring transparency and discipline into operations, provide farmer advice, solve field issues timely, and increase yield per acre. These challenges included a labour-intensive and error-prone manual data capture process for field staff, a lack of visibility into field activities and production quantity estimation, poor data quality and loss due to manual data collection, and low crop production accuracy, which had adverse effects on their Supply Chain processes.

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To address these challenges, EWS embarked on a digital transformation journey in partnership with AgTech organisation Cropin. They implemented the SmartFarm solution for their seed production operations in six regions across Asia - India, Thailand, Philippines, Indonesia, Myanmar and Vietnam, with the goal of achieving visibility on seed varieties and field operations, as well as improving production accuracy. Digitising Seed Production for Efficiency To ensure that the goals of the partnership are met, EWS analysed various metrics to substantiate grades with respect to seed varieties, measured the performance of each seed variety in different soil or agro-climatic conditions, and had an overview of field officers and growers. They also maintained production growth rates and field staff efficiencies, and set up preemptive protocols to gain insights into seed performance and track it across the value chain. The implementation of the SmartFarm solution has digitised over 24,000 acres of seed production farmland, leading to a full culture shift from manual form data collection

Empowering Agriculture with AI and Predictive Insights EWS realised the need to adopt data science inputs to derive meaningful insights and thereby drive real-time predictability of yield patterns by applying AI/ML modelling on historical as well current SmartFarm data juxtaposed with weather & remote sensing data for a crop. Having been implemented for years already, EWS plans to leverage the two years of historical farm management data from SmartFarm and enrich it with Remote Sensing and Weather data capabilities. This will enable predictive insights based on historical and real-time data, weather information, and remote sensing data, with the goal of empowering farmers and field staff with real-time alerts and notifications to ensure proactive actions in the field. This initiative is closely aligned with EastWest Seed's core purpose of improving the lives of millions of farmers. It is driven by its digital strategy, which centres on utilising cutting-edge AgriTech tools, technologies, and data to increase the predictability of our operations. The ultimate goal is to optimise seed for better yields, thus contributing to food security in alignment with the UN's 2030 Sustainable Development Goals. The continued innovation through SmartFarm, as well as the successful partnership between EWS and CropIn, has brought recognition for the former, as it clinches the Thailand Technology Excellence Award for Digital - Agriculture at the Asian Technology Excellence Awards 2023. The prestigious awards programme honours the most outstanding technological projects and innovations and recognises exceptional companies that are effectively riding the digital disruption wave to lead the digital transformation journeys in their respective industries.

DRIVEN

CCBV has embarked on a transformative digitalization journey since 2019 with a strong emphasis on reimagining customer centricity using digital tools, fostering an agile and adaptable work environment, and enhancing productivity through automation. Over the past four years, CCBV has accelerated their adoption of cutting-edge technologies, resulting in efficiency gains by automating of our capabilities and driving sustainable business growth.

87%

Coca-Cola Beverages Vietnam (CCBV)

harnesses technology to take the next leadership leap and

cultivate digital culture throughout the organization.

This transformation empowers their employees with insights and encourages behaviors that embrace the potential of data-intensive and intelligent technologies, paving the way for success in an increasingly data-driven landscape.

In their next phase of digital evolution, the aspiration is to position CCBV as one of the leading "digitally empowered organizations” in Vietnam, taking a significant leap forward with the following digital objectives: Embracing early adoption to drive a focus on innovation to unlock new opportunities for productivity enhancement. Creating impactful business value through widespread digital engagements. Cultivating a digital mindset that prioritizes the adoption of technology, allowing everyone to utilize & foster its continuous evolution.

-Mr. Rahul Shinde, the CIO of CCBV-

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PHILIPPINES

SOFTWARE - HEALTHCARE TECHNOLOGY

2023

MediLink Vision for the Future: Revolutionising Healthcare for a Healthier Tomorrow The company leverages technology to bridge gaps and connect stakeholders in the ever-evolving world of healthcare.

Esther Wileen Go, CEO and President, MediLink

n a world marked by constant change, the healthcare landscape is no exception. Technological advancements are on the rise, and there's a growing demand to meet the evolving needs of healthcare stakeholders. Industry leaders like MediLink Network Inc. are stepping up to face this challenge. MediLink has been in the business since 1999, consistently offering cutting-edge technological solutions and staying deeply committed to improving the well-being of individuals and the overall healthcare ecosystem. The company's vision for the future of healthcare is nothing short of revolutionary. Bridging Gaps in Healthcare MediLink's journey began with a simple yet powerful idea: harnessing the capabilities of technology to transform the healthcare experience. It is undeniable that the country is experiencing a healthcare crisis. Ensuring access to essential healthcare services has remained a significant challenge, and the COVID-19 pandemic has only exacerbated these issues. The overwhelming demand for resources exceeds the current capacity, threatening the system with collapse. This is where technology comes into play. For MediLink, technology is the most pragmatic and efficient tool to address these systemic challenges. Their work primarily focuses on automating processes, and reducing the administrative burden on healthcare workers so they can concentrate on patient care. MediLink Health Ecosystem An interconnected healthcare ecosystem is the foundation of a seamless healthcare experience. MediLink recognises this critical facet and has paved the way to enable the collaboration of various healthcare stakeholders. The solution is a unified health 48

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ecosystem composed of healthcare patients, payors, facilities, and practitioners, with MediLink serving as a trusted intermediary, facilitating transactions under a governance framework to ensure transparency and accountability between these involved parties. With the overarching goal of providing better healthcare through technological solutions, MediLink's health ecosystem consists of a network of web-based applications. Each one has its own features, including a Member Link for HMO members to find doctors, request authorisations, access medical records, and request reimbursements. There's also a Payor Link for HMO providers to manage accounts and generate customised reports and an Account Link for HR or organisation leaders to oversee members across different HMO providers. Additionally, MediLink's health ecosystem includes a Provider Link for healthcare providers to simplify claim submissions to payors, a Doctor Link that assists practitioners in their interactions with payors, facilitates communication, and provides regular data updates, and an integration layer that enhances the ecosystem's new products and services, aiming to democratise healthcare capabilities across different platforms.

MediLink’s mission remains the same: to be a driving force in the ongoing transformation of healthcare Through their health ecosystem, they have served over 2 million active members from various payors and corporate accounts, processed more than 15 million Letters of Authorisation (LOAs) for timely medical procedure authorisations, and successfully managed 10.1 million availment claims, streamlining patient transactions and improving service quality. Key Challenges Faced Whilst these numbers demonstrate their success story, the journey was far from easy. In an interview with MediLink CEO and President, Esther Wileen Go, she explained that implementing MediLink's work in a developing country like the Philippines is challenging. It is not the absence of technology that is the issue,

but ensuring that their solution supports all user bases, from high technology to low technology, and even no technology. Additionally, Go said, "We cannot always take high-availability infrastructure as a given." She elaborated that MediLink recognises that internet access is not always available, so it is important that their products are designed to support low-bandwidth consumption and offline modes. Despite these challenges, Go shared that MediLink is able to overcome most of them, and they won't let these challenges stop them from doing what they do in the name of health equity. They stand by their promise to serve people from all walks of life. Moving Forward with MediLink As MediLink ventures into the future, its mission remains the same: to be a driving force in the ongoing transformation of healthcare. They firmly believe that technology is here to stay, and MediLink is dedicated to facilitating innovation, connecting stakeholders, and ensuring that everyone experiences a healthcare landscape that is efficient, accessible, and affordable. With MediLink, the future of healthcare is a journey worth taking, where every step forward brings the world closer to a brighter, healthier future.

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ASIAN

SMART TECHNOLOGY - SAFETY & SECURITY

2023

Reimagine Your Visitor Management System with Verkada Guest

Discover how Verkada Guest transforms visitor management, offering seamless experiences, enhanced security, and streamlined operations. doors for specific guests. With Verkada Guest, businesses can easily and efficiently welcome all of the different types of visitors they may have – whether they are vendors, interviewees and more. Verkada Guest is intuitive to use and provides visitors with a seamless experience from check-in to check-out. Features like simple document signing, automatic host notifications, and contactless check-in make the experience for both visitors and employees seamless – even if a receptionist is not available.

solid visitor management system can ensure the safety of employees, administrators, and front desk operators, whilst also creating a positive experience for guests. Most visitor management systems are manual or separate from the rest of a company’s physical security protocol which impacts overall business operations. By streamlining the check-in process with cloud-based technology, businesses can improve the security and safety of their buildings with native integration into physical security architecture. Francois Vazille, Verkada’s Managing Director of Asia Pacific & Japan, shares more about how businesses can improve visitor management with Verkada’s Guest solution. What is Verkada Guest? Verkada Guest is a reimagined visitor management system. Schools, hospitals, warehouses and more can not only create a seamless experience for their visitors, but they can also increase security with native integration into Verkada’s broader platform, including video security cameras, access control, environmental sensors, intercoms and mailroom management. Organisations can easily customise the experience from the minute that a visitor arrives – from touchless check-in, badge printing and arrival notifications to the ability to remotely unlock

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Can you share more about what makes Verkada Guest unique? What sets Verkada Guest apart from other visitor management solutions is how it enables organisations to strengthen their security. Built on the Verkada Command platform, Guest’s native video security and access control integrations allow admins to review video of visitor activity and remotely unlock doors for specific guests. Optional background checks through Verkada Guest also give organisations added peace of mind that they know who is in their buildings. Guest’s Security Screens feature reads a visitor’s state-issued identification and checks against government sex offender registries and criminal records. Administrators can then take appropriate action to those identified as a potential risk to employees, students, or staff. Verkada Guest also minimises work for

administrative staff. Beyond the ease of scaling across multiple sites and the ability to remotely manage the check-in and check-out processes, Verkada Guest enables security teams to review visitor activity and analytics – everything from monitoring activity by guest type and auditing visitor access to exporting detailed guest logs and storing digitally signed documents – with ease. And everything is customisable to make sure that only the appropriate people have access to information, with tiered, role-based access levels. What feedback do you hear from customers on Verkada Guest? Verkada Guest increases security by natively integrating with access control (receptionists can remotely unlock doors) and cameras (admins can monitor where a visitor moves throughout the building), and also has the power to easily identify and refuse entry to registered sex offenders or individuals with criminal records. These features have been particularly impactful in providing a secure check-in process for schools. Joshua Olds, Head of IT and Security at Kogan.com shared: "We can remotely manage visitors, unlock doors from them and streamline front-desk operations. Plus, we have the information we need – like visit history and access logs – to safely and strategically bring our teams back to the office.”

