BPI REVEALS ITS TACTICS IN COURTING THE HIGH NET WORTH MARKET
HEALTHCARE SECTOR SEES RENEWED INTEREST FROM CORPORATE BUYERS
TECH STRIPS THE SCARE OFF SPINE SURGERIES
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.
Utilising premium materials and specialised washing processes to ensure every linen piece meets quality and hygiene standards for clients.
waste management practices to ensure safe and environmentally friendly disposal.
Commitment to the highest standards of cleanliness and hygiene for infection control.
The Asian Business Review is a regional magazine serving Asia’s dynamic business community. Essential coverage includes the economy, investment, manufacturing, technology, travel, and trade. It offers fresh perspectives and ideas to guide its readers through the challenges and complexities of their businesses, providing opinion and analysis on all areas of business to improve performance.
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FROM THE EDITOR
DSingapore's bold move to raise the retirement age has ignited a lively debate, challenging traditional views on workforce longevity. Dive into the implications of this policy shift and discover how it could redefine retirement for future generations. Read more on page 16.
Understanding the regulatory terrain is half the battle. MSIG Asia CEO Clemens Philippi provides a rundown of recent policy changes in Southeast Asia that leaders in the insurance industry should prepare for on page 10.
This year, key business leaders shared the best insights and innovations at our events. At the Healthcare Asia Summit, Adj A/P Jacob Oh from Tan Tock Seng Hospital discussed how improving CT scanner navigation can reduce post-surgery pain. Read more on page 18. At the Retail Asia Forum, GQ Thailand’s George Hartel revealed the behind-the-scenes of launching the viral “ultimate white shirt.” Read more on page 20. Lastly, Dr. Yunyong Thaicharoen explains how Siam Commercial Bank’s early tech investments kept the company afloat during the pandemic. Discover his insights on page 22.
We recognised exceptional companies contributing to Malaysia’s economic growth and global standing in this year’s Malaysia National Business Awards, International Business Awards, and Technology Excellence Awards. See the list of winners on pages 24 to 29.
We also highlighted business leaders, innovators, and companies with successful employee engagement programs, diversity and inclusion initiatives, and health and wellness projects in our annual Asian Management Excellence Awards 2024. Check out the award recipients on pages 36 to 39. Congratulations to everyone!
Tim Charlton
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Why the bank of the future is not really a bank
One year after kicking off operations as a fullfledged digital bank, ANEXT Bank CEO, Toh Su Mei shared one of her key takeaways on Singaporeans’ modern banking needs, “Nobody needs another bank in this day and age!” She added, “Which is why we were very clear from the onset on why we do what we do and how [we do it].”
The Netflix of insurance: KoverNow offers instant coverage with one click
When Stephan Kaiser, CEO of insurtech firm KoverNow, first created his company in 2019, he banked on people becoming attracted to the subscription-based model, and for good reason. Almost 4 in 5 people globally are enrolled in a subscription service, making it the most in-demand business model in the world.
BPO sector seeks hub in Philippines’ provincial markets over labour costs
With a huge spike in wages and increasing labour costs, companies in the BPO sector looking for office space outside the capital of the Philippines. According to KMC Savills, the net absorption in the office market in 2022 was 270,900 square metres (sq m), a reversal of the negative uptake in 2021.
F&B success seen in Family Mart Indonesia stores
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How NETS is helping SMEs get the right data to raise their revenue
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Asia needs natural gas to balance ‘energy trilemma
The Asia-Pacific (APAC) region's pursuit of energy transition and security would have to take into consideration balancing the “energy trilemma” — energy affordability, reliability, and sustainability. Ensuring that all three factors are met would entail the adoption of natural gas in the energy mix.
WHY RETAILERS ARE SWITCHING TO EMOTIONAL LOYALTY
Retailers may now retire the red signs promoting discounts and point-based rewards. Whilst initially effective, these tactics have saturated the marketplace with similar loyalty programmes, ultimately making consumers more likely to switch brands and undermining long-term loyalty. This shift from transactional to emotional strategies now dominates, focusing on building deeper connections with customers.
Not just a club
According to Euromonitor International’s Voice of the Consumer: Loyalty Survey, over half of Asia Pacific consumers are members of more than one loyalty programme, complicating the redemption and management of accrued rewards.
This trend underscores consumer preferences for maximising benefits across various daily spending categories and the challenge companies face in managing points liability, a potential drain on profitability in transactionfocused loyalty models.
Conversely, a growing trend towards emotional loyalty strategies offers a potential solution, promising enhanced customer retention through deeper and non-monetary connections.
Nearly one in three consumers in the region join loyalty programs to forge lasting connections with beloved brands, a sentiment surpassing the global average, the report noted.
Prudence Lai, a senior analyst at Euromonitor International, highlighted a growing desire for authentic and personalised connections with brands, driven by a preference for unique experiences. She said that consumers join loyalty programmes that offer rewards “just for being a customer,” solve problems, and express gratitude.
“This shows that customers with a strong interest in engaging with brands through joining loyalty programmes are searching for more personalised and emotional connections,” Lai said.
Healthcare overtakes tech for top M&A deals
Corporate buyers are increasingly returning to the healthcare sector to acquire bolt-on targets as valuations cool amidst a persistently challenging private equity (PE) 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 and ROHTO Pharmaceutical are a testament to this trend.
These two high-profile control deals helped propel healthcare to become the industry with the biggest mergers and acquisitions (M&A) by deal value in Singapore this year, according to Yiqing Wang, managing editor for Asia Pacific at Mergermarket, a service of ION Analytics.
Despite only having four deals, the healthcare industry recorded a deal value of US$1.13b (SG$1.53b), accounting for 25% of deal value recorded in Singapore from January to April. The sector’s deal value in the first four months of 2024 is already above its 2023 record of US$464m.
“For the first time in the past 10 years, healthcare has overtaken technology to be the biggest M&A industry in Singapore,” Wang said. Technology, which was in second place, recorded a deal value of
US$1.03b (SG$1.39b), accounting for 23% total deal value for the January to April period.
Craig Loveless, partner at Norton Rose Fulbright, said the M&A activity within the technology sector remains strong, with AI seeing an increase in deals. Apart from technology, Loveless points to the energy sector as a main driver for M&A activity in Singapore.
Elaine Tan, senior manager at LSEG Deals Intelligence, noted that consumer products and services is also a key sector for M&A deals by deal value in Singapore.
Amongst the biggest deals that the Consumer Products & Services sector will see this year is Alibaba Group’s pending US$3.75b (SG$5.07b) acquisition of the remaining interest it did not already own in Cainiao Smart Logistics Network from Singapore’s GIC and Temasek, Shen Guojun, and Malaysia’s sovereign fund Khazanah Nasional.
Industrials and Financials are also leading sectors in M&A activity by deal value in Singapore, said Tan.
In 2023, financials was also amongst top industries by deal value, bolstered by Japan-based Sumitomo Life’s acquisition of Singapore Life Holdings.
Rising Japan investments
Tan said Japanese investments and acquisitions in Singapore have been on the rise as companies in the East Asian country seek diversification and growth opportunities outside Japan.
“Japan's increased foothold in Singapore and Southeast Asia stems from a confluence of factors, including a growing consumer market, strategic location, and the access to technological advancements,” she said.
In 2023, Japan outbound acquisitions in Singapore increased by fourfold from 2022 to almost US$3.0b (SG$4.05b), marking the highest annual total since 2020. “Number of deals grew 13% YoY and saw the busiest year since 2019,” Tan told Asian Business Review.
For the first time in the past 10 years, healthcare has overtaken technology to be the biggest M&A industry in Singapore
Singapore also accounted for 45% of Japan’s outbound M&A activity in Southeast Asia. Despite increased investments, Japan was only second to the United States in the list of most active acquirer nations targeting Singapore in 2023. Data from LSEG showed that Japan had a market share of 25.9%, whilst the United States posted a 27.4% market share.
Fullerton Health's sale to Far East Drug Co. is one of the biggest M&A deals this year
MARKETS & INVESTING
Craig Loveless
Yiqing Wang
Will property woes continue to weigh on Chinese megabanks?
This year, Chinese megabanks are facing two big hurdles: the government’s mandate that may force banks to take on more risks in the name of propping up China’s embattled property sector; and declining credit demand and interest rates.
The Agricultural Bank of China (ABC) and Bank of China (BOC), face lower profits over the next two years, with property risks continuing to weigh on their performance.
ABC, in particular, faces additional risks from a recent mandate by Chinese authorities’ directing local megabanks and larger joint stock companies to inject liquidity into the
real estate sector. The government has further mandated the restructuring of lending to local government financing vehicles (LGFVs), and this will also dent its income, noted S&P Global Ratings in a separate report.
One advantage ABC has is its positive prospects for credit growth.
“Emerging industries (such as those related to science and technology), green credit, inclusive finance, and manufacturing will remain key to lending growth,” S&P said.
Bank of China’s profits, meanwhile, is still expected to dip over the next two years despite efforts to expand lending to
Car prices and M&As help Thai banks win big
Banks in Thailand outperformed profit estimates for the first quarter, but their future outlooks are a mixed bag as some grapple with bad loans whilst others are set to win with rising car prices.
Kiatnakan Phatra Bank (KKP TB), Krung Thai Bank, and TMBThanachart Bank all exceeded profit forecasts set by UOB Kay Hian.
KKP TB saw their Q1 profit more than double compared to Q4 2023, rising by 125% to THB1.5b, although this is lower than net profits in Q1 2023. Krung Thai Bank, meanwhile, saw its net profits rise 81% to THB11.1b compared to Q4 2023.
TMB Thanachart Bank reported a net profit of THB5.3b, which beat UOB Kay Hian’s estimates by 7%, although still in line with expectations. SCB X was also in line with UOBKH’s estimates, with its net profit rising 3% to THB11.3b.
KKP TB’s hire purchase (HP) loan portfolio is expected to benefit from the recovery of used-vehicle prices in Thailand, said analysts Tanaporn Visaruthaphong and assistant
analyst Thanawat Thangchadakorn. The market expects used-car prices to recover significantly in the last six months of 2024 due to a government stimulus and consumer spending recovery. Used cars make up 62% of the bank’s HP loan portfolio.
Home Credit Vietnam
SCB X, meanwhile, saw its non-performing loans ratio rise to 3.52% although this was just due to a lower asset base.
