MERALCO POWERGEN TARGETS WORLD’S LARGEST SOLAR FARM BY 2026
K-POP CRAZE EXPECTED TO BOOST DEMAND FOR HOURLY TRAVEL
Emmanuel Rubio President and CEO, Meralco PowerGen p. 12
Daisy Tsang CEO, HSBC Life p. 14
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FROM THE EDITOR
Funding freeze hits BNPLs as firms scramble for cash, making growth and expansion harder than ever. The irony? Demand is still there—BNPL is set to hit 4.1% of all e-commerce payments by 2026. So, who gets iced out as investors walk away? Read more on page 7.
Meanwhile, money is flowing into green energy projects. With a $4b investment, Meralco PowerGen plans to build a 3.5-gigawatt facility, potentially the world’s largest solar farm in the Philippines. CEO Emmanuel Rubio discusses the company’s role in the country’s energy shift on page 12.
At the same time, Singapore’s family offices have grown to 1,650 in 2024, up from just 400 in 2020, and are driving private equity investments. With the market projected to expand at a 27.27% annual rate to $1.3 billion this year, their role in major acquisitions is set to grow. Discover what industry analysts have to say on page 18.
In this issue, we recognise the leaders, innovators, and projects who have significant contributions to their respective sectors. The Asian Technology Excellence Awards and Asian Experience Awards highlight IT products and brand campaigns that made an impact on their businesses. Read more on pages 26 and 62.
We also recognise the Middle East’s and Malaysia’s growing roles in global business and award the region’s movers and shakers. Get to know the top industry executives and companies in the Middle East on page 46 and 52, then turn to page 74 to see the winners of the Malaysia Management Excellence Awards. Congratulations to everyone!
Tim Charlton
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Singapore’s plan to raise retirement age sparks debate
In six years’ time, Singapore is set to shelter one in four citizens aged 65 and older, with the majority of them expressing a desire to remain in the workforce. Following the previous hike in retirement and re-employment age ceilings to 63 and 68 in 2022, Singapore has announced its plan to raise them to 64 and 69 in 2026.
Recent regulatory changes in countries like Vietnam, Thailand, and Indonesia are shaping the future of Asia’s insurance industry. Clemens Philippi, CEO of MSIG Asia, said these updates are impacting the market with new laws affecting technical reserves, foreign ownership, and risk management.
Indonesians can now integrate banking into their daily errands, accessing banking services without an internet connection during a routine visit to their neighbourhood Alfamart. This is just one of the three unique propositions that Bank Aladin Syariah has up its sleeve to capture the country’s unbanked and underbanked.
The Philippines’ oldest bank aims to double the assets it manages for the ultra-wealthy and to clinch a 25% share in the country’s growing wealth management market over the next two years. BPI Private Wealth president and CEO Maria Theresa Marcial says they are targeting $53b in AUM by 2026.
Whilst some companies turn to glamorous ways to promote their brand, others turn to more unconventional strategies to put out their products for better recall amongst customers. GQ Thailand is one that resorted to innovative retailing when it first introduced its stain-resistant white shirt in 2019.
Corporate buyers in Singapore are increasingly returning to the healthcare sector to acquire bolt-on targets as valuations cool amidst a persistently challenging private equity exit environment. Deals such as Fullerton Health’s sale to Far East Drug Co. and the acquisition of Eu Yan Sang by Japan’s Mitsui.
Grocery runs can now double as shariah bank visits
Insurers prep for Asia’s regulatory shake-up
BPI Private Wealth reveals its tactics in courting the local high net worth
How GQ Thailand created awe in a white shirt
Healthcare overtakes tech for top M&A deals
RETAIL
RETAIL
M&A
RICH FAMILIES SELL LUXURY HOMES IN HK TO CLEAR DEBT
Rich families in Hong Kong are selling their villas and mansions at deep discounts so they can pay off debt, exacerbating the city’s prolonged property slump.
About 40% of secondary property deals worth $6.4m (HK$50m) in 2024 were sold at a loss,” Cathie Chung, senior director of Research at JLL in Hong Kong told Asian Business Review
Declining collateral value that is prompting banks to call in loans, prolonged economic uncertainty, elevated interest rates, and cautious buyer sentiment are to blame.
But this is not new, Chung said, noting that the market downturn for luxury properties started way back in 2022. “But in recent months, the market saw more motivated vendors softening the asking price to exit.”
In 2024, the family of Ho Shungpun, director of real estate investment firm Kowloon Investment, sold four mansions in Hong Kong’s Peak area for $141.24m (HK$1.1b) — a 40% discount from 2017 values — so they could repay a $205.45m (HK$1.6b) loan from Hong Kong-based private equity firm Gaw Capital Partner, according to Knight Frank.
A foreclosed mansion at Jardine’s Lookout was sold for $46.22m (HK$360m), a more than 60% discount from its asking price three years ago.
Declining collateral values
According to Cherrie Lai, head of Residential Sales at Savills Hong Kong, the fund flows from foreign investors have not been steady in the past few years, leading to constrained liquidity. As a result, mortgage banks can only offer lower loan-to-valuation ratios, putting property buyers with insufficient cash at a disadvantage.
Because of this, demand for properties is declining, forcing sellers to dispose of low-value properties at deep discounts.
Whilst the old rich take losses, foreign and local buyers snap up homes.
K-pop craze spurs boom in
hourly travel cover
Income Insurance is banking on Millennials and Gen Zs crazy about K-pop to drive the demand for its hourly travel insurance plan, which has been expanded to over a dozen more destinations in Asia, including South Korea.
Many young Singaporeans, particularly K-pop fans, are increasingly travelling overseas to watch concerts, a trend that the insurer seeks to capitalise on, Annie Chua, vice president and head of Key Accounts Management at Income Insurance, told Asian Business Review.
Income Insurance noticed that more travellers from these age brackets are booking trips just days in advance, and it thinks its FlexiTravel Plus policy may just be the right product for them.
“There is an increasing trend of last-minute, spontaneous travellers, so we decided to come up with a flexible travel product that caters to this new behaviour," Chua said.
The insurer chose the new destinations because they are popular amongst Singaporeans for short getaways such as concerts.
The product will replace FlexiTravel Hourly Insurance, Singapore’s first hourly travel insurance launched in 2022 and limited to Malaysia, and
Bintan and Batam in Indonesia.
The plan now covers Brunei, Cambodia, Laos, Myanmar, the Philippines, Thailand, Vietnam, Australia, China, Hong Kong, India, Japan, Korea, Macau, New Zealand, Sri Lanka, Taiwan, and the entire Indonesia.
“We noted that a lot of people, especially Millennials and Gen Zs, going for short weekend getaways don’t even purchase travel insurance,” Chua said.
Income Insurance wants to change that by allowing them to buy six-hour blocks of coverage starting at $1.35 (S$1.80), with additional hours priced at $0.22 (S$0.30), capped at $2.25 (S$3) daily. A three-day trip to Thailand will cost as much as $6.74 (S$9) for a full coverage.
Changing needs
Singapore’s travel insurance industry was valued at $143.2m last year and is expected to grow 22.6% annually through 2030, according to a report by Next Move Strategy Consulting.
We noted that a lot of people, especially Millennials and Gen Zs, going for short weekend getaways don’t even purchase travel insurance
Millennials and Gen Zs, who are exposed to higher travel risks, look for insurance that goes beyond safety, according to a Klook survey of 2,500 respondents from Singapore, Malaysia, the Philippines, Hong Kong and South Korea in February 2024.
Many travellers, particularly Singaporeans (30%), Hong Kongers (36%), Malaysians (37%), and Filipinos (36%), buy insurance just days before their trips, and about a third of them want the insurance process to be enjoyable.
Convenience and flexibility are crucial for Millennials and GenZs, with 75% preferring to book flights, accommodation, and insurance in one place, the survey showed.
Income Insurance’s hourly travel insurance allows travellers to adjust their insurance based on their changing plans. The concept was borrowed from Singapore's hourly parking, where customers could shorten or extend by the hour, Chua said.
If a traveller decides to extend their trip, they can simply extend their insurance by the hour. They also don’t have to pay for insurance hours they originally planned to use in case they cut their trip short.
Available only through Income Insurance’s mobile app, buying and adjusting coverage is seamless for a traveller who relies heavily on their smartphone for daily tasks.
More young travellers, particularly K-pop fans, are booking trips just days in advance
Annie Chua INSURANCE
Funding freeze hits BNPLs
The Buy Now, Pay Later (BNPL) market is experiencing a significant downturn, marked by the bankruptcy of five BNPL-focused companies over the past few years as investment in the sector has waned.
“In the mature markets, BNPL has stepped back considerably,” Anton Ruddenklau, global fintech leader at KPMG International, told Asian Business Review.
BNPL companies face a corporate paradox: business is booming, with e-commerce adoption expected to grow to 4.1% of all e-commerce payments by 2026.
Depending on the market, interest is there. About 60% of Filipinos, for
example, say they will most likely use BNPL in the next six to 12 months, said Ivan Grytsenko, VP at Billease. But cash remains a core issue for BNPL firms. “Due to the high interest rates, investors are putting less cash towards BNPL providers and putting more money into other types of technology categories,” Ruddenklau said. “With less cash, that means less advancement, less market expansion, which means fewer customers.”
Reversal of fortunes
At one point, BNPL was investors’ favourite. The sector commanded over $6.9b in funding in the five years through 2022. In 2021 alone, funding reached a whopping $2.8b, according
to data from Fintech Global Research. Then, in 2023, high funding costs and a drop in investment capital forced several BNPL providers to fold. In February 2023, Australian BNPL firm Openpay was forced into receivership. Its assets were liquidated nine months later, with the company said to owe creditors $66.1m.
New Zealand’s Laybuy went under in June 2024 after failing to find a buyer. The BNPL firm has also since entered into receivership.
Challenges
One problem is that despite the billions of funding they have received, BNPL companies receive little in return.
“It's a very, very thin margin game for the providers, and they've been suffering some reasonably heavy losses, with high interest rates and low user interest in their product,” Ruddenklau said.
“We've seen a huge amount of loan impairment across the market, and we've seen many of the firms either discontinue or go bust. One of the largest firms out there, Klarna, still suffers very, very significant losses when it comes to BNPL,” he added. Regulation is also creeping up on BNPL as more players go bankrupt.
With less cash, that means less advancement, less market expansion, which means fewer customers
THE CHARTIST: AI FINTECH FIRMS MAY RAISE $3.5B IN 2025
Artificial intelligence-focused financial technology (fintech) companies in Asia are expected to attract $3.5b more in funding to $65.5b in 2025.
There will have been more than 7,200 fintech firms focused on artificial intelligence (AI) by 2025, or 7% of all fintechs in Asia, according to estimates by UnaFinancial in a study in October 2024.
There were only 1,289 AI fintechs in 2015, and 6,038 in 2023.
Whilst the growth of new AI fintech companies in Asia had slowed down since its peak during the COVID-19 pandemic, active adoption of AI by existing players will help increase their number.
“Investment volumes in the sector are expected to increase 2.2 times next year. If the global socioeconomic situation stabilises,
this could mark a new wave of investor attention to the industry,” UnaFinancial said.
Amongst Asian countries, India, China, and Singapore are amongst the powerhouses of AI fintech.
India accounts for 41.7% of active Asian AI fintech companies, China has a 12.2% share, and Singapore has 9.8%.
“India’s leadership is unsurprising given the country's size, rapid fintech growth, and deep AI integration into financial practices, supported by the government,”UnaFinancial said in a report.
“In China, the growth is driven by the large economy, whilst Singapore boasts the proactivity of local fintech businesses, which position the country as a regional fintech hub and trendsetter in Southeast Asia,”the report read in part.
“They're very supportive of choice and innovation in the marketplace, but they're also not supportive of firms that cease to exist in the future,” Ruddenklau said. “I think we'll see a lot more regulation around the stability of those firms as we move forward, [and as] the market matures.”
Source: Una Financial
Billease is a BNPL service provider which operates primarily in India (Photo from Billease)
Anton Ruddenklau
Ivan Grytsenko
Number of Asian AI fintech companies
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AIA Group's Hong Kong HQ pairs workspaces with modern sports facilities
The revamped office space at Wan Chai now features an indoor track, gym, and sports hall.
Visitors to AIA Group’s headquarters in Hong Kong’s Wan Chai District could not help but feel warm and cosy as they are surrounded by off-white walls and high ceilings with a slick shine, and an atrium staircase.
They are greeted by giant red letters on a glass pane with the words “HEALTHIER, LONGER, BETTER LIVES” as they enter the lobby, whose walls have rectangular recessed patches of green jungle.
But AIA is not a campus. It is a finance corporation, the third-largest insurance group in the Asia-Pacific region by market capitalisation, according to S&P Global.
AIA Group is trying to promote a healthy lifestyle amongst its employees by equipping its Hong Kong headquarters with amenities that one would normally see in a first-rate hotel or
sports club, not in a regular insurance office.
The company’s revamped headquarters, which opened in May 2024, include a 200-metre indoor, air-conditioned running track, a gym with see-through walls, and a multi-purpose sports hall with a motorised basketball hoop system, all designed to enhance employee well-being.
The 22-storey building can house 1,800 employees — 50% more than the capacity of the original building that was built there in 1969.
“Witnessing our colleagues enjoying the new facilities, such as the multi-purpose hall and the indoor running track, has been immensely rewarding,” Parkes Lee, head of Real Estate Investment at the AIA Group, told Asian Business Review.
1 The entrance slogan reflects the soul of AIA's headquarters design.
2 The HQ boasts a continuous 80-metre atrium staircase connecting the lobby on the ground floor all the way to the top.
3 The 200-metre indoor, airconditioned running track in the AIA building.
4 The multi-purpose hall hosts corporate events and employee-led sports activities.
5 Natural daylight enters the headquarters through its glass exterior, with a three-metre floor-toceiling height.
6 AIA's canteen features a rain capture system.
Parkes Lee
HONG KONG
One-stop building management services aimed at optimising processes to achieve high efficiencies and low cost.
Ensuring smooth operation and safety of a facility's infrastructure through regular upkeep and repairs. Maintaining the reliability and functionality of critical medical equipment for utmost patient safety. Reduces energy use and carbon emissions while improving Indoor Air Quality (IAQ) with renewable energy and smart technology.
premium materials and specialised washing processes to ensure every linen piece meets quality and hygiene standards for clients.
MGen sets sights on world’s biggest solar farm by 2026
Terra Solar aims to deliver power to 2.4 million houses and cut emissions by 3.6 million tonnes.
Meralco PowerGen Corp. (MGen) expects to lead the energy transition in the Philippines with what could be the world’s largest solar farm — its $4b Terra Solar project north of the capital.
The 3,500-megawatt (MW) facility in the provinces of Nueva Ecija and Bulacan is expected to be a cleaner alternative to a mid-merit fossil fuel plant, which adjusts its power output as demand fluctuates throughout the day.