Verkada Guest

AH hopes to inspire healthcare institutions to shift to a more patient-centric paradigm in care planning and delivery care

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TEAM OF THE YEAR - METALS & MINING

Saudi Arabian Mining Company Ma'aden’s won at the Middle East Management Excellence Awards 2023

Through meticulous strategy and a forward-thinking approach, they've redefined how innovation drives growth and sustainable impact.

he Middle East Management Excellence Awards has recognised the outstanding achievements of the Technology and Innovation (T&I) team at Saudi Arabian Mining Company, Ma'aden. The Team of the Year Metals & Mining accolade is a testament to the team at Ma’aden’s unwavering commitment to pioneering innovation, leading the charge in bridging the gap between present challenges and future aspirations. Ma'aden's Technology and Innovation (T&I) team has made tremendous strides in driving the company's growth and supporting its ambitious 2040 strategy to grow 10x in scale, transforming the way it operates in an effort to unearth Saudi Arabia’s estimated $1.3trillion mineral reserves. Ma’aden is looking at a new accelerated growth strategy that will enable it to expand Saudi Arabia’s mining sector faster than ever, requiring new levels of innovation to rise to the challenges of both growth and sustainability. Maximising Value through Innovation The business’s T&I team is crucial to this transformation and has successfully overseen a number of external and internal initiatives to drive efficiency and output in the business. One of their notable accomplishments has been implementing a streamlined system of end-to-end innovation and an automated gate process, revolutionising the way innovation opportunities are managed within the company. From concept to commercialisation, the T&I team ensures that innovative ideas across the organisation, from operations to management, are efficiently nurtured, evaluated, and brought to fruition. By adopting this process, Ma’aden has been able to embrace emerging and established technologies, staying ahead of the curve in the fast-paced world of innovation. Furthermore, the T&I team has been instrumental in fostering productive relationships with both internal and external partners. By collaborating with leading universities, research centres, industrial companies, start-ups, and government entities, Ma’aden has been able to tap into a vast network of expertise and resources. This collaboration has facilitated the identification of several new opportunities for value

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Saudi Arabian Mining, Ma'aden at the Middle East Management Excellence Awards

maximisation through innovation. The T&I team's analytical prowess was evident when, in a brief period, they distilled internal and external insights to pinpoint several viable business opportunities to leverage KSA resources, productivity drive, Value focus, ESG Leading in Mining Sustainability The development of end-to-end innovation and automated gate process enabled the team to address challenges within the business, creating a systematic approach which enables the team to capture, evaluate, and allocate resources to each opportunity based on data-driven insights, ensuring that no valuable opportunity went unnoticed. The T&I team’s analysis of these internal and external insights has enabled them to

identify several opportunities that have the potential to drive efficiency and increase performance in Ma'aden's business, spanning environmental stewardship, capacity enhancement, resource optimisation, and creating a competitive advantage. By capitalising on these opportunities, Ma'aden aims to improve its sustainability practices, enhance operational efficiency, and drive business growth. The Technology and Innovation Team at Ma'aden will continue to play a pivotal role in the company's growth, as it looks towards achieving its 2040 milestones. By embracing innovation and technology, Ma'aden is moving to the forefront of a rapidly evolving industry, positioning itself as Saudi Arabia’s sustainable mining champion with a global presence.

Ma’aden has been able to embrace emerging and established technologies, staying ahead of the curve in the fast-paced world of innovation

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EVENT: ASIAN EXPERIENCE AWARDS

Asian Business Review lauds top brand experiences at Asian Experience Awards

rand experiences have emerged as the linchpin of success. This is quite evident in Asia, with its diverse markets and consumers, which has become a compelling epicentre for the evolution of brand experiences. In this dynamic landscape, companies are navigating the delicate balance between tradition and innovation. The pursuit of meaningful, memorable brand experiences has become a strategic imperative, forging deep connections with customers across the continent. The Asian Experience Awards 2023, an event dedicated to recognising ingenious initiatives of companies, was a resounding success as it celebrated the ingenuity, creativity, and dedication in brand experiences in Asia on 5 October 2023 in Marina Bay Sands, Singapore.

The prestigious event invited nominations from companies across all industries in Asia that had recently launched unique, standout, or innovative experience initiatives for their clients, potential customers, or employees. The awards were decided by a distinguished panel of industry experts renowned for their expertise and insights into brand experiences: Guillaume Sachet - Partner, Head, Customer Practice, KPMG; Loretta Fong - Partner, Entrepreneurial Group of the Assurance Division, PwC Hong Kong; Roger Loo - Executive Director, Head of Management Consulting Services, BDO Singapore; Jiak See Ng - Asia Pacific Financial Advisory Leader, Deloitte Asia Pacific; and Peter Eckert - Partner, Consulting, Ernst & Young Advisory Pte. Ltd.

Asian Business Review congratulates the following winners:

Eastern Communications Philippines Customer Experience of the Year - Telecommunications

ABB Australia Sales Experience of the Year - Technology Accor Greater China China Partner Experience of the Year - Hospitality & Leisure China Product Experience of the Year - Hospitality & Leisure

Everise Singapore Employee Experience of the Year - Business Services Fatima Fertilizer Company Limited Pakistan Digital Experience of the Year - Agriculture

Agung Sedayu Group Indonesia Brand Experience of the Year - Real Estate

FedEx Philippines Philippines Customer Experience of the Year - Logistics Philippines Digital Experience of the Year - Logistics Philippines Employee Experience of the Year - Logistics

AIA Company Limited Thailand Employee Experience of the Year - Life Insurance

Flash Express (Thailand) Company Limited Thailand Distribution Experience of the Year - Transportation

AP (Thailand) Public Company Limited Thailand Digital Experience of the Year - Real Estate

Fluor Daniel, Inc. - Philippines Philippines Employee Experience of the Year - Engineering

Bank Syariah Indonesia Indonesia Customer Experience of the Year - Banking

Frasers Property (Commercial) Thailand Thailand Customer Experience of the Year - Real Estate

Brown-Forman Spirits (Shanghai) Co., Ltd. China Brand Experience of the Year - Food and Beverage

Fresenius Medical Care Pte Ltd Singapore Product Experience of the Year - Health Products & Services

Cathay Cargo Hong Kong User Experience of the Year - Logistics

GoTyme Bank Philippines Philippines Customer Experience of the Year - Banking

Cathay Pacific Hong Kong User Experience of the Year - Airline

HSBC Life (Singapore) Pte. Ltd. Singapore Brand Experience of the Year - Life Insurance

China Mobile International (Singapore) Pte Ltd Singapore Brand Experience of the Year - Telecommunications

Income Insurance Limited Singapore Digital Experience of the Year - Personal Insurance

DRB-HICOM EZ-Drive Sdn Bhd (Avis Malaysia) Malaysia Customer Experience of the Year - Car Rentals

Krungsri Auto Thailand Customer Experience of the Year - Banking

DXC Technology Brunei-Indonesia-Malaysia Employee Experience of the Year - IT Services

Krungthai Bank PCL Thailand Service Experience of the Year - Banking

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2023

Kuala Lumpur Convention Centre Malaysia Partner Experience of the Year - Exhibition Centre Lintasarta Indonesia Employee Experience of the Year - Telecommunications Medical Center Manila, Inc. Philippines Digital Experience of the Year - Healthcare Mercedes-Benz Singapore Pte. Ltd. Singapore Product Experience of the Year - Automotive Services MetLife Japan Japan Customer Experience of the Year - Life Insurance Ministry of Energy and Infrastructure United Arab Emirates Customer Experience of the Year - Energy

PT Endress+Hauser Indonesia Indonesia Employee Experience of the Year - Electronic Manufacturing Indonesia Service Experience of the Year - Electronic Manufacturing PT PLN (Persero) Indonesia Digital Experience of the Year - Energy Indonesia User Experience of the Year - Energy PT Zurich Asuransi Indonesia, Tbk Indonesia Digital Experience of the Year - Financial Services RHB Bank Berhad, Singapore Singapore Customer Experience of the Year - Banking Roche Hong Kong Limited Hong Kong Customer Experience of the Year - Pharmaceuticals

NTT DATA, Inc Singapore Digital Experience of the Year - Technology Singapore Employee Experience of the Year - Technology

Samsung Malaysia Electronics Malaysia Brand Experience of the Year - Electronics Malaysia Service Experience of the Year - Electronics

OCBC Singapore Digital Experience of the Year - Banking Singapore Employee Experience of the Year - Banking

Shell Malaysia Trading Sdn Bhd Malaysia Partner Experience of the Year - Energy

OCBC Bank Malaysia Malaysia Customer Experience of the Year - Banking Petroliam Nasional Berhad Malaysia Customer Experience of the Year - Oil & Gas Malaysia Product Experience of the Year - Oil & Gas Malaysia Digital Experience of the Year - Oil & Gas Philippine National Bank Philippines Digital Experience of the Year - Banking Pluit Village Indonesia Customer Experience of the Year - Retail Pru Life UK Philippines Product Experience of the Year - Life Insurance Philippines User Experience of the Year - Life Insurance PT Artajasa Pembayaran Elektronis Indonesia Product Experience of the Year - Financial Services Indonesia Service Experience of the Year - Financial Services PT Bank CIMB Niaga Tbk Indonesia Digital Experience of the Year - Banking Indonesia Employee Experience of the Year - Banking PT Bank OCBC NISP, Tbk Indonesia Brand Experience of the Year - Banking Indonesia Product Experience of the Year - Banking PT Bank Tabungan Negara (Persero) Tbk. Indonesia Partner Experience of the Year - Banking Indonesia Service Experience of the Year - Banking

Shell Pilipinas Corporation Philippines Distribution Experience of the Year - Energy Philippines User Experience of the Year - Energy Sindh Engro Coal Mining Company Pakistan Customer Experience of the Year - Metals & Mining Singtel Singapore Digital Experience of the Year - Telecommunications Snappymob Malaysia User Experience of the Year - Computer Software Southeast Life Insurance (SE Life) Thailand Service Experience of the Year - Life Insurance SPTel Singapore Customer Experience of the Year - Telecommunications Tawuniya Saudi Arabia Digital Experience of the Year - Financial Services Teleperformance India Digital Experience of the Year - Business Travel Technology The Siam Commercial Bank PCL (SCB) Thailand Digital Experience of the Year - Banking United Overseas Bank (Malaysia) Bhd. Malaysia Digital Experience of the Year - Financial Services United Overseas Bank (Thai) Public Company Limited Thailand Employee Experience of the Year - Banking THE ASIAN BUSINESS REVIEW

EVENT: ASIAN EXPERIENCE AWARDS

Accor Greater China

Cathay Pacific

Bank Syariah Indonesia

Brown-Forman Spirits (Shanghai) Co., Ltd.

