SECRETARY / Nick Magnus, Dulwich College (Singapore)
TREASURER / Christina Mason, PwC
Andrew Clark, AsiaWorks
Andy Marr, 8build
Damian Adams, Watson Farley & Williams
David Haigh, EY
Emma Loynes, Lloyd’s of London (Asia)
Gavin Suna, Berkeley Group
Dr. Lissy Vadakel, British Council
Lorena Paglia, Microsoft
Michael Buchanan, Temasek International
Michael Yap, Coventry University
Penny Murphy, ERM
Prakash Pinto, Standard Chartered Bank
Rodney Kinchington, BT Group
Steve Firstbrook, Department for Business & Trade
ISSN: 2810-904X
Dear Members,
On29th August, the Chamber held a reception at Eden Hall to celebrate our 70th Anniversary. We are very grateful to our new British High Commissioner, His Excellency Nik Mehta OBE for opening up his residence to our members to celebrate this milestone. Ms Indranee Rajah, Minister in the Prime Minister’s Office, Second Minister for Finance and National Development, kindly represented the Singapore Government as the Guest of Honour, while other representatives from the Singapore and UK governments also joined us. The Chamber has never felt stronger, more united and confident of delivering for our members than today.
But this success was not assured when in 1954, Philip Mawrey, the regional manager for Reckitt & Coleman (today’s Reckitt Benckiser Group Plc) felt strongly enough about the lack of support for British businesses in Singapore and more widely in the region, that he got together with five other like-minded representatives of British businesses and founded the UK Manufacturer’s Representatives Association (UKMRA). This was timely, with Singapore already
President’s Message
on the path to independence led by a dynamic group of pro-business leaders. As Singapore prospered and grew, so did the UKMRA, becoming the British Business Association in 1974, then subsequently the British Chamber of Commerce in 1998. To strengthen our support for the increasingly diverse business community in Singapore, the Chamber amended its constitution in 1998 and opened its membership to non-UK companies.
Today, our Chamber represents more than 300 member companies covering an incredibly broad range of UK and Singapore business interests. Our deep connections with the UK and Singapore governments, allow us to carry on our work in the same spirit of our foundation – an organisation dedicated to helping our member-businesses succeed both in Singapore and Southeast Asia.
This commitment is underlined in this 100th edition of Orient, our flagship magazine launched 24 years ago, with the aim of supporting member companies with knowledge and resources.
I would like to thank outgoing President Damian Adams for his leadership during his term as President, and contribution over his 20 years in the
Chamber. Taking on the Presidency, I am grateful to be supported by the Board as well our dynamic Executive Director, David Kelly and his fantastic team.
To honour our history and the people working to support business, trade and our community across these 70 years, the Chamber launched a digital museum to showcase our heritage. I invite you to visit the Chamber’s digital museum at www.70.britcham.org.sg, and to share your story with our community. Whether you’re a member or connection of the Chamber, share your favourite moment with the Chamber on your preferred social media platform with the hashtag #MyBritChamStory. Your story will be picked up by our team and placed in the Chamber’s digital museum. All stories from our community will be archived in a digital capsule for all posterity, to be opened by future generations of the Chamber.
Warm regards,
Haslam
of ideas and attitudes, once taken root, can last a lifetime.
Starting from Nursery, Tanglin creates an environment where children’s natural curiosity can grow and flourish into a lifelong love of learning.
Children thrive in our exciting learning landscape – one that has been cultivated through years of careful planning and the dedication of Tanglin’s exceptional Nursery team. Classrooms, outdoor areas and the inspirational curriculum are designed to capture children’s imagination, nurture their inquisitive minds and create a magical hive of activity.
High levels of engagement lead to high levels of attainment as our children embark on their extraordinary journey through one of Singapore’s most established international schools.
Tanglin is the first school in Asia to achieve the Curiosity Approach™ Accreditation.
Find out more at www.tts.edu.sg
A scholar and an outdoorsman
Benjamin Augenstein excels academically and flourishes across diverse fields, notably demonstrating his prowess with outstanding grades in Mathematics and Geography. Inspired by the remarkable enrichment opportunities at NLCS (Singapore), he extends his capabilities into areas of interest like Science Club and Competitive Coding.
But, embodying the NLCS ethos means more than just achieving exceptional academic outcomes. Outside of school, Ben is a dedicated youth leader in Scouts, working towards the highest rank of Eagle. He has engaged in various service projects, including tree-planting in Nepal and building facilities for a children's shelter in Chiang Rai. He also led a service project to construct an arts and crafts zone at a children's shelter in Kuala Lumpur, demonstrating adept management in volunteer recruitment, fundraising, and managing the installation process. Benjamin also sails a one-person boat known as an Optimist, relishing the exhilarating challenge of competing in regattas, which tests the endurance and mental strength of sailors.
Scan here to find out how our ethos shapes confident, well-rounded students at NLCS (Singapore).
For enquiries, call Admissions at +65 6989 3000 or email admissions@nlcssingapore.sg
Experience the UK's finest arts, entertainment, sports, and cultural events. Learn more at: www.britcham.org.sg/events/best-of-british
|Your global partner
Bespoke corporate solutions for whatever your ambitions.
Whether you are launching a business in Asia –or anywhere else in the world – we can support you.
Our services include:
■ Immigration and visas
■ Entity formation and administration
■ Account opening
■ Director services
■ Company secretarial services
■ Compliance
■ Accounting and tax
■ HR and payroll
■ Back office services
Thinking beyond tomorrow
NEWS / AROUND THE CHAMBER
MINISTER FOR INDO PACIFIC MEETS WITH BRITISH BUSINESSES IN FIRST TRIP POST-ELECTION
Minister Catherine West, Parliamentary Under-Secretary of State for Indo Pacific, met with senior business leaders on 17th September. The roundtable, organised by the British Chamber of Commerce Singapore and hosted by Standard Chartered Bank, formed part of the programme for the first Ministerial visit to Singapore since the new government was formed.
The roundtable discussion focused on opportunities and challenges for
businesses operating in the Indo Pacific region, and served as a platform for senior British business leaders in our network to share their perspectives. UK officials included the British High Commissioner to Singapore, the Deputy Trade Commissioner for Asia Pacific and the Country Director for Trade and Investment, while industry was represented by senior leaders from Rolls-Royce, Barclays, Jaguar Land Rover, Standard Chartered Bank, Diageo, Arup and Mott MacDonald.
The discussion was jointly Chaired by British High Commission, His Excellency Nik Mehta OBE, and British Chamber Vice President, Suzy Goulding.
DULWICH COLLEGE (SINGAPORE) CELEBRATES EXCEPTIONAL RESULTS AND TOP UNIVERSITY ACCEPTANCES FOR THE CLASS OF 2024.
Following an impressive summer with Dulwich College (Singapore) Class of 2024 receiving the College’s best set of IB results yet —an average IB score of 37.6 points, surpassing the global average by a remarkable seven points— its students are now making their way to the most prestigious universities across the world.
Of the 125 graduates, 91% were accepted into their first-choice university, and 100% of the cohort were accepted into their first- or second-choice universities. The most popular destinations this year include the United Kingdom (47.2%), the United States and Canada (14.6%) and Australia (14.6%). A number of graduates will also be heading to universities in Asia (6.5%) and Europe (5.7%), while 11.4% will embark on National Service duty in Singapore.
TANGLIN TRUST SCHOOL 2024 A-LEVEL AND IGCSE RESULTS NEWS
Tanglin Trust School is pleased to announce its 2024 A-Level and IGCSE results following the outstanding IB results released in July.
The impressive 2024 A-Level results, marked one of the strongest performances in over a decade. An outstanding 64% of Tanglin students achieved A or A* grades, significantly surpassing the average achieved by students in England of 27.6%.
Commenting on their impressive performance, Craig Considine, CEO of Tanglin Trust School, stated “We are absolutely thrilled to congratulate our A-Level students on their outstanding achievements. Their hard work, dedication, and perseverance have paid off in the most spectacular way.”
Also a huge congratulations to the 186 Tanglin students who successfully passed their IGCSEs this year, with 91% of grades A*- B equivalent (96). These results are particularly impressive when compared to schools in England.
REVOLUT LAUNCHES REVOLUT BUSINESS IN SINGAPORE, AIMED AT EMPOWERING LOCAL BUSINESSES OF ALL SIZES
• Revolut Business is a one-stop platform for managing all business finances.
• It will give Singapore companies of all sizes access to fast, affordable and efficient payment solutions, transforming the way they do business globally.
• Revolut Business is live in over 40 markets across the world and processes £13 billion (S$22.3 billion) worth of transactions globally every month. It has hundreds of thousands of monthly active businesses worldwide, using its platform to more effectively manage their business finance.
• To celebrate the launch, Revolut will be offering Singaporean businesses a three month trial of either the Grow or Scale plan.
Revolut, the global fintech with more than 45 million customers worldwide, announced the launch of its business-to-business (B2B) offering, Revolut Business, in Singapore, its first market in Asia. Revolut Business will give Singapore companies of all sizes access to fast, affordable and efficient solutions to help them manage their finances and transform the way they do business globally.
Revolut Business provides businesses with a one-stop, easy to use money management solution that enables them to spend less time on admin and more time focused on what’s important – their business.
Now live in over 40 markets, Revolut Business improves how businesses manage payments, control spending and empower their teams. Revolut Business processes £13 billion (S$22.3 billion) worth of transactions
NEWS / BEYOND THE CHAMBER
UK
TO SPEND 10.5 MILLION
POUNDS TO PREPARE PORTS FOR NEW EU BORDER CHECKS
Britain will spend 10.5 million pounds ($13.9 million) to help ports prepare for the European Union’s postBrexit security checks for UK nationals entering the bloc and reduce the risk of queuing and disruption, the government said on Tuesday (27th August 2024).
More than four years after the UK formally left the EU, the 27-nation bloc is due this autumn to introduce a digital border system, known as the entry and exit system (EES), which will remove the need to manually scan passports.
The new rules will require people travelling from the UK and other non-EU countries to register at the border, which includes having their face scanned and fingerprints taken, creating a digital record that links a travel document to a person’s identity using biometrics.
Britain’s new Labour government warned within weeks of taking office in July that the country was insufficiently prepared for the new checks and that disruption was likely.
The funding will help ports to put in place necessary technology as well as complete work such as installing kiosks and recruiting and training staff to prepare for the introduction of the checks, the government said.
SINGAPORE BANKS LEAD ADVANCED ASIA IN SUSTAINABLE FINANCING POLICIES: REPORT
Singapore banks have the most detailed and ambitious decarbonisation policies among advanced economies in Asia, according to a recent report by sustainability-focused consulting company Asia Research and Engagement (ARE).
The report by ARE assessed the climate goals of nine banks in Singapore, Japan and South Korea across their policy, governance and risk management actions.
According to the report, the three Singapore banks –DBS, OCBC and UOB – are the only ones in advanced Asia that have set targets, both medium and longterm, on how they plan to reduce financed emissions for key carbon-intensive sectors that are aligned with a pathway that limits global warming to no more than 1.5 degrees Celsius.
They also have the most ambitious decarbonisation policies to reduce emissions in the oil and gas sector. OCBC and UOB have pledged to cease financing for the upstream portion of the value chain, while DBS has set a 2050 target to reduce the absolute financed emissions in the sector.
BAN ON JUNK FOOD TV ADVERTS BEFORE 9PM TO COME IN NEXT YEAR
A ban on junk food adverts being shown on TV before 21:00 will come into force on 1st October 2025, the government has confirmed.
Labour said the watershed on junk food advertising would be enforced alongside a total ban on paid-for online adverts, both aimed at tackling childhood obesity.
Health Minister Andrew Gwynne said confirming the scope of restrictions and the date they would be implemented provided clarity for businesses.
Gwynne said the government wanted “to tackle the problem head on” and “without further delay”.