One bright spot in the horizon for SCB X is its acquisition of Home Credit Vietnam Finance. Its subsidiary Siam Commercial Bank (SCB Bank) has entered into a sale and purchase agreement with Home Credit N.V. to buy 100% of Home Credit Vietnam Finance (HCVN) for approximately VND20,973b (THB31b) in 28 Feb 2024. HCVN is a leading consumer finance company in Vietnam.
The transaction will immediately enhance earnings and shareholder return for SCB upon its completion by 2025, according to data from UOB Kay Hian.
emerging sectors and ongoing caution in giving out real estate loans.
Return on average assets (ROAA) is expected to decline to 0.65%-0.75% over 20242025, down from 0.8% in 2023 and 0.85% in 2022. The primary cause is a reduced net interest margin (NIM) amidst lower interest rates. BOC’s NIM already fell to 1.59% in end2023 from 1.75% in 2022.
Margins a challenge
Recent rate cuts by the People’s Bank of China (PBOC) would drive lower net interest margins in ABC and BOC, as well as the China Construction Bank (CCB), the Postal Savings Bank of China (PSBC), and China Merchants Bank (CMB).
Tighter NIMs will constrain CCB’s profitability amidst its ongoing shift to corporate sectors. Compounding this are consecutive cuts in interest rates and the government’s push for banks to lower their lending rates to support the real economy, according to the S&P report.
Overall, however, CCB has sufficiently prudent risk management to protect its asset quality this year, the ratings agency said.
“Whilst net interest margins are being squeezed, loan growth is healthy. A 2.3% rise in net profit in 2023 highlights the bank’s financial resilience,” it added.
CMB, meanwhile, has already been guided that it will be “challenging” to achieve positive earnings growth in the first three months of the 2024 fiscal year, noted UOB Kay Hian analyst Kenny Lim Yong Hui said.
The Agricultural Bank of China may face lower profits over the next two years, says S&P Global
The used car market is set to recover significantly in H2 due to a government stimulus
INDUSTRY INSIGHT: INSURANCE DEMAND
Global total insurance premium real growth rates by region
Source: Swiss Re Institute Sigma Research 6/23
Insurance underwriting falters under global stagflation
A Swiss Re Institute analyst underscored that real premium growth in emerging markets, including China, outpaces the more advanced economies.
An anticipated global economic slowdown could put insurers in a time machine back to a 1970s-style stagflation scenario, beating down underwriting performance. This could potentially entail setbacks on the insurer’s liquidity, capital, and shareholder equity.
Swiss Re Institute’s (SRI) chief economist for Asia Pacific, John Zhu, warns that insurers find themselves at a crucial juncture, requiring strategic adjustments to navigate the shifting economic landscape.
“I think some slowdown, maybe just mechanically, from one year to the next, is going to happen. The US Federal Reserve, through raising interest rates sharply in 2023, tried to slow down the economy so that inflation can come back to target,” Zhu said in an interview with Asian Business Review.
Zhu outlined that global economic growth is projected to fall to 1.7% this year, stemming from deceleration in major economies like the US, the Euro area, and China. This slowdown, while hinting at a
Within Asia, there are economies that we forecast will go faster
potential dip in short-term insurance demand, comes with nuances.
The US, resilient in 2023, deliberately slowing its economy, and China experiencing a slower-thanexpected recovery, present a mixed bag of challenges and opportunities.
“China is a slightly different case, it had a relatively strong rebound, at least initially, at the start of 2023, as it reopened from some of the strict COVID restrictions they had, which has now been normalised. And it's now become evident that this economic recovery is slightly slower than maybe some have expected. And for 2024, again, we expect a slight slowdown in China's GDP growth,” Zhu said.
Whilst acknowledging the potential for slower growth in insurance demand, he pointed out that certain Asian economies, like Taiwan, are poised for accelerated growth in 2024.
“Overall, we still see growth in premiums in a lot of the emerging markets. The slowdown we’re seeing in Asia is slightly less of a concern. Because within Asia, there are economies that we forecast will go
faster,” said Zhu. “In the coming year, for example, an economy like Taiwan, is showing signs that manufacturing and the electronics cycle may be turning by 2024, in which case its GDP growth accelerates and is likely to be one of the economies that grow faster in 2024. That again, should be positive for insurance demand as well,” he added.
This regional disparity suggests that insurers, particularly in emerging markets, might find pockets of growth even amid the broader economic slowdown.
Horizon for emerging markets
Zhu's relative optimism extends to emerging markets, especially in APAC where he predicts robust growth in premiums. Citing figures from the sigma report, he highlighted a significant divergence between advanced and emerging markets.
In SRI’s first sigma report of the year, it is projected that non-life real premiums in China will experience approximately 5.6% growth in 2023, with a similar trajectory expected in 2024 and 2025.
“The exit from the pandemic has boosted insurance demand. For example, motor premium growth has normalised after adjusting due to motor sector reforms,” the report said. Structural economic weakness nonetheless translates into a growth profile that is clearly below historical trends (11.5% on average from 2016 to 2020). In any case, Chinese premiums are forecast to grow faster than those in other emerging markets (1.0% in 2023)” it added.
Real premium growth rates in emerging markets, including China, outpace those in advanced markets. With figures indicating 6.5% growth in China compared to the global average of 1.4%, insurers may find lucrative opportunities in less developed markets with higher growth potential.
Likewise, a report from GlobalData showed that China’s life insurance market is projected to jump 9.6%, “supported by economic recovery, conducive regulatory developments, and increased awareness of health and financial planning after the pandemic, which led to a rise in the demand for whole life and personal accident and health (PA&H) insurance policies.”
John Zhu
Insurers prep for Asia's regulatory shake-up
Whilst 2024 is a year of growth, the MSIG CEO tips insurers about Asia's new laws.
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, risk management, and capital requirements. He emphasises the potential for industry consolidation and the importance of robust risk management practices, illustrating how MSIG Asia is proactively adapting to maintain its competitive edge amidst these evolving regulations.
“In 2024, we will see a continued high demand for insurance solutions, which therefore means continuous (but impacted) growth. [The impact] from new insurance regulations from each market can be positive or negative. This could mean growth opportunities,” Philippi said.
In his view, there are three catalysts the industry will see in 2024: higher demand to close the insurance gap, increase in health coverage, and adoption of new technology. Whilst these factors present an opportune time for sprucing up insurance offerings, a hurdle that varies in size for insurers is regulation-related.
“On the regulatory side, it can be a positive influence but it can be a small hurdle for growth. If you look at the population-rich countries like Vietnam, Thailand, Indonesia and our region, they’ve all issued new regulations in the recent past,” MSIG’s top man said.
Regulatory updates
Philippi gives a rundown of areas that insurers can look into for growth opportunities. Starting with Vietnam, he cites the new bill implemented in 2023. "It talks about technical reserves being strengths, foreign ownership, kept risk management information, disclosure being increased and dispute resolution strictly defined,” Philippi said.
Moving on to Thailand, he notes, “You have a new riskbased capital framework introduced, which will also have an impact on the company." Whilst the economy is viewed as “less developed” by Fitch Ratings, its five-year development plan facilitates stability and healthy competition.
Indonesia has also introduced new laws regarding various aspects of the insurance industry, including insurance products, distribution channels, reinsurance arrangements, and Sharia-compliant insurance.
“Most importantly, in Indonesia, which is a very fragmented market, there’s also an increase in the minimum capital requirements going over the coming years until 2028, up to $1t,” Philippi told Asian Business Review. “And that, of course, is possibly a catalyst for consolidation over the coming years. So I think this is our outlook for 2024. We will closely follow these developments.”
In 2024, we will see a continued high demand for insurance solutions, which therefore means continuous (but impacted) growth
Long-term outlook
The MSIG CEO emphasised the importance of closely monitoring external factors such as economic conditions and reinsurance market trends. He noted that the 2022 renewal season witnessed a significant increase in reinsurance prices, driven in part by unforeseen events like a major hurricane in the Florida region, which impacted both American and Asian markets.
Despite these challenges, Philippi expressed confidence in MSIG Asia’s preparedness, attributing their resilience to meticulous risk management practices. The company’s actuarial and claims teams closely track claim developments and inflationary pressures, ensuring that reinsurance partners are kept informed and rates are adjusted accordingly to maintain sustainability.
He is particularly proud of MSIG Asia’s proactive engagement with clients — from SMEs to corporate entities — to address potential risks associated with supply chain disruptions and inflation.
“We work with customers from small and medium enterprises up to large corporates on the sums insured and try to explain what inflation means for that and what under-insurance means if they don't declare the sum insured, proactively and openly,” he said.
“Another point that we have, of course, on the radar is the weather condition – NatCat events and climate change. We will continuously be focusing on this, and we're going to have some product innovation there,” Philippi told Insurance Asia.
MSIG Asia has already begun innovating in response to these challenges, exploring parametric offerings for industries like farming and investing in predictive climate change modeling fintech startups to enhance risk assessment.
Clemens Philippi, MSIG Asia CEO
SOUTHEAST ASIA | by Olivia Tirona
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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 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
BluStream module for caps
Grocery runs can now double as shariah bank visits
Bank Aladin Syariah partners with Alfamart, which has 18,000 outlets nationwide.
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 market.
“We want to be present in locations where people usually do transactions offline, namely minimarkets like Alfamart,” the digital bank’s president director Dyota Marsudi told Asian Business Review in an interview.
Alfamart– who is one of the bank’s main investors– has over 18,000 outlets across Indonesia. Customers of the digital bank can access cash deposit and withdrawal services in all these locations, and would-be customers can enjoy account opening services by visiting the nearest minimart branch.
They will also enjoy in-store promotions; whilst employees also benefited from this, as they can access payroll financing through the bank.
It also offers invoice financing and working capital financing for Alfamart suppliers, franchisees and contractors.
“So individual customers and MSMEs (micro, small, and medium enterprises) do not need to sacrifice time, effort and distance because Alfamart’s operations are also longer in terms of opening hours and not as busy as branch offices,” said Marsudi, who had previously served as Senior Executive Director of Investments at Vertex Ventures (Temasek’s VC arm).
This strategy has received positive results from locals: by end-2022, thet bank already has 1.7 million users. For end-2023, Marsudi and Bank Aladin Syariah are targeting the growth it achieved in 2023.
A digital Shariah bank
With Islamic banking making up only 6% to 7% of Indonesia’s banking industry, Marsudi sees much opportunity in the market. Marsudi noted that not many digital banks in Indonesia follow shariah compliance.
This meant that internally, the bank has followed sharia principles. These provisions follow regulatory rules stipulated by the Financial Services Authority (OJK) and the Sharia Supervisory Board.