China Mobile International (Singapore) Pte Ltd

Eastern Communications

Fluor Daniel, Inc. - Philippines

HSBC Life (Singapore) Pte. Ltd. 60

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Cathay Cargo

DXC Technology

Fatima Fertilizer Company Limited

Fresenius Medical Care Pte Ltd

Income Insurance Limited

2023

Krungthai Bank PCL

Medical Center Manila, Inc.

OCBC Bank Malaysia

Petroliam Nasional Berhad

Kuala Lumpur Convention Centre

MetLife Japan

Lintasarta

NTT DATA, Inc

Petroliam Nasional Berhad (PETRONAS)

Petronas Digital (Petroliam Nasional Berhad) THE ASIAN BUSINESS REVIEW

EVENT: ASIAN EXPERIENCE AWARDS

PT Artajasa Pembayaran Elektronis

PT Bank CIMB Niaga Tbk

PT Endress+Hauser Indonesia

PT Zurich Asuransi Indonesia, Tbk

Roche Hong Kong Limited 62

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PT Bank Tabungan Negara (Persero) Tbk.

PT PLN (Persero)

RHB Bank Berhad, Singapore

Samsung Malaysia

2023

Shell

Southeast Life Insurance (SE Life)

United Overseas Bank (Malaysia) Bhd.

Endress+Hauser Indonesia

Singtel

SPTel

United Overseas Bank (Thai) Public Company Limited

Tawuniya THE ASIAN BUSINESS REVIEW

2023

PLN's Digital Transformation: Paving the Way for a Sustainable Energy Future in Indonesia

The Indonesia state-owned energy company is driving digital transformation to streamline operations, enhance customer service, and promote sustainability.

Mr Darmawan Prasodjo, President Director of PT PLN (Persero)

LN’s Digital-Based Transformation For the last 3 years, PLN has undergone a massive digital-based transformation. The previously complicated and fragmented business process has now been simplified and consolidated. Until now, PLN continues to undergo end-toend digital transformation in all business lines from power generation, transmission, distribution, financial systems, procurement, payment systems, and customer services to make the company more streamlined and efficient. Digitalisation, as part of PLN's transformation, has now been able to provide benefits, both in terms of business efficiency and to facilitate customer service. One of the concrete examples of PLN’s transformation is in the primary energy sector. Following the coal crisis at the end of 2021, PLN has increased the resilience of the primary energy supply by digitising the monitoring process ensuring the coal supply is sufficient. PLN has also changed the paradigm of the coal supply control system from focusing on 64

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the Estimated Time of Arrival (ETA) at the unloading point to focusing on the loading point. An early warning system mechanism has also been established so that the risk of delayed coal supply delivery can be minimised. But the transformation didn't stop there; it extended throughout PLN's entire end-toend business process. In transmission and distribution, a reliable operation system was established, replacing manual monitoring with digitalised dashboards for real-time issue detection and resolution. Customer service has transformed its mobile app, namely PLN Mobile, which was once plagued with a 2.5 rating and numerous complaints, into a one-stop solution app for customers. It now boasts a 4.9 rating and has been downloaded almost 44 million times, lauded for its software sophistication and responsive service. Every aspect of PLN's operations, from financial management to procurement, has been integrated into a streamlined digital dashboard, providing high visibility across the entire business process. All aspects, from financial management to procurement, have been integrated into a streamlined digital dashboard, granting PLN high visibility across its entire business process. We are changing, we are shifting, today not only we are power and utility company. We are a technology company based on innovations. In the past, our main job is to provide the electricity. But today and in the future, our main job is to take care of the environment. And what is the electricity? It’s our byproduct.

so that the call centre and PLN Mobile application were considered as a backup, not the front business process, as a result, SLA was only limited to performance on paper. PLN realised that the old version had many shortcomings because developed in a rush and the application was built only as software. In 2020, the company began a digitalisation initiative to become more robust and agile to improve its customer service through its mobile app. For its new mobile app, PLN is more customer-oriented. The new app serves as a one-stop solution for every customer’s need from bill payment for postpaid services, token purchases for prepaid services, filing a complaint, and EV digital services, to marketplace menu. Not only providing electricity-related services, the new PLN Mobile lets customers use multiple payment methods to select service options such as installations and power-capacity additions that previously required cash-only transactions and inperson visits to PLN branch offices. As a result, PLN has successfully increased customer satisfaction through the apps. Compared with the 500,000 customers who downloaded the previous mobile app, almost 44 million have downloaded it until now. Customer ratings have nearly doubled, from 2.5 out of 5 for the previous version to 4.9 today: one of the highest-ranked public service applications in the Google Play Store and Apple AppStore in Asia.

The New PLN Mobile App Success Story One of the breakthroughs of PLN’s transformation is the new PLN Mobile App. When PLN released a previous mobile app four years ago, customers posted negative feedback to the company and on social media. Only 500,000 users downloaded the app, and 450,000 of them uninstalled it. The lack of concentration on development made the old version of PLN Mobile unable to answer customers’ needs. System service in the old version of PLN Mobile is scattered, there is no integration between divisions or service units. This old version also still relies on manpower, operated by call center personnel and the speed of the services is not measurable. In the past, PLN prioritised direct services

Outage Management For customers, one of the most important features of PLN’s new mobile app is realtime notifications of power outages. The app can provide more accurate information about when, where, and how long an outage will take place, so it can inform customers with advance notifications about any service disruptions the maintenance schedule may cause, surprising fewer customers with sudden outages. A second issue was synchronisation between PLN field technicians and customers with complaints. The previous complaints process was error-prone and inefficient: PLN forwarded customer complaints manually to its field technicians, who did not always notify their customers

INDONESIA DIGITAL EXPERIENCE OF THE YEAR - ENERGY INDONESIA USER EXPERIENCE OF THE YEAR - ENERGY

We accelerate growth, build national capacity, create more jobs, eradicate poverty and at the same time take care of the environment

PLN Mobile, a one-stop solution app for customers

after resolving their complaints. Using the new app, customers can submit and track their complaints, which go directly to the office nearest the customer’s location. Customers get real-time updates about their field technicians’ estimated arrival time, and their performance is measured and monitored both by customers and management. PLN can now typically resolve a complaint within one workday. PLN can respond faster to customer inquiries with the new app. Previously, the company used a fragmented, complex network of several applications and databases to provide customer services, which required the IT Division’s manual integration and communication. The company’s digital customer-service transformation to its new app has simplified this inquiry system by integrating customers’ mobile devices with PLN’s VCC dashboard and technical optimisation service. Through this digital service innovation, PLN was able to improve service responsiveness and improve end-to-end monitoring systems. Future Electricity Plan In Indonesia Indonesia is now the centre of the world’s attention. Becoming the epicentre in the midst of global cooling efforts on the earth, which is heating up due to greenhouse gas emissions. Under the leadership of President Joko Widodo, PLN is committed to carrying out national decarbonisation. As an Indonesian state-owned energy business, PLN is dedicated to taking Indonesia towards the

transition to clean, low-carbon electricity. Not only because of international agreements but because PLN really cares, ensuring future generations are much better. Fair electricity supply with the principles of energy security, affordability and environmental sustainability. PLN has initiated efforts to accelerate renewable energy development in Indonesia which will be able to increase the portion of new renewable energy (NRE) up to 75% by 2040. As an archipelagic country, electrifying Indonesia could be a challenge, every area has different density and specific resources too, this condition causes a mismatch between the sources of renewable energy and the epicentre of demand, the location of renewable energy sources which cover a

large area in remote areas and the centre of electricity demand on the island of Java. By accelerating renewable energy development, PLN is building national electricity distribution through the Green Enabling Super Grid. Making Indonesia's electricity system, which was previously separated between islands, is now connected to each other. PLN will build the new Green Enabling Transmission Line all the way from Sumatera to Java, from Kalimantan to Java, from Nusa Tenggara to Java, and also interconnecting Sulawesi. Indonesia is going to be well-connected. PLN will also build Smart Grid and Flexible Generation which is integrated with the Green Enabled Super Grid. So the electrical system, which was previously fragile and unstable, has now become stronger and more reliable. By implementing Smart Grid and Flexible Generation, PLN will be able to enhance Variable Renewable Energy (VRE) by up to approximately 28 GW by the year 2040. Without the implementation of a Smart Grid and Flexible Generation, VRE would only reach 5 GW due to constraints on system stability and reliability. By building a smart grid and flexible generation using smart transmission technology, smart dispatch centres, smart distribution, and smart meters increase 32 gigawatts (GW) of renewable energy capacity (water and geothermal). Furthermore, to accommodate the intermittent supply of NRE generators, PLN is also developing Smart Power Plants, Smart Transmission, Smart Control Centers, Smart Distribution and Smart Meters, making PLN ready to face future electricity challenges. We accelerate growth, build national capacity, create more jobs, eradicate poverty and at the same time take care of the environment. Also, PLN is open to all opportunities for collaboration.