“These restrictions will help protect children from being exposed to advertising of less healthy food and drinks, which evidence shows influences their dietary preferences from a young age,” he said in his written statement to the Commons on 12th September 2024.
TRANSITION TO DIGITAL EVISAS: A KEY CHANGE TO THE UK’S IMMIGRATION SYSTEM
The Home Office is undergoing a major transformation to modernize the UK’s immigration system by phasing out physical immigration documents and introducing digital proof of immigration status—known as an eVisa. This shift will affect customers already living in the UK, and for new visa applicants too, aligning with the government’s aim to create a ‘digital by default’ border and immigration system by 2025.
Enhancing Security and Efficiency
The move to eVisas marks a significant step toward a more secure and efficient immigration system. By replacing traditional documents like Biometric Residence Permits (BRPs) or passports with ink stamps or vignette stickers, the digital eVisa will enhance the overall customer experience and streamline the process of verifying immigration status.
For those already in the UK holding a physical immigration document, the transition to an eVisa will require the creation of a UK Visas and Immigration (UKVI) account. This process is straightforward and free of charge. Detailed instructions for creating an account and accessing an eVisa are available on the UK government’s website at www.gov.uk/evisa.
What This Means for Employers and Landlords
With millions of customers already using eVisas on selected immigration routes, such as the EU Settlement Scheme, the digital system has been thoroughly tested and proven reliable. Those who need to check immigration statuses, including employers conducting right-to-work checks and landlords in England conducting right-to-rent checks, can now do so using a digital ‘share code’ provided by the individual whose status they are verifying.
Similarly, when presented with older, legacy immigration documents, such as a passport with an ink stamp, employers, landlords, and other stakeholders should direct individuals to www.gov.uk/evisa to find out how to access and use their eVisa.
Preparing for the Future
The Home Office will be actively communicating with those affected by the transition to eVisas throughout 2024 and beyond, ensuring that all parties are aware of the implications and benefits of this move.
RECAP / 70TH ANNIVERSARY RECEPTION
On 29th August 2024, the British Chamber hosted our 70th Anniversary Reception, a special evening of celebration with over 200 of our members and friends at the beautiful Eden Hall which was spectacularly lit up for the occasion.
We thank them for their generous gift of their time and kind words for the Chamber and its members on the evening.
VIP guests Minister Indranee Rajah, H.E. Nik Mehta OBE, HMTC Martin Kent and our newly appointed President, Haslam Preeston graced our reception.
Thank you to all who joined us and contributed to the success of the Chamber, with special thanks to our 70th Anniversary Partners – 1HQ Brand Agency, 8build, bp, BT Group, Dulwich College (Singapore), Hawksford, Tanglin Trust School, Singapore Aero Engine Services Private Limited (SAESL), Talon and NatWest.
RECAP / SUSTAINABILITY DIALOGUE
On 4th September 2024, the Chamber hosted our highly anticipated Sustainability Dialogue, presented by Title Partner Barclays Private Bank, hosted at the Pan Pacific Singapore and supported by Silver Partner The Carbon Trust.
This inaugural event brought together leading business figures, government representatives, and sustainability professionals to foster action-driven discussions on the green economy and explore collaborative opportunities between the UK and Singapore.
Minister of State for Trade and Industry, Alvin Tan, presented Singapore’s comprehensive strategies to drive sustainability and foster green growth. Emphasising a holistic approach, Mr. Tan outlined key initiatives under Singapore’s Green Plan 2030, focusing on decarbonisation efforts and the transition to a low-carbon economy, with the ambitious goal of achieving net-zero emissions by 2050. He also underscored the vital role of public-private partnerships in advancing green innovation and establishing Singapore as a hub for green finance in Asia.
A series of panels and interactive workshops addressed critical topics such as the importance of green skills development, the risks of greenwashing, and the potential of green hydrogen and carbon markets. These sessions provided insights into both the challenges and opportunities for businesses in the transition to sustainable practices.
RECAP / UK - SOUTHEAST ASIA TRADE DIGITALISATION PILOTS REPORT LAUNCH
On 3rd September 2024, the Chamber launched the UK - Southeast Asia Trade Digitalisation Pilots (TDP) Public Report today alongside partners the UK Government and LogChain at the GTR Asia - Trade, treasury, commodities and fintech conference.
The TDP is a public-private funded project that facilitated digitalised shipments between the UK, Singapore, and Thailand. The pilots identified the benefits of digitalising supply chains, the processes required to implement digitalisation within a business, and how to overcome the challenges to the adoption of digitalisation.
His Majesty’s Trade Commissioner for Asia Pacific, Martin Kent announced the outcomes of the TDP pilots. We then held a panel session led by the TDP project team and the CEO of Singapore Aero Engine Services Private Limited (SAESL), who participated in the project.
Businesses such as Singapore Aero Engine Services Private Limited (SAESL), Big C Supercenter Public Company Limited, and Johnson Partners have seen a decrease in transaction costs and shipping times. These real-world business outcomes are a tangible way forward to digitalising trade and creating savings in global supply chains.
Find out how your business can benefit from trade digitalisation, download our latest TDP report at bit.ly/ukseatdp
Or scan the QR code here:
RECAP / LIVE PODCAST WITH THE FORMER BRITISH HIGH COMMISSIONER
On 4th June 2024, the Chamber hosted a special podcast live recording with our former patron and British High Commissioner Her Excellency Kara Owen CMG CVO. The recording was attended by a live audience of Chamber members at Poddster Singapore studio.
During her conversation with Executive Director David Kelly, Her Excellency covered her journey as a career diplomat, moments in Asia and Singapore, cultural exchanges, diplomatic challenges, the Chamber and the business community and beyond.
Her Excellency outlined the growth of UK-Singapore trade relations and the UK business community during her tenure. She also shared her challenges and the important lessons she has picked up during her postings in Singapore and Asia.
Closer to heart, Kara told us about her most memorable moments in Singapore and personal stories from her early and recent years. The recording concluded with her hopes for the future of UKSingapore relations, and an intimate Q&A session with Chamber members.
Session on Unmasking the Truth - Tackling Misinformation and Disinformation by the Marketing & Communications Committee, July 2024
The Chamber’s Hospitality and F&B working group met for the second time and welcomed new members to the group, September 2024
Chamber members and the marketing community joined us for an Uncomfortable Conversation on faux marketing, September 2024
Leadership In Times Of Geopolitical Polycrisis roundtable, organised by the Leadership and Talent Development Committee, September 2024
Roundtable Discussion between Minister Catherine West, Minister for Indo-Pacific, and senior leaders of British businesses, September 2024
Ask Me Anything (AMA) session by the Start Up, Entrepreneur & Small Business Committee, July 2024
MEMBER PROFILES /
WELCOME TO OUR NEW MEMBERS
The Chamber continues to welcome exciting new member companies to our network. To contact them visit the Membership Directory on our website or reach out to our team.
TRIM CONSULTANCY
Terry is the Managing Director and Founder at Trim Consultancy - a business born from a passion for driving meaningful, real-world outcomes. With decades of C-suite experience in leading change, elevating consumer experiences, and achieving true transformation, they’re here to cut through complexity and help businesses unlock their full potential.
Their approach? Fractional leadership, strategic overhauls, and operational optimisation-clear, actionable solutions that deliver immediate impact.
In short, they aim to democratize transformation- hence the name Trim. Transforming Results and Impacting Many is their North Star!
DIVERSITY STUDY GROUP
The Diversity Study Group Ltd (the DSG), established in 2018, is the first organisation dedicated to promoting diversity, equity, and inclusion (DEI) in the workplace across the global shipping and maritime sectors.
Drawing on its unique blend of maritime and DEI expertise, DSG offers global DEI consulting, benchmarking, and networking opportunities for all organisations within the shipping and maritime community, including both shorebased and seafaring employees.
Visit diversitystudygroup.com for more information.
CAPITALAND INVESTMENT
After a successful demerger from the development business of CapitaLand Limited (“CapitaLand” or the “Parent Group”), CapitaLand Investment (CLI) was listed on SGX-ST on 20 September 2021. This transformative transaction created one of Asia’s leading listed global real asset managers. Since day one, they have focused on putting our proven track record of investment management and fee income growth to work — unlocking more long-term value for our shareholders.
CLI’s investment management leadership in Asia began about two decades ago, when they listed Singapore’s first real estate investment trust (REIT), CapitaLand Mall Trust. Today, their six listed funds across Singapore and Malaysia hold a Funds under Management (FUM) of approximately S$61 billion.
Including assets held by CLI and its funds, as well as assets managed through their global lodging platform and commercial management platform, CLI oversees S$134 billion in Real Estate Assets Under Management (RE AUM).
In addition to Southeast Asia, CLI’s core markets include China and India. But their boots on the ground extend far beyond that, to markets across Asia Pacific, Europe, and the USA.
Visit www.capitaland.com for more information.
SBMCRE
SBM represents tenants and occupiers of commercial buildings in their negotiations with landlords.
We believe property is a key determinant in the success or failure of a business.
All businesses need property – the location of which, tenure, terms, flexibility and cost have a tremendous impact. Consistently correct property decisions combined with well managed businesses creates true economic value.
Established in 1999, SBM has successfully completed more than 2,000 commercial property projects in the UK and around the world.
The company is led by Stephen Bleakley with a clear focus on delivering real estate expertise firmly embedded within business strategies.
With a dedicated team of professionals, SBM has a built up a trusted and proven reputation both within the UK and overseas, attracting many high profile clients including household brands and leading organisations.
Visit www.sbmcre.com for more information.
NORTHSTANDARD SERVICES ASIA
NorthStandard offers an unmatched breadth and depth of service that supports operations, embraces potential, and helps businesses thrive.
With the largest product range in the International Group, NorthStandard provides over 10 bespoke options, including P&I insurance, FD&D, Hull, War, Offshore, Strike & Delay, and more.
The company’s offices span all major shipping regions, including Asia (China, Hong Kong, Singapore, and Japan), Australasia (Australia and New Zealand), Europe (UK, Ireland, and Greece), and the USA.
Employing over 600 people globally, NorthStandard delivers unrivaled claims and underwriting experience, backed by decades of expertise and understanding.
NorthStandard – taking on tomorrow, together.
Visit www.north-standard.com for more information.
STEPWORKS
Stepworks offers expertise in brand strategy, brand identity, brand communications, design, and digital services for ambitious organizations during pivotal times of change.
Their multicultural team possesses a global mindset and a proven track record in creating lasting positive change, as well as supporting business performance for the companies they collaborate with.
With solid experience in B2B, deep tech, finance, fintech, healthcare, industrial sectors, MNCs, professional services, and startups, Stepworks serves a diverse range of industries.
Notable clients include HKEX, Matilda International Hospital, Swire Pacific, and The Fullerton.
Founded in 1994, Stepworks operates in Hong Kong and Singapore.
Visit www.stepworks.co for more information.
SHEIN SINGAPORE
SHEIN is a global online fashion and lifestyle retailer, offering SHEIN branded apparel and products from a global network of vendors, all at affordable prices. Headquartered in Singapore, SHEIN remains committed to making the beauty of fashion accessible to all, promoting its industryleading, on-demand production methodology, for a smarter, future-ready industry.
Founded in 2012, SHEIN has more than 16,000 employees operating from offices around the world, and continues to expand operations globally.
Visit www.sheingroup.com for more information.
MORTON’S OF CHICAGO
Morton’s, The Steakhouse has earned an unrivalled reputation for fine dining, service and elegance. Featuring a fresh, bright and contemporary interior, the décor at Morton’s exudes sophistication throughout the main dining room, three private dining rooms, restaurant bar and The Bar at Morton’s.
Every detail, from the succulent steaks, fresh seafood and extensive, award-winning wine list to our seamless service makes Morton’s the classic American dining experience in the heart of Singapore.
Morton’s, The Steakhouse is operated by Landry’s, Inc.
Visit www.mortons.com for more information.
NOMGON FORESTRY LLC
Nomgon Forestry LLC was established in 2022 with the objective of establishing the largest reforestation carbon project in Asia Pacific.