“Our approach to customers in this case is to provide what they need. We provide product offers that customers already have or don’t have access to with a comparison of products they already know from conventional banks. For example, in providing financing, we can use a murabahah contract where the bank buys the goods for the customer and the bank earns a good income margin. At the same time, in terms of payment, the customer is given the flexibility to make payments in installments,” Marsudi explained.
We want to be present in locations where people usually do transactions offline, namely minimarkets like Alfamart
Streamlining the process
Its third guiding principle is to help the unbanked and underbanked individuals and businesses of Indonesia.
“There are segments in the market whose needs have not been met properly, especially micro, small, medium enterprise (MSME) and household players who often make transactions in small nominal amounts and loan penetration is still low, less than 20%,” said Marsudi.
Banks adopt the principle of efficiently serving customers as a means to address the persistent issue of high unbanked and underbanked populations, particularly by streamlining the customer onboarding process that previously necessitated branch office visits.
Bank Aladin Syariah, for instance, acquired its mobile banking license from Bank Indonesia at the end of 2021.
“We want to make it easy for customers to open their accounts from anywhere as long as they have a good internet signal,” Marsudi said.
The future
Marsudi also shared the bank’s plan to achieve profitability: to continue to grow its financing portfolio, expand deposits and CASA balance, as well as managing cost efficiently.
“For example, if we plan to receive multiple income in the future, that is definitely a profit because the cost for people, for example, is unlikely to increase multiple times as well as in technological aspects where the spending will not be as high as in earlier years,” he noted.
“Maybe spending on marketing can go up, but the bank is a highly regulated institution and has the clearest plan for profit,” he shared with Asian Business Review.
Dyota Marsudi, President Director of Bank Aladin Syariah
INDONESIA | by Aulia Pandamsari
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After-School Activities now available with Skiply
Skip the hassle of searching for after-school activities for your kids.
With our new partnership with UrbanCircle, you can easily plan and pay for your children’s after-school activities all in one app.
From babysitting, tutoring, sports, and even holiday camp activities, simply pick the UrbanCircle service you need on the Skiply App, click to pay, and call it a day!
CASE STUDY: BPI PRIVATE WEALTH
BPI Private Wealth reveals its tactics in courting the local high net worth market
CEO Maria Theresa Marcial says they are targeting US$53b in AUM by 2026.
The Philippines’ oldest bank aims to double the assets that it manages for the ultrawealthy and to clinch a 25% share in the Philippines’ growing wealth management market over the next two years.
Speaking to reporters, BPI Private Wealth president and CEO Maria Theresa Marcial said that they are targeting an assets under management (AUM) of about US$53.3b (PHP3t) by 2026 – more than double the current US$21b (PHP1.22t) they currently manage.
Marcial cites opportunities with the growing number of high net worth (HNW) individuals in the Philippines– those with assets of US$1m and above– which is estimated to grow to 32,000 by 2026, from just 18,000 in 2021.
The ultra high net worth (UHNW) Filipinos, or those with over US$30m in assets, will remain few at an expected 440 by 2026. But this would still be a massive jump from just 313 UHNW Filipinos in 2021.
“We’re expecting strong growth in this segment,” Marcial said. “The key
It’s not just coming from the old rich, we’re seeing more and more people reach this affluence
theme [in the market] is the growing affluence…it’s not just coming from the old rich, we’re seeing more and more people reach this affluence.”
As of 2024, BPI Private Wealth has reportedly cornered 25% of the UHNW market, and eyes to grow its number of HNW customers with the aim of being the bank of choice of 25% of this.
Establishing legacies
Marcial highlighted BPI Private Wealth’s expected role in the lives of their clients: not just to manage their investments, but also to help prepare their children and grandchildren in preserving their wealth across generations.
Estate planning is a particular pain point of HNW clients, noted Atty. Gail Totañes, head of wealth planning at BPI Private Wealth.
“[They’ve] been so busy dealing with their businesses, so busy focusing on their careers, that they leave out estate planning and the transition of their wealth to the next generation,” Totañes said.
This isn’t just a matter of wealth
preservation, but also customer preservation.
Marcial also noted the potential to tap into a broader ecosystem that involves not just wealth management, but their customers’ businesses tapping into other non-wealth related services offered by BPI.
“We are tapping into potential opportunities for their businesses,” Marcial shared with the publication.
For the children and grandchildren of UHNW and HNW, they hold seminars and lessons to help them in a future of managing their finances and their wealth.
Amongst events they hold include their Signature Yacht Race series, with four races taking place in Corregidor Island, Busuanga, Boracay, and Subic between 2023 to 2024.
Wealth loans
Whilst their premier customers may be amongst the country’s creme de la creme in terms of assets, they could still find themselves in need of immediate liquidity– to buy a much-desired property, for example, at a short notice.
To meet the wealthy’s liquidity needs, BPI Private Wealth unveiled its “Wealth Loans.” Touted the first in the market, these loans are backed by their clients’ personal investments. This allows clients to obtain the funds they need without having to liquidate assets.
Compared to the off-the-shelf retail loans, these wealth loans are bespoke to each customer and offer varying interest rates and tenors depending on their individual needs.
BPI Private Wealth adapts a discretionary model portfolio, with customised investment strategies based on objectives of their clients–whether it be wealth preservation, income generation, or capital growth. Assistance is also offered in regard to legal, property management, investment assistance, and even in navigating taxes and other government structures, amongst others.
BPI holds seminars and lessons to help the children of high-profile clients manage and secure their wealth
PHILIPPINES
Gail Totañes
Maria Theresa Marcial
Singapore's plan to raise retirement age sparks debate
Experts see Singapore on track to setting the age ceiling for retirement at 65 and re-employment at 70 by 2030.
by Diana Dominguez
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, respectively, in 2022, Singapore has announced its plan to further elevate these thresholds to 64 and 69 in 2026. The goal is set 65 as the age ceiling for retirement and 70 for re-employment by 2030.
Last year, 90% of senior workers who were eligible and wished to continue working were offered re-employment opportunities. This measure represents a step forward in Singapore’s pursuit of broader workplace inclusivity.
“Raising the retirement and re-employment ages would create more opportunities for our seniors to participate more and for longer in the labour market. This also enables businesses to tap into a wider workforce,” Ang Tze Phern, partner for the Employment Group at Rajah & Tann, told the Asian Business Review.
In taking this course of action, the government needs to consider
four key factors for its future policies, according to Ang: life and healthy years expectancy; timing and pace; government support; and terms of re-employment.
All of these have been considered by the Singapore government, which is why it is gradually implementing the age ceiling until it meets the targeted ages by 2030. Additionally, there are measures in place to provide security and support for both employers and senior workers.
Financial independence
Viewing another perspective, Seow Hui Goh, partner and head of Bird&Bird’s Singapore Employment Group, told Asian Business Review that from a socio-economic standpoint, the strategy is logical.
to retire at that retirement age. I think it’s pretty unique globally, [as] it’s based on the idea that people should work into their old age for as long as they are able, and willing to do so,” she added.
The Survey on Retirement and Employment carried out by the PAP Seniors Group - Singapore (PAPSG) and NTUC U Women and Family (NTUC U WAF) showed that approximately 88% of participants aged 50 and above support a retirement age of 63 or older, whilst around 80% support raising the reemployment age to 68 or higher. The survey collected responses from 1,471 individuals from 7 to 21 August 2023.
“Culturally, and [philosophically], I think here (in Singapore), it is… seen as a positive thing to be able to support oneself to be financially independent [or] as an older person being able to contribute to the economy. So I think this stems largely [from] cultural, social, and political views of our country,” Seow told Asian Business Review
This adjustment will affect sectors such as wholesale and retail trade, administrative and support services, transportation and storage, accommodation and food services, and manufacturing. These are the primary industries that employ individuals aged 65 and older.
Workplace concerns
Although this change will benefit a lot of senior workers, it will also be the root cause of some inevitable consequential reactions in the increasingly inter-generational workforce.
It is seen as a positive thing to be able to support oneself to be financially independent
“People are living longer… want to work longer, and people are also healthier. So… it makes sense to raise the retirement and re-employment ages, which have consistently been going up,” Seow said about the government's plan.
“The retirement age isn’t mandatory. It’s just a minimum retirement age [and] you don’t have to force someone
Ang also predicted that the difference in backgrounds and mindsets, plus the rapid changes in technology in relation to skill sets across different generations, will be magnified. “Generational gaps in values and work ethics may lead younger employees to feel that older workers are not agile enough to meet changing demands, whilst mature workers may feel uncomfortable reporting under a younger authority,” he said.
“Moreover, stereotypes may exist such that older workers tend to be considered less capable of training and adapting to change. This can pose difficulties if the workplace culture is not welcoming of age diversity,” Ang added.
This adjustment will affect wholesale and retail trade, food services, and manufacturing
Ang Tze Phern
Seow Hui Goh
Tawuniya revolutionises insurance with award-winning digital strategy
Tawuniya, a Middle Eastern insurance leader, is weaving a digital tapestry for customer delight. Their award-winning strategy, driven by Group CTO Abdullah Alshargi, prioritises seamless, personalised experiences for their +13 million clients.
Understanding their tech-savvy base, Tawuniya embarked on a three-year digital journey, leveraging AI & partnerships for continuous improvement. This commitment earned them the coveted Digital Experience
of the Year - Financial Services accolade at the 2023 Asian Experience Awards.
A one-stop ecosystem
Extensive research led to a groundbreaking mobile app - a onestop shop for the entire customer journey. It simplifies car ownership with licence issuance, purchase assistance, and leasing options. Active policyholders enjoy roadside assistance and a streamlined claims process, eliminating the hassle of paperwork.
Innovation beyond coverage
Tawuniya's "Tawuniya Drive" programme uses gamification to promote safe driving habits for all, extending their reach beyond policyholders. In Health & Life, a gamified wellness programme with Vitality empowers users to take charge of their well-being. The app offers telemedicine consultations, medication
delivery, and personalised parental support with home child vaccinations, fostering a holistic approach to health.
For P&C Insurance, Tawuniya leverages OCR technology to streamline the bail bond process, eliminating manual work and expediting turnaround times.
Measurable results
The transformation has yielded impressive results. App adoption soared 1200%, with customer satisfaction on digital channels jumping from below 1.6 to an exceptional 4+. Salesforce online revenue grew tenfold. The health programme's impact is evident in a 10% reduction in hospital admissions, whilst the mobility programme significantly reduced the likelihood of accidents by 30%.