PLN is committed to carrying out national decarbonisation

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2023

THAILAND EMPLOYEE EXPERIENCE OF THE YEAR - LIFE INSURANCE

AIA Thailand builds upon core initiative with employee wellness programme

The initiative was gradually enhanced through cross-functional collaboration amongst employees.

IA Thailand, the no.1 life insurance provider, has always focused on employee experiences as it sees the importance of employees having excellent experiences of their own, to be able to deliver excellent experiences to customers. To promote this value, the company has introduced their innovative employee wellness initiative “WorkWell with AIA,” which aims to support all employees with objectives in achieving their overall well-being, a supportive work environment that benefits both employees and the communities they serve. This initiative has been designed to align with AIA’s mission to help one billion people live "Healthier, Longer, Better Lives.” The initiative focuses on four key dimensions of well-being, which are physical, mental, community & social, and financial. In the first half of 2023, AIA Thailand rolled out an impressive series of 76 informative sessions, which were held both face-to-face and virtually to accommodate the hybrid working environment. Comprehensive Health and Well-Being Initiatives at AIA For the Live Well facet of the initiative, which focuses on physical health, the company conducted medical check-ups, consultations with nutritionists, AIA staff clubs, fitness and exercises, AIA Vitality, health market, massage by the visually-impaired, mobile dental services, CPR workshops, health talks and health tips, karaoke room, and music room. Additionally, AIA conducted mental health training, and hyper care for new hires under the Think Well aspect highlighting the importance and recognition of mental health, AIA staff can also consult with psychologists online through the Mordee Application if they are seeking help. The company also held activities under the Feel Well facet, which focuses on community & social health. These activities included ESG initiatives such as blood donation, plastic-free day, donation for library renovations, as well as DE&I activities like International Women’s Day, Pride Month and same-sex marriage leave entitlement.

Sarunya Tienthavorn, Chief Human Resources Officer (left) and Nikhil Advani, Chief Executive Officer (right)

Fostering Financial Health for Employees For the Plan Well aspect that highlights financial health, AIA creatively launched a voluntary empowerment programme for Employee Share Purchase Plan, and a series of knowledge sharing sessions on financial and tax planning, insurance privileges, and discounts for employees. AIA Thailand noted that by prioritising these initiatives, it has created a workplace culture that nurtures the personal and professional growth of employees, leading to higher job satisfaction and overall well-being. AIA Thailand has actively engaged and received highly positive feedback and

satisfaction from all employees and key stakeholders at all levels. This success has been acknowledged by the Asian Experience Awards 2023, as the insurance provider clinched the Thailand Employee Experience of the Year - Life Insurance category win. By embracing the four dimensions of well-being and reinventing the traditional wellness programme, AIA Thailand remains committed to delivering ongoing quality in employee well-being. The prestigious awards programme seeks to recognise the enterprising initiatives of companies that deliver meaningful brand experiences to their stakeholders.

The company held activities focusing on community & social health

AIA Thailand created a workplace culture that nurtures the personal and professional growth of employees, leading to higher job satisfaction and overall well-being 68

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MALAYSIA DIGITAL EXPERIENCE OF THE YEAR - OIL & GAS

2023

PETRONAS wins Malaysia Digital Experience of the Year at the Asian Experience Awards Its commitment to excellence and innovation shines brightly through its successful migration of HPC infrastructure to the cloud.

Petroliam Nasional Berhad at the Asian Experience Awards 2023

etroliam Nasional Berhad (PETRONAS) emerged as the winner of the Malaysia Digital Experience of the Year - Oil & Gas category at the prestigious Asian Experience Awards 2023. PETRONAS Digital Sdn Bhd, a powerhouse of technology innovation within the PETRONAS Group, has always set its sights on the horizon, seeking ways to revolutionise the technology sector. At the heart of this commitment lies the company's initiative to migrate high-performance computing (HPC) to the cloud—a project that has redefined industry standards, driving innovation and progress in the sector. The project's primary goal was to enhance computational power, agility, decarbonisation, and cost optimisation. Recognising the need for consolidation, PETRONAS made the bold decision to bring together two separate onpremises HPC systems into a unified, infinitely scalable cloud-based platform. Revolutionising upstream operations One of the project's defining features is PETRONAS exceptional creativity and innovation, exemplified by its ability to run 100% seismic processing on the PETRONAS HPC cloud. This feat was achieved by designating Microsoft Azure HPC as the preferred technology platform for upstream business operations. Collaborating closely with industry leader Microsoft and seasoned solution integrator CEGAL, PETRONAS Digital crafted advanced AI and large language model (LLM) use cases tailored for upstream operations on HPC 70

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technology. Together, they meticulously mapped out a comprehensive roadmap that is set to redefine the future of PETRONAS's Upstream seismic processing operations. In 2015, PETRONAS aimed to maximise value through improved subsurface geophysical image data. PETRONAS Advanced Computing Environment - I (PACE-I) was established in 2015, making it the largest in Southeast Asia. Later, it was expanded to PACE II in 2019, serving as the high-performance computing (HPC) solution

PETRONAS has inspired others in the industry to explore similar solutions, fostering innovation and progress in the sector for PETRONAS. PACE-I went live with 150 Tera Floating-Point Operations per second (TFLOPS) of compute power to meet the requirements of the seismic processing team. Meanwhile, PACE-II became operational in 2019 with 410 TFLOPS of computing power to provide a superior computing experience for upstream technical users. In 2021, a proof-of-concept was conducted to assess the feasibility of adopting cloud computing for HPC, which yielded positive outcomes and the potential for cost optimisation. Cloud-powered success Building on this success, PETRONAS HPC was onboarded into the Azure Cloud platform,

providing approximately 3 Peta FLOPS (PFLOPS) of total compute resources and more than 4 Petabytes of parallel file system capacity in 2023. PETRONAS not only met but exceeded its key performance indicators (KPIs), including heightened customer satisfaction, significant reductions in carbon emissions with energy-efficient data centres, and annual infrastructure cost savings, underscoring the profound impact of the initiative. Beyond these impressive results, PETRONAS's innovative approach has opened an array of new business prospects. The introduction of the Cloud Commercialisation Platform, designed for PETRONAS' Petroleum Agreement Contractors (PAC) and Joint Venture (JV) Companies, exemplifies the company's visionary stance. By becoming the first company in Asia to fully onboard HPC supercomputing on the cloud, PETRONAS has inspired others in the industry to explore similar solutions, fostering innovation and progress in the sector. Cloud Scalability and Innovation With the dynamic and ever-evolving oil and gas industry in mind, the company designed its cloud infrastructure with scalability and flexibility in mind, allowing it to efficiently adapt to changing business needs, scale resources as demands fluctuate, and harness emerging technologies. As a forward-looking step, PETRONASMicrosoft-CEGAL plans to establish an HPC Innovation Factory and Energy Incubation Engine—a bold initiative that will foster collaboration amongst diverse energy R&D programmes from all stakeholders. This commitment to continuous innovation and collaboration underscores PETRONAS's dedication to staying at the forefront of the industry. PETRONAS's journey in migrating HPC to the cloud exemplifies its unwavering commitment to innovation, customer satisfaction, and industry leadership. By identifying stakeholders' needs, adopting a creative approach, and successfully achieving its objectives, PETRONAS has made a significant impact both internally and in the industry. The project's flexibility and adaptability ensure that PETRONAS will continue to evolve and capitalise on progressive opportunities.

Improving lives together Fresenius Medical Care is the world’s leading provider of products and services for individuals with renal diseases of which around 3.9 million patients worldwide regularly undergo dialysis treatment. In Singapore, we began operation in 1997. Under our service provider business, Fresenius Kidney Care, the company is now the largest private provider of dialysis treatments in the country. Together we deliver our vision Creating a future worth living. For patients. Worldwide. Everyday. Fresenius Medical Care Singapore Pte Ltd Raffles City Tower, 250 North Bridge Road, #05-01, Singapore 179101 www.freseniusmedicalcare.sg

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2023

SINGAPORE BRAND EXPERIENCE OF THE YEAR - LIFE INSURANCE

Build a legacy that lasts generations

Growing and protecting your wealth with solutions from HSBC Life Singapore.

merits and implications before piecing together a legacy plan that works for your needs. Transferring wealth with life insurance As part of your legacy planning strategy, life insurance offers a unique way to provide a smooth transfer of wealth. In addition to being a powerful financial safeguard for your family, it is an effective way to allocate your assets to address your beneficiaries’ needs. 1.Increased mobility of assets The policy’s beneficiary will be able to receive benefits in 7 working days, allowing them to meet urgent financial needs.

Legacy planning isn’t just for the wealthy. It is equally important for every one of us to plan how we wish to distribute our assets, and this helps our family minimise potential disputes and speed up the distribution accordingly

our legacy is created from every significant milestone you have achieved over the years. Now, as you enjoy the fruits of your labour, it is time to consider what’s next to secure it for the most important people in your life.

not last beyond three generations.” Inflation is another key culprit to the gradual decline in wealth over time, hence it is important to plan ahead and tap on financial tools that can help mitigate these issues and fulfil your wishes to your next generations.

What’s legacy planning? Contrary to popular belief, legacy planning is not something only undertaken on one’s final days. Instead, it is an instrument for wealth management that should be deployed much earlier so that you can make informed decisions and have greater control of how you want your legacy to be carried forth in the future.

Step 1: Categorise your wealth into liquid and illiquid assets. It is much more straightforward to distribute the liquid assets vs the illiquid ones. More time and effort are required to liquidate the illiquid assets before distribution hence it is important to categorise the assets clearly.