They are headquartered in Ulaanbaatar Mongolia, with a current employee base of 20 people, and operate over 750,000 hectares of land which will be reforested with native trees species generating over 3m green carbon credits per annum.
In addition to combating the impact of climate change, Nomgon Forestry’s Mongolia project also focuses on improving soil quality, restoring biodiversity and providing employment and development opportunities for local communities.
Their investors include leading Taiwanese listed corporates and we are actively engaged in discussions with Singapore based commodity traders and market exchanges who will act as traders and brokers for the carbon credits generated by Nomgon Forestry given Singapore’s preeminent position in commodity trading and the green economy.
Visit www.nomgon.com for more information.
S-RM INTELLIGENCE & RISK CONSULTING
S-RM is a global corporate intelligence and cyber security consultancy. Founded in 2005, the firm has over 400 practitioners across 9 international offices, serving clients in all regions and sectors. S-RM supports its clients by providing intelligence that informs critical decision-making and strategies, from investments and partnerships to disputes. The firm helps organisations build resilience to cyber security threats and responds to cyber-attacks and organisational crises. With extensive experience in addressing information gaps, S-RM assists clients in operating and expanding in challenging jurisdictions, protecting customers and brands worldwide, and identifying and mitigating financial crime, as well as broader reputational and integrity risk exposure.
Visit www.s-rminform.com for more information.
IMMERSE EDUCATION
Immerse Education is an award-winning provider of transformative educational programmes for students aged 13-18.
Offering both online and in-person courses in prestigious locations such as Oxford, Cambridge, and Ivy League universities, the organisation emphasises academic rigour and personalised learning. Their programmes, designed by expert tutors and industry professionals, prepare students for university and future careers. With small class sizes and enriching activities, Immerse Education fosters intellectual curiosity and confidence.
Graduates of their programmes successfully transition to top universities and leading employers, making a lasting impact on their futures.
Visit www.immerse.education for more information.
SILVER BIRCH FINANCE
Silver Birch is a specialist working capital advisory and execution firm that brings focused, progressive and practical thinking to trade finance.
Their purpose is to bridge the multi-trillion-dollar trade financing gap between multinational corporates and funders; they provide high-quality working capital solutions in a format that is simpler to finance than has traditionally existed. These solutions are primarily focused on optimising portfolios of receivables or inventory.
Silver Birch adopts a solution-oriented approach to delivering commercial transactions for corporates, banks and alternative investors and are committed to being a sustainable business that makes a positive contribution to society.
They are backed by TDR Capital, a committed and longterm partner focused on building, strong, sustainable businesses.
Visit www.silverbirchfinance.com for more information.
LION BREWERY CO
Standing proud in the heart of London throughout the 1800s, Lion Brewery Co shipped exquisite IPAs across the globe. Now brought back to life by friends, the company takes pride in brewing the finest sessionable beers to elevate every experience, in the relentless pursuit of the best of times.
Lion Brewery Co sells its beers in six markets globally: the UK, Singapore, Indonesia, Hong Kong, the U.A.E., and Cambodia. Each beer is brewed with the same fierce pride — for where the company has come from and where it aims to go.
Visit lionbreweryco.com for more information.
ENERGY INDUSTRIES COUNCIL
The EIC is an award-winning global trade association for the energy supply chain, with a worldwide membership of over 900 companies spanning all energy sectors.
Established in 1943, the EIC advocates for its members by working closely with governments and key stakeholders.
Members benefit from a range of products and services, including EICDataStream, a global database of energy projects in development, and EICAssetMap, a comprehensive service providing information on operating assets.
In recognition of its commitment to excellence, the EIC was honoured with the prestigious King’s Award for Enterprise in 2023.
Visit www.the-eic.com for more information.
CELT-TECH MARINE & OFFSHORE
Celt-Tech Marine & Offshore, established in 2020, brings extensive expertise in global shipbuilding, repair, and conversion projects.
They offer comprehensive turnkey solutions, including project management, engineering and design, fabrication, installation, commissioning, and maintenance.
As a DNV-approved workshop for the manufacturing of welded pressure equipment, they specialise in process skids, pressure equipment, and structural fabrication.
Our skilled team delivers exceptional welding and fabrication services tailored to the marine, offshore, and industrial sectors.
Visit www.celt-techmarine.com for more information.
SPONSORS IN TECH
Sponsors in Tech is a Singaporean non-profit committed to empowering women and minority groups in technology. They recognise the vital role diversity plays in shaping not just the tech industry but the world as a whole.
At Sponsors in Tech, they believe that every voice matters, and through meaningful mentorship and sponsorship, they empower individuals to advance their careers and drive innovations that uplift and support holistic technological progress.
They deliver workshops, events, training, and coaching through partnerships with a range of companies, from the world’s largest corporations to regional SMEs.
Visit www.sponsorsintech.com for more information.
OC QUEEN STREET
OC Queen Street LLC is a Singapore law practice established in 2016 and a member of Osborne Clarke’s international legal practice which has provided strategic and on-point advice for more than 250 years with a presence across Europe, Asia and the US.
OC Queen Street’s expertise encompasses FinTech, Data Protection, IT, Media / Advertising, Telecoms, Banking and Finance, IP (Patent and Copyright), Litigation and Dispute Resolution, Investment Funds, Corporate M&A, Payments, Regulatory, Cryptocurrency, Employment and Tax. We are a leading law firm in the digital business sector in Singapore, with Chambers Fintech 2020 describing us as “a modern firm with technology-savvy lawyers. Clients with disruptive business models are drawn to the firm’s understanding of and dedication to innovative technologies”.
Visit www.osborneclarke.com for more information.
BRINGING THE WORLD’S BEST PRODUCTS TO UNDERSERVED COMMUNITIES
Since 2012, Unilever International (UI) has been serving millions of underserved consumers from remote markets and diaspora who crave the brands they miss from home. We speak with Aseem Puri, CEO of Unilever International, to find out what it takes to serve the underserved in 200 markets across the globe.
By Dominic Gabriel-Dean
Q:How does Unilever International define underserved markets? How have these markets changed since 2012?
Aseem:
Unilever International was set up more than 10 years ago as a specialist organisation to serve the needs of underserved markets, consumers and channels. These underserved markets refer to over a billion people who live in West, East and Central Africa and over 100 million consumers who live on the Pacific Islands, the Caribbean and hard-to-reach markets like Mongolia. We also serve markets such as Afghanistan, Yemen which are conflictridden and pose logistics challenges.
The company started by bringing Unilever’s most popular brands to these underserved consumers, such as our personal care brand Dove, our nutrition brand Hellmann, and our home care brand Omo. Over the last 10 years, Unilever has held a strong position and market share. Today, we serve over a billion consumers in these markets.
In the past decade, consumers in underserved markets have evolved. They now have access to technology and the Internet. They travel and seek the best brands around the world. Unilever International’s focus is to bring the best products, the best nutrition, and the best innovation to every single consumer, no matter where they are located. No one in the world should be deprived of our best brands and products. We have constantly been evolving our portfolio of products to keep up with our consumers’ changing needs.
The COVID-19 pandemic was one of our key moments in serving consumers in underserved markets. These markets urgently needed sanitizers, masks and various other hygiene products to manage the pandemic.
are now looking into bringing premium European food brand such as Hellmann to consumers around the globe.
Today, we are present in most underserved markets with Unilever’s portfolio and brands. We pride ourselves in catering to all income groups and categories of consumers, by bringing them a wide assortment of cleaning, hygiene, nutrition, personal care and beauty products.
Q: How does Unilever International and Unilever then work together in practice? How do you complement each other’s operations?
Aseem:
Unilever International is an integral part of the wider Unilever organisation. We work very collaboratively with all of Unilever’s brand teams, category teams and market teams.
For any given product, there are two types of markets. The first is underserved small markets typically in the Pacific, Mongolia or Maldives. Unilever International manages these markets fully and brings all our different brands to these consumers.
The second is larger markets like India, Thailand or Vietnam. Unilever International works to complement the local business there by bringing in our premium portfolios. For example, there is now a big Korean beauty craze worldwide. We bring brands like AHC, our leading Korean skincare brand into Southeast Asia. Brands like St Ives and Dove are also brought from the U.S. into the rest of the world by Unilever International. We
In short, Unilever International plays a complementary role to Unilever. We supplement and support the local business to serve the needs of underserved consumers and manage premium portfolios and premium channels such as e-commerce.
The team at Unilever International supported these underserved communities by bringing these products under our hygiene portfolio to them.
Q: Unilever International has international launches once a week and serves about 200 markets. How do you and your team manage all these different product and market portfolios at such a large scale?
Aseem:
We have teams that look out for each category of Unilever which are divided into five business groups: Beauty and Wellbeing, Personal Care, Home Care, Nutrition, and Ice Cream. There is somebody responsible for each of these business groups in Unilever International. Their job is to identify the best portfolio for each business group.
Unilever International aims to bring the best products to our markets. Therefore, we source efficiently from the best locations, and then bring that portfolio to different markets around the world. When we see products performing well in one market, we have the agility to bring these products to other markets in a short time.
There is very little difference today between consumers in, for example, New Caledonia which is the middle of the Pacific, and consumers in France. When we see a portfolio performing well in France, we offer it to consumers in New Caledonia. Similarly, the U.S. and the Philippines are closely connected. Therefore, if a brand is doing well in the U.S., we quickly bring it into the Philippines. We curate our portfolio by identifying the most successful and loved products through e-commerce reviews, consumer testing and sales data. That being said, we have a common portfolio for many markets. This minimises the complexity of managing different portfolios across many countries.
Q: How do you differentiate your marketing across different regions?
Aseem:
To put it simply, there are three parts to this. First, we look at the brand communication and advertising. Although we must balance the look and feel of the advertising across regions, the key messages remain consistent. For example, Hellmann, one of our fastest-growing brands, is the world’s number one mayonnaise brand—and that messaging rings true everywhere. Rexona is all about keeping you fresh as you move and giving you protection from sweat and odour, that key message in its advertising remains the same no matter where you are.
Second, we differentiate our outreach by using local influencers, and that will obviously vary by country, language, and culture.
Third, we have our in-store execution, which is very similar across markets. For example, our best activation for our largest detergent brand OMO gives consumers a chance to win a free washing machine. Some common tactics, such as offering a free bucket with a hand wash product, are consistently successful in every part of the world.
Q: Can you describe your process of working with influencers?
Aseem:
We look at the influencer’s philosophy, their point of view, and see if they have a similar area of interest with the brand. These tells us whether they match well with our brand. After which, we collaborate with them to create content around activations or even innovate on products with them. We believe in cultivating long-term partnerships with our influencers.
Q: Unilever International describes its culture as entrepreneurial. What does that look like in practice? Can you share some examples?
Aseem:
Unilever International prides ourselves in being agile in decision-making, rolling out products and seizing an opportunity when we see one. For example, a few years ago we identified lip care as a growing space even though it was a small business for us then. We managed to roll out our lip care products to 50 countries very quickly to seize the opportunity.
We have a small team that is always connected to each other, and we openly share our ideas and success stories over WhatsApp and Email. This allows team members to collaborate quickly to bring the best portfolio and information from one country to the other.
Like I mentioned earlier, the COVID-19 pandemic created a big demand for our hygiene portfolio. Our teams worked around the clock to supply hundreds of millions of sanitisers around the world with great agility. Typically, what takes other companies months and years, we accomplish in days and weeks because everyone is connected here. We believe in taking calculated risks and empowering our teams to make calls for the business, thereby enabling our people to make quick decisions.
Q: In an earlier interview, you mentioned your aim of turning Unilever International into a leading-edge digital first organisation. Can you share what such an organisation would look like?
Aseem:
We have transformed our distributor operations and ordering process from offline to a digital process on our own platform. More than a thousand customers can place orders, browse our portfolio, track the progress of their shipment, check their shipment documentation, carry out
and measure payments. This digital platform is part of our work to digitise our future demand forecasting.