Award recognition
Tawuniya's Asian Experience Award win is a testament to their dedication to innovation and customer focus. By seamlessly integrating insurance with valuable services, Tawuniya sets a new standard for the regional insurance industry, demonstrating that insurance can be not just a necessity, but a partner in well-being and a driver of positive change.
Tawuniya at the 2023 Asian Experience Awards
EVENT NEWS: HEALTHCARE ASIA SUMMIT 2024
Navigation tech strips the scare off spine surgeries
Nconduct of spine operations is the intra-op computed tomography (CT) scanner, which acts like a global positioning system (GPS) that helps surgeons better navigate the subject area.
Tan Tock Seng Hospital applies advanced surgical procedures that allow patients to walk the day after operation. This is what normally happens on Day 2: She’ll be standing, with minimal blood loss, and she’s recovering well
o one in this day and age should be afraid of getting a needed spine surgery because innovations have made these operations a lot less risky than before. As an expert surgeon puts it, spine surgeries have less than a 1% chance of complications.
“The expertise of spine surgery has evolved significantly,” Adj A/ Prof Jacob Oh, head of spine surgery at Tan Tock Seng Hospital, told the audience at the Healthcare Asia Summit 2024 in Singapore last 25 March. “We now live in the golden age of spine surgery because of these things: technology, techniques, and knowledge.”
Citing an example, Oh said that in the 2000s, an open surgery was conducted on a lady who had a fracture that impacted her spinal cord. Back then, the patient needed a long incision and had to be hospitalised for a long time, he recalled.
People back then also fear spine surgeries because they worry about
the possible impact, such as long downtime, and risk of nerve injury.
But with today’s technologies at play, Oh said spine surgery patients with the same case would go through a whole new procedure that would require only a five-centimetre incision and a day to get back on her feet.
“This is what normally happens on Day 2: She’ll be standing, with minimal blood loss, and she’s recovering well. In general, she won’t need to go to the ICU (intensive care unit), and there’s minimal pain,” assured Oh, even if the procedure entails the placement of percutaneous screws.
An actual patient who had two small incisions was even able to walk four hours after the operation and This development in the conduct of spine surgeries is only possible because of advancements in technology, technique, and knowledge, Oh said.
He noted that, one of the innovations that enhanced the
This technology eliminates the risk of hitting critical spots like the aorta when placing a screw using freehand, which could happen even with the best hands, he said.
“Since we’ve used navigation for the last 10 years, our experience is that [with] more than 2,000 screws, we’ve got less than 1% breach rate,” Oh said. “And there’s a zero return to OT (operation theatre) for malpositioned screws.”
Regardless of whether the surgeon is experienced or a new one, this technology is safe to use, he said.
Robotic surgery
Oh said robots have also played an important role in improving spine surgery procedures. Aside from allowing surgeons to plan prior to the procedure, he said robots also assist doctors in accurately placing a screw during the surgery itself.
This technology is also being used in knee surgery, with the robot moving together with the surgeon to make the correct and precise cuts for the replacement procedure, the expert said.
Through robotic surgery, surgeons get the desired outcome they want based on their plan, Oh said. “So by using a combination of navigation and the robotic software to plan and take you to the correct trajectory, you're going to increase your accuracy and precision so much more,” he said.
Whilst different advancements have helped improve the conduct of spine surgery, Oh emphasised there is still a need for a multidisciplinary collaboration to promote spine care as a whole in Singapore.
He called for collaboration with partner organisations, and working together with health authorities.
“Vertical integration is where we work together with MOH and population health,” he said. “We can engage every facet of spine care rather than spine surgery alone.”
By doing so, Oh said Singapore will be better equipped to look after spine care patients in the city-state.
Adj A/Prof Jacob Oh, head of spine surgery at Tan Tock Seng Hospital, shares how better navigation leads to minimal pain for patients
EVENT NEWS: RETAIL ASIA FORUM - BANGKOK
How GQ Thailand created awe in a white shirt
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 consumers.
GQ Thailand is one that resorted to innovative retailing when it first introduced its stain-resistant white shirt in 2019.
The product's success helped the brand create a repeatable model for market insight gathering and viral marketing. We start with the problem; then we develop problem-solving innovation and the goal is for the products to last a lifetime, not a single season
Speaking at the recent Retail Asia Forum, GQ Thailand Chief Commercial Officer George Hartel said the company’s focus is to establish itself in the market as a maker of products that have function.
This explains why their process starts with market insights. From these insights, GQ Thailand makes prototypes before officially releasing its product.
“We start with the problem; then we develop problem-solving innovation and the goal is for the products to last a lifetime, not a single season,” Hartel said.
This is precisely the mark of GQ Thailand’s release of “the ultimate white shirt,” which will never be stained, does not crease, and bears good-quality buttons.
Viral marketing
Drumming up its release resulted in viral marketing, with its commercial garnering millions of views. People were instantly hooked — driven by the interest to personally test the white shirt for themselves.
The interest snowballed into further virality, Hartel said, and this marketing strategy allowed GQ Thailand to sell over 200,000 shirts within the first month of its release.
The success allowed GQ Thailand to build a repeatable model that prioritises insights, design, and viral marketing. Hartel said the same approach was applied when the company released its underwear and socks line.
This strategy boosted GQ Thailand’s growth, as it currently has over 200 retail locations. It has
also become one of the top sellers on online platforms, such as TikTok, Shopee, and Lazada, he said.
“Twenty-four percent of our revenue comes from e-commerce, 15% from our mall concept stores which are still growing, and 14% comes from the 13,000 locations of 7-Eleven and Lotus’ Go Fresh stores where we sell basic t-shirts, underwear, and socks,” Hartel said.
AI adoption
When it comes to advertising, technologies such as artificial intelligence (AI) has also become helpful. Hartel said GQ Thailand uses AI to create over 20% of their advertisements.
“I highly encourage you to be using this in your conceptual development at a minimum, but you can get it all the way to the user and drive some really breakthrough advertising,” he revealed at the Retail Asia Forum.
There is also a human AI simulated
eye-tracking system that retailers can use, he added, noting that it can be linked to the software which the company uses to design packaging.
“As your designers are creating their packaging, they can see in real time with pretty high probability how people’s human eye would track in like a predictive model,” Hartel explained.
Take the customer’s perspective
Even if a brand attains great success in its business, what remains important is for owners to go out of their office, try their product, and go through a customer’s journey.
“You have to be the one that does the work. You have to be the one that discovers the problem yourself because you're the only one that can go out and do it,” Hartel said.
By doing so, company decisionmakers may be able to spot gaps in the customer experience that are being overlooked.
“You’ve got to innovate at every single touch point along the journey,” said Hartel. “Before you try to create teams with this mindset and this thinking, it really starts with you. You can’t create what we call an army of one around you until you become someone who’s thinking this way and innovating yourself.”
GQ Thailand Chief Commercial Officer George Hartel shares the process behind the viral "ultimate white shirt" campaign
EVENT:
How SCB adapted to crisis with strategic investments
When COVID-19 hit the shores of Thailand, local banks had to face a new kind of problem that cannot be solved by throwing money at it.
very important we emphasise on being lean in our operation by being strict on cost control,” Thaicharoen said during his session.
Early tech investment grew the bank’s digital customer base to 17 million. It’s also very important we emphasise on being lean in our operation by being strict on cost control
“Liquidity was not a problem at the time if everyone recalled; actually, deposits flowed into banks because I think relative to other investments, investors felt more confident with the stability of the Thai banking sector. The issue is in terms of the health of the economy and the health of our clients,” Dr. Yunyong Thaicharoen, SEVP and chief wealth banking officer of Siam Commercial Bank (SCB), told attendees of the 2024 edition of the Bangkok leg of the Asian Banking & Finance Forum.
Economic stopgaps
Speaking in a fireside chat, Thaicharoen — who was chief of corporate banking for SCB at the height of the pandemic — recalled the suddenness of the impact. “Both [the fall of] demand and supply shocked the economy. All the face-to-face activity came to a halt,” he said.
Local authorities immediately enacted measures to ease the burden for the stricken citizens, such as stopping payment collections for pending loans of their clients.
Banks, meanwhile, had to face the impending disaster that the end to this
temporary debt relief may bring.
“We knew that the temporary debt relief that the Bank of Thailand required us to do at the beginning– to stop payment for our client for three months– that would not be enough,” Thaicharoen admitted.
He simplified the plan to one sentence: “The idea is for the regulator to help the banks to help the clients. Because even with the strong position financially, any single bank cannot go alone to help the client because the problem is so enormous.”
Three-pronged strategy
In his fireside chat, Thaicharoen listed three strategies that banks should adopt not just during the pandemic, but in preparation of possible crises in the future: building immunity, leveraging partnerships, and investing in both infrastructure and human capability aspects of technology.
During the pandemic, revenue and cost optimisation became vital for the bank. This meant that SCB had to be selective and cautious on who to loan out to. Quality was paramount — the returns may be lower, but so are the risks.
“We put more emphasis on feebased income, whether it’s wealth or insurance. On the cost side, it’s also
Technology became a boon for SCB during the pandemic. Strict pandemic controls meant that more people had to shift into accessing financial services remotely, via online or through mobile devices.
SCB’s decision to invest in digital transformation five to seven years before the pandemic began meant that they were prepared to accommodate the shift. This helped the bank grow its digital customer base to 17 million people.
Partnerships also became paramount. For example, SCB turned to their digital partners both to reach new customers and enhance their current offerings.
“On the wealth side, we partnered with FWD for insurance and also for private wealth management,” Thaicharoen said. “We want to leverage, both in terms of digital technology and the digital channel that we have developed over time, the fact that we have relationship managers that can serve our clients more optimally.”
Hospitality concerns
One sector that was of much concern to Thaicharoen and SCB during the pandemic was the hospitality industry. With lockdowns in place globally, the airline industry and the tourism industry came at a standstill. SCB, being the biggest bank in Thailand, had a lot of outstanding loans to the industry– “up to a hundred billion baht,” according to Thaicharoen.
“We helped our hotel clients by giving them a payment holiday for two years. No principal, no interest. And we actually reduced the expected interest payments. So basically, we reduced the NPV of the interest payment,” he said.
Another measure they did to support the embattled hotels and resorts was offering loan advice.
“We also included what we call a sweeping mechanism. If [the hotel’s] cash flow turned out to be better than what we planned or what we forecasted, then we encouraged them to pay even more than the scheduled payment,” he said.