“Given the size of Terra Solar, and if our [completion] timeline is by February 2026 and we can prove that this setup can actually be a replacement for mid-merit fossil, then I think we will have achieved a certain aspect of that vision,” MGen President and CEO Emmanuel Rubio said in an interview with Asian Business Review
The first phase of the project, which also features a 4,500 megawatt-hour energy storage system, is expected to be finished by February 2026, and the second phase in 2027, providing electricity to about 2.4 million households and cutting carbon emissions by 3.6 million tonnes a year.
Power deals
MGen unit SP New Energy Corp. (SPNEC) is taking control of Terra Solar, which used to be a joint venture between Prime Infrastructure Capital, Inc. and SPNEC parent company Solar Philippines Power Project Holdings, Inc.
Rubio said the company has issued an invitation to bid for the engineering, procurement, and construction for the east and west sides of the projects’ 2,500-MW first phase. This will cover both photovoltaic sites and battery storage facilities.
“The intention of Terra Solar is to deliver a block of 850 megawatts of pure renewable energy (RE) starting at 8 am and ending at around 9 pm,” he said. “At the rate that we actually have sold this to the offtaker, it's proving that a combination of variable renewable energy and a form of energy storage — in this case, lithium ion batteries — is already very competitive to traditional thermal mid-merit plants,” he added.
Earlier, MGen parent Manila Electric Co. (Meralco) signed a 20-year power supply deal with Terra Solar for its 850-MW mid-merit requirement.
MGen and SPNEC have also signed a deal with global investor Actis to invest in a 40% stake in the project. Terra Solar shares worth $600m will be issued to the UK-based firm. The proceeds will be used to jointly develop and expand the project.
Rubio said that the transaction is the largest single investment in infrastructure development in the Southeast Asian nation.
“It's not just a vote of confidence to the project, but a vote of confidence to the country as this is the first time Actis, a major player at that, is investing in the Philippines,” he said.
Wind opportunities
Terra Solar has a lot to do before 2026. Land acquisition continues, but Rubio said most of the land needed for the first phase has been acquired. The company has also secured a significant portion of the transmission towers it needs.
In terms of logistics, coordination is needed to ensure that materials such as solar panels and batteries will be delivered from ports to the project site. Roads will have to be built to support this, which will also benefit the communities near the plant, Rubio said.
The company is also filling up critical positions for the project, such as those focused on community relations.
Rubio said they would hire as many as 20,000 workers from Nueva Ecija and other areas to develop the project.
Whilst Terra Solar will keep the company busy in the coming years, MGen is also working on other renewable energy projects, including a joint venture between MGen unit MGen Renewable Energy, Inc. and Vena Energy for solar and wind development.
When the sweet spots arrive, then I think it's time for us to seriously consider offshore wind
MGen is also looking into opportunities in offshore wind with certain developers.
“We want to make sure that if we are to participate in offshore wind, that the price is reasonable, both for the consumer and the developer,” Rubio said. “When the sweet spots arrive, then I think it's time for us to seriously consider offshore wind.”
Emmanuel Rubio, MGen President and CEO
PHILIPPINES
HSBC Life taps key channels to grow its HK footprint
The life insurer wants to offer solutions beyond traditional products, its CEO says.
HONG KONG
HSBC Life (International) Ltd. wants to harness its broker, bancassurance, and digital channels to capture more customers in Hong Kong, whilst using disruptive technologies to improve and automate its traditional insurance business, according to its top official.
“We continue to look for opportunities to strengthen our distribution network and capture the growing demand in the region,” HSBC Life chief executive officer Daisy Tsang told Asian Business Review. “Our strategic focus will be on collaborating with high-quality partners with specialised expertise to help us access untapped customer segments and enhance our customer interactions.”
These include partnerships with so-called insurtech firms to leverage artificial intelligence (AI) capabilities, she added, as the sector rebounds from a decline that started at the height of the COVID-19 pandemic in 2021.
The recovery is expected as Hong Kong’s economy tries to regain its growth momentum amidst easing travel restrictions.
Tsang, who has been with the HSBC group for more than two decades, said her vision for HSBC Life, Hong Kong’s leading life insurer, is to become the leading provider of complete wealth and health solutions in the city and nearby Macau, beyond traditional insurance products.
HSBC Life had a 21.4% market share for new business premiums and 19.7% for annualised new premiums in the first half of 2024, according to data from the Insurance Authority. The insurer wrote more than $3.17b (HK$24.6b) in new business premiums in the six months to June.
Hong Kong’s life insurance industry is expected to grow at a compound annual growth rate of 4.1% from 2024 to 2028, according to London-based GlobalData Plc. Direct written premiums are projected to rise to $68.8b in four years from $58.7b this year. The sector’s total premiums grew less than a percent to $61.13b (HK$474.79b) last year. Tsang said HSBC Life seeks to expand its digital capabilities and strengthen its presence in the Greater Bay Area in the next five years.
Here is the excerpt from her interview with Asian Business Review.
How do you address the changing needs of customers in and outside Hong Kong?
Our strategy is to capitalise on our strong local presence and our significant footprint in the Greater Bay Area to ensure we are always there for our customers. We are committed to continuous innovation in our products and services, aiming to deliver exceptional value to our customers. A key part of our strategy is enhancing flexibility and accessibility, especially through the expansion of our digital capabilities. This is pertinent in today’s rapidly changing environment, where customer circumstances evolve swiftly and their mobility
We continue to look for opportunities to strengthen our distribution network and capture the growing demand in the region
increases. Customers across all segments and geographical locations are equally important to us. To cater to their evolving needs effectively, we strive to be readily available whenever they need us, and ensure they have easy access to our products and services.
What other distribution channels are you considering to capture the demand from high-net-worth segments?
We continue to look for opportunities to strengthen our distribution network and capture the growing demand in the region. Given our robust performance across broker, bancassurance, and digital channels, our strategic focus will be on collaborating with high-quality partners with specialised expertise to help us access untapped customer segments and enhance our customer interactions, including potential partnerships with insurtech firms that leverage AI capabilities.
How do you plan to improve customer service to stay on top of the market?
Customer centricity is core to everything we do. We prioritise gathering valuable feedback and integrating it into our processes, including product design, customer journey enhancements, and service provision. With a rapidly growing customer base seeking protection beyond the purchase of our products, our initiatives are geared towards creating and providing them with a holistic support ecosystem. This ecosystem encompasses health and other benefits, makes it easier for them to manage their portfolios, and ensure readily available assistance. Our aim is to seamlessly cater to our customers’ evolving needs.
Daisy Tsang, HSBC Life CEO
SCAN FOR FULL STORY
ESL and Aseptic Packaging
Bottle cap sterilization has never been safer as with Serac’s BluStream module
The aseptic packaging specialist offers a new sterilization technology, combining the highest levels of efficiency and safety for consumers, operators, and the environment.
Serac’s BluStream cap decontamination module requires only 3 square meters of floorspace and can be integrated on new Serac lines as well as on existing machines, whatever their OEM. It is intended for high-acid as well as low-acid beverages and is able to treat up to 900 caps per minute.
BluStream: a physical, dry treatment carried out at room temperature
Serac’s BluStream module uses the low-energy e-beam technology. Electrons are thrown all over the surface of the cap and quickly destroy microorganisms by breaking their DNA chains.
Electrons do not penetrate the treated material and thus do not affect the internal structure of the cap. As treatment is carried out at room temperature, it avoids risks of distortion that could alter caps’ behavior upon screwing.
BluStream treatment is, nevertheless, highly efficient since it ensures a 6-Log bacteriological reduction inside the cap in only 0.3 to 0.5 second. This efficiency level makes BluStream suitable for aseptic packaging and high outputs.
BluStream: Safer for consumers Unlike APA and H2O2 solutions, BluStream uses no chemicals. It also makes sterilization easier to monitor with only 3 critical parameters: voltage, current intensity, exposure time.
Bacteriological reduction is ensured as soon as the cap has been exposed to the necessary dose of electrons yet, this dose depends on perfectly controllable parameters and can be monitored in line through a simple dosimetry test. Sterilization is confirmed in real time, which is not possible with chemical laboratory tests. Combined together, these 3 features reduce the risk that a cap contains chemical residues, receives insufficient treatment and/or is not detected as faulty.
BluStream: Safer for operators
The BluStream module is quieter than conventional sterilization units.
The operating environment is also very comfortable due to the absence of chemical odors. The BluStream module only generates ozone, which is extracted outside the factory walls. Ozone is quickly and naturally depleted in the environment and leaves no trace.
BluStream: Safer for the environment
The BluStream module also brings environmental benefits. As a chemical free treatment, it does not generate toxic effluents. In addition, it requires neither water nor heating or steam, it has a lower demand in energy and water than conventional sterilization methods.
BluStream module for caps
BluStream offers beverage manufacturers a perfectly safe, real-time monitored and environment-friendly solution, for continuous cap sterilization at high outputs.
BluStream treatment can be applied on any type of cap (HDPE, LDPE, PET, PP, aluminum), and whatever the bottle size.
The BluStream cap sterilization module will be displayed on Serac’s stand at some of the shows in Europe. It’s a good opportunity to Serac to unveil new developments that extend the benefits of BluStream sterilization to bottles.
Contact :
Serac Asia Sdn Bhd
Hamodal Industrial Complex, Unit B1, Block B, Lot3, Solok Waja 3, Bukit Raja
Industrial Park, 41050 Klang, Selangor, Malaysia
T. : + 60(3) 86053690
F. : + 60(3) 86053697
C.: + 60(1) 77306698
M.: calley.kon@serac-group.com
www.serac-group.com
Mergers and closures loom for China's 3,800 rural banks
About 70 rural banks have already undergone mergers since 2023.
Jiangxi Bank is one of the 40 banks that went under
China is in the process of cleaning up its embattled rural financial institutions — a move that will not just lead to the mergers and closures of its 3,800 rural financial institutions, but also see the number of major banks shrink.
In just one week in July, 40 banks disappeared in China. Of these, 36 were absorbed by Liaoning Rural Commercial Bank, whilst Jiangxi Bank collapsed according to reports by local media.
These disappearances were inevitable. In fact, China was behind the scheme, having already spearheaded the merger of 70 rural banks since 2023.
“There is an oversupply of rural financial institutions, leading to operational disorder and increased risks,” Betty Huang, economist at BBVA Research, told Asian Business Review. “China’s small, rural banks are confronted with deep-seated issues such as aggressive lending practices, inadequate risk management, and exposure to a downturn in the property market.”
These banks have also heavily lent to developers and local governments, leaving them vulnerable to
China’s issues boil down to two things: there’s too many of them, but the total assets are too small
fluctuations in the real estate sector and China’s slowing economic growth, Huang said.
Too many, too small China’s issues boil down to two things: there is too many of them, but the total assets are too small.
Authorities cannot just close the troubled lenders, however, else they risk incurring the people’s wrath.
“Given their role in local economies, allowing these institutions to fail risks destabilising communities and causing social unrest,” Huang warned.
As of December 2023, mainland China has a total of 3,796 rural financial institutions, of which 1,607 are rural commercial banks. This makes up 84% of all of China’s financial institutions.
In contrast, their total assets amounted to only $7.7t (RMB56.8t), at an average of $2b (RMB15b) per institution — just 3% of the average asset value of city commercial banks.
This is because rural financial institutions serve small local communities and agriculture, which equate to limited asset scales. This leaves them vulnerable to the
high risks of the local rural market, Huang said.
“Notably, some institutions have reported non-performing loan ratios as high as 40%, significantly above the industry average of 1.6% as of the first quarter of 2024,” she said, adding that their provision coverage ratios also fall below the supervisory requirement of 150%.
10-year journey
China’s strategy has been to pursue consolidations alongside regulatory reform. This was seen in the consolidation of the Liaoning Rural Commercial Bank; and analysts believe that this trend will continue.
The clean-up process will take some time — up to 10 years, according to Ryan Tsang, primary credit analyst for S&P Global Ratings.
“The process could take up to a decade. We reckon that it would take four to five years to substantially clean up the high-risk rural financial institutions, and it would take another few years to reorganise these lenders and institutionalise changes in corporate governance, management structure, and risk culture,” Tsang said.
He expects authorities to form new institutions in the likes of Liaoning Rural Commercial Bank. These will take over weak lenders or encourage the stronger ones to absorb weaker players.
Major banks are expected to play a role in this clean-up. Looking ahead, the list of major banks may shrink rather than expand, Huang said.
“Key trends include mergers and reorganisations, where larger banks absorb smaller, failed ones, and rural reform support — such as transforming village banks into bank branches — to centralise operations,” Huang added.
Properly structured, depositors may not incur losses despite bank closures, according to Huang.
The government has much to absorb in terms of losses, too. S&P’s Tsang expects capital injections from local governments, local state-owned enterprises, and investors.
“Holders of capital instruments of a failed bank are likely to bear losses, and institutional creditors could also see some haircuts,” he said.
Ryan Tsang
Betty Huang
COUNTRY REPORT: SINGAPORE
Billionaire clans may fuel Singapore’s future private equity buyout wave
The city-state’s 1,650 single-family offices are helping drive a private capital rebound.
Singapore’s growing appeal to the super-rich is expected to boost its private equity market (PE), as family offices help drive a global resurgence in private investment dealmaking, analysts said.
Many of these fortune managers based in the city-state have been providing capital for some of the biggest acquisitions in 2024, Neha Singh, CEO and co-founder of Tracxn Technologies, told Asian Business Review.
Singh said family offices, which manage the wealth of the ultra-rich, are likely joining forces with private equity firms to diversify their investment and benefit from higher returns.
“PE firms have diversified portfolios, and such partnerships potentially create more investment opportunities for family offices,” she said.
“Such partnerships could also limit the risk and liability for single-family offices, whilst providing them access to the expertise of seasoned professionals in the PE landscape,” she added.
More players
Single-family offices in Singapore have ballooned to 1,650 as of August from just 400 in 2020, according to Chee Hong Tat, minister of Transport and second minister of Finance. The number is expected to pass 1,700 by year-end, he said.
These family fortune managers, which enjoy tax breaks, could fuel the city-state’s private equity market that Statista projects to grow at a compound annual growth rate of 27.27% in 2025 to $980m (S$1.3b).
The German online global data platform expects about 50 deals will be made in.
"We can see deal activities returning and increasing,” Andrew Thompson, partner and head of Private Equity at KPMG Asia-Pacific, told Asian Business Review, adding that many of these involved familyowned businesses.
“What we're going to continue to see are these family group-linked
transactions. [These] will continue to be very important [in 2025],” he added.
Citi’s Global Family Office 2024 survey found that more than 40% of family offices globally are increasingly putting their money in private equity — both those with assets under management below and above $500m (S$646m).
In Southeast Asia, family offices account for a third of limited partners, 77% of which were investing in private equity as of June 2024, up from 66% in 2020, according to London-based Preqin Ltd.