Our next goal is to digitise our marketing and content creation. We are also looking to enable our work with AI to increase our productivity and efficiency.
Q: You were Unilever International’s CMO before you became its CEO. How does your marketing experience enable you in your job as CEO?
Aseem:
It always helps to understand marketing because you are keenly aware that everything revolves around the consumer and their needs. Before I make a decision, I ask myself: “Is this really going to benefit the consumer? Is this going to improve their lives and solve their problems?” Having been in marketing first means I have the advantage of understanding our consumers intimately and deeply.
Marketing in practice is very external-oriented and focused on talking to consumers and customers outside of the office. I’m a creative person, I like to innovate and create new projects—all of which are qualities that were honed by marketing. External orientation, innovation and consumer focus are three things that marketing taught me that still enable me today as CEO.
Q: What are some major opportunities for Unilever International in the next few years?
Aseem:
I think the biggest opportunity for us is underserved consumers who are diaspora seeking the same brands from their homes. For example, these could be the Indian diaspora in the U.S. who are looking for our coffee brand Bru. Many Filipinos, Vietnamese and Thai employees working outside their countries in developed markets want products from home with which they are already familiar.
Serving this segment is a profitable and fastgrowing business for us. But we believe that we are currently just scratching the beginning. We have a long way to go, and a lot more portfolios we can bring to the diaspora. This business may grow two to four times its current size and become one of our largest verticals.
Another area that we just scratched the surface on are corporate partnerships with leading hotels such as IHG and Mariott and airlines like Singapore Airlines and Delta. This is potentially a huge area of growth.
E-commerce B2C still remains a small business for us, and we have a young team looking after this segment. Unilever International just started its e-commerce journey and we believe there is immense potential in this area.
Q: Do you think the shift to e-commerce by FMCG goods will pick up pace over the next few years?
Aseem:
There are several markets where e-commerce makes up 15 to 20 per cent of the market. In markets like South Korea and China, the numbers are even higher than that. Expanding e-commerce in emerging Europe and North America is currently a strong challenge.
However, we believe that e-commerce will continue to grow and perform. If we bring the right portfolio to the right markets, have a strong understanding of the dynamics of a premium portfolio, hone our expertise in performance marketing, and have a good e-commerce enabler and fulfilment centre in place, our e-commerce will continue to grow. Our offline stores will continue to have high importance and relevance everywhere. We will always operate as a hybrid model, both our online and offline modalities are important to us.
Unilever International (UI) is the white space partner for Unilever across many countries across the globe. In 2012, Unilever International (UI) was set up to serve emerging – and fast-growing – geographies, consumers, customers, and channels worldwide that were created by trends like globalisation, migration, travel and digital commerce. Unilever International’s purpose is ‘to serve the underserved’, and is at the heart of our core strategy
Visit https://careers.unilever.com/unilever-international for more information.
MOVING THE CHIEF OF STAFF FROM WAR ROOMS TO BOARD ROOMS
The Chief of Staff is quickly becoming a strategic part of the CEO’s office in businesses globally. We speak with Geraldine Yip, Chief of Staff of HSBC Singapore, and De’Angello Harris, President of the Chief of Staff society and Partner at Think & Grow to understand how this role is being implemented across industries.
By Dominic Gabriel-Dean
The former Private Secretary to Winston Churchill revealed the former Prime Minister’s high regard for his Chief of Staff Lord Hastings Ismay:
“Churchill owed more, and admitted that he owed more (to Ismay) than to anybody else, military or civilian, in the whole of the war.”
Hastings Ismay acted as Churchill’s confidante and negotiated the decisions and relationships of his Prime Minister and the Service Chiefs. After the war, Ismay remained close friends with Churchill and even reviewed and edited the latter’s memoirs. Ismay’s refined talent for decisionmaking, coordination and compromise led him to become the first Secretary General of NATO.
The impact of Lord Ismay on Churchill’s leadership echoes that of the Chiefs of Staff of our present day. Balancing strategic and tactical
priorities in the executive rooms of the public and private sector, the Chief of Staff (COS) allows senior executives the space to function seamlessly. While the role has its roots in the military and governments, it has grown to become more mainstream in the private sector in recent years. A 2023 study shows that there were around 4,700 Chiefs of Staff hired by U.S. businesses. Closer to home, Lizzie Goodburn of member company Clifford Chance became its U.K. Regional Chief Operating Officer in late 2022 after serving as Chief of Staff for close to 4 years.
To understand more about the Chief of Staff role and how organisations can tap into its outsized power that is increasingly recognised by businesses, I spoke with Geraldine Yip, Chief of Staff at HSBC Singapore, and De’Angello Harris, President of the Chief of Staff Society and Partner at Think and Grow.
Q: What is the Chief of Staff and what role does it perform within an organisation?
De’Angello:
The Chief of Staff is the right-hand person to the most important leader within an organisation. They act as a sounding board, a confidante, and a second head in thinking and making strategic business and people decisions. Essentially, they are the better professional halves of CEOs, Presidents and senior leaders in firms.
The definition of the Chief of Staff is a big point of debate within the COS Society because the role is dependent on many nuances. The COS is truly the snowflake of job descriptions. No two COS have the same job description. Each principal and industry will define the role differently. The season the business is in and its priorities will influence the role of the COS. In fact, the COS’s role may look very different from their first day on the job as opposed to a few years later.
Geraldine:
Even though the term Chief of Staff has only recently become more common at HSBC, there are similar roles across the organisation that already do the type of work that a Chief of Staff typically performs. For example, we have business management roles which support different businesses, taking on responsibilities and enabling their leaders in the same way that a typical COS would.
The position I took on was previously called Head of Strategy and Planning, but it was decided that the role should be renamed to better reflect the breadth of the role, beyond strategic planning. The organisation wanted the COS role to help oversee strategy execution for the Singapore business and take on responsibilities to support the safe growth of the business across its different verticals, ranging from wealth, insurance, asset management, commercial, corporate and investment banking. I would say that broadly, my role enables strategy planning and execution, business development, governance and government relations across the different organisational verticals.
As COS, part of my work includes supporting the CEO to prioritise and manage, act as his sounding board and get critical assignments over the line. My role aspires to do two things well: first, to act as an enabler, navigating the complexities that the internal and external business environment may present, to get things done. Secondly, to also add value to these very interactions, as well as my colleagues. This aspect is especially important for large organisations.
Q: How does the Chief of Staff support a senior leader in an organisation?
De’Angello:
The number one power of the Chief of Staff is to act as a catalyst in the decision-making process of leaders. They implement or accelerate the speed of decision-making and implementation.
Another major way they support this, is by freeing up time as much as 50 percent. A Chief of Staff typically lessen one-on-one meetings by prioritising and taking on some of these meetings themselves. They can also take on more complex work on behalf of their senior leader, for example, the Chief of Staff may work on a business proposal for their CEO.
Protecting the senior leader’s time is also a key power of the Chief of Staff. The CEO’s time is split between running the company, partnerships, vendor and relationship management, media interviews and many other commitments. For example, the Chief of Staff of one of the largest European banks tells me that their CEO can only do 144 external meetings a year. That is around three a week. His CEO does not want to just meet with billionaires. He wants to meet innovative leaders across different arenas, and visionaries who are poised to become future customers of the bank.
Therefore, his CEO must be very militant in each of the three meetings he takes every single week. At the end of the year, the Chief of Staff audits these meetings with his CEO. The COS then gets feedback on how many meetings were amazing, and how many were a waste of time, and they try to figure out why and how to do better.
Q: Geraldine, what does your day-to-day as Chief of Staff for HSBC Singapore look like?
Geraldine:
The truth is that no two days are really alike.
There are certain aspects of the job that have a regular schedule. Governance would be a good example of this, where ExCo, Business Reviews, Finance and Risk forums and meetings are all scheduled in advance.
The rest of my job is often determined by importance or immediacy. I typically try to decide what I am going to focus on at the start of my day, but of course, urgent tasks will come up and have to be attended to. Depending on the type of issue, we have alerts and triggers set in place, so we know when and who to escalate to, as well as who to communicate to, such as other business heads or regional colleagues.
We recently had a board visit that I oversaw, for example. My tasks for the day around that period tended to be focused on the successful execution of that visit.
Determining my priorities requires empathy and alignment to the CEO’s priorities. I try to ask myself, “If I was CEO, what would I be trying
to achieve?” My role adds the most value and impact when I am able to help the CEO simplify and focus on the most important objectives and engagements. This is best exemplified through ensuring that he is making the best use of his time by meeting the right people, but also equipping him with the right tools and information for his meetings.
Client meetings are the most obvious ones to prioritise – as clients always come first! External stakeholder and internal meetings tend to be more nuanced and focused on long-term relationship building, requiring more context to understand the value and ultimate benefit. Either way, it is all about making sure that everyone’s time is wellspent.
Q: How can the Chief of Staff set up an effective office for their leader?
De’Angello:
Think and Grow has been working with funded start-ups to build out their principal leader’s office and hire their Chief of Staff. The team in the principal office is key because they are closest to the CEO.
The first hires are typically the Head of Operations, Head of Strategy and Head of Finance.
This is essentially the core policy office for most established businesses, and we fattened it up from there.
A good Chief of Staff can play a strategic part in the hiring and interview process. The Chief of Staff knows exactly what gaps exist in the business, how much time the CEO is spending on his tasks, and what responsibilities need to be delegated to someone else.
They also know what the company culture is like, what resonates well with their executive, and what personality fits the organisation. For example, a supply chain business may need a DevOps Director with a can-do attitude to move the needle at a challenging phase.
Geraldine:
The Chief of Staff needs to help build and drive engagement, communication and transparency on behalf of the CEO’s office.
We need to work with and enable our colleagues to get things done and sometimes persuading them that certain requests for work is for the ‘greater good’ and will eventually make their jobs better! Consistent communication and engagement is very important to demonstrating transparency about the work you are doing, which
is key to building trust between employees and the CEO’s office.
Q: What are the most important characteristics of a Chief of Staff?
De’Angello:
I would look out for three key qualities.
Trustworthiness—the principal need to be able to trust this person with professional and sometimes personal matters.
The Chief of Staff will act as the CEO’s sounding board. Ideally, the CEO should be getting an unfiltered version of their views. So, the trustworthiness index has to be huge.
Resourcefulness—The Chief of Staff is an army of one role. This person needs to be able to get a lot done. In many cases, the Chief of Staff do not have subordinates that directly report to them, in that sense, they do not have direct power. The power they have is a power proxy to the most important person in the room. The Chief of Staff needs to be able to use that power tactfully to move people and critical tasks along.
Communications—Being an excellent communicator makes up for other skills that the Chief of Staff may be lacking in. Being able to manage stakeholders, knowing how to use their words, how to receive communication and being able to speak confidently across all platforms and mediums are all key skills to have.
Geraldine:
De’Angello covered three important qualities. I think having a problem-solving mentality and the ability to anticipate is also really important. A part of being able to anticipate is having a pro-active mindset. Being able to put yourself in somebody else’s shoes and figure out where they are coming from. The Chief of Staff likely has limited direct authority, but potentially a lot of influence. The role requires somebody who can figure out how to influence other people, get support from them, all without much formal authority.
Q: How will the Chief of Staff role evolve in the next five years?
De’Angello:
This is an interesting one because the Chief of Staff is one of those positions that is quite transient. I think the Chief of Staff is going to be one of the last roles to depart the CEO’s office because it needs to be so humanised. We are a generation away from confiding our deepest and darkest thoughts to artificial intelligence.
We all want to see a human making business decisions. We want a real person capable of empathy to make decisions that have real-world consequences. For that reason, the Chief of Staff role is going to evolve and become more critical as other C-suite functions around the CEO’s office gets replaced or leveraged with some version of AI.
The Chief of Staff will probably need to use emerging technology to enable themselves and other stakeholders to be more effective in their roles.