Dr. Yunyong Thaicharoen (right) shared how SCB’s tech investment 5-7 years before the pandemic kept them afloat
Taking
EVENT: ABR MALAYSIA AWARDS
Malaysia’s most exceptional companies honoured at Malaysia Awards 2024
Today's Malaysian business landscape presents both significant challenges and exciting opportunities. Companies must adapt to evolving customer demands, embrace technological advancements, and navigate a globalised marketplace. Yet, businesses continue to demonstrate resilience, innovation, and a commitment to excellence.
Building on this spirit of achievement, the Asian Business Review proudly presents the winners for the 2024 Malaysia National Business Awards, International Business Awards and Technology Excellence Awards. These prestigious awards programmes recognise outstanding companies across various sectors, highlighting their contributions to Malaysia's economic growth and global standing.
The Malaysia National Business Awards and International Business Awards celebrate exceptional projects, innovative products, and transformative initiatives that drive economic growth and international collaboration from foreign or homegrown companies operating in Malaysia.
Meanwhile, the Malaysia Technology Excellence Awards lauds
MALAYSIA NATIONAL BUSINESSAWARDS
CapBay Initiative Award - Financial Services
Creative Factory Painting Sdn Bhd Innovation Award - Arts & Lifestyle
INSTITUT JANTUNG NEGARA SDN BHD Innovation Award - Healthcare
Involve Asia Technologies Sdn Bhd Excellence Award - Marketing Initiative Award - Marketing
JOHAWAKI CONSTRUCTION SDN BHD Excellence Award - Construction
Kuala Lumpur Convention Centre Excellence Award - Hospitality and Leisure
Malaysia Petroleum Management Initiative Award - Oil & Gas
SIME DARBY RENT-A-CAR Excellence Award - Automotive Services
Steel Recon Industries Sdn Bhd Excellence Award - Manufacturing
Synergy International Group Of Companies Innovation Award - Real Estate
UM Specialist Centre (UMSC) Excellence Award - Healthcare
Universal Therapeutics Group Sdn Bhd Innovation Award - Health Products & Services
Videv Consulting Sdn Bhd Initiative Award - Human Resource Technology
companies driving Malaysia's economic growth through technological innovation and digital transformation.
This year's winners showcase the nation's vibrant entrepreneurial spirit and its potential for continued success.
As highlighted by Malaysia National Business Awards and International Business Awards judge Victor Cheong, Partner in Audit and Assurance at RSM Malaysia, winning companies are those that “prove their ability and initiative to remain relevant and spur growth.”
Meanwhile, when asked about his judging of entries, Ernst & Young Associate Partner and Malaysia Technology Excellence Awards judge Nazerim Amir said, “The most important criterion is how the company plans to face the future—how it will realistically grow and adapt in its niche, and how it will maintain its dynamism when the business needs change to keep being effective and relevant.”
An awards dinner was held on 21 March 2024 at InterContinental Kuala Lumpur to bring together the leaders of these winning companies and spotlight their outstanding achievements. See the full list of winners here:
MALAYSIA INTERNATIONAL BUSINESS AWARDS
McDermott Excellence Award - Marine and Offshore Engineering
Euronet Services Malaysia Sdn Bhd Initiative Award - Financial Technology
MALAYSIATECHNOLOGY EXCELLENCE AWARDS
Abundent Sdn Bhd
AI - Education
ALLIANCE BANK MALAYSIA BERHAD
API - Banking
Axiata Group Berhad Cybersecurity - Telecommunications
BAC Education
Online Services - Education
BOSS Solutions Global Sdn Bhd
Software - Human Resource Technology
CapBay ESG Tech - Financial Services
CelcomDigi Berhad
Digital - Logistics
Cisco Systems (Malaysia) Sdn Bhd
ESG Tech - Technology
Commerce Dot Com Sdn Bhd
Infrastructure Technology - Financial Technology
Co-opbank Pertama (CBP)
Digital - Financial Services
Edgenta NXT
Facility Management Technology - Building Services & Facilities
Gleneagles Hospital Kuala Lumpur
Robotics - Healthcare
Heng Hiap Industries Sdn Bhd
Emerging Technology - Manufacturing
HRD Corp
Automation - Government Organisation
Mobile - Government Organisation
KG Information Systems Sdn. Bhd.
AI - Technology
MB Consolidated SDN BHD
E-Commerce - Beauty & Cosmetics
MEDIVEST SDN BHD
ESG Tech - Environmental Services
IoT - Healthcare
MIDF Berhad
Fintech - Banking
Novartis Malaysia
Digital - Pharmaceuticals
OCBC Bank (Malaysia) Berhad
Digital - Banking
OGAWA WORLD BERHAD
AI - Health Products & Services
Olive Technologies Sdn. Bhd.
Enterprise Software - Consulting
P10 Holdings Sdn Bhd
Fintech - Financial Technology
Petroliam Nasional Berhad (PETRONAS)
Infrastructure Technology - Maintenance, Repair, And Operations (MRO)
PETRONAS Global Technical Services Sdn. Bhd.
Analytics - Oil & Gas
Emerging Technology - Oil & Gas
PETRONAS
Data Management - Oil & Gas
PRISMA KHAS SDN BHD
Cybersecurity - Computer Software
Qashier Sdn Bhd
Fintech - Financial Services
R-Yang Group
Robotics - Building Services & Facilities
Sarawak Energy
Enterprise Resource Planning (ERP) - Energy
Learning and Development Technology - Utilities
Serac Asia Sdn Bhd
Manufacturing Technology - Manufacturing
SILVERLAKE AXIS
Enterprise Software - Financial Technology
Tenaga Nasional Berhad
AI - Utilities
IoT - Energy
Infrastructure Technology - Utilities
Theta Edge Berhad
Infrastructure Technology - Telecommunications
THIRTY THREE POINT THREE SDN BHD LED Technology - Media & Entertainment
UZMA BERHAD
Emerging Technology - Technology
VAR LIVE (M) SDN BHD
Augmented Reality and Virtual Reality - Technology
Virtus IP Sdn Bhd
Connectivity - Technology
Western Digital ESG Tech - Electronic Manufacturing
Synergy International Group Of Companies UM Specialist Centre (UMSC)
McDermott Axiata Group Berhad
BAC Education
BOSS Solutions Global Sdn Bhd
Cisco Systems (Malaysia) Sdn Bhd
Commerce Dot Com Sdn Bhd
Co-opbank Pertama (CBP)
Gleneagles Hospital Kuala Lumpur
Heng Hiap Industries Sdn Bhd
KG Information Systems Sdn. Bhd. MEDIVEST SDN BHD
Novartis Malaysia
OCBC Bank (Malaysia) Berhad
OGAWA WORLD BERHAD
P10 Holdings Sdn Bhd
EVENT: ABR MALAYSIA AWARDS
PETRONAS Global Technical Services Sdn. Bhd.
PRISMA KHAS SDN BHD
Qashier Sdn Bhd
Sarawak Energy
SILVERLAKE AXIS
Serac Asia Sdn Bhd
Petroliam Nasional Berhad (PETRONAS)
PETRONAS Global Technical Services Sdn. Bhd.
Tenaga Nasional Berhad
Theta Edge Berhad
UZMA BERHAD VAR LIVE (M) SDN BHD
Virtus IP Sdn Bhd
Western Digital
Years of Global Trust 50+
Western Digital is powered by the brightest minds in the industry - a worldwide team of engineers, inventors, makers and innovators.
12+ ~53K EMPLOYEES WORLDWIDE ~13K ACTIVE PATENTS
MANUFACTURING & PRODUCTION FACILITIES
KUALA LUMPUR Center of Excellence
BATU KAWAN
PENANG HDD Media JOHOR HDD Media Substrate
SSD Center of Excellence
Flash Assembly & Testing
SARAWAK HDD Subsrate
HHI_A2X_Press Ad_resized to halfpage_11_FA_OL.pdf 1 30/05/2024 12:10 PM
Unveil the Future of Digital Financial Intelligence
In 2016, a visionary team embarked on a journey of mathematical and statistical exploration, laying the foundation for what would become the pioneering Time Value of Money (TVM) startup in Malaysia.
These forward-thinkers have been instrumental in crafting bespoke financial planning and wealth management solutions tailored specifically to the Banking, Financial Services, and Insurance (BFSI) industry. Through relentless innovation, they have pioneered cutting-edge technologies, propelling themselves to the forefront of the FinTech and InsurTech landscape. Thus begins the story of P10 Holdings Sdn Bhd.
Empowering BFSI with Innovation
As an advanced humanised fintech, P10 empowers the BFSI industry by facilitating dynamic interactions and delivering personalised solutions. P10 has demystified numerous complex financial calculations, translating them into intuitive presentations, simulations, and consultations. This not only enables industry stakeholders to expedite the
development of high-value advisory services but also amplifies practitioners' effectiveness and efficiency whilst fostering financial awareness, education and literacy amongst consumers in Malaysia.
Driving Financial Digitalisation Forward
These functionalities underscore P10's commitment to driving the national agenda of financial digitalisation, transformation, and automation, in alignment with the vision outlined in Bank Negara Malaysia’s Financial Sector Blueprint 2022-2026.
Since its inception, P10 has garnered recognition from esteemed councils such as the Malaysian Financial Planning Council (MFPC), which has designated it as an advanced financial navigation application and its first Corporate Educational Provider. Furthermore, professional educational providers and institutions of higher learning have embraced P10 as a catalyst for modernising education.
"The culmination of these achievements has
propelled P10 to make substantial strides and wield a profound influence in the BFSI industry, with an increasing number of key companies expressing strong interest in P10’s offerings," stated the company spokesperson.
Leading Digital Financial Innovation
P10's capabilities and contributions to the industry have been lauded by the Malaysia Technology Excellence Awards 2024, where it won the Fintech - Financial Technology category.
This acknowledges P10's contribution to advancing digital financial innovation and leading digital transformation.