Globally, private equity has joined public equity and real estate as one of the “Big Three” asset classes in family office portfolios, together making up more than 60% of their holdings, according to BNY Mellon Wealth Management.
“True to their entrepreneurial nature, family offices are showing themselves ready and willing to move into new and emerging opportunities,” it said in a July 2024 report. “Private equity allocations now include a small but significant place for venture capital investments.”
Technology deals
Family offices have provided capital to private Singaporean companies such
as Syfe, which raised $27m (S$36m) in August, and Rider Dome, which raised $1.67m (S$2.3m) in a seed funding round in February 2024.
In January, Singapore-based family office Praesidium Capital took part in the $146m (S$200m) Series B funding round for local semiconductor company Silicon Box.
Sectors like crypto financial services, electric vehicles (EV), space tech, agritech, and gaming tech have also received funding this year, according to Singh.
Sygnum ($40m, S$54.76m) and Oobit ($25m, S$34.22m) were the topfunded companies within the crypto financial service sector, which raised $107m (S$146m) in the first half of 2024, according to Traxcn data.
In the EV sector, Singh said electric truck manufacturers are the most heavily funded, with top deals including Singauto’s $45m funding in April.
The space tech segment's highest funding went to in-orbit satellite maintenance, led by Infinite Orbits' $12.9m funding, bringing the segment's half-year total to $18.5m. The agritech sector raised $31.8m, led by Rize and Barramundi.
Meanwhile, the gaming tech sector raised $52.8m in the first half, led by startup k-ID's $51m Series A funding in June.
Family offices have provided capital to finance and tech startups like Syfe and SiliconBox (Photos from Syfe and SiliconBox)
Family offices are showing themselves ready and willing to move into new and emerging opportunities
Andrew Thompson
Neha Singh
Way to go for GOPIZZA: Convenience store ovens automate pizza baking in minutes
CEO Jay Lim aims to make it the most accessible pizza brand from Southeast Asia with GOVENs.
From a humble food truck in 2016, GOPIZZA has risen to prominence in the fast-food industry with a bold goal: to become the McDonald's of pizza parlours. CEO Jay Lim said that, like the iconic fast-food chain, he wants his pizzas to be made quickly, personalised, and affordable. Working towards this vision, GOPIZZA has expanded to 250 units, including locations within convenience store chains.
“The reason why I started this business in 2016 is because I felt that pizza is too expensive and always slow, because you have to deliver it, and also you get leftovers, so it’s too big,” Lim told Asian Business Review.
Accessibility and innovation
GOPIZZA’s vision is to become the most accessible pizza brand globally. In working towards this goal, Lim emphasised ongoing efforts to enhance operational efficiency and product quality whilst maintaining competitive pricing.
This led the company to developing an exclusive range of cutting-edge kitchen technologies, including the Parbake Dough and “GOVENS” or the automated ovens capable of baking pizzas in just three minutes.
Lim proudly told Asian Business Review how these technologies and product innovations are now being showcased by GOPIZZA at GS25, Korea’s largest convenience store chain.
All these made it possible to increase the accessibility of pizza, and eventually it became so accessible that it went into convenience store chains
'“All these technologies basically made it possible to increase the accessibility of pizza, and eventually it became so accessible that it went into convenience store chains,” he said. “We aim to reach customers through diverse retail chains, ensuring pizzas are available anytime, anywhere, within minutes."
Doubling global presence
With a tested formula for success, what GOPIZZA is now working on is to double its global sales this year. This explains the brand’s aggressive expansion initiatives across seven countries.
Since May, GOPIZZA has successfully launched 250 units within GS25 locations, said Lim.
And his pizza train is still moving full steam ahead with an additional 350 outlets set to open by mid-July.
By the end of 2024, Lim expects to reach a total of 2,000 GOPIZZA stores.
Singapore, India, Thailand, and Indonesia have been identified as key markets for this growth. Lim is also building around these countries for their strategic importance in his company’s vision.
He highlighted India’s rapid economic growth and Singapore’s strategic importance in Southeast Asia, whilst pointing out recent investments and expansion plans in Thailand and forthcoming focus on Indonesia due to its vast market potential.
1 Pizzas are baked and ready in three minutes.
4 Lim expects to reach a total of 2,000 stores by the end of 2024.
2 GOVENS are available at GS25, Korea's largest convenience store chain.
3 CEO Jay Lim showcases the GOVEN.
SOUTH KOREA
EVENT NEWS: RETAIL ASIA SUMMIT - SINGAPORE
All you need is one ‘hero’ TikTok product
Brands can boost their gross merchandise value with just one best-selling SKU.
One best-selling product out of a hundred is enough to drive an online shop’s gross merchandise value (GMV), according to TikTok.
In fact, only 1% of stock-keeping units (SKU) in TikTok shops contribute to half of their GMV, according to the social media app’s own findings.
Brands should not focus on a product range, Trixie Chua, performance marketing strategy lead at TikTok Global Business Marketing in the Asia-Pacific region, told the recent Retail Asia Summit in Singapore.
“It all boils down to a brand’s ‘hero SKU’ — or its bestseller,” she said. “If a brand can earmark and get the right SKU to continue growing, that is how it can drive up its shop’s GMV.”
The gross merchandise value is often used to determine the health of an e-commerce site's business because its revenue will be a function
If a brand can earmark and get the right SKU to continue growing, that is how it can drive up its shop’s GMV
of gross merchandise sold and fees charged, according to Investopedia. “It's most useful as a comparative measure over time such as current quarter value versus previous quarter value.”
Chua said GMV also measures three factors including shock traffic or how many eyeballs a brand is getting to look at its shop. Conversion rate calculates how many are considering, adding to their carts, and ultimately, ordering the item. Lastly, how a brand can constantly grow its customer base.
TikTok analysed 9,000 sellers in the region and found that when an SKU reaches an average of 30 daily orders, it can grow as much as 36% in terms of order volume in the next 30 days. Reaching 100 daily means it will scale by more than 60% in the next month.
But Chua said 90% of SKUs in TikTok shops struggle to break through this phase.
“So what can a brand do to reach
its first sale?” she asked. She noted that brands just need to list their product and let the app boost it whilst it acquires more relevant audiences.
Engaging influencers
The next stage is growing an SKU to a ‘hero SKU’ through short videos promoting the product. “Brands can partner with several creators and put video shopping ads to extend the life cycle of these short videos.”
The creator economy has become a lucrative alternative to traditional marketing. Influencers deliver greater returns for businesses by directly engaging with target audiences, as stated in a GlobalData report.
According to Partipost’s Influencer Marketing Report 2024, about 75% of consumers in Southeast Asia are more likely to buy a product recommended by an influencer, highlighting how much trust and influence these personalities have compared with traditional advertising. Additionally, 80% of people surveyed have bought something based on an influencer's endorsement at least once.
She also introduced the company’s latest automated solution called GMV Max, which optimises the total return on investment by taking into account paid channels, affiliates, and organic videos.
“And last but not least, moving from a hero SKU to a superhero SKU stage, one of the most crucial factors is in terms of going live,” Chua said.
Sellers who go live at a minimum of three hours daily — an average of 100 hours a month — reach the ‘superhero SKU’ stage three to four weeks faster than those who do not.
TikTok brands experience more stable GMV via live selling and can also make use of live shopping ads to get more traffic into their live rooms.
“We also have an automated solution for this called GMV Max,” she said. “Brands just need to put in the products during a live selling and it automates reaching the right audiences.”
Trixie Chua, Tiktok's performance marketing strategy lead, urges brands to let the app boost products to more relevant audiences
Universal Therapeutics lauded at Malaysia National Business Awards for first home-based HIV oral test
The company was awarded the Innovation Award - Health Products & Services accolade.
Universal Therapeutics wins Innovation Award at Malaysia National Business Awards for Pioneering HIV Oral Self-Test.
The company has been honored with the Innovation Award - Health Products & Services at the prestigious Malaysia National Business Awards 2024 for its groundbreaking product, AwarerHOME™, Malaysia's first home-based HIV oral self-test.
HIV remains a significant public health concern in Malaysia. Despite progress in prevention and treatment, it still grapples with challenges surrounding HIV such as stigma, limited access to testing, and reaching vulnerable populations.
Amidst these concerns, efforts are continuously underway to combat the spread of HIV and mitigate its impact. For instance, Malaysia seeks to achieve the United Nations’ 95-95-95 target by 2030, where 95% of the people who are living with HIV know their HIV status, 95% of those diagnosed to receive lifesaving anti-retroviral treatment, and 95% of people who are on treatment to achieve viral suppression. The introduction of AwarerHOME™ HIV Oral Self Test is a
significant contribution toward these ambitious goals, providing a practical, accessible, and private testing solution.
A Game-Changer in HIV Testing
AwarerHOME™ represents a new era in HIV testing by enabling individuals to perform an oral self-test in the privacy of their homes. “Our mission is to normalise HIV testing and empower individuals to take control of their health,” said Datin Sri L. Hannah Yeo, Chief Strategist. “With AwarerHOME™, we are making HIV testing more accessible and user-friendly, bringing Malaysia one step closer to reaching its public health targets.”
Proudly made in Malaysia, the test has an impressive overall accuracy rate of 99.61%, surpassing several international competitors in reliability. The user-friendly,
non-invasive test uses oral fluid samples instead of blood, eliminating the need for needles and ensuring a comfortable experience. Unlike traditional HIV tests that may necessitate a visit to a healthcare facility, AwarerHOME™ allows individuals to test for HIV in the comfort and privacy of their own homes — a privacy especially crucial for those facing stigma or discomfort in conventional healthcare settings.
Privacy and Empowerment for All
One of the standout features of AwarerHOME™ is its discreet packaging, ensuring user privacy and confidence from purchase to the testing.
The non-invasive approach of AwarerHOME™ further enhances its accessibility, making it suitable for a broader
audience. By requiring only oral fluid samples instead of blood, the test eliminates the need for needles and reduces discomfort, further enhancing its accessibility and appeal. This user-friendliness is essential for reaching populations who may otherwise avoid testing, providing a crucial step toward greater HIV awareness.
By making HIV testing more accessible, convenient, and user-friendly, this innovative kit aims to increase HIV awareness and
encourage more individuals to get tested whenever they feel like they are involved in a high-risk situation. Early detection of HIV is crucial for timely access to treatment and care, leading to improved health outcomes and reduced virus transmission. AwarerHOME™ empowers individuals to make informed decisions about their sexual well-being, enabling them to know their HIV status with confidence and take appropriate measures to protect themselves and their partners.
Celebrating a Milestone in Health Innovation
The Malaysia National Business Awards, presented by Asian Business Review Magazine, celebrates and honors outstanding Malaysian companies that have made remarkable contributions to the nation’s vibrant business landscape. Winning the Innovation Award - Health Products & Services category underscores Universal Therapeutics' commitment to enhancing public health through accessible and innovative solutions.
“This award reflects our dedication to quality and innovation in health products that serve Malaysians’ needs,” Datin Sri L. Hannah Yeo added. “We believe AwarerHOME™ has the potential to normalize HIV testing, foster open conversations, and contribute to a healthier, more informed population.”
As Universal Therapeutics continues to innovate, AwarerHOME™ is set to make a lasting impact on public health, empowering individuals and advancing Malaysia’s fight against HIV. To learn more about AwarerHOME™ and how Universal Therapeutics is transforming health testing, at iamawarer.com or universal-therapeutics.com
By making HIV testing more accessible, convenient, and user-friendly, this innovative kit aims to increase HIV awareness and encourage more individuals to get tested whenever they feel like they are involved in a high-risk situation
Asian Technology Excellence Awards honours top innovative companies
The Asian Technology Excellence Awards is back to celebrate technological excellence, spotlighting those at the forefront of digital transformation across various industries.
With rapidly changing market dynamics and increasing demand, companies across Asia are leveraging technology to drive unprecedented advancements and innovations to maintain a competitive edge and drive industry evolution. The Asian Technology Excellence Awards 2024 held an Awards Ceremony at Conrad Bangkok, Thailand on 5 September 2024 to laud these exceptional companies.
Hailing from different countries in Asia, the winners were recognised for their technology initiatives and groundbreaking IT products and solutions that made an impact on their businesses.
Asian Business Review congratulates the following winners:
This year’s esteemed panel of judges who provided expert evaluation and insightful feedback consisted of: Yang Chi Chih, Technology, Media & Telecommunications Industry Leader, Deloitte Southeast Asia; Steve Lo, Chief Innovation Officer, EY Asia-Pacific; Wilson Chow, Global Technology, Media and Telecommunications Industry Leader and China Artificial Intelligence Leader, PwC China; Jallain Marcel S. Manrique, Technology Consulting Head and Partner, KPMG in the Philippines; and Jason Yau, Partner, Technology & Management Consulting, RSM Hong Kong.
Congratulations to all the winners for their achievements and significant contributions to the technological landscape!
Keppel Real Estate (China) Limited
• PropTech - Real Estate
McDonald's China (NJ Technology Center)
• API - Food & Beverage
Ningbo Orient Wires&Cable Co.,Ltd
• Marine Technology - Manufacturing
India
Bahwan CyberTek
• API - Banking
eMudhra
• Cybersecurity - Technology
KGiSL
• Software - Technology
Tata Communications
• Cloud - E-Commerce
Indonesia
BINA NUSANTARA
• AI - Education
BPJS Kesehatan
• Information Management - Healthcare
• Mobile - Healthcare Technology
Magnite and MNC Group
• VideoTech - Advertising
Pinhome
• PropTech - Property Services
PT Amandina Bumi Nusantara
• ESG Tech - Environmental Services
PT Infomedia Nusantara
• Automation - Business Services
PT Pertamina (Persero)
• Analytics - Energy
PT PLN Indonesia Power
• Digital - Energy
PT PLN Indonesia Power UBP Suralaya
• AI - Energy
PT Pos Indonesia (Persero)
• Mobile - Logistics
PT Zurich Asuransi Indonesia Tbk
• AI - Financial Services
PT. Bank Sinarmas Tbk.
• Automation - Banking
• Mobile - Banking
PT. PLN INDONESIA POWER
• Emerging Technology - Energy
PT. TELKOMSEL
• Automation - Telecommunications
• Gaming - Telecommunications
Siloam Hospitals Group
• Automation - Healthcare
• Digital - Healthcare
Laos
Lao Development Bank (LDB)
• Mobile - Banking
Myanmar
AYA Pay
• E-Wallet - Financial Services
MO
• Fintech - Financial Services
Pakistan
Faysal Bank Limited
• Digital - Banking
Pak-Arab Refinery Limited - PARCO
• Digital - Oil & Gas
United Bank Limited (UBL)
• AI - Banking
• Augmented Reality and Virtual Reality - Banking
Philippines
Bank of the Philippine Islands
• Digital - Financial Services
Delivery Hero Philippines, Inc. / foodpanda Philippines
• Online Services - Retail
Eastern Communications
• Infrastructure Technology - Telecommunications
Etiqa Philippines
• Mobile - General Insurance
Exist Software Labs, Inc
• Information Management - IT Services
FAST Logistics Group
• Software - Logistics
Inewvation International Corporation
• Digital - Technology
Malayan Insurance Co.