This role will always exist in some form. I don’t know if it is always going to be called the Chief of Staff. But having someone with the ability to deal with the unexpected is definitely going to be continual in the CEO’s office, especially in a world like ours.
Geraldine:
Change is a constant at most organisations and there are all kind of changes that a Chief of Staff faces. A distinction that I try to make is that I am not just the Chief of Staff to the CEO, but that I am also the Chief of Staff for HSBC in Singapore. My role is to enable and support all of HSBC’s businesses from an enterprise perspective. Having said that, there always will be varying definitions of the role, mostly because the role is somewhat defined by the person in it, not to mention the primary individual that the role supports.
Like De’Angello says, the role may not always be called Chief of Staff, but naturally, some parts of the role will remain key, like the advisory/confidant/ partnership aspect. Organisations, especially at a senior level, will always require that human touch and hiring a Chief of Staff with different work experiences in their career has its advantages. Experienced Chiefs of Staff have probably seen and been through more, giving them a greater ability to offer different perspectives and deal with something that is completely unexpected - a very necessary skill set in this day and age!
Founded in 1865, HSBC offers a comprehensive range of banking and financial services, including retail banking and wealth management; commercial, investment and private banking; insurance; forfaiting and trustee services; securities and capital markets services. With assets of US$2,975bn (at 30 June 2024), the HSBC Group is one of the world’s largest banking and financial services organisations. In Singapore, HSBC opened its first branch in 1877 and is a full qualifying bank serving the international needs of individual, corporate and institutional clients.
Visit www.hsbc.com.sg for more information.
Since its 2015 launch, Think & Grow has expanded globally, aiding fast-growth tech companies in attracting talent and scaling into new markets. We blend inhouse expertise, market knowledge, and a global network to build scalable, innovative workplace cultures and implement tailored talent and growth strategies.
Visit www.thinkandgrowinc.com for more information.
ON SUSTAINABILITY AND TRADE: A VIEW FROM NATWEST
As the leading bank for customers in the UK, NatWest has been partnering businesses to champion sustainability, trade and investments in Asia. The Orient speaks with Søren Nikolajsen, CEO APAC of NatWest to understand the bank’s role in the green transition, the important trends in Asian trade, and the bank’s long history with the British Chamber of Commerce Singapore
By Dominic Gabriel-Dean
Q:One of NatWest’s focus areas in the Asian market is ESG and sustainability. Can you tell us why this is an important area of focus for NatWest?
Soren:
ESG and sustainability is a focus for NatWest Group overall. Helping to address the climate challenge and supporting our customers in their transition to net zero is a strategic priority for the bank. We see it as a core part of our strategy that also drives business opportunities.
Across Asia, there are many large and sophisticated investors that are increasing their investment activities in assets that support sustainability, renewable energy, social challenges etc. At NatWest, we work closely with banks, pension funds and asset managers to understand how they approach climate and ESG investments and help guide them through the latest developments in what is a complex and ever-evolving market. The Financial Institutions ecosystem more broadly plays a vital role in the transition to a sustainable future – both from an environmental and societal aspect. We want to be part of shaping that transition.
Q: How can financial institutions better partner with businesses in tackling climate change?
Soren:
Banks and businesses are key parties in finding solutions towards a world with lower carbon emissions. NatWest supports its corporate customers in their efforts to reduce their carbon footprint via offering relevant products and services as well as through engagement and educational
Source: NatWest Group plc’s 2023 Climate-Related Disclosure Report
tools. That includes working actively with many of our customers to support the completion of their individual Transition Plans. NatWest is offering a service platform called ‘Carbon Planner’, a freeto-use digital platform designed to help SMEs in the UK to manage their future fuel and operational costs and reduce their carbon footprint.
Q: NatWest aims to be net-zero across all financed emissions, assets under management and the operational value chain by 2050. Can you share concrete measures that NatWest has taken to contribute to this goal?
Soren:
The efforts to reduce our emissions spans a wide range of initiatives, including helping to end the most harmful activities for the climate. From supporting our UK mortgage customers to increase their residential energy efficiency, to how we make lending decisions for large corporates.
NatWest has developed a Climate Decisioning Framework tool to significantly enhance the way we engage with customers on climate issues and understand their transition journeys and climaterelated risk in a more structured way. This way we can better support our customers’ transition plans through the provision of funding, products, and ideas so they may develop and implement their
transition plans. As more data is collected, these tools will support NatWest Group’s own Climate transition plan and be integral to our decisionmaking.
Climate targets are also included as a factor in executive remuneration. And as part of supporting our customers’ transition to net-zero, we have set a target to provide £100 billion in climate and sustainable financing and funding between July 2021 and the end of 2025. As of 30 June 2024, NatWest has provided £78.3 billion of that.
And finally, we work actively with governments, industry organisations and regulatory bodies to help shape the discussion for a path towards netzero. NatWest is also a founding member of the Net Zero Banking Alliance and is a founding signatory member of the coalition of the Glasgow Financial Alliance for Net Zero (GFANZ).
Q: What are some key emerging ESG investment themes in the APAC market that investors are interested in?
Soren:
We regularly conduct surveys on ESG investments amongst institutional investors in Asia Pacific to gauge developments and moving trends. Our latest survey showed that Adaptation
Source: NatWest Group plc’s 2023 Climate-Related Disclosure Report
and Transition have become key areas of focus. Asian investors would like to increase capital allocated to adaptation and transition (71% and 58% respectively). This is materially higher compared to a recent survey of European investors who were at 22% and 16% respectively.
Disclosure-related regulations is another key theme. 68% of Asian investors we surveyed think that transition plan disclosure requirements will have the biggest impact on their investment strategies.
Energy transition carbon credits is also thought to be playing a crucial role. 65% of Asian investors in our survey named Energy transition carbon credits as one of the most useful tools to finance the early retirement of coal-fired power plants, followed by government subsidies at 55%. The use of coal, of course, is a particular area of importance in Asia Pacific.
On balance, institutional investors in Asia are increasingly engaged and getting more sophisticated in how they approach ESG investments. It’s a trend we expect will continue.
Q: What are some key areas of consideration for companies looking to plan energy transition which are important to investors?
Soren:
It’s a wide range of areas, but with some consistent themes. In our recent Asia investor survey, 71% considered that ‘objective and overarching strategy’ are the most important components of a transition plan. This was followed by ‘Green House Gas metrics and sectoral pathway’ at 54%, and ‘Business planning and operation’ at 33%.
Nippon Life, one of the largest investors in Japan, have disclosed their Nippon Transition Finance Framework detailing how they assess transition investments. The framework includes an evaluation of a company’s transition strategy and alignment between emissions reduction plans and elements of strategy in order to achieve it. Evaluation of investment plans, R&D and governance structures are other parts of Nippon Life’s overall assessment.
In general, ensuring there is consistency between a company’s transition plan and its strategy to support the overall objectives of the company is a key starting point. Businesses should calibrate their objectives in order to meet global climate goals, i.e., path towards meeting targets as set out in the Paris agreement. And finally, to incorporate the transition plan into business planning and the day-to-day operations of the company.
Q: According to NatWest, Asia is a more important trade and investment partner for the UK than is widely understood. Can you share broadly why this is the case? What are some trends in UK-Asia trade that businesses and investors need to pay closer attention to?
Soren:
Asia is important as a trading partner not just because the current level of trade is substantial, it is also growing rapidly. The UK’s top ten Asian counterparties accounts for almost 16% of total UK trade (exports & imports). This is almost as much as the United States at around 16.5%.
And trade with Asia is growing fast, supported by developing economies increasing interest in what British companies have to offer. In the past two decades, growth in UK trade with Asia has outpaced that of other parts of the world.
Post-Brexit, the UK’s total trade growth with Asia’s top ten economies averaged 8.3% a year, only marginally lower than the trade growth with the US at 8.5% a year. In contrast, Europe’s trade with the UK has grown about 6% in the same period.
While Europe will continue to be an important and bigger trading partner for the UK for a long time, we have seen a shift in the UK’s trade focus towards other developing parts of the world post the 2016 Brexit referendum.
Add to that, a situation where the macroeconomic growth in Asia is looking very dynamic and strong. The International Monetary Fund (IMF) expects emerging Asia and India to
be the fastest-growing regions in the world over the remainder of this decade. This supports the view that there are plenty of opportunities to grow British trade with the Asia Pacific region.
British companies will be able to capitalise on these opportunities. Some of the key sectors that are in high demand in Asia include most things digital, renewable energy, defence, aviation, education, and financial services.
There are many companies across the UK with products and services that are ready for export but may not be focusing on the export opportunities. They can make Asia Pacific even more important for the UK economy.
Q: What are some existing barriers to trade between the UK and Asia? Will that likely change in the next couple of years, and if so, how?
Soren:
Where barriers exist, they are being addressed. The UK has done an excellent job post the Brexit referendum in 2016 to re-establish trade agreements with many countries across Asia Pacific. Free-trade agreements are in place with Australia, Japan, New Zealand, Singapore, South Korea and Vietnam.
In 2022, the UK also signed a Digital Economy Agreement with Singapore – a first of its kind for the UK. That was followed by a Green Economy Framework agreement also with Singapore, highlighting the importance of developing the Green Economy for both countries.
The UK is also soon joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). While that has much broader reach geographically, in Asia it will add Malaysia to the list of countries with a trade agreement for the UK.
With trade agreements and the all-important positive macroeconomic backdrop, the key parameters are in place to see continued growth for British companies’ trade with Asia Pacific. It makes sense to go where the opportunities are.
NatWest and the Chamber: A Shared Heritage and Commitment to Business and Trade
Q: Can you describe NatWest’s relationship with the Chamber?
Soren:
Our relationship with the British Chamber of Commerce Singapore goes back a long time. I would like to think it is a mutually beneficial relationship where we draw on our respective areas of expertise and often collaborate on various initiatives. Aside from the business element, the Chamber is also an important way for us to engage with the British business community in Singapore. Something the team at the chamber does exceptionally well through their many businessfocused and social events.
During the COVID-19 pandemic the Chamber played a particularly important role as a voice to the Singapore government on behalf of British businesses. That had tangible impact that individual businesses could not have achieved on their own.
With its strong understanding of the IndoPacific region, we also rely on the Chamber as a source of information and its ability to connect with British Chambers in the rest of Asia.
The Chamber also acts as a good conduit to engage with the Singapore Government on various topics. It is made even more valuable through the strong collaboration between the Chamber and the team at the British High Commission in Singapore.
Q: What are some key highlights of NatWest’s involvement with the Chamber?
Soren:
The bank’s involvement with the Chamber spans across multiple areas, all of which are relevant, so there are many highlights.
We have a number of colleagues engaged with the Chamber’s sub-committees such as the Women in Business Committee and the Financial and Fintech Committee.
The ability to engage actively with the British business community in Singapore, many of whom are customers of the bank, is another important aspect and key highlight of our involvement.
We have also co-hosted a number of events with the Chamber that matches objectives for the bank and the Chamber.
As an example, we hosted a very successful sustainability seminar to a full house, with participation from members of the chamber and the banks customers. Recently in the run up to the UK general election, we hosted a well-received UK economic and election forecast event. These joint events align with the objectives of bringing value to the Chamber’s members and to NatWest’s customers.
A recent highlight was our engagement with the Chamber in celebrating its 70th anniversary. The platinum year is a milestone and testament to the consistent and growing value the Chamber delivers to its members. NatWest was proud to support the event held at the High Commissioner’s residence, Eden Hall.
The Chamber creates a sense of community amongst its members in Singapore that is very collaborative. NatWest and the other members benefit from that.
Q: Can you highlight a memorable moment NatWest shared with the Chamber?
Soren:
That will have to be winning the ‘Sustainability Champion of the Year’ Award at the Chamber’s 23rd Annual Business Awards. The award recognised the commitment of NatWest as a leader in sustainable finance and overall commitment to the transition to a world of lower emissions. It was a welcome recognition of the teams that support the green agenda every day.