The Future of Digital Financial Intelligence Platform in the BFSI Industry
Biomedical Imaging Interventional Neuroradiology Management of Intracranial and Intraspinal Vascular Malformation
Breast Health
Evidence-Based Minimally Invasive and Oncoplastic Breast Surgeries with Multidisciplinary Approach
Cardiology Complex Coronary Interventions (Chronic Total Occlusions, Bifurcation Lesions)
Cardivascular & Thoracic Surgery
Minimally Invasive Video-Assisted Thoracoscopic Surgery (VATS)
Endocrinology Advanced Management of Diabetes Mellitus, Osteoporosis and Metabolic Bone Disease Management, Management of Pituitary Tumors
Gastroenterology & Hepatology
Endoscopic Resection of Early Gastric and Colon Cancer
Management of High-Risk Pregnancy – Expert and Evidence-Based Care for Women with A High-Risk Pregnancy
Oncology Advanced Chemotherapy and Targeted Therapy for Various Cancers Radiation Therapy (including Intensity-modulated Radiation Therapy - IMRT)
Ophthalmology Treatment of Glaucoma Surgery & Paediatric Ophthalmology
Otorhinolaryngology (ENT), Head & Neck Surgery Anterior Skull Base Surgery and Neurotology
Paediatric Genetics
Paediatric Genetic Assay Profiling and Translation to Clinical Management
and Reconstructive
Committed to caring for your brain & nervous system
Gleneagles Hospital Kuala Lumpur has delivered exceptional patient care since 1996, and is committed to providing the best available treatment for our patients. Neurology is a specialty concerned with the diagnosis and treatment of disorders of the nervous system. Neurologists are physicians who are subspecialized in this field of medicine and are able to accurately diagnose and e ciently treat disorders such as stroke, epilepsy, migraine, dementia, and many movement disorders. Early consultation with the appropriate specialist often leads to a timely diagnosis and alleviation of the patient’s condition. A neurologist is also often the first doctor to diagnose surgical disorders such as brain tumours, infections, and congenital malformations and usually works closely with a Neurosurgeon to treat these diseases.
Neurology requires timely and comprehensive diagnostic and state-the-art therapeutic facilities to ensure a positive long-term outcome for patients. Among the services o ered in Gleneagles Hospital Kuala Lumpur include:-
Rehabilitation Specialist with comprehensive Neurorehabilitation Facilities
Adjunct Technologies - Gamma Knife treatment for specific disorders like Trigeminal Neuralgia
If it’s connected, you’re protected.
Exceptional leaders, innovators lauded at Asian Management Excellence Awards 2024
In today's fast-paced and competitive environment, leaders, be they from the corporate sector, non-profit organisations, or government agencies, play a pivotal role in shaping the destiny of their respective institutions. Their ability to adapt to changing circumstances, inspire teams, foster innovation, and make strategic decisions is what sets apart thriving organisations from those struggling to survive.
The Asian Management Excellence Awards, presented by Asian Business Review Magazine, has acknowledged the outstanding achievements of these business leaders, innovators, and companies across the diverse realms of employee engagement programmes, diversity and inclusion initiatives, and health and wellness projects.
The culmination of this awards programme unfolded on its Awards Presentation Day, held on 23 January 2024, at the Conrad Bangkok in
Executive of theYear
Ti Eng Hui, Baiduri Bank Brunei Executive of the Year - Banking
Youk Chamroeunrith, Forte Cambodia Executive of the Year - General Insurance
Otto Toto Sugiri, PT DCI Indonesia Tbk. Indonesia Executive of the Year - Data Center
Darmawan Prasodjo, PT PLN (Persero) Indonesia Executive of the Year - Energy
Dannif Danusaputro, Pertamina New & Renewable Energy (PNRE) Indonesia Executive of the Year - Renewable Energy
Vikram Sinha, Indosat Ooredoo Hutchison Indonesia Executive of the Year - Telecommunications
Kingson Sian, Newport World Resorts Philippines Executive of the Year - Hospitality & Leisure
James Velasquez, PT&T Philippines Executive of the Year - Telecommunications
Channa Gunawardana, Dankotuwa Porcelain PLC
Sri Lanka Executive of the Year - Manufacturing
Richard Liao, Hwahsia Glass Taiwan Executive of the Year - Manufacturing
Chandan Suryawanshi, Infosys
Thailand Executive of the Year - IT Services
Chai Chaiyawan, Thai Life Insurance Public Company Limited
Thailand Executive of the Year - Life Insurance
Montri Rawanchaikul, PTT Exploration and Production Public
Company Limited (PTTEP)
Thailand Executive of the Year - Oil & Gas
Trirat Suwanprateeb, SCB Tech X Co., Ltd.
Thailand Executive of the Year - Technology
Dr. Dilshaad Ali Bin Abas Ali, Hoan My Medical Group
Vietnam Executive of the Year - Healthcare
Thailand. Against the backdrop of the business hub, the event brought together luminaries and visionaries who have made lasting marks on the Asian business canvas.
A distinguished panel of judges, renowned for their expertise and experience, lent their perspectives to the evaluation process: Wei Li Tea, Partner, Governance and Risk, KPMG Singapore; Cheang Wai Keat, Partner, Consulting, Ernst & Young Advisory Pte. Ltd.; Parul Munshi, Workforce Transformation and Regional Sustainability Consulting Leader, South East Asia Consulting, PwC Singapore; and Jason Seng, Partner, People Advisory Services — Workforce Advisory, Ernst & Young Advisory Pte. Ltd.
Congratulations to the winners! See the full list of award recipients below:
Cambodia Employee Engagement of the Year - Banking
Michelin Indonesia
Indonesia Employee Engagement of the Year - Automotive & Transport Equipment
HSBC
Philippines Employee Engagement of the Year - Banking
Newport World Resorts
Philippines Employee Engagement of the Year - Hospitality & Leisure
Atlantic Gulf and Pacific Company (AG&P)
Philippines Employee Engagement of the Year - Industrial Construction
PTT Exploration and Production Public Company Limited (PTTEP)
Thailand Employee Engagement of the Year - Oil & Gas
Central Watson Co., Ltd. (Watsons Thailand)
Thailand Employee Engagement of the Year - Retail
Health andWellness Initiative of theYear
Pakistan State Oil
Pakistan Health and Wellness Initiative of the Year - Oil & Gas
PT&T
Philippines Health and Wellness Initiative of the Year - Telecommunications
Bangkok Glass Public Company Limited
Thailand Health and Wellness Initiative of the Year - Manufacturing
Ecolab Ltd.
Thailand Health and Wellness Initiative of the Year - Chemicals
Atlantic Gulf and Pacific Company (AG&P)
Baiduri Bank
Central Watson Co., Ltd.
DigiPlus Interactive Corporation
Ecolab Ltd. Forte
EVENT: ASIAN MANAGEMENT EXCELLENCE
Hoan My Medical Group
Indosat Ooredoo Hutchison
Michelin Indonesia
Pertamina New & Renewable Energy (PNRE)
PT PLN (Persero)
PT&T
Rizal Commercial Banking Corporation
SB Finance, Inc.
Newport World Resorts
PTT Exploration and Production Public Company Limited (PTTEP)
SCB Tech X Co., Ltd.
SCB TechX's victorious triumph at Asian Management Excellence Awards for technological innovations
Under the strategic leadership of CEO Trirat Suwanprateeb, SCB TechX has witnessed remarkable growth and technological advancements.
SCB TechX emerged triumphant at the prestigious Asian Management Excellence Awards, clinching top honours for its groundbreaking innovations in DevOps operations, particularly through its revolutionary DevOps-as-a-Service platform, xPlatform. CEO Trirat Suwanprateeb's visionary guidance played a pivotal role in propelling the company to new heights within the ASEAN technology sector.
The xPlatform was developed in response to growth challenges related to work processes and the Software Development Life Cycle (SDLC), including infrastructure, pipeline, and security, exacerbated by the scarcity of DevOps experts.
xPlatform was introduced as transformative solution, integrating development and DevOps tasks, enabling developers to autonomously manage the entire lifecycle from setup to application release, thus enhancing efficiency and empowerment.
Empowering efficiency and innovation
Jesada Gonkratoke, Platform Services Manager at SCB TechX, highlighted the team's motivation behind developing xPlatform. He emphasised the necessity of unlocking business values such as resources, knowledge, and speed to deliver products in the face of increasing project demands. xPlatform, as the first DevOps-as-a-Service platform in Thailand, centralises solutions for managing technology operations, simplifying development and deployment processes. By assuming responsibilities traditionally
reserved for DevOps, working teams can expedite operations without the need for additional hires, significantly enhancing productivity and reducing operational costs.
The xPlatform solution aims to overcome common organisational challenges by automating DevOps tasks to lower operational costs, improve efficiency, reduce risks, and enable faster product and service launches. It offers a streamlined approach for project onboarding, cost reduction, and development process optimisation.
As stressed by Karanyot Russamee, Senior Platform Services Engineer at SCB TechX, bundling tasks into standard pipelines and quick infrastructure provisioning through xPlatform helped accelerate project creation, ensuring compliance with security policies for every project.
xPlatform's intuitive interface simplifies configurations, boosting developer autonomy and efficiency, as observed by Sakkarin Namwong, Lead Infrastructure Engineer at SCB TechX. Additionally, Grace Panitchakorn, a Senior Platform Services Engineer at SCB TechX, pointed out xPlatform's significant influence on the wider technology field. With vast opportunities to shape the future of technology, she emphasised its potential to pioneer DevOps automation in Thailand and become a partner of choice for multiple cloud providers.
“With xPlatform, we can enable enterprises to rapidly develop, adapt, and support their processes and applications using best practices by real-world experience. This can create a scalable
software solution and scalable DevOp-as-a-Service culture for customers across multiple cloud providers,” Grace said.
Driving advancements through transformative leadership
Under Trirat's leadership, SCB TechX saw notable advancements such as launching the SCB EASY App with 14.6 million users, migrating to Cloud, and establishing the SCB TechX ISO Gateway for 20 million daily transactions.
Trirat implemented Google API for enhanced security, launched Thailand's first food delivery app, Robinhood, and developed the PointX loyalty platform. These efforts not only broadened SCB TechX's digital offerings but also increased platform sales revenue fivefold in 2023 and quadrupled its B2B customer base. To sustain innovation and operational excellence, Trirat initiated Venture Tank, an internal venture capital program encouraging employee-driven innovation, promoting a culture of creativity and entrepreneurship at SCB TechX.
“Trirat Suwanprateeb's tenure as CEO of SCB TechX is marked by transformative achievements, innovative problem-solving, and a profound commitment to advancing both business growth and employee development. His holistic approach to leadership has not only driven SCB TechX's success but also established the company as a significant player in the ASEAN technology sector," the company said.
SCB TechX's xPlatform team and Trirat garnered top honours in the Thailand Team of the Year - Technology and Thailand Executive of the Year - Technology categories, respectively, at the Asian Management Excellence Awards, underscoring its commitment to transformative innovation and leadership excellence, solidifying its position as a trailblazer in the ASEAN technology sector.
