No excuse and no excape to take repsonsibility

Aworldwide raging pandemic and Putin’s brutal war of aggression. The twenties really did not begin auspiciously. The German president’s notion of an epochal turning point hits the mark. The war and the desperate search for alternatives to fossil fuels from Russia somewhat pushed ongoing climate change, probably the greatest and most significant long-term challenge of our time, out of the headlines. As an aid to memory, just a few headlines from recent years: droughts in Australia, deforestation of the rainforest in Brazil, floods in Europe or melting glaciers in the Alps. The consequences of this warming – rising sea levels, climate instability, biodiversity loss, and humanitarian and energy crises, to name a few – pose an existential threat to the future of our society and all our businesses. According to the Intergovernmental Panel on Climate

Change (IPCC) more than a dozen natural systems—from ice sheets to the Amazon rainforest—are at risk of “tipping.”

Resilient business models important for transformation

In this extremely difficult situation, intermediaries like banks play a crucial role and have a resepctive responsibility in steering capital flows in the right direction. However, they can only play this role if they themselves think and act in the long term and are solidly positioned. Let’s face it, neither Liechtenstein as a country nor the institutions themselves are large or significant enough to not have a noticeable impact on global CO2 emissions and their net-zero commitments. And we are privileged to live in beautiful nature and blessed with much wealth and in a country with the highest per capita income in the world. On the other hand, as a major wealth management location, we are also in a position to exert a disproportionate influence on the investment of funds and thus on the allocation of the so urgently needed capital for the green transition.

Business models of the banks in Liechtenstein have proven themselves as very resilient. They can be described with the traditional values of stability, quality or reliability. This tradition or “thinking in generations” stands for a sustainable business model that places the client at the centre of thinking and acting. Sustainability is also an important pillar of Roadmap 2025, the growth strategy of the Liechtenstein banking centre. The banking centre should play a decisive and formative role in the transformation of the global economy and society towards more sustainability. We do this in the knowledge that our demanding clientele expects more than just high-quality services. They want financial institutions to contribute to solving the ecological and social challenges of our time.

Accepting the SDGs as a millenium opportunity

In 2021, the sustainability issue also gained further political momentum. With the “traffic light” coalition in Germany, the decarbonisation of the economy and society was set as a binding goal for the first time for a large industrialised country. Climate protection in particular and the Sustainable Development Goals (SDGs for short) have thus virtually become the reason of state or the political orientation framework. This fundamental transformation will require immense sums of money over the next few years. At the global level, it is estimated that the annual investment volume to achieve the SDGs amounts to approximately USD 7 trillion. Currently, only one seventh of this is covered by the public sector. A substantial part must come from the private sector. And here, Liechtenstein banks in particular can play an important role as intermediaries and mobilise and channel the required capital.

Probably the most credible commitment of the banking industry to this transformation is the Net-Zero Banking Alliance (NZBA). In the meantime, more than 100 banks from over 40 countries and with total assets of USD 40 trillion, including all three large Liechtenstein banks, have joined forces in this alliance, committed themselves to net zero and given a clear roadmap on the way there.

The need for walking the talk now

The investments mentioned above are accompanied by equally large business opportunities. For example, the latest Better Business, Better World report estimates that sustainable and inclusive business models could unlock economic business opportunities worth at least USD 12 trillion per year by 2030 and create up to 380 million jobs worldwide. Perseverance, communication and solidarity are terms often heard in the West in connection with the war in Ukraine and the sanctions. But they are also prerequisites for a successful fight against climate change. Firstly, all measures must be designed in such a way that they are long-term and can be sustained over a long period of time.