• E-Commerce - Financial Services
Megaworld Corporation
• Smart City - Real Estate
Mynt (GCash)
• E-Wallet - Financial Technology
Novare Technologies, Inc.
• Cloud - Cloud Services
OceanBase
• Data Centre - Financial Technology
PERA HUB
• API - Financial Services
Probe CX
• Software - Technology
RAFI Microfinance
• Fintech - Financial Services
Rizal Commercial Banking Corporation
• Automation - Banking
Security Bank Corporation
• Enterprise Software - Banking
Tonik Digital Bank
• Digital - Banking
Sri Lanka
Brown & Company PLC
• Enterprise Software - Automotive & Transport Equipment
• IoT - Energy
Inivos Technology
• Enterprise Software - Manufacturing
Softlogic Life Insurance Company PLC
• AI - Life Insurance
SriLankan Airlines Ltd.
• Emerging Technology - Airline
Taiwan
Standard Chartered Bank (Taiwan) Ltd.
• Analytics - Banking
• Digital - Banking
YungChing Realty Group
• PropTech - Real Estate
Thailand
DANONE SPECIALIZED NUTRITION THAILAND
• Analytics - Food & Beverage
EVENT: ASIAN TECHNOLOGY EXCELLENCE AWARDS
GOSOFT (THAILAND) COMPANY LIMITED
• AI - Retail
Inno Precast Company Limited
• ESG Tech - Residential Building Construction
Krungsri Auto (GO by Krungsri Auto Application)
• Digital - Banking
Ocean Life Insurance Public Company Limited
• API - Life Insurance
Pruksa Holding Public Company Limited
• AI - Real Estate
PTT Exploration and Production Public Company Limited
• AI - Oil & Gas
Resecurity, Inc.
• Cybersecurity - Security Services
SCB DataX Company Limited
• Big Data - Data Center
Siam Commercial Bank
• AI - Banking
The Mall Group Co., Ltd.
• Virtualisation - Retail
UOB Thailand
• Analytics - Banking
Vimut Hospital Company Limited
• Emerging Technology - Healthcare
• Mobile - Healthcare Technology
Wizlah TH Co., Ltd.
• Digital - Interior Design
Vietnam BPC
• Fintech - Payments
CMC Global Company Limited
• Automation - Aviation
• Software - IT Services
Coca Cola Beverages Vietnam
• Digital - Food & Beverage
FPT INTERNATIONAL TELECOM COMPANY LIMITED
• Data Centre - Telecommunications
FPT Smart Home & FPT Camera
• AI - Safety & Security
HIVE by Income
• Fintech - Financial Services
Techcom Securities Joint Stock Company
• AI - Financial Technology
• Fintech - Financial Technology
Techcombank Vietnam
• Online Services - Financial Services
Unilever Pureit
• Machine - Consumer Products (Durables)
Vietnam Thuong Tin Commercial Joint Stock Bank (VIETBANK)
• Cybersecurity - Banking
Viettel Post Joint Stock Corporation
• Robotics - Logistics
• Software - Logistics
VINAI ARTIFICIAL INTELLIGENCE APPLICATION AND RESEARCH
JOINT STOCK COMPANY
• AI - Automotive & Transport System
VNG CORPORATION
• AI - Technology
• Cloud - Technology
VNSC by Finhay
• AI - Financial Services
FPT INTERNATIONAL TELECOM
foodpanda
Bahwan Cybertek Bank of the Philippines Islands
BPJS Kesehatan
CMC Global Company Limited
Coca Cola Beverages Vietnam Eastern Communications
Exist Software Labs, Inc Gentrack
PT Pos Indonesia (Persero)
GOSOFT (THAILAND) COMPANY LIMITED
PT. Bank Sinarmas Tbk.
TELKOMSEL
Exploration and Production Public Company Limited
RAFI Microfinance
Keppel Real Estate (China) Limited
Inc.
Krungsri Auto (GO by Krungsri Auto Application)
DataX Company Limited
Lao Development Bank (LDB)
Company Limited
Siloam Hospitals Group
OceanBase
The Mall Group Co., Ltd.
Pak-Arab Refinery Limited - PARCO
Unified National Networks Sdn Bhd
PERA HUB
UOB Thailand
Pruksa Holding Public Company Limited
Vattanac Bank
PT Amandina Bumi Nusantara
Vimut Hospital Company Limited
PT Pertamina (Persero) VNG CORPORATION
PT PLN Indonesia Power Wizlah TH Co., Ltd.
SCB DataX clinches Thailand Technology Excellence Award for AI, data science solutions
Its Project AI-Insight has fostered a culture of innovation and learning amongst Thai citizens.
Data analysis service provider SCB DataX took home the Thailand Technology Excellence Award in the Big Data - Data Center category for successfully enhancing its competitiveness in artificial intelligence (AI) and data science through its initiative “Project AI-Insight: Revolutionising AI Literacy and Innovation.”
The project aims to advance AI and machine learning (ML), achieve international recognition, and democratise AI knowledge through comprehensive educational resources. In the process, the provider integrates cutting-edge analytics and AI into key value chains to empower its subsidiaries in achieving growth, efficiency, and minimised risks.
These efforts would not have been possible without SCB DataX’s research team, who all undergo capability building. SCB DataX ensures that its talents are all empowered to drive AI knowledge, not just within the company but externally as well.
SCB DataX’s groundbreaking research has garnered international acclaim, with significant presentations at esteemed events such as the Data-centric Machine Learning Research (DMLR) Workshop, the International Workshop on Semantic Evaluation (SemEval-2024), and the Financial Technology and Natural Language Processing (FinNLP) event.
Data-centric Machine Learning Research (DMLR) Workshop
SCB DataX published its innovative research on the Birbal model, which leverages Mistral7B technology, in the DMLR Workshop. The DMLR Workshop was started by a team and included stalwarts like Andrew Ng.
This year, it was part of one of the prestigious International Conference of Learning Representations (ICLR) Conference.
The work focusses on how the company improved the reasoning abilities of Mistral LLM. Enhanced with additional training on a single RTX 4090 for 16 hours, the Birbal model has achieved a remarkable 35% improvement over baseline performance. The Qwen-14B model has also been introduced during the workshop, with the capability of generating high-quality commands across diverse tasks.
SemEval-2024
Whilst large language models (LLMs) have shown remarkable linguistic capabilities, their numerical reasoning in real-world contexts remains a challenge.
The SemEval 2024 NumEval competition focusses on addressing
this by introducing a numerical headline generation task.
SemEval is a series of international natural language processing (NLP) research workshops whose mission is to advance the current state of the art in semantic analysis.
At SemEval-2024, SCB DataX's research
SCB DataX Company Limited
Yabodee Chittikuladilok, Chief Data Officer, SCB DataX Company Limited (DataX)
titled “Team NP_PROBLEM at SemEval-2024
Task 7: Numerical Reasoning in Headline Generation with Preference Optimisation” has delved into system design and common error patterns, providing insights into integrating numerical analysis into large language models (LLM) and highlighting the potential and challenges of creating informative headlines. The study has achieved an impressive numerical accuracy of over 73.49%.
FinNLP
The company’s participation in the FinNLP event has further demonstrated its expertise in the field, as its study “Adapting LLM to Multi-lingual ESG Impact and Length Prediction using In-context Learning (ICL) and Fine-Tuning with Rationale” has addressed the critical area of predicting the impact and timing of ESG events from news articles. By leveraging LLMs, including GPT-4 with ICL and Mistral (7B) LLM, SCB DataX has achieved highly accurate predictions, underscoring its commitment to innovation in AI and ML technologies.
The work got SCB DataX to rank second in the French track of the International Conference on Computational Linguistics Conference. The conference, organised by FInNLP group, aims to predict the impacts of
ESG on fintech companies from their annual reports and social media interactions. Using ESG Scoring as internationally recognised, a company's impact is determined.
Online course
Meanwhile, SCB DataX has launched a free online course titled “From NLP to LLM: Another New Buzzword in Biz” in an effort to enhance AI literacy amongst Thai citizens.
The course is designed to improve understanding of NLPs, which employ computer algorithms to analyse and comprehend human language, evolving into sophisticated LLMs.
Participants in the course explore both fundamental and advanced concepts of NLP and LLM, delve into the evolution of AI technologies, gain insights into computer language comprehension, and examine realworld case studies.
Project AI-Insight has seen a profound impact on both SCB DataX and the broader industry, with the former cementing its position as a leader in AI research, enhancing
its reputation, and attracting global attention. The educational initiatives under the project have also democratised AI knowledge, empowering individuals with the skills and understanding necessary to navigate the rapidly evolving AI landscape.
According to SCB DataX, the project exemplifies its role as a pioneer in AI innovation and its dedication to fostering a culture of learning and excellence, “contributing to the development of a highly skilled workforce capable of driving future advancements in AI and ML.”
The Asian Technology Excellence Awards celebrates top technological innovators and solutions that are redefining industries and leading the charge in digital transformation across the region.
The 2024 edition of the awards programme was held at Conrad Bangkok, Thailand, on 5 September 2024.
Coming from various countries in Asia, the winners were recognised for their technology initiatives and groundbreaking IT products and solutions that made an impact on their businesses.
The project exemplifies its role as a pioneer in AI innovation and its dedication to fostering a culture of learning and excellence
Dr Arak Sutivong, Chief Executive Officer (CEO), SCB DataX Company Limited (DataX)
Yabodee Chittikuladilok, Chief Data Officer, SCB DataX Company Limited (DataX)
Pertamina: 67 years of ‘Energizing Acceleration’
The company is accelerating energy provision, driving renewable energy initiatives, and leveraging digital technologies to secure a sustainable energy future for all.
Pertamina, Indonesia's leading national energy company, stands tall as a symbol of resilience, innovation, and commitment over its 67-year journey. Established in 1957, Pertamina has been a cornerstone of Indonesia's energy infrastructure, driving progress, prosperity, and empowerment across the archipelago. In alignment with the theme "Energizing The Acceleration," Pertamina focusses on accelerating energy provision, renewable energy development, and digitalisation to meet the ever-growing demands of the Indonesian populace.
Accelerating energy provision
Indonesia's geographical diversity, with over 17,000 islands, presents unique challenges for energy distribution. Pertamina has taken these challenges head-on, committing to ensuring energy availability across even the most remote locations.
The company’s efforts have included developing extensive transportation networks, building storage facilities, and
partnering with local governments to overcome various logistical hurdles. In islands such as Papua, Kalimantan, and Sumatra, geographical barriers have historically limited access to energy. Pertamina’s strategic establishment of fuel terminals and distribution points across these regions has been pivotal in transforming energy accessibility. The deployment of tankers, pipelines, and overland transport ensures that fuel reaches isolated areas, supporting local economies and improving quality of life.
These initiatives reflect the company’s dedication to inclusivity and national unity.
Fostering renewable energy
Beyond conventional energy sources, Pertamina is making significant strides in the realm of renewable energy. Indonesia's abundant natural resources offer vast potential for renewable energy development, and Pertamina is at the forefront of
harnessing this potential. The company’s efforts encompass geothermal energy, solar power, and the development of eco-friendly fuel alternatives, all aimed at reducing carbon emissions and promoting sustainable growth. Indonesia sits on the Pacific Ring of Fire, endowing it with substantial geothermal resources. Pertamina Geothermal Energy (PGE), a subsidiary of Pertamina, has been instrumental in exploring and managing geothermal projects. Sites such as Kamojang, Lahendong, and Ulubelu are flagship projects that not only generate significant electrical power but also contribute to the reduction of greenhouse gas emissions. The expansion of geothermal capacity remains a strategic priority, aligning with global efforts towards achieving net-zero emissions by 2060.
Solar energy is another focus area for Pertamina, leveraging Indonesia's tropical climate. The company has initiated projects to install solar panels in both urban and rural settings. Energy from the Sun can significantly cut reliance on fossil fuels, reducing environmental impact. Pertamina's programmes, such as the installation of solar panels in company-operated gas stations and remote community projects, illustrate a commitment to greener energy solutions.
Pertamina is also innovating in biofuels, derived from Indonesia’s rich agricultural outputs. Palm oil, for example, is processed into biodiesel, which blends with conventional diesel to lower emissions. The Bioethanol Development Program focusses on producing fuels from molasses, a sugar by-product, thus creating an eco-friendly alternative to gasoline.
Accelerating digitalisation
In the digital age, Pertamina recognises the power of technology in optimising energy management. Digitalisation stands as a pillar of the company's "Energizing Acceleration" initiative, which is aimed at creating efficient, transparent, and reliable energy distribution systems.
Digitalisation efforts include the development of integrated monitoring systems for fuel distribution, allowing realtime tracking and management of supply chains. This real-time data aids in preventing shortages and ensuring that energy supply meets demand efficiently. Moreover,
INOVASI can be an enabler and accelerator in supporting the company's strategy to foster energy resilience
Simon Aloysius Mantiri, CEO, Pertamina
digitised systems facilitate cost savings by minimising administrative overheads and operational inefficiencies.
Implementing digital technologies also enhances transparency. Consumers gain better insights into energy prices, subsidies, and consumption patterns, fostering trust between Pertamina and the public. Furthermore, digital platforms help ensure that subsidised fuels reach their intended beneficiaries, tackling misuse and fraud effectively.
Pertamina Digital Hub
Pertamina believes that “Data is Energy,” meaning that data can be transformed into more valuable forms and a lot of possibilities and opportunities might be created if only the data are processed through collaboration, digitalisation, and integration. Thus, digital transformation will become the key enabler and accelerator to the success of Pertamina’s Long-Term Plan (2025-2029) for the “Dual Growth Strategy.” Pertamina Digital Hub was recently launched with functions as an integrator and coordinator in monitoring operational activities that include core processes, critical processes, and supporting processes. Pertamina Digital Hub facilitates the integration and efficiency of PERTAMINA Group's business processes. Pertamina Digital Hub has three capabilities, i.e., Digital Factory, Remote & Robotic Surveillance, and Technical Orchestration, with the focus:
A. Supply chain optimisation, which means that the complete system can be optimised for availability and throughput to fulfil commitments and obligations by using the digital model with integrated operational, financial, and commercial data.
B. Less human intervention, which means that by using rules-based parameters, automated processes can be supported with a small number of staff members. The automation of menial tasks will be enabled by digital technologies, freeing up operators to concentrate on decision-making.
C. Predictive maintenance, which means anticipating maintenance requirements and significantly lowering the number of unplanned events. Artificial intelligence (AI) can be used to monitor massive amounts of sensor data generated throughout the system.