Trirat Suwanprateeb's tenure as CEO of SCB TechX is marked by transformative achievements, innovative problem-solving, and a profound commitment to advancing both business growth and employee development
Trirat Suwanprateeb, CEO of SCB TechX SCB TechX team at the Asian Management Excellence Awards
A trusted partner for millions of customers, Ecolab (ECL) is a global sustainability leader offering water, hygiene and infection prevention solutions and services that protect people and the resources vital to life.
INSTITUTIONAL
INDUSTRIAL
HEALTHCARE/LIFE SCIENCES
Watsons Thailand prioritises social responsibility across three key pillars
Commitment to People, Products, and Planet guides Watsons’ strategies for sustainable community engagement and development.
Watsons Thailand is a leading health, wellness, and beauty retailer, currently operating over 700 stores around the country and 300 pharmacies with 5,500 professional team members in Thailand markets. We are investing in 50 new stores per year going forward.
People Promise
Watsons Thailand continues building organisational culture ensuring we are a great place to work for our people. “People” is the key that makes us differentiate and able to continue putting a smile on our customers’ faces. We engage our people to make our organisation a fun place to work with friends and growing our great future together as per our People Promise; Fun-Friends-Future.
Professional Career and Opportunity for Future
With over 27 years of experience in Thailand, we continuously innovate our services to ensure customer satisfaction through both offline and online shopping. We create career opportunities for internal and external talents, helping grow our business and providing jobs for those passionate about advancing their careers. Our expansion efforts foster growth for individuals and businesses alike.
People Capability and Development
Our People is an invaluable asset. We believe that “people’s success” contributes to “business’s success”. We've established robust development programmes to
maximise our team's potential and capabilities in leadership and professional growth, ensuring they deliver exceptional service and achieve our goals. Retail Academy is a distinctive development programme that trains over 100 new store managers, differentiating us from competitors and enhancing customer satisfaction. Our 70:20:10 approach to development focuses on upskilling for current and future needs. We
We believe that “people’s success” contributes to “business’s success”
emphasise professional knowledge, skills, trend updates, and leadership to surpass service standards. Our investment in our people boosts their capabilities, performance, and career prospects.
People Engagement and Culture
“Highly engaged people” are directly impacted to promote talent retention and strive for achievement. In addition, it improves organisational performance and fosters customer experiences. We are passionate about building a work environment and unique organisational culture of Trust, Transparent, and Teamwork in establishing positive emotions and
people connected through Communication, Collaboration, and Care. We motivate our people, recognise their performance in tangible ways and celebrate success together. With respect to individual differences, DE&I is one of the key focuses to embrace inclusive culture and a sense of belonging. Our people are working here for “meaningful work”.
People’s Wellbeing and Sustainability
Sustainability is about our passion and commitment to give back to our global community and create a healthier and more sustainable world. Together, we task ourselves to deliver our social responsibilities under 3 pillars – People, Products and Planet. A variety of activities in relevant areas are initiated for delivering sustainable development goals and targets. We commit to sustainability and engage our people to DO GOOD to fulfilling the value of life and FEEL GREAT. Balancing good health, personal interests, and work achievement is essential. We ensure our people are safe and healthy with various supports and care. The "Watsons Wellbeing Programs" include wellbeing tips, counseling, health forums, yoga, muscle tension therapy, health checkups, and fun activities. We also promote work/life balance with flexible working options, extra personal leaves, paternity leave, career breaks, emergency assistance, and the "Your Voice Matters" forum.
Our People Wellbeing Vision is integral to our daily work and influences all our decisions. We aim to create an environment where we care for our own and our colleagues' wellbeing in a supportive and collaborative way ("We’re in it Together"). This fosters resilient, happy, and motivated colleagues, enabling everyone to be their best selves and helping us continually put smiles on our customers’ faces
Graduation ceremony 2022
Towards Becoming A Sustainable Digital Utility
Sarawak Energy has embarked on a digital transformation and enterprise modernisation journey towards becoming a sustainable digital utility by 2025 and regional renewable energy powerhouse. Digitalisation enables us to drive excellence in our operations, advance our sustainable growth agenda and deliver value to our stakeholders and customers.
Advancing Customer-centric Banking Through Transformation and Innovation
Discover how the bank's strategic transformation journey, awarded the Singapore Customer Experience of the Year - Banking, strikes the perfect balance between digital innovation and personalised service.
RHB Singapore's transformation journey, initiated in 2020, was driven by a strategic vision to grow the retail banking wealth and regional affluent segments. Recognising the need to adapt to the digital era and evolving customer expectations, RHB Singapore undertook a holistic restructuring of the business model, end-to-end digitalisation of sales and service processes, new digital channels, and a full branch network refresh.
Customer touch points were transformed, including redesigns and digitalisation to enhance the customer experience. Branches and Premier Banking centres were also improved to cater to specific customer segments.
In addition to the Cecil Branch & Premier Centre in the Central Business District, RHB Singapore established its Regional Premier Banking Wealth Hub in Orchard in 2021, serving both local and regional clients, followed by the opening of the Parkway branch in 2022. Meanwhile, the Jurong East branch in the Western region serves a residential and commercial area.
Coreen Kwan, Head of Retail Banking at RHB Singapore, discussed the new banking initiative, including its foundation, transformation strategy, current impact, and future plans amidst technological advancements in the industry.
Holistic restructuring for long-term vision Kwan emphasised that the key considerations for the transformation initiative were restructuring the business model, digital
innovation, and personalised service— aligning with RHB Singapore’s long-term vision of positioning itself as a leading provider of unparalleled customer experience. “By focusing on strategic segments and embracing digital advancements, we aim to enhance the bank’s overall competitiveness and ensure sustained growth,” explained Kwan.
To balance digital convenience with personalised service, RHB Singapore implemented a multi-faceted channel strategy, incorporating digital banking channels, a readily accessible call centre, and strategically positioned branches. Kwan highlighted the branch network revitalisation, emphasising the Orchard Premier Center, Cecil Street, and Jurong East branches as examples of RHB Singapore's dedication to delivering a unique and personalised experience.
Meanwhile, for higher value-added transactions, RHB Singapore leverages an experienced team of specialists, relationship managers, and experts to ensure that clients will receive a service that is tailored to their specific needs whilst still benefiting from digital convenience.
Elevating customer engagement to stay ahead in the digital era
Customer experience served as the guiding principle for RHB Singapore in its 2020-2023
transformation journey, lying at the heart of its various initiatives. It was showcased in its consistently high Net Promoter Score (NPS) ranking.
The adoption of the "EQ at the Heart of Service" and "Leading with EQ" service training programmes in 2023 further reflects the firm’s commitment to enhancing client engagement. These programmes, focusing on emotional intelligence (EQ) to elevate service and deepen client engagement, have had a positive impact on RHB Singapore. It fosters a customer-centric culture within the bank.
“Our clients have reported increased satisfaction, and the initiatives have reinforced RHB Singapore's dedication to going above and beyond in providing exceptional service,” said Kwan.
As technology continues to reshape the banking landscape, RHB Singapore remains at the forefront by prioritising digital capabilities. The mobile banking app, with streamlined processes for account opening and digital Know Your Customer (KYC) checks, reflects their commitment to a seamless customer journey.
The bank's focus on providing a diverse range of product solutions and targeted campaigns, combining traditional banking with independent financial advisory (IFA) firms, also enhances its Premier Banking value proposition.
“Regular technology updates and a focus on innovative digital channels showcase our commitment to providing cutting-edge services that meet the evolving needs of our customers,” Kwan stressed.
RHB Singapore's winning initiative effectively highlights the strategic transformation of banking, emphasising customer-centricity, digital innovation, and a personalised touch. As they continue to pioneer these principles, RHB Singapore stands as an example in the banking industry, setting new standards for customer experience excellence.
By focusing on strategic segments and embracing digital advancements, we aim to enhance the bank’s overall competitiveness and ensure sustained growth
RHB Premier Orchard
RHB Bank Singapore secures Singapore Customer Experience of the Year - Banking title
The bank continues to deliver exceptional customer experience through a comprehensive transformation journey focused on digital innovation and personalised service.
In an era marked by digital advancements and evolving customer expectations, RHB Singapore embarked on a bank-wide transformation exercise in 2020. This strategic initiative was driven by a focused effort to grow the Retail Banking Wealth and Regional Affluent segments, and it encompassed a holistic restructuring of the business model, extensive digitalisation of sales and service processes, introduction of innovative digital channels, and a complete refresh of its network of bank branches.
One of the pivotal guiding principles of RHB Singapore's transformation journey has been an unwavering commitment to delivering unparalleled customer experience. Recognising the importance of maintaining a delicate balance between digital convenience and personalised interactions, RHB Singapore designed a channel strategy that blends digital banking channels, an easily accessible call centre, and strategically located, inviting branches.
Branch Revitalisation and Mobile Innovation
A key cornerstone of the bank's transformation efforts has been the revitalisation of its branch network. All branches were strategically relocated and digitally enhanced to better serve the unique needs of their target customer segments. Notable amongst these is the Orchard Premier Center, which opened in 2021.
Nestled in the heart of Singapore's affluent shopping district, this branch combines modernity with tradition, drawing inspiration from the rich Peranakan heritage shared by Singapore and Malaysia. The Parkway branch, established in 2022, caters to consumer and business clients in the East of the island, whilst the Jurong East branch serves a bustling residential and commercial hub in the Western region.
RHB Singapore's commitment to delivering a seamless digital experience is further exemplified by its mobile banking app, which has become one of the most frequently used customer touchpoints. New customers can establish banking relationships in a matter of minutes through the app, thanks to a streamlined process that includes instant account setup and digital Know Your Customer (KYC) checks. This approach significantly reduces turnaround times and enhances the overall customer journey.
Comprehensive Product Strategy and Personalised Services
In addition to enhancing its digital capabilities, RHB Singapore has focused on providing an array of product solutions and targeted campaigns. The bank's product strategy combines the best of traditional banking with the diversity of independent financial advisory (IFA) firms.
This includes offering a wide range of deposit products with competitive interest rates and providing access to best-in-class insurance plans underwritten by leading providers such as Singlife, Manulife, Income Insurance, and Tokio Marine. By adopting an "open architecture" model, RHB Singapore ensures that its clients have access to a broader range of products, thus enhancing its Premier Banking value proposition.