By planning ahead for your legacy, you can preserve and transfer your assets to your beneficiaries in accordance with your wishes. A good plan can also help to grow and preserve wealth, prevent family disputes, and even secure inheritance tax savings legally to allow for the largest possible amount of wealth inheritance. Taking steps to successful legacy planning As the Chinese saying goes: “Wealth does

Step 2: Keep legacy planning and retirement separate. Your legacy planning should not come at the cost of your retirement. It’s advisable to start planning early, but do ensure you have set aside enough reserves to enjoy your golden years first. Step 3: Using legacy planning tools. A variety of financial solutions can be deployed to help distribute your assets among your beneficiaries. Consider their

2. Efficient distribution of wealth Policyholders can allocate a proportion of the death benefit to each beneficiary and prevent potential disputes. Life insurance can also help increase the transferability of estates with illiquid assets. 3. Effective for growing legacy funds In comparison to the premium paid, life insurance payouts multiply the amount to be inherited by loved ones. The best time to plan is now Legacy planning isn’t just for the wealthy. It is equally important for every one of us to plan how we wish to distribute our assets, and this helps our family minimise potential disputes and speed up the distribution accordingly. Being part of the HSBC Group with over 150 years of experience, HSBC Life Singapore voted as one of the top insurers amongst high-net-worth individuals*, is uniquely positioned to offer integrated financial planning solutions to our customers. Besides a comprehensive suite of solutions, we provide support and expertise in legacy planning offerings to help ensure that your legacy transcends for generations. Speak to an HSBC Life Financial Planner or any of our distributors today: https://grp. hsbc/insurance_contact-us

Being part of the HSBC Group with over 150 years of experience, HSBC Life Singapore voted as one of the top insurers amongst high-networth individuals*, is uniquely positioned to offer integrated financial planning solutions to our customers * Ranked 2nd position among high-net-worth individuals in the Agility WealthLens™ Brand Affinity Rankings 2023 72

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Scan to find out more about our legacy planning solutions

Safeguard your legacy for generations beyond

Start legacy planning early to secure your assets for a smooth transfer of wealth to your beneficiaries. Together with HSBC Life, plan for your legacy that will last for generations. Speak to an HSBC Life Financial Planner or any distributor to explore our suite of legacy planning solutions today. Learn more at grp.hsbc/legacyplanning. HSBC Life has you covered every step of the way. As part of the HSBC Group, HSBC Life offers products and services backed by HSBC's sturdy financial standing, honed by over 150 years of experience offering financial and international services THE ASIAN BUSINESS REVIEW

DXC Technology takes home Asian Experience Awards for employee experience It has launched several engagement activities to improve employee experience and aid their hybrid work needs.

Hybrid work arrangement

Developed innovative and effective strategies to engage with employees

· ·

Developed the DXC Gear system Developed several diversity, equity, and inclusion initiatives

HELPING BUSINESSES GROW, ECONOMIES THRIVE, AND COMMUNITIES FLOURISH Fluor is building a better world by applying world-class expertise to solve our clients’ greatest challenges. We have been providing engineering, procurement, and construction (EPC) services globally for more than 110 years. Our clients include leaders in the energy, energy transition, chemicals, life sciences, advanced technologies, manufacturing, mining and metals, infrastructure industries and government agencies. Serving Clients Across Diverse Markets Headquartered in Irving, Texas, Fluor is a Fortune 500 company. We are committed to high-ethical standards and robust health, safety, and environmental practices. Our employees provide professional and technical solutions that deliver safe, well-executed, capital-efficient projects to clients around the world. Fluor has been providing innovative and sustainable solutions for projects across the various markets in the Asia-Pacific region for more than 70 years. Fluor’s largest operation in the region is in the Philippines, established since 1987. At Fluor, not only do we build a better world for our clients and make a positive impact in our community, but we also provide a wholistic and rewarding experience for our employees through engaging employee events. We are an organization that highly values diversity and provides an inclusive and psychologically safe environment. We are proud to be one team with one dream and one mission. For more information, please visit www.fluor.com or follow Fluor on X, LinkedIn®, Facebook®, and YouTube®.

For job opportunities, please visit

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© 2023 Fluor Corporation. All Rights Reserved. Fluor is a registered service mark of Fluor Corporation. All other service marks or trademarks are the intellectual property of their respective owners. ADML233023

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Creating A Tech-Wise, Human-Centric Blueprint for Next-Gen Employee Experiences

With an initiative to transform our business using a cloud-ﬁrst

strategy and deliver innovative workspaces, we partnered with

Microsoft and Cisco to standardise Azure platforms globally,

CMY

migrating thousands of servers and applications, and introducing a

hybrid work setup. This transformation led to a ﬂexible and intelligent workplace resulting in a 92% employee satisfaction rate, signiﬁcant cost savings, and a 30% reduction in operational expenditure.

Reimagine your workplace and make hybrid work, work. Scan to read our story.

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EVENT: MIDDLE EAST AWARDS

Asian Business Review lauds exceptional companies at the 2023 Middle East Awards

s the world adapts to overcome various challenges, businesses need to constantly deliver remarkable solutions for their stakeholders whilst also innovating for the future. Despite the disruption brought about by the past few years, many companies were able to thrive and continue operating strategically. In recognition of these companies, Asian Business Review held this year’s Middle East Management Excellence Awards, International Business Awards, National Business Awards, and Technology Excellence Awards at the Grand Hyatt Dubai Convention Centre on 11 October 2023. The said awards programmes aim to commend outstanding companies and organisations in the Middle East that have demonstrated exceptional achievements in their respective fields whilst contributing to the region’s growth and development.

The judging panel at the Middle East Management Excellence Awards, Middle East International Business Awards, and Middle East National Business Awards consisted of Shivendra Jha, Partner & Head of Advisory Services and International Liaison Partner (ILP) at BDO UAE; Bhavesh Morar, Partner & Consulting Chief Growth Officer at Deloitte; and Nimish Makvana, Senior Partner and Management Team Member at Crowe UAE. Meanwhile, the judges of the Middle East Technology Excellence Awards were: Fady Kassatly, Partner and Head of Digital & Innovation Solution Group, KPMG Lower Gulf; Binit Shah, Partner, Taxation & Technology at Crowe UAE; Dr. Swamy Pentyala, Partner - CEO Infotech Solutions & Technology Practice Leader at Baker Tilly Middle East; Madan Mohan, Director, Technology Advisory Services at BDO UAE; and Fadi Komati, Digital Strategy Leader at PwC Middle East.

MIDDLE EAST MANAGEMENT EXCELLENCE AWARDS

Retal Urban Development Company Abdullah Osama AlSalih - Innovator of the Year - Real Estate

Adeeb Group Dr. Ansari Wahid - Executive of the Year - Engineering

Saudi Arabian Mining, Ma'aden Technology and Innovation Team - Team of the Year - Metals & Mining

Al Shirawi Group - Engineering & Healthcare Services Employee Engagement of the Year - Building Materials and Facilities

Saudi Aramco - South Ghawar Producing Department (SGPD) SGPD Energy Management Team (EnMT) - Team of the Year - Oil & Gas Employee Engagement of the Year - Oil & Gas

Beiersdorf Middle East Employee Engagement of the Year - FMCG

SIBCA Electronic Equipment Company Ltd. Ibrahim Lari - Executive of the Year - Safety & Security

Cleveland Clinic Abu Dhabi Dr. Jorge A. Guzman - Executive of the Year - Healthcare Dr. Usman Ahmad - Innovator of the Year - Healthcare Access Taskforce - Team of the Year - Healthcare

SMC Khalid Waleed Alkhudair - Executive of the Year - Media & Entertainment

Coffee Planet Team of the Year - Food & Beverage Cruise Saudi Lars Manuel Clasen - Executive of the Year - Tourism e& Diversity and Inclusion Initiative of the Year - IT Services

Tanmiah Food Company Zulfiqar Hamadani - Executive of the Year - Food & Beverage

MIDDLE EAST INTERNATIONAL BUSINESS AWARDS AstraZeneca Healthcare

Electromin Team of the Year - Automotive & Transport System

BAE Systems Aerospace & Defense

Elegant Qubes Decoration LLC Razan Ahmed Abdelkarim - Al Fahoum - Executive of the Year - Interior Design

Bayer Middle East FZ-LLC Health Products & Services

Finance House PJSC Employee Engagement of the Year - Financial Services

Cummins Engineering Oil & Gas

flyadeal Hanan Badri - Executive of the Year - Airline

New Balance Middle East Sportswear Trading LLC Retail

intalio Bilal HMEDEH - Executive of the Year - Computer Software

The Hershey Company Food & Beverage

Mohsin Haider Darwish Mohsin Hani Al Bahrani - Executive of the Year - Diversified Services

Toray Membrane Middle East LLC Manufacturing

NMDC Group Yasser Zaghloul - Executive of the Year - Marine and Offshore Engineering

Unilever Gulf Consumer Products - Non-Durables

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MIDDLE EAST 2023

2023

MIDDLE EAST NATIONAL BUSINESS AWARDS

Odoo Middle East Software - Technology

Coffee Planet Food & Beverage

Ooredoo Oman Data Centre - Telecommunications

Gulf International Bank Financial Services

Option 1 Event Services LLC AI - Technology

GWC Logistics

OQ Technology IoT - Satellite

Marafiq Utilities

PLAYHERA MENA Gaming - Telecommunications

Melodica Music Center Education

Retal Urban Development Company Analytics - Real Estate

Ooredoo Oman Telecommunications

Saline Water Conversion Corporation Information Management - Manufacturing

Skiply – RAKBANK Banking

Saudi Industrial Development Fund (SIDF) Automation - Financial Services

V Business Center Building Services & Facilities

Saudia Airlines Catering Automation - Food & Beverage

MIDDLE EAST TECHNOLOGY EXCELLENCE AWARDS

stc Computing - Telecommunications

Abu Dhabi Early Childhood Authority (ECA) Startup - Government Astra Tech Connectivity - Technology Bahwan CyberTek ICT - Healthcare Banque Misr Digital - Banking channels by stc Digital - Telecommunications ICT - Technology

stc Bahrain InsurTech - Telecommunications Tamam Financing Company (Tamam) Fintech - Telecommunications The ENTERTAINER business Mobile - Retail The General Administration of Customs, Abu Dhabi Information Management - Government The Roads and Transport Authority in Dubai, United Arab Emirates Smart City - Government THIQAH Big Data - Financial Services

Dubai Police AI - Government Automation - Government

United Cooperative Assurance (UCA) Online Services - General Insurance

Enuygun Travel Technology - Travel Services

Walturn LLC Software - IT Services

etisalat by e& API - Payments Big Data - Advertising

Webcastle Technologies LLC Online Services - IT Services

Evoteq LLC Digital - Healthcare Grubtech Software - Food & Beverage Ministry of Municipal and Rural Affairs and Housing Online Services - Government Property Technology - Government Mobile Telecommunications Company Saudi Arabia (Zain KSA) Cloud - Telecommunications MUMAYIZAT E-Wallet - Hospitality & Leisure

Abu Dhabi Early Childhood Authority (ECA)

BAE Systems THE ASIAN BUSINESS REVIEW

EVENT: MIDDLE EAST AWARDS

Bahwan CyberTek

Bayer Middle East FZ-LLC

Cleveland Clinic Abu Dhabi

Coffee Planet

Cummins

etisalat by e&

Marafiq 80

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Dubai Police

channels by stc

Cruise Saudi

Finance House PJSC

Ministry of Municipal and Rural Affairs and Housing

Electromin

flyadeal

Mohsin Haider Darwish

MIDDLE EAST 2023

New Balance Middle East Sportswear Trading LLC

Skiply – RAKBANK

Ooredoo Oman

THIQAH

OQ Technology

Saline Water Conversion Corporation

SIBCA Electronic Equipment Company Ltd.