For example, in Pertamina’s value chain optimisation, analytical data analytics is implemented through INtegrated Optimization based on VAluable SIgnal (INOVASI) to analyse and detect anomalies, test data reliability, and compile reports and recommendations for strategic decision-
making. At the core of INOVASI is a factory automation platform developed in-house, capable of analysing big data and processing staggering millions of subsidised fuel transaction data daily. By leveraging artificial intelligence, INOVASI’s subject matter expert rules can swiftly identify potential anomalies, such as subsidised fuel diversion, overstocking, or any form of consumer fraud. This proactive monitoring has significantly enhanced Pertamina's ability to safeguard its subsidised fuel distribution network.
Winning the Asian Technology Excellence Award for Analytics - Energy
Pertamina has once again demonstrated its commitment to digital innovation through its state-of-the-art INOVASI platform. This AI-powered solution has revolutionised the distribution of subsidised fuel, ensuring transparency, efficiency, and accountability throughout the entire process.
“We do believe that INOVASI can be an enabler and accelerator in supporting the company's strategy to foster energy resilience,” said Ignatius Sigit Pratopo, Senior Vice President of Integrated Enterprise Data & Command Center at Pertamina. He further emphasised four key elements that define Pertamina’s successful digital transformation:
• Digital Factory: Pertamina's commitment to developing digital solutions across all business lines, from upstream to downstream as well as in new and renewable energy. The Digital Factory archetype includes digital-
intensive, data-intensive, and analyticintensive solutions incorporating AI, machine learning, and deep learning.
• Partnerships: Collaborating with experts and academic institutions to accelerate digital innovation.
• Organisational Capability: Investing in employee training and development to foster digital skills.
• Culture and Change Management: Cultivating a mindset that embraces digital transformation.
Pertamina has a big role and responsibility to maintain energy security according to the direction of the President of the Republic of Indonesia and digital transformation is a key enabler to achieve it.
Simon Aloysius Mantiri, CEO of Pertamina, said “Winning the Asian Tech Excellence Award in the Analytics category is a testament to Pertamina's unwavering commitment to innovation and digital transformation. This recognition inspires us to continue pushing the boundaries of technological advancement and to further solidify our position as a global energy leader.”
Pertamina’s achievement in revolutionising control across its digitalised fuel gas station network throughout Indonesia’s archipelagos has been recognised with Pertamina winning the Indonesia Technology Excellence Award 2024 in the Analytics - Energy category. This accolade validates the company's efforts to harness the power of data and technology to drive innovation and efficiency.
Ignatius Sigit Pratopo, SVP, Integrated Enterprise Data & Command Center, Pertamina
Gentrack empowers utilities in carbon reduction and digital transformation
Offering a new-age billing and CRM solution, Gentrack has helped industry leaders in the energy sector meet their ESG demands and maintain a competitive edge.
Utilities operating in the energy sector are under increasing pressure to offer low-carbon and high-value services but are hindered by legacy technology that does not support innovation.
Software company Gentrack aims to address this challenge by providing newage billing and CRM solution-composable software that empowers utilities to swiftly introduce new services demanded by sustainable-minded customers and regulatory authorities. Serving over 60 utilities worldwide, Gentrack enables its customers to rapidly innovate and adapt to evolving market dynamics.
Powering utility innovation
Gentrack enables utilities to expand their service portfolios and add new revenue streams by providing a low-code, no-code technology that can quickly launch innovative propositions to the utility’s customers. This not only improves the time to market but also offers a competitive advantage, especially in markets where multiple utilities are competing for residential, business, or industrial customers. By leveraging modern technology like Gentrack, utilities can now offer non-traditional products and services, such as more affordable and accessible electric vehicle (EV) charging, the option to launch battery and solar panels, and digital applications that allow customers to control their energy assets from their phones with full control and AI functionality.
With many utilities seeking to replace legacy billing systems with agile and efficient
alternatives, Gentrack offers rapid modernisation capabilities, resulting in significant cost savings, increased customer loyalty, and greater operational efficiency.
“We see a significant reduction in billing errors, resulting in fewer customer complaints and improved customer satisfaction. This reduction in customer issues not only saved the company resources spent on addressing complaints but also enhanced our overall operational efficiency,” said Geraldine Tan, General Manager at PacificLight Energy, a customer in Gentrack.
Meanwhile, Gentrack enables utility providers to deploy customer-centric technology to gain deeper insights into customer preferences and behaviours. Its g2.0 platform accelerates utilities’ digital initiatives to enhance customer experience.
“Gentrack’s automated, user-friendly solutions have enabled us to offer a smooth onboarding process for customers and deliver value-added services whilst upholding the high customer service standards PacificLight is known for,” adds Tan.
Pioneering ESG solutions for utilities
Amidst growing demand for ESG solutions, Gentrack has positioned itself at the forefront of innovation, proudly helping its clients achieve their ESG objectives.
Genesis Energy, a leading energy retailer in New Zealand, partnered with Gentrack to accelerate its journey towards sustainability. Leveraging Gentrack’s advanced billing and CRM technology combined with its own mobile app, Genesis has facilitated easy EV charging nationwide, driving a significant increase in EV adoption and contributing to its goal of replacing 2,650 GWh of thermal energy per
annum with renewable energy by 2030.
Meanwhile, Gentrack has forged a partnership with Amber Energy, an innovative utility provider in Australia that empowers consumers to control and automate their home batteries, forecast energy consumption using artificial intelligence, and significantly reduce both energy bills and carbon emissions by providing 100% renewable energy.
Amber gives customers access to the real-time wholesale electricity price and the technology to automate smart devices in their homes to use more cheap, renewable power when it’s available in the grid, and sell their excess renewable energy back to the grid at the same price as the big generators earn. Complementing Gentrack's billing and CRM capabilities, this integrated technology solution seamlessly combines billing, customer care, and behind-the-meter battery control, creating a robust system that can be replicated by other leading utilities worldwide looking to rapidly deploy new home battery and EV energy services.
“The Gentrack system has the out-of-thebox capabilities needed to deploy flexible energy solutions whilst many of the older systems in the market can’t cope with such propositions. By bundling our technology with Gentrack’s, we will be well positioned to deploy it around the world,” said Chris Thompson, CoCEO and Co-Founder of Amber.
By leveraging advanced technology and strategic partnerships, Gentrack is leading the way in shaping a more sustainable and resilient energy sector.
“We are proud to be at the forefront of driving positive change within the utility industry and look forward to continuing our mission of empowering utilities towards a more sustainable future,” said Geoff Childs, GM of Asia at Gentrack.
Gentrack’s milestones in empowering utilities earned recognition at the Australia Technology Excellence Award 2024, winning the Enterprise Software - Energy, Enterprise Software - Utilities, and ESG Tech - Utilities categories.
We are proud to be at the forefront of driving positive change within the utility industry and look forward to continuing our mission of empowering utilities towards a more sustainable future
Gentrack receives its trophies for the Australia Technology Excellence Awards 2024
Rapid advancements in technologies are reshaping industries, fostering new business models, and challenging traditional practices. To thrive in the coming decade, organizations must embrace change, reinvent themselves, accelerate digitization and deliver great customer experience.
and strategic technology partnerships.
Pruksa Holding achieves prestigious recognition at Asian Technology Excellence Awards 2024
The company was lauded for fostering innovation, cultivating a new organisational culture, and encouraging employees to think forward, be creative, and act boldly.
Pruksa Holding, a leader in Thailand's real estate and healthcare sectors, has garnered significant acclaim by winning four prestigious awards at the Thailand Asian Technology Excellence Awards 2024. The accolades were received for the company's exceptional technological innovations, demonstrating its commitment to improving quality of life and advancing sustainable business practices. With a focus on the brand purpose of “Live well, Stay well,” Pruksa has introduced groundbreaking initiatives that prioritise sustainability, technological advancement, and health.
Innovative projects leading the way Pruksa Group's recognition at the Thailand Asian Technology Excellence Awards 2024 reflects its dedication to fostering a culture of innovation and forward-thinking. The company's award-winning projects include the "Low Carbon Pre-Stressed Hybrid Slab" by Inno Precast, the "ViMUT Application" healthcare ecosystem platform, the "Innovative Positioning Technique: Hip Lateral Cross Table for Patient Radiation Safety" by ViMUT Hospital, and the "AI System for Contractor Payment Verification" by Pruksa Holding. These innovations underline Pruksa Group's leadership in technological advancement and its ongoing commitment to enhancing the quality of life for the Thai people.
Empowering employees to innovate
Mr Uten Lohachitpitaks, Group Chief Executive Officer of Pruksa Holding Public Company Limited, emphasised the role of employee-driven innovation in achieving this recognition. "The success we have achieved
with these awards is due to our employees who adopted Design Thinking principles to create solutions that enhance the well-being of Thai people. We aim for our community to 'Live well, Stay well' and we actively support our employees in developing forwardthinking innovations," Mr Uten said.
Awards across diverse categories
ESG Tech Category: The Low Carbon PreStressed Hybrid Slab by Inno Precast is a pioneering solution in the construction industry that utilises CarbonCure technology. This innovation not only adds more quality to construction and reduces site waste but also minimises carbon emissions, achieving a reduction of 27,045 tonnes in two years. It has the potential to support the development of over 13,000 green housing units.
Mobile – Healthcare Technology Category: The ViMUT Application, developed by ViMUT hospital, is a comprehensive healthcare ecosystem platform. It allows patients to consult with doctors 24/7 via telemedicine, supported by AI technology that analyses symptoms before connecting patients with specialists, facilitates medication delivery, and integrates with insurance services. This platform ensures patients can access quality healthcare services anytime, anywhere. By empowering patients with tools to manage their health proactively, ViMUT enhances both patient experience and care quality. Emerging Technology –Healthcare Category: The innovative Hip Lateral Cross Table technique, designed by ViMUT Hospital, enhances the quality of femur radiographs whilst minimising grid intersection issues. This technique has successfully reduced the need for repeat X-ray imaging from 60% to just 4% and decreased unnecessary
radiation exposure for patients by 93%.
AI – Real Estate Category: Pruksa Holding's AI system for contractor payment verification enhances transparency and efficiency in payment processes. This technology ensures accuracy and speed in financial transactions, reduces duplication, and cuts down payment processing time. It also decreases employee working hours from 2,400 to 1,560 hours annually, a reduction of 35%, fostering greater confidence amongst stakeholders.
Commitment to Brand Purpose: Live well, Stay well
Pruksa Group's guiding philosophy, "Live well, Stay well," underscores its mission to improve the quality of life through innovative solutions. The company focusses on integrating technology into everyday life to promote health, sustainability, and well-being. Each award-winning project aligns with this brand purpose, aiming to provide efficient, safe, and sustainable living solutions. Pruksa Group’s ongoing initiatives are driven by the belief that technology and innovation can be powerful tools to uplift society, ensuring that everyone can live a healthy, happy, and fulfilling life.
Mr Uten concluded by reaffirming Pruksa Group's dedication to continuous improvement and innovation. "These four projects are a source of pride for us, demonstrating our leadership in creating cutting-edge technology and IT solutions. However, we won't stop here. We will continue to innovate and develop solutions that benefit Thai people, enabling them to live truly good and happy lives," he said.
Pruksa has introduced groundbreaking initiatives that prioritise sustainability, technological advancement, and health
Pruksa Holding Public Company Limited, Inno Precast Company Limited, and ViMUT Hospital Company Limited attend the Asian Technology Excellence Awards 2024 ceremony in Thailand
Pruksa Holding Public Company Limited, Inno Precast Company Limited, and Vimut Hospital Company Limited win at the Asian Technology Excellence Awards 2024
BUILT FOR YOU
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PARCO highlights digital transformation and innovation in land records management
The company’s innovative “Digitization of Lands Records” leverages cutting-edge digital tools to enhance efficiency, improve data security, and ensure long-term preservation of land documents.
Pak-Arab Refinery Limited (PARCO) has set a new standard in digital transformation with its "Digitization of Lands Records" project, which recently earned the Pakistan Technology Excellence Award for Digital - Oil & Gas.
The company shared insights into the challenges of the project, the role of digitisation and innovative technologies, and how this achievement positions them for continued success in the evolving digital landscape.
What made you decide to utilise Microsoft Power Platform in implementing the project and what advantages does it provide?
We chose Microsoft Power Platform for our Lands Management System due to its seamless integration with SharePoint. Over the past two years, we have developed up to 25 applications within Power Apps, covering various aspects of land management and other critical business functions. Shifting our technology stack from PHP to Power Apps has significantly streamlined our development processes. The user-friendly interface and the low-code/no-code nature of Power Apps enabled us to deploy these applications rapidly. Additionally, the Power Platform ecosystem, including tools like Power BI, has further enhanced our capabilities. Power BI allows us to create detailed reports and dashboards, offering real-time insights into our data. Power Automate has also proven beneficial in integrating advanced technologies such as chatbots and robotic process automation (RPA). Leveraging these tools,
we’ve developed automated workflows and interactive chatbots to enhance user interaction and improve operational efficiency.
Can you tell us about your document digitisation project, some challenges that came with it, and how your project became crucial in this situation?
The digitalisation of the PARCO land records was crucial due to the fact that all the records pertaining to the titles/ownerships, allotment orders, leases, mutations, etc. of land/assets owned/acquired by PARCO worth billions are placed physically in our record rooms. In order to protect, automate, safekeep, backup, and streamline this extravagant land record into the digitalisation system, this full-fledged system was developed as Lands Management System LMS, migrating hardcopy records to digital storage.
The new system is designed to enhance service delivery, reduce error rates, and ensure quick and reliable access to land records
The challenges remained for the retrieval of physical records as the records are considerably very old and required proper handling; hence, the potentially weak documents were identified and protected in protector sheets, and then business fields were identified for proper tagging of records for smooth retrieval after scanning.
The new system is designed to enhance service delivery across various physical locations of the department and in varying states of preservation. This complicates the retrieval process and poses a significant risk of data loss and errors due to the physical degradation of documents. The labourintensive process of searching through ageing files to locate specific documents often results in significant delays.
By converting the paper records into a digital repository, the new system is designed to enhance service delivery, reduce error rates, and ensure quick and reliable access to land records.
How does your digitisation project ensure the security of sensitive information?
To ensure the security of sensitive information, we leverage SharePoint’s comprehensive security features, which include role-based access control (RBAC) and rights management through SharePoint Online. Permissions and access controls in SharePoint are seamlessly extended to documents accessed through Power Apps, whilst SharePoint provides robust encryption both at rest and in transit.
In addition to these core features, we have developed applications specifically tailored to securing Lands records within SharePoint. These applications, are tightly integrated with SharePoint’s workflow and authentication systems, ensuring that sensitive land information is handled securely and efficiently.
What does it mean for you to win the Pakistan Technology Excellence Award and how do you plan to follow through on this success?