NatWest Group serves customers in the UK supporting them with their personal, private, and business banking needs. NatWest aims to help customers at all stages in their lives, from opening student accounts, to buying their first home, setting up a business, and saving for retirement. Alongside a wide range of banking services, NatWest offers businesses specialist sector knowledge in areas such as manufacturing and technology, as well as access to specialist entrepreneurial support.
Visit www.nwm.com for more information.
ACCOUNTING FOR A BETTER WORLD: REDEFINE THE ACCOUNTANT
“An accountant is someone who solves a problem, that you did not know it existed, in a way you might not understand” Everyone needs an accountant. Accounting history can be traced back thousands of years to ancient civilisation in Mesopotamia to the present day modern finance and explore the evolving role of an accountant.
By Daniel Leung FCCA, Country Manager, ACCA Singapore
The Phoenicians invented an early alphabetic system for book-keeping, while the ancient Egyptians may have the role of comptroller. Modern accounting was first described in 1494, the system of double-entry bookkeeping used by Venetian merchants.
As companies grew to serve the growing industrial revolution, more advanced accounting systems were needed to handle the larger groups of investors, more sophisticated structures of ownership and increasingly complex transactions. In turn, demand surged for more technically proficient accountants to manage and navigate these systems.
Accountancy, one of the oldest professions in the world, evolved in line with the increasingly need for deeper technical accounting skills and knowledge.
In 1904, eight people formed the London Association of Accountants to open the profession to a wider audience of people than was available through the UK’s older associations and is today’s Association of Chartered Certified Accountants (ACCA), which the author is a member.
Traditional Accounting
“Accountants Will Save the World,” said Peter Bakker, CEO, World Business Council for Sustainable Development (WBCSD).
Traditionally, the role of an accountant was confined to book-keeping, record keeping and preparing financial statements. This coupled with the perception that accounting work is boring, monotonous and long hours has seen a decreasing interest in young people taking up accountancy studies. This phenomenon is felt world-wide and not escaping the shores of Singapore as the government has launched a taskforce to address this.1
Accounting For A Better World
ACCA’s global research on “Accounting for a better world” has identified 3 key drivers, Sustainability, Artificial Intelligence (AI) and Talent.2
Sustainability is crucial to the success of any business, the public sector and policymakers everywhere. Accountants, with their broadening skillset, have a central role to play in informing, driving and embedding sustainable approaches.
AI will increasingly shake up the world of accountancy bringing opportunities, risks and change. Accountants have a pivotal role as
innovators, leveraging AI to enhance efficiency, accuracy, and strategic decision-making.
Talent: New drivers of change could only succeed with adequate human capital for successful implementation. Every organisation needs accountants, now more than ever as the accountant’s role broadens.
These topical themes have opened up new opportunities for accountants. With their broadening skillsets, they play a pivotal role in driving and leading change in sustainable and innovate businesses.
Modern Accounting
“This is the decade of the professional accountant as the sustainable business and finance professional, with a vital role to play in driving positive change – it’s an opportunity the profession has to grasp “ Helen Brand, Chief Executive ACCA
Our global report which was conducted over 2 years surveying over 2000 finance professionals and global roundtables across the world outline the drivers of change, emerging career pathways and core capabilities needed to succeed across all roles in the profession in the future.
The transformation driver thinks ahead. The roles they perform are essential to delivering organisational change to create and protect long term sustainable value. Roles could include business advisers, digital leaders or consulting roles to deliver business change initiatives or introducing data transformation capabilities.
The enterprise analyst brings data to life. This is the sustainable business and finance professional helping organisations create and protect value in various roles using their brilliant data and future insight skills. Roles include finance business partners, investment analysts or performance managers to manage financial risks or cost accounting.
The assurance provider is the sustainable business and finance professional bringing new levels of governance to organisations by helping protect and report on value in the different roles they perform. Roles include risk managers, internal audit and ESG assurance to provide confidence to capital markets as well as giving assurance to investors and other stakeholders.
The stakeholder reporter is the sustainable business and finance professional at the heart of the organisation, reporting performance externally in more meaningful ways in the face of growing stakeholder demands. Roles including corporate reporting, financial controllership or compliance, to ensure adherence to regulatory and reporting requirements.
Our ACCA Career Navigator3 also outlines the diverse range of career destinations available, alongside the learning and skills required for accountants to pursue a myriad of exciting career opportunities.
So with so many exciting opportunities on the horizon, it is fundamental to continue to spark passion for accounting from the ground up as addressed by Pulkit Abrol, ACCA APAC Director in his piece for the Business Times.4
The future of accountancy is bright and ACCA is looking forward to working with other professional bodies, government and firms to continue to enhance the attractiveness of the profession.
ACCA, founded in 1904, have long championed inclusion and today proudly support a diverse community of over 247,000 members and 526,000 future members in 181 countries.
Guided by our purpose and values, our vision is to develop the accountancy profession the world needs by partnering with policymakers, standard setters, educators and other professional bodies.
Visit https://www.accaglobal.com/sg/en/member/member-networks/sg-networks.html for more information.
EMOTIONAL B2B BRAND BUILDING FOR RATIONAL CEOS
Judging by website quality, brand building is often an afterthought in the B2B sector. Branding has an emotional dimension that can be a challenge to get right. Brand building is easier and more rewarding for CEOs who apply rational processes.
By Paul Rigby, Partner and Head of Strategy, Stepworks
There’s nothing more rational than the Business-To-Business sector.
B2B companies apply reason to solve realworld problems. Their customers evaluate their offerings rationally. B2B CEOs scientifically apply engineering and economic principles to create perfectly rational organisations. All it takes for B2B success is to simply follow the science and the numbers. Except it’s not like that at all –behind every business are people, and people are influenced by emotion.
As brand builders, we find many B2B leaders underestimate the power of the humanities in supporting business growth.
This is rational. What, for example, would a business that makes industrial bearings do with art, storytelling and culture?
But a rational examination of the benefits of B2B branding reveals what can be gained by engaging audiences in a way that touches our emotional side.
Research reveals hidden potential in B2B branding
A worldwide survey in 2021 quizzed leaders at 330 large B2B companies in seven industries + indepth interviews with 25 executives. The survey focused on the impact of brand investment on marketing1:
• 97% said brand marketing plays an important role in creating awareness and consideration
• 95% said brand marketing can help a company differentiate itself from competitors
• Under 25% invest less than 20% of their marketing budget to branding
• Nearly 50% invest less than 30% of their overall marketing budget to branding
• The companies with strong brands show a 74% higher return on their brand marketing investment, and hold a 46% larger market share, than weaker brands in their category
B2B
leaders embrace brand building
Look at the websites of B2B sector leaders. You rarely find brand neglect there. Is that why they lead? Or is effective branding just something that leaders do?
It’s an interesting question, but really it doesn’t matter. What does matter is to make effective decisions on your brand building initiatives.
How can you know if and when branding is an appropriate tool to build your business? And if so, how can you approach it?
Six tips for rational B2B brand building
1. KPIs
What KPIs can branding move in your business?
Some KPIs are universal, such as the effect branding has on responses from new potential customers and recruits. Or where your website ranks in search results and levels of visitor engagement.
Other KPIs may be more obscure. Such as those related to the effect your brand is having on your distributors and their customers. Or the average number of meetings it takes to close a sale.
Identifying the KPIs that effective branding can positively affect will help you unearth value.
2. Be the best choice for your audience
Sooner or later a potential customer, investor or employee will be faced with a choice – your business or a competitor’s?
All things being equal, the human mind takes emotion-influenced shortcuts to rationalise which way to jump. There are a terrifying number of these welldocumented cognitive biases.
We are biased, for example, toward what made a positive first impression on us (halo effect). We are biased positively towards anything we have previously encountered that we didn’t perceive as a threat (mere exposure effect). We are even unconsciously biased by assigning greater credibility to ideas presented as rhymes or alliteration (rhyme-as-reason effect).
Consider how often could you have been on the losing end of a decision because your competitor tipped the scales with better storytelling and design?
3. Impetus for change and opportunity
In the world of B2B, procrastination and branding go hand-in-hand. Awareness of when branding can have a positive effect equips you to prepare to benefit from it.
For example, branding disciplines can almost always add value in times of pivotal change. Because change will always meet resistance, it needs to be communicated effectively.
Then there are the ad-hoc opportunities that arise. A solid communications strategy based on a strong brand foundation allows a fast response.
4. Timing
To catch opportunities or to coincide with events, brand building projects typically must be launched by an unmovable deadline. It’s therefore important to understand the time factor.
Those unfamiliar with brand building processes are often surprised at how long it takes to effectively develop a new brand, revitalise an existing brand or produce a brand-related campaign. Effective branding takes time because nothing should be left to chance. It involves research, experimentation and iteration.
Caveat: delaying branding decisions has a knock-on effect that almost always negatively impacts outcomes.
5. Investment
Many positive effects of brand building are tough to measure. Stakeholder understanding, team morale, investor enthusiasm and first impressions.
We believe that overall, a brand building project should target 10X returns. That means the amount you invest in branding should be one tenth of your target financial upside.
Consider how much value you can build over time when assessing a brand building project.
Brand building applies reason to harness emotion.
6. Brand building applies reason to harness emotion
One reason B2B leaders shy away from brand building is that it’s a high profile activity with a subjective dimension that risks criticism.
An experienced team with sufficient resources will take much of the risk out of your project with proven processes and objectivity.
The founder may have made awful design choices when a hugely successful business was launched. The founders’ colleagues – and even less-experienced designers –may be uncomfortable explaining this. The brand professionals will find an effective way forward.
To derisk your brand building, ensure your collaborators have a strong methodology.
What Experience Has Taught Us
These tips and observations come from guiding many B2B brand building projects:
• B2B communications is really H2H (human to human) and requires a deep understanding of audiences
• Look beyond customers and team for lessobvious influential audiences, including journalists and producers, educators and academics, suppliers and potential partners, investors, industry consolidators, franchisees
• Prioritise how your business can help, then explain who your team are and what your values are
• What you want to say about your business is probably different (and a lot longer) than what people need to hear
• Your B2B customers will be interested in how you can support their customers
• Most people aren’t that interested in your production processes (that’s why meat marketers never show the slaughterhouse)
• On the other hand, what may seem uninteresting to you may be fascinating or engaging to others (this includes production processes) so if you do show them, present them in a way that wows, or at least in a way that reassures
• Showcase how you are genuinely a responsible business, as ESG is no longer an option because talented people, investors and the best business partners support it, and you want to recruit the best talent
• Many B2B websites are organised by business divisions... consider instead presenting your business by customer segments so that they can quickly find value
• Find and present the societal meaning in what your team does and spotlight it because it will engage talent and make people think
• In many B2B niches, the bar is low when it comes to making an impact with brand, and because the bar is low the impact you can make will be relatively bigger
• Typical B2B websites are like car parks – vast grim difficult-to-navigate spaces where the only thought is to get out as fast as possible. Think outside the car park, you can do better
• Look outside your sector for brand building benchmarks in your quest to differentiate your business from competitors
Having internalised all that, if you find yourself getting frustrated about your B2B brand building, you are entitled to get emotional – but only in a rational way.
Stepworks is a leader in brand strategy, brand identity, brand communications, dedicated to supporting ambitious organisations at times of pivotal change.
Client testimonials highlight Stepworks’ effective methodology, which is designed to support multiple key performance indicators (KPIs).
Stepworks brings solid experience in B2B, B2C, deep tech, finance, fintech, healthcare, industrial, MNC, professional services, property and startups.
Notable clients include HKEX, Matilda International Hospital, Swire Pacific, The Fullerton.
Founded in 1994, we operate in the Asia timezone from Hong Kong and Singapore.
Discover valuable resources for building your brand at www.stepworks.co
HOW GENERATIVE AI IS REVOLUTIONISING THE CONSUMER PRODUCTS AND RETAIL INDUSTRY
Tapping into opportunities of GenAI to reimagine consumer experiences, innovation and productivity must go together with a focus on adoption risks.