A significant aspect of RHB Singapore's success in delivering exceptional customer experience lies in its commitment to personal touchpoints. The bank boasts an experienced and dedicated team of relationship managers, treasury specialists, and bancassurance experts who are well-versed in banking and regulatory requirements. This enables regional clients to leverage the bank's cross-
border expertise for comprehensive wealth planning and diversification.
Elevating Customer Satisfaction
The bank's unwavering dedication to customer satisfaction is evident in its consistently high Net Promoter Score (NPS) ranking, reaching the No. 2 spot in the industry for the past two years (2021–2022) as per an RHB annual customer survey conducted by independent research firm Ipsos.
Furthermore, recognising that customer engagement extends beyond delivering established service standards, RHB Singapore has introduced the "EQ at the Heart of Service" and "Leading with EQ" service training programmes in 2023. These initiatives aim to elevate service levels and deepen client engagement, demonstrating the bank's commitment to going above and beyond for its customers.
With these, RHB Singapore clinched the prestigious Singapore Customer Experience of the Year - Banking award at the Asian Experience Awards 2023. The bank is recognised for providing exceptional customer experience throughout its transformative journey from 2020 to 2023.
RHB Singapore designed a channel strategy that blends digital banking channels, an easily accessible call centre, and strategically located, inviting branches
RHB Bank Singapore team at the Asian Experience Awards 2023
BHANDAL, WOO OPINION
In a digital economy, the race is on for tech talent
Singapore’s strong reputation has allowed it to be a prime destination for tech companies to invest in. The city-state placed third globally in the World Digital Competitiveness report and second globally in the arena of intellectual property protection. Its business-friendly environment and highly educated workforce have drawn leading firms to establish their global or regional headquarters here.
However, a challenge looms large for Singapore: there is a shortage of skilled tech talent. In fields like AI, data analytics and cybersecurity, the demand for specialised expertise outpaces the available talent pool. But it is not just the tech firms that are hungry for talent.
Four in 10 global organisations across a range of industries expect Generative AI (Gen AI) to increase their headcount, more than those who said it would reduce their headcount (22%). This could be due to the increased need for expertise in Gen AI and data – a staggering 75% of organisations expect Gen AI to affect their talent strategies within the next two years.
Government support
To mitigate this challenge, the Singapore government has made active efforts to grow its tech talent pool. Its National AI Strategy 2.0 outlines ambitious plans to triple the AI workforce to 15,000 professionals within three to five years from 2023, through initiatives such as a redesigned AI apprenticeship programme. It has also designed job transformation maps to identify the relevant skillsets needed for a variety of sectors, and it is reviewing how the workforce should be upskilled and reskilled to perform new and augmented roles with Gen AI.
Businesses can do their part in addressing talent shortage by investing in opportunities for continuous learning and experimenting with new tools, and yet, for most organisations, this may not be the case. Nearly half of organisations said they allowed Gen AI access to only 20% or less of their workforce. This move to impose tight restrictions on such emerging technology may be a stopgap measure.
Employees may still make use of such tools under the radar, or they may not be able to develop a realistic understanding of their capabilities and limitations. Rather, widespread but controlled access, as well as structured training, will help people get more comfortable with technology and understand what it can and cannot do — whilst opening the door to new possibilities for value creation.
Employees themselves must also embrace an ethos of lifelong learning and continuous improvement. By actively seeking out opportunities for upskilling and reskilling, they can enhance their employability and contribute to Singapore's tech ecosystem. For the local workforce, initiatives like the TechSkills Accelerator (TeSA) help individuals embark on infocomm and technology careers with skills training and job placements.
In addition, local institutions are expanding their research and course
SANDIP BHANDAL Partner, Global Employer Services, Deloitte
Singapore
JAAN WOO Director, Global Employer Services, Deloitte Singapore
offerings to help grow a pipeline of future talent. For instance, the National University of Singapore (NUS) has established the NUS AI Institute and Nanyang Technological University (NTU) will open enrolment for its College of Computing and Data Science from August this year.
Even as Singapore is making advances in talent development, there is another piece to the puzzle. Like many other developed economies, Singapore faces an ageing population and dwindling birth rate. Developing tech expertise locally takes time, and the demand for such talent has necessitated an open approach to attracting talented individuals from around the world to augment the local workforce.
Employment pass
For example, the government has made it easier for foreign talent on its Shortage Occupation List to earn additional points in its COMPASS assessment framework for Employment Pass applications. This move aims to help ease the shortage of talents in occupations which require highly specialised skills. Unsurprisingly, the sector with the most occupations on the list is Infocomm Technology, which has 13 occupations eligible for an Employment Pass. In comparison, the sector with the second-most occupations on the list is healthcare, accounting for five eligible occupations.
Other initiatives like the Tech.Pass and the Overseas Networks and Expertise Pass (ONE Pass) offer incentives and flexibility to attract skilled professionals to Singapore, which includes the ability for pass holders to work for more than one company at the same time. The typical Employment Pass and other employer-sponsored passes only allow the pass holder to work for the sponsoring employer.
Future opportunities
Whilst Singapore’s open approach to talent will help it stay competitive, the long-term solution is still continuous skills development. Employers could do more to provide flexible learning options such as online courses or self-paced modules to accommodate employees’ busy schedules, or offer time off-in-lieu to compensate for time spent on job-relevant courses. They could also improve communication on the benefits of upskilling, involve employees in decisions concerning their skills development, and give clear goals and support for their growth. Apprenticeship or internship schemes could also provide practical experience for individuals transitioning into emerging fields or industries.
In summary, talent is key to securing Singapore's status in the global digital economy and for the country to become a leading AI hub in the global arena. A collaborative effort between employees, employers and the government would certainly help to address the shortage of tech skills here.
SHOM MABAQUIAO
Gen Z pop culture is key to financial literacy in Southeast Asia
Last January, the financial services company awarded Southeast Asian schools and educators that successfully made financial literacy ‘fun’ for kids. Using Maybank’s localised and Gen Z-fied animated series, the programme spells a bright financial future for Southeast Asia’s Gen Alpha.
However, financial literacy is needed now, especially by the newly minted Gen Z who entered a workforce plagued by global recession. This cohort transitioned from undergrads to entry-level employees hustling, with 14% already having a second job but still eating ramen from breakfast to dinner.
‘Short attention spans’ and ‘general indifference’ are attributed to Gen Z’s chronically online nature. This makes it easy to look at these attitudes as the main reason why only 30% of Southeast Asians are confident with their financial savviness.
However, a recent report by UK-based insight practice Canvas8, shows that interest is not what prevents SEA Gen Z from being smart about their money—it’s resources. Namely, they lack the resources to learn about money, access their money, and earn money. Much like Maybank’s financial literacy programme, the secret to engaging Gen Z in financial literacy can be found in local pop culture.
Invest in informed influencers
Seven out of 10 Gen Z eagerly learn about things they’re interested in— from esports to anime and even, for 63% of them, financial planning. But they don’t dig for information from just anywhere. They want to learn from people they trust, such as friends or family.
The thing is: Asian elders tend to tiptoe around the topic of finance as it’s deemed culturally sensitive or simply hard to explain. School doesn’t prove much help either, with institutions focussed more on algebra and calculus rather than filing taxes and calculating contributions.
So Gen Z resorts to self-education with the help of online gurus who make personal finance accessible, digestible, and entertaining. “Finfluencers” like SG Budget Babe and The Financial Coconut offer advice about money and its effects on relationships, workplace mental health, and building hobbies. These creators balance personal truths with financial credibility to resonate with Gen Zers grappling with issues such as the cost-of-living crisis and increasing youth unemployment.
Games are a great guarantee
Southeast Asia has 300 million gamers who spend seven hours a week playing. In fact, the region is responsible for securing the global popularity of Asian games like Genshin Impact and Mobile Legends: Bang Bang, which are known for fostering the culture of microtransactions. So it’s no wonder gamification is the number one goto for financial companies that want to engage young workers.
During the pandemic, the region started to inch closer and closer to becoming a cashless society. The only thing slowing down the widescale penetration of this financial scheme is the highly unbanked and underbanked population of informal workers, who make up around 80% of the region’s workforce.
SHOM MABAQUIAO Junior Editor (APAC) Canvas8
A lot of young SEA workers don’t have bank accounts, drown in credit, and transact mainly in cash, making it hard to establish financial identity in society. It’s not that they don’t know how to start a bank account; it’s that the process of opening accounts is such a daunting and dragging process of documents and identification that makes things seemingly inaccessible.
With older generations ill-equipped to educate and integrate banking into the region’s youths, a cradle-to-grave financial journey just ends up unimportant to young informal workers.
In recent years, financial startups have been trying to make banking more interactive. Vietnam’s Finful rewards users with money or in-app gifts that provide access to valuable financial resources. Meanwhile, Malaysia’s Raiz and Singapore’s Snack use spare change and micropremiums to integrate investment in youths’ lifestyles without forcing them to scrimp on little luxuries.
But financial researcher Christoph Hüller has a word of advice for banks who rely on gamification: “From a policy perspective, public awareness of dangers is critical. Gamified investing sites should have visible disclaimers, just as gambling sites warn of addiction risks. Right now, those messages are buried in footnotes or separate pages.”
Manage money through manga
As much as Gen Z wants to, the power of friendship does not equate to purchasing power. This leads them to cut back on savings more times than their favourite anime characters were cut in half.
Almost half of young Singaporeans are worried about making ends meet, much more about saving enough for emergencies. Meanwhile, young Filipinos want to save at least a fourth of their monthly income, but can realistically only save 10% with the incessant inflation in the country.
This is why Gen Zers are finding it difficult to pay upfront, making Buy Now Pay Later (BNPL) schemes like Shopee PayLater and Billease such an enticing option for this region of online shoppers. It helps those who are already cutting down on household spending and even small pleasures like dining out. The BNPL mechanism makes expenses a lighter burden…or so they think.
According to Dr Christina Chua, the senior vice president and product lead at KGI Asia Singapore Capital Markets, “If (SEA Gen Z) don’t think much about purchasing something and end up buying into these BNPL schemes, they could get a bad credit record and have a hard time procuring housing loans in the future.”
Unless they turn into anime pirates, a notorious record doesn’t translate to higher bounties in our world. So to help Gen Zers plan their credits and investments, Singaporean advisers Gen Z Group, The Woke Salaryman, and The Simple Sum use the power of graphic novels to engage the 76% of global manga fans who reside in the Asia-Pacific region.
“Companies may not be that open to alternative forms of education yet, but when they meet Gen Z where they are, they will find a lot of powerful tools that can help them," says Persis Hoo.