Winning the award is a significant achievement for PARCO, marking a milestone in the company’s journey of innovation and leadership. This prestigious recognition underscores PARCO’s ongoing commitment to technological advancement, as it remains the only oil and gas company in Pakistan to win this award consecutively over two years. These accomplishments reflect the culmination of our team’s hard work and continuous pursuit of pushing the boundaries of technology. Looking ahead, PARCO is focussed on leveraging this to further innovate and lead, investing in cutting-edge technologies to enhance its capabilities.
Pak-Arab Refinery Limited (PARCO) wins the Pakistan Technology Excellence Award for Digital - Oil & Gas
EVENT: MANAGEMENT EXCELLENCE AWARDS
Middle East Management Excellence Awards lauds outstanding innovators
The Middle East Management Excellence Awards has once again celebrated the region’s most outstanding business leaders and innovators. This prestigious awards programme highlighted individuals and teams in the Middle East whose exceptional contributions have notably advanced their organisations’ success, employee engagement, and diversity and inclusion initiatives.
In the evolving industry characterised by dynamic challenges, businesses in the Middle East are redefining management practices with a focus on excellence and innovation.
Presented by Asian Business Review, a formal Awards Dinner for the Middle East Management Excellence Awards 2024 was held on 19 September at Grand Hyatt Dubai Convention Centre.
Asian Business Review congratulates the following winners:
Oman
OMAN FLOUR MILLS
• Innovator of the Year - Food Manufacturing (Adil Nasser Rashid Al Sabqi)
Petroleum Development Oman (PDO)
• Team of the Year - Oil & Gas (Digital Center of Excellence)
Qatar AND Marketing & Events
• Team of the Year - Diversified Services
Saudi Arabia
Al Khaleej for Training & Education
• Innovator of the Year - IT Services (Abdelhadi Al-Moghrabi)
Al-Dawaa Medical Services
• Health and Wellness Initiative of the Year - Healthcare
Charitable Association for Orphans Care in the Eastern Region (BENAA)
• Executive of the Year - Non-Profit Organization (Abdullah Rashed Al Khaldi)
Electromin
• Team of the Year - Automotive & Transport System
Petromin Corporation
• Executive of the Year - Automotive Services (Kalyana Sivagnanam)
• Team of the Year - Automotive Services (Corporate Strategy Team)
One Energy by Publicis Groupe
• Team of the Year - Advertising
ROSHN
• Executive of the Year - Real Estate (Jason Margetts)
• Team of the Year - Real Estate (Sales Capabilities Team)
SAL Logistics Services
• Employee Engagement of the Year - Logistics
• Health and Wellness Initiative of the Year - Logistics
This year’s awards programme honoured those who have demonstrated extraordinary leadership and set new benchmarks, whilst showcasing the vital role of visionary management in driving progress and achieving business success.
An esteemed panel of judges for this year’s Middle East Management Excellence Awards consisted of: Saudamini Dubey, Digital Transformation Lead Partner, Deloitte Middle East; Shivendra Jha, Partner, Head of Advisory Services and International Liaison Partner (ILP), BDO UAE; and Nimish Makvana, Senior Partner and Management Team Member, Crowe UAE.
Congratulations to all the winners for their exceptional achievements and contributions to advancing excellence in the Middle East’s business community!
Saudi Amad for Airport Services and Transport Support (SAAS)
• Employee Engagement of the Year - Transportation
SMC
• Team of the Year - Sports
TAM Development Co
• Employee Engagement of the Year - Consulting
Technology Control Company
• Team of the Year - Technology (TCC HR Team)
United Arab Emirates
Abu Dhabi Sports Council
• Team of the Year - Government (Sports Institutions Accounts Section Team)
Drydocks World FZC
• Health and Wellness Initiative of the Year - Marine and Offshore Engineering
e&
• Innovator of the Year - IT Services (Ahmed Omer Abdi)
• Team of the Year - IT Services (engageX)
Melodica Music Academy
• Executive of the Year - Education (Afshin Jafari)
Rotana Music Group
• Executive of the Year - Media & Entertainment (Salem Alhendi)
Abu Dhabi Sports Council
Al-Dawaa Medical Services
Drydocks World FZC
AND Marketing & Events
e&
Electromin
Petromin Corporation
ROSHN
SAL Logistics Services
Technology Control Company
AND Marketing & Events: Setting new standards for Qatar’s event industry
The company’s award-winning expertise has solidified it as the go-to partner for event solutions.
AND Marketing & Events, a 100% Qatariowned creative agency, has firmly established itself as a leader in Qatar’s event management sector. Specialising in immersive, world-class experiences, the agency offers a comprehensive suite of services, making it the go-to partner for clients seeking high-level turnkey solutions— from strategic planning and logistics to entertainment and digital engagement.
Born amidst the COVID-19 pandemic, AND Marketing & Events faced unprecedented obstacles but adapted quickly and thrived, demonstrating resilience and innovation. In recognition of its achievements, the agency won Qatar Team of the Year – Diversified Services at the Middle East Management Excellence Awards 2024. This recognition highlights the agency's unwavering dedication to raising the bar for event management in Qatar and beyond.
Going above and beyond to exceed expectations
At the heart of AND Marketing & Events is a commitment to exceeding client expectations. Driven by passion and cultural authenticity, the agency consistently pushes boundaries to deliver extraordinary results. From the initial strategic planning stages to final execution, every project is approached with the same level of dedication and attention to detail. This commitment was showcased in its work on the Expo 2023 Doha, the first A1 International Horticultural Exhibition in Qatar, the Middle East, and North Africa. As the lead agency responsible for entertainment and
cultural events programming, AND Marketing & Events curated a 179-day experience that drew over four million visitors. The scale and complexity of this event highlighted the agency’s expertise in managing large-scale, multifaceted projects whilst maintaining high standards of quality and innovation.
Expertise across borders: A global team with local insight
AND Marketing & Events’ success can be attributed to its diverse and talented team, composed of professionals from various nationalities. This unique mix of local and international talent allows the agency to blend global best practices with deep regional
Passion-driven work is at the core of AND Marketing & Events
knowledge, ensuring tailored solutions that meet the specific needs of every client. The team's ability to combine international trends with Qatari values results in events that resonate deeply with both local audiences and international visitors, fostering a collaborative approach that ensures every event is creative, culturally sensitive, and globally relevant.
Expo 2023 Doha: A landmark achievement
Expo 2023 Doha was a highly anticipated event, attracting both regional and international audiences eager to engage with the latest horticultural innovations,
trends, and cultural expressions from around the world. For AND Marketing & Events, the opportunity to lead such a prestigious and large-scale initiative was both an honour and a challenge. From the outset, the team committed to delivering a rich, memorable, and seamlessly executed experience that captivated visitors over six months.
Central to this commitment was the innovative design and curation of diverse cultural and entertainment events specially tailored to engage and inspire audiences of all ages and backgrounds. The AND Marketing & Events team developed a comprehensive vision that focussed on celebrating Qatar’s cultural heritage, alongside a showcase of global art, music, and performances. Executed with the highest standards of operational excellence, this vision ensures an enriching and smoothly coordinated experience for all attendees.
The success of Expo 2023 Doha not only showcased the agency’s capabilities but also reinforced its reputation as a leader in the region’s event industry.
Passion-driven excellence
Passion-driven work is at the core of AND Marketing & Events. The agency’s diverse team, with its unique cultural perspectives and wide-ranging expertise, fuels creativity and innovation in every project. This passion, combined with an unwavering commitment to quality, allows the agency to create transformative experiences that leave a lasting impact on audiences.
Looking to the future
AND Marketing & Events remains dedicated to continuing its journey of excellence. With a focus on innovation, cultural sensitivity, and unmatched event expertise, the agency is set to remain at the forefront of Qatar’s event industry, pushing boundaries and exceeding client expectations.
As Qatar’s premier event management agency, AND Marketing & Events is poised to continue shaping the future of the country’s event landscape. Through its passion, expertise, and commitment to excellence, the agency will continue to redefine what is possible in the world of event management, creating extraordinary experiences that reflect Qatar’s cultural heritage, ambition, and creativity.
AND Marketing & Events receives their trophy at the Middle East Management Excellence Awards 2024
Drydocks World Dubai – A sustainable Organisation
Since its founding in the year 1983, Drydocks World has been a beacon of excellence in the global shipbuilding and repair industry and central to the UAE’s role as a global maritime power.
DryDocks World Dubai (DDW) maintains the highest sustainability standards as a benchmark in the maritime industry and remains focussed on achieving net zero by the year 2050 to conserve marine biodiversity. Its commitment to COP and the Climate Change agenda by establishing key sustainability initiatives that are aligned with the SDGs.
Net Zero: DDW is targeted to achieve net zero by year 2050 in alignment with the Science Based Target initiatives (SBTi). Remarkably, DDW has obtained International Renewable Energy Certificate (IREC) from DEWA, which ensures 100% of its energy consumption comes from renewable sources.
Circular Economy: DDW is following a comprehensive strategy for waste management. The company has also adopted the “Circular Economy” model in production and consumption.
Biodiversity: DDW is committed to protecting the marine biodiversity that may be affected by its operations. DDW conducts routine ecological monitoring and seawater quality tests to ensure that no source of effluent discharge pollutes or harms the marine environment. The company is also carrying out routine seabed cleaning at its premises to protect the ocean seabed, marine flora, fauna, and coral reefs.
DDW leadership message on sustainability “DDW focusses on responsible & sustainable business. We ensure zero harm to people, assets, environment, and community due to our business activities. To achieve this, DDW always ensures our sustainability initiatives are aligned with United Nations
Sustainability Development Goals and Global best practices. It helps DDW to work responsibly, prioritising sustainability and fostering business growth. It creates positive impacts for the people, communities, and environment in which we operate.”
We ensure zero harm to people, assets, environment, and community due to our business activities
Dr Saleh Albalushi, Vice President - HSE
DDW Aerial View
Petromin Express – Revolutionising vehicle care across Saudi Arabia
The company’s customer-first approach combines reliable service with a commitment to sustainability and innovation.
In the fast-paced world of automotive care, Petromin Express is leading the charge with a customer-first approach that blends cutting-edge technology, inclusivity, and expert service. With over 650 services strategically located across Saudi Arabia, Petromin Express is transforming the way drivers experience vehicle maintenance, making it more accessible, faster, and reliable than ever before. Whether you’re navigating busy city streets, cruising down highways, or traversing rugged landscapes, Petromin Express is always there, keeping your vehicle in peak condition and ensuring safe journeys on every road.
“With the rapid advancement of technology and the changing expectations of our customers, we have made it our mission to redefine automotive service standards in the Kingdom,” said Mr Tariq, CEO of Petromin Express. “Our goal is to deliver an experience that not only meets but anticipates the needs of every driver. By investing in innovation, training, and sustainability, we are creating a service model that aligns with the dynamic lifestyles and diverse needs of drivers across Saudi Arabia.”
Saudi Arabia’s vast and diverse geography demands a tailored approach to automotive care. Petromin Express meets challenges by adapting its services to the unique demands of every driver in the Kingdom. Petromin Express is not a traditional service centre; it is a pioneer, offering an unprecedented level of personalisation through advanced digital capabilities, innovative solutions, and a commitment to inclusivity. Petromin Express is also the first automotive service provider in Saudi Arabia to welcome women technicians
to its skilled workforce. This milestone reflects a commitment to not only quality service but also societal progress, as Petromin Express reshapes the automotive industry to be inclusive, welcoming all skilled talent and serving a broader spectrum of customers. With its extensive network of service centres across Saudi Arabia, Petromin Express ensures that wherever you are, expert vehicle care is just around the corner.
Convenience is central to the Petromin Express experience; with its skilled and diverse team, drivers are assured that help is always near when they need it most.
Addressing unique challenges
Petromin Express offers a comprehensive range of services designed to address the needs of every vehicle. High-quality oil changes keep engines running smoothly in extreme conditions, whilst battery diagnostics and replacements ensure drivers are always ready to start reliably, even under intense heat. Tyre services—including replacements, balancing, and alignment—guarantee stability on all terrains. Recognising the necessity of functional air conditioning in Saudi Arabia’s climate, Petromin Express provides comprehensive AC checks and repairs to keep drivers cool and comfortable. Additionally, thorough brake services offer safe, responsive stops, giving drivers peace of mind wherever they go.
As the automotive landscape evolves, Petromin Express continues to lead with innovations like EV Charging Pods for electric vehicle owners, setting a new benchmark for future vehicle care. Petromin Express’s commitment to excellence has not gone unnoticed. Its enhancements in customer
experience through digital innovation have been celebrated on multiple platforms. Furthermore, the company’s dedication to sustainability, diversity, and inclusion has also earned recognition at ESGBusiness Awards.
Commitment to responsible innovation
Sustainability remains a core focus at Petromin Express. With eco-friendly offerings such as the Eco Steam Car Wash and advanced AC service technology, the company is making measurable environmental strides. The Eco Wash system saves an impressive 2.7 million litres of water annually, whilst AC services reduce carbon emissions by 30 tons each year. These initiatives not only reduce the environmental footprint but also resonate with customers who prioritise sustainable choices, solidifying Petromin Express’ position as an industry leader.
At the heart of Petromin Express is an unwavering dedication to delivering fast, reliable, and high-quality services to drivers across Saudi Arabia. From quick oil changes to comprehensive vehicle diagnostics, Petromin Express is a one-stop shop for automotive needs, offering unmatched convenience and expertise. With its inclusive, skilled workforce and commitment to progress, Petromin Express gives every driver the confidence to navigate the road ahead.
Ready to experience the future of vehicle care? Visit Petromin Express today to keep your vehicle running smoothly, no matter where the road leads.
Website: https://petromin.express
With the rapid advancement of technology and the changing expectations of our customers, we have made it our mission to redefine automotive service standards
Petromin Express is empowering women and providing a higher level of service to a wider range of customers
Petromin Express is driving innovation and progress by embracing diversity and hiring skilled female technicians
EVENT: MIDDLE EAST AWARDS
Exceptional companies celebrated at 2024 Middle East Awards
The awards programmes honoured homegrown and international companies that showcased excellent initiatives and technological advancements across the region.
The Middle East National Business Awards 2024, Middle East International Business Awards 2024, and Middle East Technology Excellence Awards 2024, hosted by Asian Business Review Magazine, have returned to honour outstanding innovation of businesses across various industries and technological achievements across the region.
The prestigious awards ceremonies were held at a showcase of innovation and success during the Awards Dinner at the Grand Hyatt Dubai Convention Centre on 19 September 2024.