By Olivier Gergele, Asia-Pacific EY-Parthenon Consumer Leader; EY ASEAN Consumer Products & Retail Leader
The generative AI (GenAI) market is estimated to grow at a compound annual growth rate of 30% between 2023 and 2032 to reach more than US$110 billion by 2032.1 The EY Future Consumer Index2, which has been tracking consumer sentiment and behaviours over the last few years, has shown that artificial intelligence (AI) — especially GenAI — is increasingly finding acceptance among Asia-Pacific consumers.
How can this technology transform the way consumer products and retail (CPR) companies serve consumers?
GenAI applications in the CPR industry
GenAI is reshaping how CPR businesses operate and enhancing the overall consumer journey. It paves the way for a seamless omnichannel experience while laying the building blocks for the interactive frontiers of Web 3.0 and the metaverse.
This leading technology is transforming the way companiesserve consumers, as shown in the diagram below.
From Mass Marketing to Personalisation at Scale
GenAI allows consumer players to transition to a future of true personalisation, with its ability to analyse vast volumes of structured and unstructured data from various sources, such as consumer behaviour, preferences and social media interactions.
By leveraging such data, companies can create targeted experiences and tailored content in line with consumer profiles — such as personalised product recommendations, marketing messages, order suggestions and promotions — to strengthen consumer engagement. GenAI allows professionals — particularly marketers — to better understand consumers at an individual level, enabling the creation of hyper-targeted campaigns to boost conversion rates. Regional AI-centric MarTech startups are offering comprehensive digital media workflow integration, resulting in highly precise audience targeting and optimised campaigns.
GenAI is also the backbone of shopping tools that integrates virtual try-on capabilities into digital platforms, allowing shoppers to visualise clothing on a spectrum of representative fashion models for diverse sizes, skin tones, body shapes and hair types.
Revolutionise Innovation
By processing large amounts of data in different forms, GenAI can uncover hidden insights and empower companies to generate novel ideas, explore new areas and analyse concept feasibility at speed. Some companies are already using GenAI to help identify gaps in flavours and taste profiles, which serve as reliable inputs to boost new product development.
As GenAI gets integrated across the innovation process, it is expected to become a true enabler of accelerated and insight-based innovation. Leading players are using GenAI to support R&D in product design by generating and visualising design prototypes, conducting simulations and exploring various configurations for faster innovation. More advanced ideas can be quickly tested with consumers online and the feedback can be integrated into the GenAI engine for more targeted innovations.
Uplift Productivity
By analysing large data sets to provide insights quickly, GenAI can help employees make more informed and timely decisions, leading to increased productivity and better outcomes. This is an enhanced opportunity to automate repetitive tasks and free up time for more strategic work.
GenAI also puts true conversational commerce within the grasp of CPR companies. Leading e-commerce platforms have introduced AI chatbots to act as a personal shopper, simplifying consumer engagement and improving productivity. Such integration not only streamlines operations but also strengthens consumer relationships, ultimately boosting efficiency and market competitiveness.
The technology can also support employees’ everyday tasks. Some GenAI chatbots have been trained on company-specific data to act as interfaces for service personnel to diagnose and resolve operational issues. For example, they can identify, highlight and provide step-by-step solutions for stock replenishment, repairs and troubleshooting.
Put Humans at the Centre
While GenAI unlocks a new era of innovation, human input remains integral. Leading organisations are pioneering structural changes by integrating GenAI into core functions and redefining the role of humans within these processes. Employees can now reprioritise their cognitive capacity for higher-value tasks, such as data interpretation and oversight of AI-generated output.
The outputs of GenAI are ultimately dependent on human interpretation and actions to unlock their value. Beyond overseeing GenAI outputs, people need to continuously provide feedback to train the algorithm and therefore further nurture the power of the technology.
When navigating the rapid advancement of GenAI, CPR companies must integrate the necessary human oversight to address potential risks relating to data security, copyright, regulations, ethical concerns and misinformation. Effective adoption necessitates a comprehensive governance strategy that manages such risks and establishes clear boundaries for the applications of GenAI.
As advancements in AI capture the attention of governments worldwide, company leaders need a nuanced understanding of the evolving regulatory landscape. Companies still need to comply with applicable national laws and regulations — including industry-specific ones — when dealing with AI technologies.
In February, the Association of Southeast Asian Nations (ASEAN) unveiled the ASEAN Guide on AI Governance and Ethics to foster interoperability of AI frameworks across jurisdictions. CPR companies and other organisations in the region can leverage it to help build trust among stakeholders through the responsible design, development and deployment of AI in line with international standards.
The transformative impact of GenAI heralds a new era where creativity converges with data-driven precision, and will dramatically redefine the CPR landscape and adjacent industries. Seizing the opportunities now with a clear roadmap that spans key areas from strategy to governance will help give companies a competitive advantage.
References
1. EY-Parthenon analysis
2. EY Future Consumer Index, available at: www.ey.com/en_sg/future-consumer-index
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Enabled by data and technology, diverse EY teams in over 150 countries provide trust through assurance and help clients grow, transform and operate.
Working across assurance, consulting, law, strategy, tax and transactions, EY teams ask better questions to find new answers for the complex issues facing our world today.
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PLANNING FOR RETIREMENT: IF NOT NOW, THEN WHEN?
It’s big, it’s scary, and it’s complicated. Fortunately, with engagement and guidance, it doesn’t need to be an impossible pipedream.
By Thomas Streatfeild-James, Partner, Eight Wealth International, Joint Chair BritCham Leadership & Talent Development Committee
You have just finished your final day at work. Your desk is cleared, your laptop handed back, the farewell party-induced headache has mostly abated, and the Montblanc ballpoint is packed alongside the half-signed Happy Retirement card.
Still, this is an exciting moment! No more work. An empty diary. Complete freedom. No more bosses, or salary, or bonus. So, what next?
With any luck, you will have thought about this last question well before your first day in retirement. If not, it’s unlikely to be the glamorous journey into the sunset you dream of.
In truth, it is never too early to start planning for retirement (a shockingly original statement from a financial planner). There are two phases to retirement planning: accumulation and decumulation. That is, saving up followed by living from your savings.
If we first look at the end, there are three key risks in drawdown planning:
1. Inflationary – the erosion of the buying power of your savings over time
2. Longevity – outliving your savings
3. Sequencing – poor investment performances exacerbating the impact of withdrawals
The first is a factor that has been felt a lot more acutely recently. When central bank policies are working well, inflation targets are around 2.5%, and usually (at least in the last 20 years), it runs near this figure. At this level, it’s easy to ignore or forget about its ongoing impact. However, when we consider 20-30 years of retirement provisions, your held cash will have more than halved in value over that time before you spend a pound.
As I’m sure you understand, to mitigate this risk, it is important to hold assets that will grow in value over time at a rate above inflation, thereby preserving the value and ideally even increasing the relative or real value. Investing—a simple enough concept, albeit easier said than done, and one to discuss separately.
Longevity risk is interesting because it pertains to several strands of retirement planning. Many people I talk to who have begun their retirement planning fall foul of this. The simplest way to consider retirement is to calculate how much you will need to live on per month and multiply this by a few more months than you are going to live, or maybe until
an Office for National Statistics (ONS) prediction of life expectancy. Clearly, this makes some dangerous assumptions. Most obviously that you will outlive this estimate, but also that your retirement expenses are going to be broadly consistent.
In reality, it is much more likely that they will take a ‘U’ shape. In turn, this means that when you reach your twilight years your estate will be dwindling at a time when you are most likely to require expensive care. This can easily become a huge financial burden on others and seriously damage your legacy.
To avoid these unpleasant scenarios, it is important to think of retirement funds not as a pie from which you take slices, but as a pool of assets that grow at a slightly higher rate to that of your income needs, thereby retaining value against the erosive powers of drawdown and inflation.
Finally, sequencing. This is the danger of unfortunately timed withdrawals. Taking money from a fund in a rising market will have a vastly different impact when performance is bad.
It is the most complex of the three to manage and as such the easiest to succumb to. It can be mitigated in numerous ways including how you drawdown and how portfolio diversification is managed. In a world where fixed-income investments tend to lag, this second element has become increasingly difficult to manage successfully.
Accumulation Planning
With these considerations in mind, how do you successfully plan and execute a successful accumulation strategy?
Risking repetition, starting early will get you ahead. Do note that ‘early’ doesn’t mean in your longgone mid-20s. I encourage everyone to remember that the best day to begin taking your retirement planning seriously was yesterday. With that said, today is a lot better than tomorrow.
In today’s terms, you’re going to need north of £1,000,000 in income-producing assets (assuming a 4-5% yield and depending on your retirement living costs) to fund retirement. If this doesn’t strike you as a big number, you are likely someone who will need a lot more in your retirement. Regardless of the figure for you, it’s a big number and not one you want to start thinking about with only 10 working years left in the tank and that’s before considering the impact inflation will have.
Aside from ‘investing well’ (the definition of this is specific to your circumstances) during your time accumulating, a cornerstone of your planning should be the tax implications of how you hold your investments and where you are planning to spend your time in retirement.
For example, I have met many families who have built significant UK property portfolios that are producing strong yields but expect to retire in Thailand for its weather and cost of living. Given they will be paying UK tax on all of that rental income, which is hardly a light tax burden, this represents a common example of poor accumulation planning.
Flexibility is the most precious asset whilst living in a different jurisdiction to where you intend to retire. Keeping your options open is crucial, whether it is a change in plans or a change in tax legislation, maintaining the ability to take opportunities as they come will prove invaluable. Minimising tax drag
during drawdown will make an enormous difference to all three areas of risk and yet it is arguably the most overlooked consideration during accumulation.
It is never too early to engage better with your finances, but it can certainly become too late faster than you think. If not now, then when?
The value of an investment with St. James’s Place will be directly linked to the performance of the funds selected and may fall as well as rise. You may get back less than the amount invested.
The levels and bases of taxation and reliefs from taxation can change at any time. The value of any tax relief depends on individual circumstances. You are advised to seek independent tax advice from suitably qualified professionals before making any decision as to the tax implications of any investment.
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From investments and pensions to family protection and care in later life, Eight Wealth International’s purpose is to provide guidance, support, and flexible financial planning at all stages of your life. For improved peace of mind, reach out for a complimentary consultation at eightwealthinternational.asia/contact-form
ADVANCING THE DIGITAL REVOLUTION THROUGH GENDER INCLUSIVITY
As technology reshapes industries and public services, the call for a balanced digital workforce is growing louder. Today’s digital era promises a new wave of change—this time driven by women. We need greater female representation in public and private sector to shape a better digital future for all.
By Nimisha Tailor, Founder of E-nomics
TheFirst Industrial Revolution in the UK was a transformative era that laid the foundation for modern industrial society. The 1700s revolution resulted in significant economic, social, and technological changes. Inventions such as the ‘spinning jenny’, a machine for spinning cotton, revolutionised the textile industry as the weaving of clothes moved from homes to factories. This wave of industrialisation encouraged people to move from rural areas to urban cities in search of better jobs. With the rise of factories and mass production, productivity improved, making the UK a global industrial leader.
Fast forward to today and the UK economy is increasingly becoming digitalised. There is no spinning jenny to create yarn for clothing but you can buy clothes made without fabric. The metaverse allows you to buy digital clothes for your avatar at digital clothing stores. In fact, some of the latest fashion designs were showcased at London’s Digital Fashion Week. And it’s not just the textile industry that has been transformed. The UK is leading in financial technology, with numerous companies innovating in areas such as digital payments and blockchain technology. Cities like London and Manchester are now home to a thriving tech ecosystem boosting the UK digital economy.
Similarly, the Singapore digital economy is flourishing. It has nearly doubled in the past five years and is estimated to represent 7% of Singapore’s GDP.1 A key driver has been businesses progressively adopting digital technologies, like AI, increasing the demand for technology-related professionals.