The ENTERTAINER business

2023

SMC

The General Administration of Customs, Abu Dhabi

Toray Membrane Middle East LLC

Saudi Arabian Mining, Ma'aden

Saudi Industrial Development Fund (SIDF)

stc

stc Bahrain

The Hershey Company

The Roads and Transport Authority in Dubai, United Arab Emirates

Unilever Gulf

United Cooperative Assurance (UCA) THE ASIAN BUSINESS REVIEW

RETAIL

2023

New Balance launches fresh retail concept in Abu Dhabi and Dubai

By combining curated merchandise, visual storytelling, and innovative footwear selection services, New Balance revolutionises the shopping experience.

New Balance’s new retail concept in Abu Dhabi and Dubai

lobal athletic brand New Balance launches a fresh retail concept built to put people, not products, at the centre of the consumer experience. The new stores have opened in Dubai Hills Mall and Yas Mall in the back half of 2023. Designed around central seating gestures, the new retail concept called “Uncommon Common” aims to encourage customers to convene, draw inspiration from each other, and find their authentic style. This retail concept is not just about shopping; it is about creating a community hub where consumers and runners can connect, learn, and thrive together. New Balance is set to revolutionise your running experience by providing innovative footwear selection service experiences, ensuring you discover the ideal pair of running shoes tailored specifically to your needs. The concept includes an edited assortment of merchandise as well as visual storytelling to accompany select products, highlighting the makers and origins behind them and illuminating New Balance at the intersection of sport and culture. The selection of footwear and apparel will be curated so that both an elite athlete and a fashion influencer can each

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envision their next great moment, side by side. Focused Retail Approach "This store signifies a notable step forward in how we approach our retail spaces, featuring a more focussed and specific collection tailored especially for younger customers," explained Ian Fitzpatrick, Senior Director of Global Brand Strategy and Operations at New Balance. "Instead of trying to cover all our stories, this space is designed to showcase the ones that matter the most to our shoppers. This change highlights our goal to introduce the brand to new groups of people, maybe for the first time." Stuart Henwood - Regional General

Manager for New Balance Middle East, Africa & India says “We are delighted to announce the opening of our New Balance’s UCC concept stores in the UAE. Located in two of the most vibrant and unique malls in the city, Yas Mall and Dubai Hills Mall. We are excited to deliver best-in-class footwear & apparel products and unique consumer experiences to our customers. This new retail concept is a community hub for our consumers to immerse themselves in our product and brand in new engaging way. More exciting news on our store openings to come as we continue our retail expansion to meet the growing demand for the brand across the MENA region.”

New Balance’s new retail concept in Abu Dhabi and Dubai

This change highlights our goal to introduce the brand to new groups of people, maybe for the first time

Wheelchair Mobile Maintenance Workshop Initiative

Our continuous commitment to serve communities we operate in runs deep. We partnered with Hail Disabled Charity Association to launch a mobile workshop to provide maintenance services for wheelchair users to repair their chairs in their locations anywhere they are

615 Wheelchair maintenance

9 Participation and activities

2534 Covered distance

600 Beneficiary of the maintenance service

15 Replacing a damaged chair

2 Hearing aid for the hearing impaired

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MIDDLE EAST

STARTUP - GOVERNMENT

2023

Paving the Way for ECD Innovation through Public and Private Sector Collaboration

ECA won the Startup - Government Award for the impact of innovation and technology startups in the early childhood development sector - and how it can create a better future. of children’s microbiome data. Additionally, the programme encourages the local youth to explore entrepreneurship as a viable and exciting career option through their immersive and experiential weekendlong bootcamp – Abu Dhabi Youth Challenge. The participants produce innovative solutions to various ECD challenges and learn how to transform their ideas into startups. The programme includes intensive workshops, one-to-one mentorship, and teamwork sessions and offers the opportunity to intern with the Anjal Z startups. Thus far, 21 internships have been concluded.

Abu Dhabi Early Childhood Authority

t is well established that the formative years of an individual are crucial. According to a recent UNICEF Report, the first eight years of life are “critical for cognitive, social, emotional, and physical development,” and “optimal brain development requires a stimulating environment, adequate nutrients, and social interaction with attentive caregivers.” The report states that unsafe conditions, negative interactions, and lack of educational opportunities during the early years of life ‘can lead to irreversible outcomes, which can affect a child’s potential for the remainder of his or her life’. The core mission of the Abu Dhabi Early Childhood Authority (ECA) is to support the holistic development of young children in Abu Dhabi by designing policies and laws that positively impact their lives. The authority aims to ensure that every child grows up to be healthy, confident, curious, and capable of learning whilst developing strong values in a secure environment. The ECA supports innovation in early childhood development (ECD) to solve sector challenges. They acknowledge that ECD challenges must be approached holistically; in addition to focusing on cognitive development, a child’s social, emotional, and physical well-being must be addressed. Public-private collaboration The authority emphasizes the strategic collaboration between the public and private sectors to support the vibrant startup ecosystem through their Anjal Z Techstars Founder Catalyst programme by nurturing ECD startups and catalyzing innovative solutions that benefit the children of Abu Dhabi and beyond. Anjal Z has two tracks: 84

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Ignite Track for early-stage startups and Launch Track for growth-stage startups. It is a 12-week programme (virtual and in-person) that includes masterclasses, expert sessions, and access to dedicated mentors. Additionally, it invites selected Launch Track participants for a four-week in-person programme to pilot and localise their solutions in Abu Dhabi and receive equity-free grants and opportunities to network with key ecosystem players in Abu Dhabi. The programme was established in 2020 and, thus far, has completed three cohorts, supporting 32 startups. Half of the growthstage startups (nine of the 18) have set up their operations in Abu Dhabi. The fourth cohort is currently underway. Teaching with ease Over the years, the programme has witnessed many innovative solutions tackling critical challenges in the sector. For example, Nuwa Robotics, a Taiwanese AI educational robot company and a graduate of the Anjal Z programme, addresses burdens on teaching staff. The company designs robots, readyto-use curricula, and web tools to promote STEAM (Science, Technology, Engineering, Arts, and Mathematics) learning by classes up and running quickly, enabling teachers to teach with ease and with fewer resources. Snapi, another participant in the recent cohort, is helping parents improve their babies’ children’s gut health by sharing insights through microbiome test kits and a repository

ECA's collaborative ecosystem success The ECA’s collaborative approach has enabled them to leverage the expertise and resources of both the private and public sectors and helped create a thriving ecosystem that, according to the Global Startup Ecosystem Report, is the fastest-growing startup ecosystem in the MENA region and the sixth fastest globally. By emphasising collaboration between the public and private sectors, the ECA has created an environment where startups can thrive and innovate in the ECD space and gain access to networks to take their businesses to the next level. This collaborative approach benefits children and families in Abu Dhabi. It is a model for how partnerships can drive ECD solutions worldwide and be seen as a viable business option. As the ECA continues to champion ECD innovations, it is clear that their commitment to cooperation will play a pivotal role in shaping the future of early childhood development.

Anjal Z Techstars Founder Catalyst programme

The ECA’s collaborative approach has enabled them to leverage the expertise and resources of both private and public sectors

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UCA ROADSIDE PLATINUM PACKAGE UCA ROADSIDE PLATINUM PACKAGE

Towing of Vehicle Service

Lock-out Service (Actual expenses) if you cannot drive your vehicle due to your keys being locked inside, we shall send our technician to your location in order to lockout your vehicle.

Repair on Site (Maximum SAR 300 and max period of 30mins)

breakdown)

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repair your vehicle in the place of the UCA ROADSIDE immobilization within time period of 30 minutes. PLATINUM PACKAGE

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In the event of immobilization of the vehicle due to breakdown or accident in case if the repair of the vehicle could not be carried out-on-site, the beneficiary is entitled to a free taxi service within the same city or to the location car towed

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If your vehicle is involved in accident or brokendown, we shall tow your vehicle to a nearest workshop.

if you cannot drive your vehicle due to your keys being locked inside, we shall send our technician to your location in order to lockout your vehicle.

Towing of Vehicle Service

(in case of mechanical or electrical breakdown)

(Unlimited, up to 575 per service)

If your vehicle is involved in accident or brokendown, we shall tow your vehicle to a nearest workshop.