This year’s awards programmes have celebrated a remarkable array of achievements across various sectors driving the Middle East’s dynamic business and technology landscapes. Both local enterprises and global firms were recognised for their exceptional projects and groundbreaking innovations. The awards also honoured pioneers in technological
Asian Business Review congratulates the following winners:
MIDDLE EAST NATIONAL BUSINESSAWARDS 2024WINNERS
Egypt
Beyti - An Almarai Subsidiary
• Food & Beverage
Oman
Ooredoo Oman
• Telecommunications
Saudi Arabia
Al-Dawaa Medical Services
• Healthcare
Charitable Association for Orphans Care in the Eastern Region (BENAA)
• Non-Profit Organisation
Dulani Business Center (programme of SDB Social Development
Bank Kingdom of Saudi Arabia)
• Financial Services
Royal Commission at Yanbu
• Government
Saudi Telecom Company (stc)
• Entertainment Experience
• Technology
• Telecommunications
Shar Company
• Architecture
• Materials & Construction
United Arab Emirates
Abu Dhabi Civil Defence Authority
• Analytics
advancement who are shaping the dynamic business and technology landscapes of the Middle East.
A panel of renowned industry experts served as judges for this year's Middle East National Business Awards and Middle East International Business Awards included: Shivendra Jha, Partner, Head of Advisory Services and International Liaison Partner (ILP), BDO UAE; Nimish Makvana, Senior Partner and Management Team Member, Crowe UAE; and Hassan Malik, Managing Partner, Deloitte. For this year’s Middle East Technology Excellence Awards, the esteemed panel of judges included: Binit Shah, Partner, Taxation & Technology, Crowe UAE; Dr Swamy Pentyala, Partner - CEO - Infotech Solutions & Technology Practice Leader, Baker Tilly Middle East; Madan Mohan, Director, Technology Advisory Services, BDO UAE; and Haresh Ahuja, Partner, Leader MENA IT Champions Committee, RSM AE Technology LLC. Congratulations to all the winners.
e& enterprise
• IT Services
Federal Authority For Identity and Citizenship
• Government
Luna PR
• Media & Entertainment
ResiDual
• Real Estate
SharpEagle Technology Group Ltd
• Consulting
MIDDLE EAST INTERNATIONAL BUSINESS AWARDS 2024WINNERS
• Property Technology - Residential Building Construction
SharkStriker
• Cybersecurity - IT Services
United Cooperative Assurance (UCA)
• Automation - General Insurance
United Arab Emirates
Abu Dhabi Sports Council
• Enterprise Software - Government
Al Ain Distribution Company
• AI - Utilities
AstraZeneca
• Automation - Healthcare
Biogen
• Digital - Health Products & Services
Canon Middle East FZ LLC
• Connectivity - Electronics
Dubai Roads & Transport Authority (RTA)
• AI - Government
e&
• AI - IT Services
e& UAE
• Digital - Education
• Digital - Technology
Emirates District Cooling (EMICOOL) LLC
• Water Management Technology - Utilities
FarmERP | Shivrai Technologies Pvt. Ltd.
• Agritech - Agriculture
Lifesize Plans Dubai
• Augmented Reality and Virtual Reality - Real Estate
M42
• Biotechnology - Environmental Services
Mashreq
• API - Banking
Mashreq Bank P.S.C
• AI - Banking
Mercer Talent Enterprise
• HR Tech - Human Resources Consulting
Paymentology
• Fintech - Financial Technology
Quantlase Lab
• Biotechnology - Healthcare
RAK TRANSPORT AUTHORITY
• Digital - Transportation
TASC Labour Services LLC
• Information Management - Outsourcing
Teal HR
• Analytics - Human Resources Consulting
The Department of Health Abu Dhabi
• Cybersecurity - Healthcare
• Information Management - Healthcare
the ENTERTAINER business
• Digital - Banking
The General Administration of Abu Dhabi Customs
• Automation - Government
EVENT: MIDDLE EAST AWARDS
Abu Dhabi Sports Council
Dubai Roads & Transport Authority (RTA)
Emirates District Cooling (EMICOOL) LLC GASCO
M42
Mashreq Bank P.S.C AI - Banking (UAE)
Ooredoo Oman Qiwa
RAK TRANSPORT AUTHORITY
National Maritime Academy Nupco
Mashreq - Digital - Banking (Egypt) and API - Banking (UAE)
UAE
Arab National Bank
Cloud4C Services
Resecurity, Inc.
SAL Logistics Services
Teal HR
United Cooperative Assurance
Dulani Business Center
e& enterprise
Ooredoo Oman ResiDual
Canon Middle East FZ LLC
Danone MENA
Abu Dhabi Civil Defence Authority
Al-Dawaa Medical Services
the ENTERTAINER business
The General Administration of Abu Dhabi Customs
Saudi Telecom Company (stc) Schneider Electric
stc Kuwait – Kuwait Telecommunications Company
Al-Dawaa Medical Services Company
is a leader in the Saudi healthcare industry, offering a comprehensive range of healthcare services and pioneering advancements in medical logistics, technology, and AI applications. With an expanding network of pharmacies and clinics, Al-Dawaa is committed to improving healthcare accessibility and supporting Vision 2030’s objectives to transform the Kingdom’s healthcare sector.
DMSCO Verticals
• Omnichannel retailer
• 933+ Stores
• 135 Cities
• Multiple healthcare logistics capabilities
• 10 Advanced warehouses in major cities
• Coverage across more than 95% of KSA / UAE / Bahrain with 900 vehicles
• Telemedicine solutions
• Chronic disease management
• Centralized dispensing solutions
• 38 Medical Devices Registered at SFDA (With 9 MDMA)
• 78% Local Content
• Golden Tier “Saudi Made”
www.al-dawaa.com.sa
M42 Environmental Sciences team wins Middle East Technology Excellence Awards 2024
M42, a global health leader powered by artificial intelligence (AI) and technology, has been honoured with the prestigious Middle East Technology Excellence Awards 2024 in the Biotechnology - Environmental Services category for its focus on advanced genomic sequencing, artificial intelligence (AI)-driven data analysis, and AI-powered mapping technologies that align with the United Arab Emirates’ sustainability goals in enhancing marine exploration and conservation.
Advancements in environmental science
Amongst its initiatives is the deployment of Oxford Nanopore Technologies' PromethION sequencer on Jaywun Vessel of the Environment Agency – Abu Dhabi, for real-time, high-throughput sequencing (HTS) of marine samples, including whole-fish and environmental DNA. It has also developed and implemented a comprehensive programme for fish DNA detection and taxonomic profiling. Moreover, the M42 Environmental Sciences Team has achieved scientific milestones with the identification of eight new invertebrate species that have contributed significantly to the global biodiversity knowledge base and the completion of atmospheric research expeditions. It has also collected and sequenced DNA from 16 whole-fish and 355 marine water
samples, showcasing its ability to perform HTS offshore. At the same time, it has implemented efficient onboard eDNA sampling, DNA extraction, and sequencing, enhancing data collection accuracy and efficiency.
To foster local expertise in marine research and conservation, M42 has also trained nine UAE nationals for over 3,000 hours and promoted regional scientific collaborations that have enhanced knowledge sharing and capacity building.
M42’s initiative represents a significant leap in marine research and conservation, leveraging cutting-edge technologies and fostering collaborations. “By pushing the boundaries of marine research and setting new standards in biotechnology and environmental science, our company is pioneering efforts in marine exploration and conservation and is delighted to be recognised for this with the prestigious award in this category,” it said.
In the future, the company plans to use MetaMaps for improved taxonomic classification and create a specialised fish species database to enhance species prediction accuracy. It also aims to expand the research scope to include oceanic blue
carbon assessments, deep-water habitat mapping, and surveys on marine megafauna and invasive species.
Recognition at Middle East Technology Excellence Awards
The Middle East Technology Excellence Awards honour pioneers of technological innovation in the region who have significantly contributed to the pursuit of excellence within the industry. It also celebrates companies, initiatives, and leaders who have used advanced technologies to improve business outcomes.
This year’s awards programme was held alongside the Middle East National Business Awards 2024 and Middle East International Business Awards 2024 at the Grand Hyatt Dubai Convention Centre on 19 September 2024. Showcasing a remarkable array of achievements across various sectors in the Middle East, the esteemed panel of judges of Middle East Technology Excellence Awards included experts from Crowe UAE, Baker Tilly Middle East, BDO UAE, and RSM AE Technology LLC.
By pushing the boundaries of marine research and setting new standards, our company is pioneering efforts in marine exploration and conservation
The company pioneered marine conservation through advanced genomic sequencing and AI.
M42 at the Middle East Technology Excellence Awards 2024
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Asian Experience Awards 2024 celebrates excellence in brand experiences
The Asian Experience Awards 2024 proudly recognised the outstanding achievements of companies that have set new benchmarks in impactful brand experiences. This year’s winning companies were celebrated at the Awards Ceremony hosted by the Asian Business Review at the Marina Bay Sands Expo & Convention Centre, Singapore on 3 October 2024. This prestigious awards programme honours the ingenious initiatives of organisations that create meaningful interactions with their stakeholders. Open to all industries across Asia, the awards programme spotlights the most innovative and unique experience initiatives launched recently.
Asian Business Review congratulates the following winners:
ABR (Advanced Battery Recycle)
• South Korea Product Experience of the Year - Manufacturing Technology
AFFIN ISLAMIC BANK BERHAD
• Malaysia Brand Experience of the Year - Banking
• Malaysia Product Experience of the Year - Banking
ALVA
• Indonesia Digital Experience of the Year - Automotive & Transport Equipment
Amana Takaful Insurance
• Sri Lanka Customer Experience of the Year - General Insurance
Athena
• Philippines Employee Experience of the Year - Business Services
Bank DBS Indonesia
• Indonesia Partner Experience of the Year - Banking
Bank of Singapore
• Singapore Digital Experience of the Year - Banking
BTN Prioritas
• Indonesia User Experience of the Year - Banking
CIMB Bank Berhad
• Malaysia Customer Experience of the Year - Banking
• Malaysia Employee Experience of the Year - Banking
Citibank Singapore Limited
• Singapore Customer Experience of the Year - Banking
CONVERGE ICT SOLUTIONS INC
• Philippines Digital Experience of the Year - Broadband Telecommunication
DBS Indonesia
• Indonesia Customer Experience of the Year - Banking
DKSH Performance Materials
• Australia Digital Experience of the Year - Chemicals
• Malaysia Product Experience of the Year - Chemicals
DXC Technology
• Brunei-Indonesia-Malaysia Employee Experience of the Year - IT Services
e&
• United Arab Emirates Service Experience of the Year - Telecommunications
e& (Etisalat)
• United Arab Emirates Employee Experience of the Year - Technology
The distinguished panel of judges for this year’s event includes: 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; Dorothy Peng, Partner, Customer Strategy & Design, Deloitte Southeast Asia; and Andrew Tan, Partner, Consulting, Ernst & Young Advisory Pte. Ltd.
The judges’ expertise and insightful evaluations were crucial in recognising and selecting this year’s outstanding achievements and remarkable winners.
Congratulations to all the winners!
EDOTCO Group
• Malaysia Customer Experience of the Year - Telecommunications
Employment Hero
• Australia Brand Experience of the Year - Human Resource Technology
Everise
• Singapore Employee Experience of the Year - Business Services
Expereo Singapore Pte Ltd
• Singapore Service Experience of the Year - Business Services
Fatima Fertilizer
• Pakistan Brand Experience of the Year - Agriculture
Federal Express Thailand Co.,LTD
• Thailand Customer Experience of the Year - Logistics
FedEx
• Hong Kong Customer Experience of the Year - Transportation
foodpanda Taiwan
• Taiwan Employee Experience of the Year - Internet/New Media
GEODIS APAC & Middle East
• Singapore Customer Experience of the Year - Logistics
Hang Seng Bank Limited
• Hong Kong Partner Experience of the Year - Banking
Heineken Malaysia Berhad
• Malaysia Product Experience of the Year - E-Commerce
• Malaysia Service Experience of the Year - E-Commerce
HSBC Philippines
• Philippines Brand Experience of the Year - Banking
• Philippines Product Experience of the Year - Banking
Hugosave (Atlas Consolidated)
• Singapore Customer Experience of the Year - Financial Technology
Jalin Pembayaran Nusantara
• Indonesia Brand Experience of the Year - Financial Services
• Indonesia Product Experience of the Year - Financial Services
Jebsen & Jessen Packaging Sdn Bhd
• Malaysia Digital Experience of the Year - Manufacturing
Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank)
• Vietnam Customer Experience of the Year - Banking
Keysight Technologies
• Malaysia Customer Experience of the Year - Electronic Manufacturing
Krungsri Auto (GO by Krungsri Auto Application)
• Thailand Digital Automotive Experience of the Year - Banking
Krungthai Bank PCL
• Thailand Digital Employee Experience of the Year - Banking
Lao Telecommunication Public Company
• Laos Employee Experience of the Year - Telecommunications
Liberty General Insurance Berhad
• Malaysia Employee Experience of the Year - General Insurance
Malaysia Aviation Group & Malaysia Airlines
• Malaysia Brand Experience of the Year - Aviation
• Malaysia Customer Experience of the Year - Airline
Maybank Indonesia
• Indonesia Product Experience of the Year - Banking
Maybank Singapore Limited
• Singapore Product Experience of the Year - Financial Services
Mech-Mind Robotics
• China Customer Experience of the Year - Technology
• China Product Experience of the Year - Technology
MPT Mobility & CUE Group
• Philippines Customer Experience of the Year - Utilities
Nestle
• Thailand Customer Experience of the Year - FMCG
NTT DATA
• Singapore Customer Experience of the Year - IT Services
NTUC LearningHub Pte Ltd
• Singapore Brand Experience of the Year - Training and Development
NutriAsia Inc.
• Philippines Product Experience of the Year - Food & Beverage
OCBC
• Singapore Employee Experience of the Year - Banking
Permodalan Nasional Berhad
• Malaysia Digital Experience of the Year - Financial Services
PETRONAS Global Technical Solutions, PGTSSB
• Malaysia Product Experience of the Year - Oil & Gas
Philippine National Bank Singapore
• Philippines Digital Experience of the Year - Banking
Pru Life UK
• Philippines Brand Experience of the Year - Life Insurance
• Philippines Product Experience of the Year - Life Insurance
Prudential BSN Takaful Berhad
• Malaysia Service Experience of the Year - Personal Insurance
PT Asuransi BRI Life
• Indonesia Customer Experience of the Year - Life Insurance
PT Bank CIMB Niaga Tbk
• Indonesia Employee Experience of the Year - Banking
• PT Bank Mandiri (Persero) Tbk
• Indonesia Digital Experience of the Year - Banking
PT Bank Syariah Indonesia, tbk
• Indonesia Brand Experience of the Year - Banking
PT Erafone Artha Retailindo
• Indonesia Product Experience of the Year - Retail
PT PLN Indonesia Power UBP Suralaya
• Indonesia Digital Experience of the Year - Energy
• Indonesia Service Experience of the Year - Energy
PT. AKR Corporindo Tbk.
• Indonesia Partner Experience of the Year - Supply Chain
Reliance Jio Infocomm Limited
• India Digital Experience of the Year - Telecommunications
Samsung Malaysia Electronics Sdn. Bhd.