Secondly, good, truthful and transparent communication is needed. Because only those who recognise the sense of measures will also implement them and go the whole distance. And thirdly, it needs a solidary world community in which every country and every person makes their contribution. ■

About Liechtenstein Bankers Association (LBA)

The Liechtenstein Bankers Associafion was founded in 1969 and is the voice of Liechtenstein banks at home and abroad. It is one of the most important associafions in the country and plays an important role in the successful development of the financial centre. As a member of the European Bankers Federafion (EBF), the European Payments Council (EPC), the European Parliamentary Financial Services Forum (EPFSF), the Liechtenstein Bankers Associafion is an important member of key bodies at European level and plays an acfive role in the European legislafive process. Since 2017, the Liechtenstein Bankers Associafion has also been a member of the Public Affairs Council (PAC) with offces in Washington and Brussels, and since 2018, a member of the internafional network “Financial Centres for Sustainability” (FC4S). With the Roadmap 2025, the LBA has placed an even stronger focus on the two major topic «sustainability» and «digitalisation». As a consequence, the LBA joined the following two initiatives in 2021, each of which is a leader in its field: firstly, it has become an offcial supporter of the UN Principles for Responsible Banking and the Net-Zero Banking Alliance and secondly, it has become an affiliate member of the Canada-based Blockchain Research Institute (BRI), an independent, global think-tank dedicated to inspiring and preparing private- and public-sector leaders to be the catalysts of the blockchain transformation.

About LBA’s Roadmap 2025, the strategy for the entire Liechtenstein banking cente

The Roadmap2025 is the multi-year strategy of the Liechtenstein banking centre. It is all about “growth through sustainability and innovation”. Ongoing climate change is one of the greatest global challenges. We are the first generation to sustainably destroy our planet and probably the last to prevent it. The financing needed to achieve the Paris climate goals as well as the broader Sustainable Development Goals (SDGs) of the United Nations is enormous. According to PWC, the annual global investment required to achieve the SDGs amounts to 7 trillion US dollars. Currently, only one seventh of this is financed by the public sector. A substantial part must therefore come from the private sector. The financial sector, and banks in particular, can and must therefore play a central role in mobilising and channelling these financial resources. This means a great responsibility, but also brings with it a great opportunity. If we successfully accompany this transformation, we will create the necessary growth to continue to create prosperity. Increasing digitalisation has a huge potential to accelerate the needed transformation for the benefit of our future generations.

Accelerating into the Virtual World

Metaverse is far from being an unfamiliar word in the technology world. It has proved be a game-changer not only in the gaming world but also as a business opportunity. The overlapping of the physical and digital worlds has opened ways for businesses to reach communities, engage with customers expand their operations across the globe. It has brought the world closer true sense by eliminating geographical and logistical barriers.

A Sustainable Future in the Metaverse all know how the lines of global borders can be blurred in the metaverse. But does it contribute to a more sustainable model of business? In simple words, the sustainability scale is moving upwards with the virtual world technology. The virtual platform discard the challenges companies in running sustainable activities. Digital goods are substituting physical goods, and digital twins are driving the optimization of the physical world. The is slowly leading to the better of planet.

With people opting to lead a cleaner and greener lifestyle, brands are encouraged to initiate energy-efficient environmental-friendly operations. According to a survey by Wunderman Thompson, when it comes to global challenges like climate change, 86% of respondents believe businesses have influential role to play in solving them; 88% of respondents also believe sustainability should be a permanent business practice. Brands can be seen doing their part and maintaining eco-friendly practices.

Looking at the Big Picture of futuristic enterprise, giving customers access to a virtual address, entrepreneurs can minimize their product wastage while saving on substantial operational costs. Similarly, the logistical inconvenience customers traveling for an event ultimately be erased when businesses start hosting virtual events with immersive engagement opportunities. Simultaneously, opting digital virtual operation will contribute to the cost-effectiveness →

→ of services and decrease the wastage of resources like paper and energy and most importantly human effort.

This fast-moving metaverse technology can immediately launch an idea with just a click. Virtual technology can contribute to faster product launches, advertisement pilot testing, real-estate developments, faster reach to the public, and, most importantly, accelerated customer feedback and service.