Removal of Vehicle Service (Maximum SAR 1,125 per incident) If your vehicle is overturned, fallen down a slope or stuck in difficult terrain we shall provide removal of vehicle service

Battery Charging Service (Actual expenses) if you cannot start your vehicle because the battery is discharged, we will send our technicians to your location to restart the vehicle

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‫حسب الرشوط واألحكام املذكوره يف الوثيقة‬ According to all terms and conditions in policy

For Assistance please call 8008500007/Mobily,Zain 8008973222/STC

UCA ROADSIDE PLATINUM PACKAGE

Towing of Vehicle Service Repair on Site (in caseTowing of car accident) of Vehicle Service (Maximum SAR 300 and max period case of car accident) (Up to (in 3oftowinng services ) 30mins) to 3vehicle ) or If your (Up vehicle istowinng involved in accident If your hasservices mechanical or electrical

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Towing of Vehicle Service Towing of Service (in case ofVehicle mechanical or electrical Towing of Vehicle Service breakdown) Taxi Service (in(Unlimited, case of car accident) up tomechanical 575 per service) (in case of or electrical breakdown) (Actual expenses/ lady driver if needed) (Up to 3(Unlimited, towinng services ) accident up to 575 per service) If your vehicle is involved in or

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takes more than 72 hours to repair, you to a nearest workshop. will be entitled to a replacement car, for duration of 15 days. Batterythe Charging Service The amount paid by the company shall not (ActualBattery expenses) Removal of Vehicle Service Charging Service exceed 80 SR per day (Maximum SARstart 1,125 per incident) if you cannot your vehicle because (Actual expenses) Lock-out Service discharged, we will send Ifthe yourbattery vehicle overturned, fallen down if youisiscannot start your vehicle because (Actual expenses) yourService location to send Tire Replacement a our slopetechnicians or stuck intois difficult terrain wewill the battery discharged, we if you cannot drive your vehicle due to restart the vehicle (Customer to of pay cost for parts required) shall provide removal vehicle service our technicians to your location to your keys being locked inside, we shall the vehicle Ifrestart your vehicle has a flat tire, we will send send our technician your location in our technicians to yourtolocation in order order to lockout your vehicle. to replace it. Fuel Delivery Service

Battery Service (Up to Charging 5L, customer to pay for cost of fuel) Fuel Delivery Service Repair on Site (Actual expenses) If your (Up vehicle runs out of fuel, we shall to 5L, customer pay for cost of fuel) (Maximum SAR 300toand max period Lock-out Service ifdeliver you cannot start your vehicle your location enough Ifat your vehicle runs outbecause of fuel fuel,in we shall of 30mins) (Actual expenses) the battery is discharged, we will send order todeliver reach the nearest petrolenough station( fuel in atvehicle your location Ififyour has mechanical ordue electrical you cannot drive your vehicle to our to pay your location toofstation( the technicians beneficiary will for the cost order to reach thewill nearest petrol breakdown we sendinside, our technicians your keys being locked we shall to restart vehicle fuel) the the beneficiary will in pay for the of cost repair yourtechnician vehicle the place theof send our to your location in fuel) immobilization time period of 30 order to lockoutwithin your vehicle. minutes. ‫حسب الرشوط واألحكام املذكوره يف الوثيقة‬

Fuel Delivery Service According topay all terms and conditions on to Site (Up to 5L, Repair customer for cost of fuel) in policy (Maximum SAR 300 and max period Taxi Service If your vehicle runs out of fuel, we shall of 30mins) expenses/ lady driver deliver at (Actual your location enough fuel in if needed) If your vehicle has mechanical or electrical

In the event of immobilization reach the nearest petrol station( of the ‫عىل‬order ‫اال تصال‬to‫يرجى‬ ‫للمساعدة‬ breakdown we will send our technicians to vehicle due to breakdown or accident in the beneficiary will pay for the cost of

repair your vehicle in the place of the For Assistance please call ‫للمساعدة‬ ‫يرجى اال‬ case if the repair of the vehicle could not fuel)‫تصال عىل‬ immobilization time period of 30 8008500007/Mobily,Zain For Assistance please callwithinthe be carried out-on-site, beneficiary is minutes. 8008973222/STC entitled to a free taxi service within the 8008500007/Mobily,Zain same city or to the location car towed 8008973222/STC Taxi Service (Actual expenses/ lady driver if needed) Car Replacement In the event immobilization of the (Small car / of engine size 1.6 cc)

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Repair on Site (Maximum SAR Repair on300 Siteand max period of 30mins) Lock-out Service SAR 300 and max period (Maximum If your of vehicle has mechanical or electrical (Actual expenses) 30mins)

exceed 80 SR per day

Car Replacement (Small car / engine size 1.6 cc) Tire Replacement Service In the event an accident whererequired) the car (Customer toofpay cost for parts takes more than 72 hours to repair, you If your vehicle has a flat tire, we will send will be entitled to a replacement car, for our technicians to your location in order the duration of 15 days. to replace it. The amount paid by the company shall not exceed 80 SR per day

Tire Replacement Service (Customer to pay cost for parts required) If your vehicle has a flat tire, we will send our technicians to your location in order to replace it.

‫حسب الرشوط واألحكام املذكوره يف الوثيقة‬ According to all terms and conditions in policy

UCA PLA

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Repair on Site Taxi Service (Maximum SAR 300 and period (ActualTaxi expenses/ ladymax driver if needed) Service ofIn30mins) (Actual expenses/ lady if needed) the event of immobilization of driver the Ifvehicle your vehicle mechanical or electrical due tohas breakdown or accident in the In the event of immobilization of breakdown we willof send our technicians to case if the repair the vehicle could not vehicle dueinto breakdown or accident in repair your vehicle the place of the be carried the beneficiary is caseout-on-site, if the repair of period the vehicle could not immobilization within time of 30 entitledbe tocarried a free taxi service within the out-on-site, the beneficiary is minutes. same city or to the towed entitled to alocation free taxicar service within the same city or to the location car towed

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vehicle due tothan breakdown ortoaccident in takes more 72 hours repair,where you In the event of an accident the car case the repair of vehicle could not willifbe entitled to the athan replacement for you takes more 72 hours car, to repair, bethe carried out-on-site, the beneficiary is duration 15 days. will beofentitled to a replacement car, for entitled to a free taxi within the The amount paid byservice the shall not the duration of 15company days. same city80 or to the car towed exceed per location day TheSR amount paid by the company shall not exceed 80 SR per day

Car Tire Replacement Replacement Service (Small car / to engine size for 1.6parts cc) (Customer pay cost Tire Replacement Servicerequired) InIf the of an where thesend car yourevent vehicle hasaccident atoflat tire, we will (Customer pay cost for parts required) takes more than 72 hourslocation to repair, our technicians to your inyou order If your vehicle has a flat tire, will be entitled to a replacement car,we forwill send to replace ourit. technicians the duration of 15 days. to your location in order to replace it. The amount paid by the company shall not exceed 80 SR per day

Tire Replacement Service (Customer to pay cost for parts required) If your vehicle has a flat tire, we will send our technicians to your location in order ‫حسب الرشوط واألحكام املذكوره يف الوثيقة‬ to replace it.

Towing of Vehicle Service (in case of car accident)

(Up to 3 towinng services )

If your vehicle is involved in accident or brokendown, we shall tow your vehicle to a nearest workshop.

Towing of Vehicle Service (in case of car accident)

Towing of Vehicle Service (Up to 3oftowinng services ) (in case mechanical or electrical breakdown) If your vehicle accident or (Unlimited, up istoinvolved 575 perinservice) brokendown, we shall tow your vehicle If your vehicle is involved in accident or to a nearest workshop. brokendown, we shall tow your vehicle to a nearest workshop.

Towing of Vehicle Service

(in case of mechanical or electrical breakdown)

Removal of up Vehicle (Unlimited, to 575Service per service) (Maximum SAR 1,125 per incident)

If your vehicle is involved in accident or If your vehicle is overturned, fallen down brokendown, we shall tow your vehicle a slope or stuck in difficult terrain we to a nearest workshop. shall provide removal of vehicle service

Removal of Vehicle Service (Maximum SAR 1,125 per incident) Battery Charging Service If your vehicle is overturned, fallen down (Actual expenses) slope or stuck difficult we ifa you cannot start in your vehicleterrain because shall provide of vehicle the battery is removal discharged, we willservice send our technicians to your location to restart the vehicle

8002444442 | www.uca.com.sa

According to ‫الوثيقة‬ all terms and conditions in policy ‫املذكوره يف‬ ‫الرشوط واألحكام‬ ‫حسب‬ Battery Charging Service According to all terms and conditions in policy (Actual expenses) Licensed by Saudi Central Bank: A-UCAC-1-I-15-015 | A-UCAC-1-C-16-016 Fuel Delivery Service if you cannot start your vehicle because (Up to 5L, customer to pay for cost of fuel)

vehicle due to breakdown or accident in

takes more than 72 hours to repair, you For Assistance please call out-on-site, the beneficiary is be carried will be entitled to a replacement car, for 8008500007/Mobily,Zain entitled to a of free service within the the duration 15taxi days. same city or paid to the car towed 8008973222/STCThe amount bylocation the company shall not

UCA PLAT

your keys being locked inside, shall due to if you cannot drive yourwe vehicle send our technician to your location your keys being locked inside,inwe shall order tosend lockout your vehicle. our technician to your location in order to lockout your vehicle.

the event of an accident where the car ‫ يرجى اال تصال عىل‬In ‫للمساعدة‬ case if the repair of the vehicle could not

‫للمساعدة يرجى اال تصال عىل‬

For Assistance please call 8008500007/Mobily,Zain 8008973222/STC

Lock-out Service (ActualLock-out expenses) Service (Actual expenses) if you cannot drive your vehicle due to

‫حسب الرشوط واألحكام املذكوره يف الوثيقة‬ According to all terms and conditions in policy

the battery is discharged, we will send If your vehicle runs out of fuel, we shall our technicians to your location to deliver at your location enough fuel in restart the vehicle order to reach the nearest petrol station( the beneficiary will pay for the cost of fuel)