• Malaysia Product Experience of the Year - Electronic Manufacturing
• Malaysia Service Experience of the Year - Electronic Manufacturing
Sedgwick
• Singapore Digital Experience of the Year - Business Insurance
Singtel
• Singapore Customer Experience of the Year - Telecommunications
• Singapore Digital Experience of the Year - Telecommunications
SM Supermalls
• Philippines Brand Experience of the Year - Retail
Sun Life Assurance Company of Canada Singapore Branch
• Singapore Product Experience of the Year - Life Insurance
Sunway Lagoon
• Malaysia Customer Experience of the Year - Tourism
Suzlon Energy Australia Pty Ltd
• Australia Service Experience of the Year - Renewable Energy
Swift
• Malaysia Service Experience of the Year - Financial Services
TALKE Logistics Malaysia
• Malaysia Distribution Experience of the Year - Logistics
Techcom Securities Joint Stock Company
• Vietnam Digital Experience of the Year - Financial Technology
Teleperformance Malaysia Sdn. Bhd.
• Malaysia Customer Experience of the Year - Outsourcing
The Grid
• Singapore Product Experience of the Year - Technology
The Stock Exchange of Thailand
• Thailand Employee Experience of the Year - Financial Services
Tonik Digital Bank
• Philippines Customer Experience of the Year - Banking
United Overseas Bank (Malaysia) Berhad
• Malaysia Digital Experience of the Year - Banking
United Overseas Bank Limited
• Singapore Service Experience of the Year - Banking
Vietjet
• Vietnam Brand Experience of the Year - Airline
Vista Land & Lifescapes, Inc.
• Philippines Customer Experience of the Year - Real Estate
Western Digital KL COE
• Malaysia User Experience of the Year - Engineering
EVENT: ASIAN EXPERIENCE AWARDS
AFFIN ISLAMIC BANK BERHAD
BTN Prioritas
e&
EDOTCO Group
Expereo Singapore Pte Ltd
Fatima Fertilizer
CONVERGE ICT SOLUTIONS INC
DBS Indonesia
DXC Technology
ALVA
ATHENA
Bank DBS Indonesia
foodpanda Taiwan
Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank)
GEODIS APAC & Middle East
Keysight Technologies
Krungthai Bank PCL
Malaysia Airlines & Malaysia Aviation Group
Heineken Malaysia Berhad
Jalin Pembayaran Nusantara
Maybank Indonesia
Maybank Singapore Limited
EVENT: ASIAN EXPERIENCE AWARDS
PETRONAS Global Technical Solutions, PGTSSB
PT Asuransi BRI Life
Suzlon Energy Australia Pty Ltd
United Overseas Bank Limited Western Digital KL COE
Vietjet
Swift
Teleperformance Malaysia Sdn. Bhd
The Stock Exchange of Thailand
Singtel
SM Supermalls
Sun Life Assurance Company of Canada Singapore Branch
Sedgwick
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foodpanda Taiwan wins at Asian Experience Awards 2024
foodpanda Taiwan was recently awarded the Employee Experience of the Year - Internet/New Media at the Asian Experience Awards 2024.
Eva Huang, Managing Director of foodpanda Taiwan, expressed gratitude for the recognition, stating, "This award is a testament to our team’s dedication, and we are committed to continuously enhancing the employee experience and fostering a more inclusive and
foodpanda Taiwan introduced policies like fertility leave, 20-week paid parental leave, and flexible work options. These initiatives have increased employee satisfaction
When great organizations work together, the possibilities become limitless. At Western Digital, close collaboration with our customers and strategic partners allows us to continuously develop new HDD and flash memory solutions that broaden horizons for our industry and yours.
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• Covering the full digital lifecycle with a single point of contact
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• 7 billion client engagements each year
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World-class digital backbone
• 4th largest IP backbone worldwide
Exceptional leadership lauded at Malaysia Management Excellence Awards
In today’s evolving business environment, with a growing focus on sustainability, inclusivity, and employee well-being, companies are increasingly committed to creating value for shareholders, employees, customers, and communities.
Hosted by the Asian Business Review Magazine, the Malaysia Management Excellence Awards 2024 brought together the most influential companies and leaders in the business community to celebrate their remarkable achievements at an Awards Dinner held on 21 November 2024 at the InterContinental Kuala Lumpur, Malaysia.
The Malaysia Management Excellence Awards 2024 recognised the nation’s top leaders, innovators, and teams for driving business success through visionary leadership. This year’s awards programme
Asian Business Review congratulates the following winners:
Executive of the Year
• Computer Software - Dato' Bock Kim Lee, Western Digital
• Life Insurance - Raymond Lew, Sun Life Malaysia Assurance Berhad
• Financial Services - Datuk Chay Wai Leong, Kenanga Investment Bank Berhad
• Financial Technology - Beena Pothen, Mastercard
Innovator of the Year
• Financial Services - WASIYYAH SHOPPE BERHAD
• Logistics - Michael Ong, DHL Express (Malaysia) Sdn Bhd
• Non-Profit Organisation - DR MURUGAPPAN, Malaysian Communications and Multimedia Commission
Team of the Year
• General Insurance - Takaful Ikhlas General Berhad
• Government Organisation - Medical Device Authority (MDA), Ministry of Health Malaysia
• Logistics - DHL Express (Malaysia) Sdn Bhd
Employee Engagement of the Year
• Airline - AirAsia
• Computer Software - Western Digital
• IT Services - ABEAM CONSULTING (MALAYSIA) SDN BHD
• Non-Profit Organisation - Malaysian Communications and Multimedia Commission
also celebrated achievements in employee engagement, health & wellness, and diversity and inclusion, showcasing organisations that have positively impacted their workforce, customers, and society. The awards programme serves as a benchmark for excellence, recognising the best in leadership, innovation, and responsible business practices and underscoring the critical role that management plays in driving progress.
An esteemed panel of judges was invited to evaluate the nominees in this year’s Malaysia Management Excellence Awards, which includes Prakash Arikrishnan, Director | Risk Advisory – Global Treasury Advisory Services, Deloitte Malaysia; Vivien Mah, Partner, Ernst & Young Consulting Sdn Bhd; and Olivier Letant, Partner, Kearney.
Congratulations to all the winners for their exceptional contributions!
ABEAM CONSULTING (MALAYSIA) SDN BHD AirAsia
Main PR Photo
Bintulu Port Holdings Berhad
Mastercard
Malaysian Communications and Multimedia Commission
HSBC Electronic Data Processing (Malaysia) Sdn. Bhd.
Western Digital
Takaful Ikhlas General Berhad
Medical Device Authority (MDA), Ministry of Health Malaysia
Leading digital transformation and innovation in HR to shape Malaysia's future
Dr Murugappan speaks about human capability acceleration, digital leadership, evidence-based decision-making, total rewards strategy, and staying ahead of industry trends.
An accomplished professional with over 30 years of experience in multinational corporations and the public sector, Dr Murugappan, CHRO, Malaysian Communications and Multimedia Commission (MCMC), specialises in organisational leadership and strategic people practices. With 24 global certifications and a PhD in digital leadership, he stands as a thought leader in the field, committed to continuous learning and development.
Beyond the boardroom, he dedicates himself to nurturing future leaders through education and pro-bono work, mentoring underprivileged youth, and promoting talent acceleration initiatives.
An educator and author, he is dedicated to shaping the next generation of leaders. His PhD research focusses on the Digital Transformation Leadership Black Box (DTLBB), where he refined the understanding of digital transformations by introducing a phased approach. He validated the existing theories about digital transformations, identifying unique traits required at each stage and challenging the traditional "onesize-fits-all" perspective.
Empowering HR through technology
Integrating technology within HR isn’t just about improving efficiency and optimisation—it is about fostering a culture of continuous learning, adaptability, and innovation. Through streamlined platforms for recruitment, performance management, and employee engagement, MCMC has created an environment where innovation thrives and established a culture where employees
feel equipped, inspired, and motivated to contribute to the greater good. By enabling staff to focus on strategic, mission-aligned activities rather than administrative tasks, MCMC empowers them to become true agents of change. This cultural shift, supported by continuous learning and digital tools, allows the team to align more closely with MCMC’s overarching mission to build a connected, digitally empowered Malaysia.
A key example of this is MCMC's pioneering use of the metaverse to transform traditional HR practices. The organisation has introduced immersive, virtual onboarding experiences that allow new hires to step into its organisational culture in ways that are engaging and dynamic. This initiative is part of a larger strategy that includes deploying virtual engagement tools across MCMC's community engagement centres (NADI) nationwide, strengthening connections with citizens, businesses, and stakeholders. By leveraging cutting-edge technology, MCMC enhances its mission delivery to ensure a digitally inclusive Malaysia.
Dr Murugappan’s long-term vision for the organisation within the MCMC is to continue evolving as a beacon of innovation and human-centric leadership in the nonprofit sector. By embracing emerging technologies, fostering a growth mindset, and committing to lifelong learning, the organisation aims to
inspire and empower teams to make a lasting impact—not only in the communications and multimedia sector but across the nation.
Advancing AI, human capital measurement, and leadership for a digital era
MCMC also cherishes the next big wave in HR, to be driven by advancements in artificial intelligence (AI), people analytics, and human capital measurement. They are already seeing early adopters of AI in recruitment, performance management, and employee engagement, but the future holds even more potential. One concept they are particularly enthusiastic about is valuing human capital similarly to financial assets. Just as financial statements provide insights into a company’s financial health, human capital financial statements will allow it to quantify the contributions of its workforce.
Looking ahead, one of Dr Murugappan’s primary goals is to continue advancing his research in digital leadership and human capital measurement. He is working on creating a framework that will help organisations navigate their digital transformation journeys more effectively by identifying the specific leadership capabilities required at different stages of the process. He also plans to continue advocating for the adoption of human capital financial statements.
Another key goal is to adapt the total rewards strategy to the new work order, moving away from static job descriptions and evaluations towards valuing the capabilities of talent. Hence, a flexible total rewards strategy that targets the capabilities of talent rather than the job profile itself is quickly becoming the norm, with growth-based talent mobility favoured over traditional hierarchical progression. As the HR landscape continues to evolve, there will be a growing need for leaders who can balance the demands of digital transformation with the complexities of workforce management.
By sharing his knowledge and experience, Dr Murugappan hopes to help shape the future of HR leadership.
Looking ahead, one of Dr Murugappan's primary goals is to continue advancing his research in digital leadership and human capital measurement
Dr Murugappan, CHRO, Malaysian Communications and Multimedia Commission
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A sia’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.
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Why micro-retail is the way to go to reach Southeast Asian shoppers
Despite their unassuming setups, these family-run stores are a force to be reckoned with. According to a 2023 report by Boston Consulting Group (BCG), “traditional trade” formats make up 73% of Southeast Asia’s grocery retail market. The resiliency of these micro-retail stores came into full display after the pandemic. Whilst hypermarkets saw a 4% decline and supermarkets only grew by 2% from 2018 to 2022, smaller formats took the lead with a 7% annual growth rate within the region. Even when the month-on-month (MoM) inflation rate in the Philippines rose to 6.6% as of April 2023, sari-sari stores still achieved a MoM of 14.4%.
Supermarkets and hypermarkets, defined as “modern trade” by BCG, have actually long been aware of the staying power of micro-retail in the region, establishing their own minimarkets to reach Southeast Asian shoppers. This strategy was proven successful in the past few years: smaller formats now make up ~73% of the total modern trade market in Indonesia and ~58% in share of Thailand’s modern trade as of 2022. Whilst currently lagging behind, major retailers in other Southeast Asian countries are aiming to catch up through efforts such as the Philippines’ SM Supermarkets continued expansion of its minimart chain Alfamart.
An ode to the neighbourhood store
Perhaps the most obvious reason why micro-retail stores still have a stronghold over Southeast Asia is because of the convenience they provide in a region that is still mostly rural, thus lacking robust infrastructures for electricity and transportation. As of 2023, Singapore is the only country in the region with a full 100% urbanisation rate, whilst countries like Vietnam, Thailand, and Indonesia have respective rates of 39.48%, 53.61%, and 58.57%. To provide basic necessities in even the most far-flung areas, there is at least one mom-and-pop store that takes no longer than 10 minutes to walk to in every smaller neighbourhood community.
These neighbourhood stores also serve as community meeting grounds, providing a space for socialisation and a sense of routine for locals. Because store owners tend to be friends or neighbours, regular customers can even easily ask for favours and loans during times of need. In a 2023 study about Vietnamese wet markets, one retailer said that his customers tend to be familiar people who go to the stall daily, so he always aims to nurture good relationships through personal interaction. Whereas self-service tends to be one of the defining features of modern retail, the study concludes that wet markets go beyond by acting as a “place to circulate goods, exchange information, and enhance relationships.” Given the value of community to Southeast Asians, it is no wonder then that 40% are influenced by recommendations from family or friends—just a little more than 38% who are persuaded by influencer marketing and endorsements.
This need for trustworthy, interactive shopping is also prevalent in Southeast Asia’s online shopping preferences. Four in ten Southeast Asians prefer to shop online from a local seller in comparison to 21% who prefer international merchants. Asia continues to lead in e-commerce with a forecasted market volume of $1.8t for 2023, thus
ANN GABRIELLE DOMINGO Junior Cultural Desk Researcher Canvas8
tapping into emerging online shopping behaviours will be key to unlocking new opportunities within the region. Increasing access to the internet and the emerging middle class are also steadily contributing to the growing popularity of e-commerce, especially for fashion, electronics, and beauty product categories.
Another online shopping behaviour that is gaining momentum across the region is livestream shopping, in which hosts talk about their brand’s or store’s products in detail to pique the interest of potential buyers. As 82% of Southeast Asians say they have watched a livestream shopping video at least once, this form of social commerce provides a similar type of affordability and bits of interactiveness that local neighbourhood stores are held in good regard for. When asked about why they enjoy watching livestreaming sale videos, 46% of Southeast Asians answered, “There are many promotions/discounts,” and another 37% answered “I can easily get answers to my questions about the product by posting a comment.”
Recognising the value of mom-and-pop stores to Southeast Asian shoppers, startups are already leading the way in digitising these local neighbourhood stores as e-commerce continues to sweep the region. Filipino startup Packworks, for example, aims to grow the revenue of sari-sari stores throughout the Philippines by providing them access to a digital inventory and point-of-sale systems. With the goal of helping warung merchants adjust to modern needs, Indonesian startup Warung Pintar provides similar solutions by connecting shop owners with brands, warehouses, and same-day delivery access. Major players like L’Oreal are also tapping into livestream shopping via TikTok and Southeast Asian e-commerce apps like Shopee, Lazada, and Tokopedia by assigning employees to answer audiences’ questions about the brand’s' different beauty products.
When reaching Southeast Asian shoppers, bigger is not always better. Dependability may be the biggest strength for Southeast Asian microretail formats—especially as these easily overlooked stores remain standing amidst economic headwinds.
Micro-retail stores are often situated in residential areas or zones with high foot traffic
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