But how has the role of women and men changed as our economies industrialised and digitalised? What career opportunities are available in the digital economy and are there equal opportunities?
Unlocking a Female Digital Revolution
Our digital economies are creating many new job opportunities, some of which are in new industries or new types of businesses. A white paper by the World Economic Forum estimates that in 2024 there are 73 million global digital jobs, which is predicted to grow to 92 million by 2030.2 Both men and women are taking up new roles involving technology and upskilling. But there is a difference. Men are still more likely to take up digital jobs. There is a missed opportunity. We need more women not just in tech but in our digital economy as a whole, either as business leaders leading digital transformation or policymakers designing digital policies or as entrepreneurs.
With technology disrupting every aspect of our economy, industries and public services, there is an opportunity for women to pursue fulfilling careers in different sectors. Whether it be sports, the arts, business or science, everyone will need to be comfortable with using technology in some shape or form. Every job will need some level of digital literacy. For example, even a health practitioner needs to understand AI tools.
Companies and governments are making greater effort to boost digital skills. For example, in Singapore many women are being trained to be cybersecurity
specialists due to the rise in cyberattacks. Efforts are also being made to promote gender diversity. Singapore’s Women in Tech initiative recognises that, “There has been a noticeable increase in the number of companies in Singapore implementing programs aimed at supporting women in recruitment, retention, and career advancement.4 Some men are even advocating for women in the workplace, either as mentors or sponsors. Some are even providing greater support at home for women and girls following their digital ambitions. However, more needs to be done. In both Singapore and the UK, over half of the technology workforce is still male.
“Technological breakthroughs and the increasing take up of digital tools are spurring the digital economy to continue expanding.
Every industry from health, education and finance is being digitally transformed. The role of women is changing too, albeit at a slower rate. Women (just like men) are already using digital technologies to improve their daily lives but often the digital applications or devices are not adequately suited to them.
The female digital revolution has only started but there are more opportunities for equality and equity.3”
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The Female Digital Revolution by Nimisha Tailor
The female talent pool can be increased through education and role models sharing inspiring stories. Careers in the digital economy can be both technical and non-technical. Schools, universities and adult learning institutes, have a key role to play in not just teaching sciences but humanities which can shape how we use technology to improve our society and economy.
Reimagining the Next 70 Years…
Over the next 70 years, our digital economies will look different with new technologies like quantum computing. There will be digital jobs that don’t even exist today. But there can be a greater gender balance. Men and women can work together to reap the benefits of digitalisation that can improve our health, planet and lives. There is potential for more women, either as digital leaders, entrepreneurs or digital policymakers to shape the next 70 years.
To learn more, you can read The Female Digital Revolution, published by Penguin Random House (SEA). Available at Amazon Singapore and Kinokuniya Singapore.
3. Nimisha Tailor. The Female Digital Revolution. October 2024.
4. https://www.imda.gov.sg/resources/press-releases-factsheets-and-speeches/factsheets/2024/bcgreport#:~:text=With%2040%25%20of%20women%20in,tech%20industry%20within%20Southeast%20 Asia E-nomics is a boutique consultancy helping organisations to compete, innovate and internationalise in an inclusive and sustainable manner. We work with companies, start-ups, investors and government agencies. E-nomics provides research, analysis, advice and training in the areas of competition, regulation and policy. We work across different industries with a focus on the digital economy. We also provide a diversity lens to our research and recommendations. Visit e-nomics.com for more information.
THE TANGLIN HIGHLANDS PROGRAMME
Experiential learning has long been recognised as one of the most effective educational approaches. Now, Tanglin is taking it a step further with the Tanglin Highlands Programme, led by Mark Cutchie, its inaugural Head of Campus. We learn more about what the programme offers and the benefits of a unique experiential learning experience of this kind.
By Mark Cutchie and Tanglin Trust School
The Purpose of the Highlands Programme
As part of its Centenary in 2025, Tanglin will launch the Highlands Programme at the new Tanglin Gippsland campus in Australia. The Highlands Programme is a 5-week immersive programme designed as the pinnacle of Tanglin’s Middle School education. Mark Cutchie, the Head of Campus, will head up the programme which will focus on fostering three essential attributes: curiosity, confidence and community.
What Makes Australia the Perfect Location for the Highlands Programme
The 15-acre campus is nestled in the foothills of the southern end of the iconic Victorian High
Country. The lush green sub-alpine environment is known for its diverse flora and fauna, changing landscapes and true four-season climate that will provide students with endless cross-curricular fieldwork opportunities in the world around them.
Living in the Australian bush without the distraction of technology will also provide an immersive experience designed to develop a deep reverence for the natural world, that Mark hopes will contribute to students caring for the environment around them and to use it in a sustainable way. At a personal level, learning and living in this unfamiliar environment will be a unique challenge that will help develop grit, perseverance and resilience in students.
Experiential Learning in Australia
The five-week experiential learning programme will be different from a typical cocurricular trip or camp as the focus is on educating and developing the whole child.
Daily learning will still centre on the core subjects in line with Tanglin’s 3-14 curriculum, but it will be adapted to the location to maximise experiences in the natural environment and broaden horizons. As Mark explains, ‘it’s important to me that it’s not just seen as a camp, but a campus that delivers an integral part of the Tanglin curriculum and assists students to develop the skills and strength of character needed to face the obstacles and challenges that come in life’.
“The programme goes beyond preparing students for the present: it’s a commitment to invest in both their future and the growth of generations to come.”
The Vision for the Highlands Programme
Tanglin’s Centenary celebrations allow the school to reflect both on the past but also focus on the next 100 years. The programme is inspired by the school’s founder, Miss Griffiths Jones (fondly known as Miss Griff), who in 1934 opened a boarding school in the Malaysian Highlands which offered a healthy, safe and refreshing new learning environment for her pupils. Today’s Highlands Programme provides a similar ‘scaffold’ experience that will empower students and enable them to build a unique educational foundation that nurtures their academic, interpersonal, emotional and physical growth. “The Tanglin Gippsland campus will draw together many key elements of Middle schooling in early adolescent education, and offer an inspiring space to instil some of the wonder and awe that is part of each person’s development,” says Craig Considine, CEO of Tanglin Trust School.
“The Tanglin Gippsland campus will draw together many key elements of Middle schooling in early adolescent education, and offer an inspiring space to instil some of the wonder and awe that is part of each person’s development.”
- Craig Considine, CEO of Tanglin Trust School
Established in 1925, Tanglin Trust School is the oldest British international school in Southeast Asia. The school provides the English National Curriculum with an international perspective to children from 3 to 18 years in Singapore.
Tanglin is a vibrant co-educational school of 2850 students representing over 55 nationalities and provides a unique learning environment for children from Nursery right through to Sixth Form. As a not-for-profit school, tuition fees are devoted to the provision of an outstanding education.
Tanglin is the only school in Singapore to offer dual pathways of A-Levels or the IB Diploma in the Sixth Form and students’ examination results consistently surpass Singapore and global averages, with around 96% of graduates typically receiving their first or second choice university, which are amongst the best in the world.
Visit tts.edu.sg to learn more about Tanglin Trust School and its 100-year history.
INVESTING WHILE LIVING ABROAD –5 KEY CONSIDERATIONS
Living abroad offers unique opportunities, including when it comes to investing. As an expatriate, it is important to keep these key considerations in mind.
By Huw Wedlock - Director, Singapore, Progeny
Currency risk & repatriation
Living overseas can leave you at the mercy of fluctuations in currency markets, particularly if you are investing, planning to buy an overseas property or need to maintain payments back in the UK which may involve regularly receiving or sending money internationally. You might also be receiving money regularly, such as a pension, or rental money from a property you own in the UK. As these will be paid in GBP, you will need to make sure that their value does not decrease due to changing exchange rates. There are steps you can take including using a dedicated currency service, so it is worth planning your finances ahead and taking advantage of forward contracts. Some British banks may not be happy to continue to hold your account if you live overseas. It is important to do some research to understand your options. The same is true if you are returning home after time abroad and moving investments or funds back into the UK.
Expat-Friendly Financial Organisations
It can be extremely useful to work with a specialist financial adviser, who is used to dealing with expats. Living abroad means that all aspects of your finances could be more complex, due in part to regulatory differences and the wide range of financial products available. For example, you may need a Will both in the UK and in the country in which you are living to protect your assets properly. As a result, it is important to work with a financial adviser who has good oversight of the different tax and financial issues which can arise if you are living and working overseas.
Research Tax Implications
The UK tax implications of living overseas can be complicated. Careful planning is important to help ensure you are paying the right UK taxes, and making the most of the financial opportunities available to you as an expatriate. The key factors to be aware of concern your residence and domicile status. These determine how your UK tax is calculated so it is important to speak to an expert, and work out your exposure to different forms of UK tax. For example, living overseas may mean that you do not need to pay UK Income Tax on foreign income, but you could still face Inheritance Tax on your worldwide assets, including any overseas property.
Utilising a Global Portfolio
It is no surprise that a global approach to your investments can give your portfolio a much broader scope. Ultimately, extending your horizons gives you a chance to browse across all asset classes; not just those in your country. You may have more opportunities to vary your investments and take advantage of growing markets. It can feel daunting, but consider the options of a global portfolio in the context of some of the most popular stock market indexes – the FTSE All Share Index tracks around 600 companies, whilst the FTSE Global All Cap Index gives exposure to 7,200 companies. Greater diversification can enable you to create a more robust portfolio and make the most of your global viewpoint.
The Role of Property in Your Portfolio
Many British expats choose to hold onto a UK property whilst living overseas. Keeping hold of the family home can enable you to generate an income by renting it whilst you are living abroad, and there are some schemes such as the NonResident Landlord Scheme, which help you to do so tax-efficiently. Holding onto your UK home also ensures that you have a base to return to when and if you choose to come back to the UK. But property can also have a wider role as part of your portfolio. In fact, holding property (whether it is in the UK or overseas) as part of your investment portfolio
is a pretty attractive option for many people, especially as it provides a much more tangible asset than stocks and shares. Property can also act as a buffer against stock market volatility, rising interest rates and inflation.
Expat Investment Portfolio Management
Progeny has worked with thousands of people living abroad to help build investment portfolios and manage them over the long term. Our intention is always to create long-term trusted relationships so that we understand your requirements, and offer professional, transparent advice which best suits your individual circumstances wherever you are in the world.
The information in this article aims to provide information. However, this is not intended to form professional advice nor should it be relied upon as such and before taking any particular action, specific and personal advice should be obtained. All levels and basis of, and relief from taxation illustrated here are subject to change.
Progeny (SG) Pte. Ltd. (company no: 201506546H) is registered in Singapore. It is authorised to act as a financial adviser by the Monetary Authority of Singapore (MAS) under licence no FA100057.
Progeny is a professional advisory firm established in 2016 to provide integrated financial, tax and legal services for private clients, businesses and family offices. Progeny’s multi-disciplinary services model brings together financial planning, asset management, tax, HR, property, and private and corporate legal services into one independent business. Visit theprogenygroup.com for more information.
Congratulations to our Class of 2024, the Changemakers of Tomorrow
At Dulwich College (Singapore) we develop confident, thoughtful and outward-looking young people who have a passion for learning. Our curriculum is designed to challenge and inspire: fostering critical thinking and problem-solving skills that prepare our students for real-world success. This year, we extend our heartfelt congratulations to the Class of 2024, our most successful graduating cohort yet, with an incredible average IB score of 37.6, far surpassing the global average of 30.32.
37.6 11 5
average IB score achieved in 2024
80 % of UK offers to Russell Group Universities
students accepted into Oxbridge Universities students accepted onto medical degrees
Our focus on well-rounded character development ensures that graduates excel academically, while also possessing the values, skills and motivation to make a positive impact in the world.
To learn more about Dulwich College (Singapore) visit singapore.dulwich.org or call admissions at 68901003