‫للمساعدة يرجى اال تصال عىل‬

For Assistance please call 8008500007/Mobily,Zain 8008973222/STC

‫للمساعدة يرجى اال تصال عىل‬

For Assistance please call 8008500007/Mobily,Zain 8008973222/STC

THE ASIAN BUSINESS REVIEW

EVENT: MALAYSIA MANAGEMENT EXCELLENCE AWARDS

Outstanding innovators lauded at the Malaysia Management Excellence Awards

n a time of unprecedented challenges, a spotlight shines on the exceptional individuals and companies in Malaysia who have exhibited unparalleled resilience, compassion, and an unwavering commitment to excellence. These visionary businesses, transcending mere profit margins, are weaving a narrative of strength and empathy that extends far beyond the confines of boardrooms. The Malaysia Management Excellence Awards, presented by Asian Business Review Magazine, stands as a testament to the extraordinary achievements of these outstanding leaders, innovators, and teams. More than a recognition platform, it serves as a beacon of inspiration in the face of challenges within Malaysia's dynamic business environment. The awards ceremony, held at InterContinental Kuala Lumpur on 23 November 2023, brought together the best and brightest from across industries to honour those who have set new standards in leadership, innovation, employee engagement, health & wellness, diversity & inclusion, and CSR initiatives. The event showcased the power of resilience and the commitment to brilliance that defines the

Malaysian business landscape. The distinguished judging panel, consisting of industry experts, played a pivotal role in recognising excellence in various categories. Anand Chelliah, Managing Partner, Asia Pacific Leader, Tax Services at Baker Tilly; Prakash Arikrishnan, Director | Risk Advisory – Global Treasury Advisory Services at Deloitte Malaysia; Vivien Mah, Partner at Ernst & Young Consulting Sdn Bhd; and Dato’ Robert Teo, Managing Partner at RSM Malaysia brought their expertise to evaluate and commend the nation's top performers. Baker Tilly’s Chelliah notes that a commitment to corporate culture, identity development, sustainability, and governance are key components of a successful business. “With such strong attributes, an organisation will lay the groundwork for strong leadership succession to sustain continuity and growth.” Deloitte’s Arikrishnan describes outstanding leaders and innovators as someone with “a balanced set of qualities that include strategic vision, emotional intelligence, agility, and ethical behaviour.”

Asian Business Review congratulates the following winners:

Manufacturing - The Mighty Team, Toyo Tyre Malaysia Sdn Bhd Real Estate - UDA HOLDINGS BERHAD Telecommunications - Citaglobal Telecommunication Sdn Bhd Utilities - TNB Genco

Executive of the Year Aviation - Mahesh Kumar Jaya Kumar, Asia Digital Engineering Banking Technology - Cassandra Goh Shiou Ling, Silverlake Axis Ltd. Consumer Products (Non-Durables) - Vivienne Lee, USANA Health Sciences Financial Services - Matthias Schlesiger, BMW Credit (Malaysia) Sdn Bhd Logistics - Charles Brewer, Pos Malaysia Berhad Real Estate - Mark Williams, CBRE Retail - Caryn Loh, Watsons Malaysia Technology - Chua Chai Ping, Experian Malaysia Innovator of the Year Health Products & Services - Universal Therapeutics Group Sdn Bhd Real Estate - Mark Williams, CBRE Team of the Year Banking Technology - PR, Marketing & Communications, Silverlake Axis Ltd. Electronic Manufacturing - Omron Malaysia Sdn. Bhd. Engineering - Western Digital Tech And Regional Center (M) Sdn. Bhd.

ABeam Consulting Malaysia 92 THE ASIAN BUSINESS REVIEW

Employee Engagement of the Year IT Services - ABeam Consulting Malaysia Logistics - Pos Malaysia Berhad Shipping - Hapag-Lloyd Business Services (Malaysia) Sdn. Bhd. Technology - Experian Malaysia Diversity and Inclusion Initiative of the Year Engineering - EMERSON PROCESS MANAGEMENT (MALAYSIA) SDN BHD CSR Initiative of the Year Healthcare - Gleneagles Hospital Kuala Lumpur Oil & Gas - Velesto Energy Berhad Health and Wellness Initiative of the Year Shipping - Hapag-Lloyd Business Services (Malaysia) Sdn. Bhd.

BMW Credit (Malaysia) Sdn Bhd

CBRE

Silverlake Axis Ltd.

Pos Malaysia Berhad

Toyo Tyre Malaysia Sdn Bhd

UDA HOLDINGS BERHAD

Universal Therapeutics Group Sdn Bhd

USANA Health Sciences

Velesto Energy Berhad

Watsons Malaysia

Experian Malaysia

THE ASIAN BUSINESS REVIEW 93

Realising potential in every dimension

We work in every dimension of commercial real estate. Our mission is to realise the potential in all the businesses and people we work with, so that together we can create the real estate solutions of the future. We are driven by the entrepreneurial spirit of our people and the diverse needs of our clients. From instilling confidence in investors today, to re-imagining space requirements for tomorrow, we thrive in complex and ever-changing environments.

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Global Workplace Solutions

CBRE Global Workplace Solutions provides a full suite of services through multi-year outsourcing contracts to clients in every sector. We are trusted experts at helping our clients optimise the way they plan, design and manage their workplaces, and operational footprint. We help our clients to achieve transformational, strategic business outcomes for their enterprise with the global scale and end-to-end integration of our solutions. We deliver meaningful benefits by enhancing employee experience, delivering cost efficiencies, mitigating risk and creating tangible value across your portfolio.

Calvin Lim

Irman Johari

Country Director Malaysia Calvin.Lim@cbre.com

Head of Sales Malaysia Irman.Johari@cbre.com

Realising potential in every dimension | Learn more at cbre.com.my

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From Asia, a partner that co-creates the world standard. Asia’s rapid growth is leading the world's business and we have been at the forefront, having served as a global consulting firm for Japan and larger Asia for 40 years and counting. We strive to become one with our clients and create new values and global benchmarks right here, from the heart of Asia. By transforming companies and organizations and connecting these transformations, we promote leading initiatives around the world. Asia is rich in diversity and potential and as it grows, we will take the next steps, together with our clients.

Through co-creation, we achieve real transformation. ABeam Consulting – we strive to be a creative partner. THE ASIAN BUSINESS REVIEW

OPINION

JOHN YOUNG

Democratising healthcare in SEA: From traditional hospitals to digital healthcare providers

ealthcare innovation in Southeast Asia is accelerating at a phenomenal rate, with total healthcare spending expected to increase to US$740b by 2025 from US$425b in 2021. In particular, strong growth in telehealth, diagnostics, remote patient monitoring, and analytics has attracted investments in digital healthcare worth US$10.7b - a 62% increase from 2020, placing Asia second only to the US. Healthcare systems in SEA have already begun to embrace a hybrid model by combining telehealth and in-person treatment to provide a better experience for patients and staff while achieving the same clinical outcomes. However, with SEA being a melting pot of cultures, this rapid growth and digitalization in the healthcare industry varies from country to country. Majority of health tech companies in the region are headquartered in Singapore, with the next significant base in Indonesia. Whilst Singapore leads the way with a more developed set-up, other markets with evolving infrastructure still have room to grow. Clearly, the bigger question for the region’s healthcare industry today is how to democratise progress in technology adoption so that more markets can tap on the growth of health tech. Synergies between traditional hospitals and health tech start-ups. One way to speed up the transformation of hospitals and healthcare providers who have yet to adopt new technologies is through partnering and incubating health tech start-ups. It is undeniable that the pandemicfuelled acceleration in digital adoption across various aspects of life has increased the trust and preference that consumers have in health tech. For both consumers and physicians, telemedicine usage has almost doubled with increased trust in healthcare technology companies after the pandemic. As a result, hospitals are no longer viewed as the de facto healthcare provider, with teleconsulting and other delivery models that cost less with greater convenience promised to consumers disrupting behaviour. However, consumers in other parts of SEA such as Singapore, Malaysia, and the Philippines still trust traditional primary care providers approximately 30% more than technology companies to coordinate and manage care. Instead of seeing these two options as competing ones, traditional hospitals and healthcare providers can continue to do the great work they do while innovating to provide an even greater patient experience and diversified offerings by partnering with health tech start-ups. Already, healthcare systems and personnel have picked up pace in adopting innovative technologies. The use of remote patient monitoring and augmented reality tools increased from 60% to 70%, and the number of physicians leveraging AI or machine learning more than doubled. However, there’s a limit to how far traditional hospitals can digitally transform without partnerships and external expert opinions. A natural next step is working with health tech start-ups to accelerate the process of adopting digital technologies and meeting current needs of their consumers.

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JOHN YOUNG Principal Heidrick & Struggles Singapore

The goal is for traditional healthcare systems to develop into or become part of health ecosystems that integrate both digital and physical health services, and comprise various players in the industry including brick-and-mortar providers, health tech startups, and IT vendors. Growing importance of the Chief Digital Officer Besides working with health tech start-ups, finding the right Chief Digital Officer (CDO) and building a team with relevant skill sets is also a key factor to democratise the healthcare industry within the region. In today’s current state of healthcare, customer expectations on personalization, convenience, and speed have increased drastically. This requires a more complex engagement strategy across channels, bringing data and analytics to the fore. Finding a single, all-encompassing digital leader can be challenging. Digital not only refers to technology, but also encompasses new experiences, ways of working, and business models. As a result, while CDOs often possess tech expertise and have served in a variety of IT positions, their experience often goes further to include user experience design, innovation, entrepreneurship, and direct engagement with business units. Unlike other tech executives, an effective CDO must thrive at the intersection of tech and business, with the necessary knowledge and insights to design and lead digital transformations. The roadmap ahead for healthcare in SEA Building strong and sustainable healthcare ecosystems through partnerships and providing a conducive environment for health tech start-ups to thrive is the way forward as the industry banks on digitisation to meet growing healthcare needs and challenges. Finding the right CDO and clearly defining the scope of work is crucial in integrating new technologies into existing business models and leading the digital transformation. Finally, as a growing industry amidst global tech talent shortage, it is also imperative that the health tech sector prioritises creating organisations where people want to stay for the long term. Besides maintaining inclusion and engagement, increased opportunities, challenges, learning, feedback, and career coaching are also important aspects of building meaning and commitment over time, especially in a purpose-driven industry like healthcare.

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