Business in the virtual world is only growing

As the concept of a virtual world is evolving, the metaverse is unleashing a new door for complete digital disruption. The development of metaverse technology and infrastructure has already seen an investment of about $120 billion. Thanks to Blockchain and NFTs, business offerings’ virtual and augmented realities have become much more accessible and popular among users. In 2022, the global metaverse market was estimated to be $100.27 billion at a CAGR of 47.6%. This is further expected to increase to $1527.55 billion by 2029.

D2C is one such market that does not fail to envision the metaverse’s benefits. D2C brands have established the metaverse as the perfect platform to expand the reach of their offerings. Brands of beauty products, electronics, home décor, real estate, etc., have jumped into the virtual world business.

Business in the metaverse means personalized customer experiences, touching newer markets, and upgradation of products and operational services. Brands like Nike and Louis Vuitton have opened their virtual store for customers to explore. With these stores, such brands can design their store without space, design, or color restrictions. The space is ticking to unlock new opportunities with a new customer base. The world has begun adopting some of the few elements of the metaverse virtual world. Some of them include VR headsets, ultra-fast broadbands, and online digital worlds, which are already functioning, and ready to be accessed by all soon.

Kestone is powering through with Vosmos

Kestone, the leading global awardwinning data-driven integrated sales and marketing services company founded in 1997, has been on an upward trajectory. They have taken a leap of imagination coupled with technology and designed a new world, creating a virtual cosmos – VOSMOS. The vision of this brand is to make worlds that are simplified, connected, and immersive. These worlds will be self-sufficient, unified, and constantly evolving to suit the mindset of the occupants of Vosmos. Replicating every element of the physical world, Vosmos has emerged as a one-stop solution for businesses to communicate and grow across continents, making Kestone one of the leading MarTech organizations today.

Vosmos offers its clients customized technology solutions, a world to propagate Meta-commerce and virtual events which offer the best of the physical and digital experiences. Their core is – Digital Transformation in the Consumer Space. Their products are based on their advocacy of sustainability. Whether it is saving time by creating a virtual walkthrough of a real-estate project or the human effort of traveling to buy a product or logistical arrangements for an exchange or saving money to gain a skill – they have it all covered. The Metacommerce world of Vosmos will give brands the opportunity to be present in a virtual environment that allows viewing, engagement, and transaction. They have opened stores for brands, educational centers for scalability of knowledge, office spaces to enrich the work-from-home experience as well and more.

Vosmos has been built on understanding and analyzing customer behavior. Businesses can deliver never -seen-before experiences in education, tourism, shopping, banking, government services, and more. The differentiating factors of Vosmos include:

• Making online interactions real

• Customizing the metaverse virtual space 100%

• Promoting your products 24/7

• Subscribing to a pay-and-use model of the Metaverse virtual world

• Integrating payment gateways for D2C brands in Vosmos

• Virsa, the AI-driven bot, is there for assistance in the metaverse virtual reality

With the D2C business model, brands have eliminated the barriers in the physical world that stand between them and their customers. Now is the time to make brands accessible, experiential, and scalable more than ever before. Their DIY model of creating one’s own store gives business owners the flexibility, ease, and choice of how they want their store to look in Vosmos. This method is not only cost-effective but also can be personalized to suit products and the marketplace.

Brands can now give customers a complete buying experience without being physically present. Virtual stores will have expansive virtual real estate while effortlessly launching new products.

Users can create customer-centric, experiential, and immersive solutions explicitly customized for the brand. Tailor-made DIY art galleries, retail outlets, real estate projects, tours, and events – the Vosmos tech team can bring to life all that one can dream of.

As economies shift and strategies are reinvented, Vosmos is a fast-emerging one-stop shop for customer-centric, experiential, and immersive solutions.

In the words of the team Vosmos“From wherever you are, on a couch or a canoe, you can do almost everything in Vosmos. There is a part of you that can ‘live’ in Vosmos.” ■