PRESIDENT / Damian Adams, Watson Farley & Williams LLP
VICE PRESIDENT / PRESIDENT-ELECT / Haslam Preeston
VICE PRESIDENT / Simon Middlebrough, SAESL
VICE PRESIDENT-ELECT / Suzy Goulding, MSL Group
SECRETARY / Nick Magnus, Dulwich College (Singapore)
TREASURER / Christina Mason, PwC
Andrew Clark, AsiaWorks
Andy Marr, 8build
David Haigh, EY
Dr. Lissy Vadakel, British Council
Lorena Paglia, Microsoft
Michael Buchanan, Temasek International
Michael Yap, Coventry University
Penny Murphy, ERM
Prakash Pinto, Standard Chartered Bank
Simon Bennett, Swire Shipping
Steve Firstbrook, Department for Business & Trade
The month of May marked the beginning of a season of change. We have witnessed the inauguration of a new Prime Minister of Singapore, the announcement of a new British High Commissioner to Singapore, the prospect of a UK general election in early July and, in the Chamber, my upcoming relocation to the UK within the coming months, which will see me step down as your President, handing the reins to current Vice-President and President-Elect, Haslam Preeston, who will be supported by existing Vice-President Simon Middlebrough and newly appointed Vice-President-Elect, Suzy Goulding.
It has been fantastic to witness the Chamber’s growth and development over the past two decades. Our recent Annual General Meeting was a testament to the Chamber’s achievements in connecting businesses, promoting trade, encouraging developments in the workplace and of talent, championing diversity and inclusion, supporting education, and working towards a more sustainable world. Of particular note was the coming-together of our members who contributed video messages of thanks to our Patron, Her Excellency Kara Owen CMG CVO, British High Commissioner to Singapore, for her unwavering support of the Chamber and its business community and for super-charging the UK-SG relationship during her term.
President’s Message
Since coming out of the shadows of COVID and over the past two years, we have worked hard to embed continuity and stability in the Chamber. We have ensured that the Chamber is operating from a strong financial position and moving in an ambitiously upwards trajectory, delivering more for members and strengthening the value proposition even further. I am confident that the Chamber’s team and Committee are well positioned to continue to provide the best support for members and the vibrant UK-Singapore business community.
Last month we held our Annual Economic Briefing, at which our members heard from an expert panel of senior economists from Standard Chartered Bank, UOB, OCBC, the British High Commission in Singapore and the London School of Economics. The 2024 economic outlook and trends from a national, regional and global perspective inform our member businesses on what to expect for the rest of the year ahead.
We also held a community tree-planting event at the end of April to celebrate Earth Day and the Chamber’s 70th Anniversary. Together with members and connections, we planted 70 trees at Tampines Eco Green as part of the One Million Trees Movement, to restore nature to our city. On the same day we released our Sustainability Report which details
the Chamber’s commitment to sustainability. I am proud to report that the Chamber remains carbon-neutral.
We hosted the Glasgow Chamber of Commerce along with a delegation of businesses from Scotland looking to expand their business and partnerships in Singapore. Beyond networking and learning about the region from our members, the delegation was treated to a learning journey at the Action Community for Entrepreneurship (ACE.SG), JTC LaunchPad and A*STAR Fusionworld, as well as a reception with the British High Commission in Singapore.
Our Trade Services team have been making fantastic progress in supporting businesses looking to export to the region. We recently held a closed-door event to showcase the initial findings of the UK–Southeast Asia Trade Digitalisation Pilots initiative. The Chamber’s trade services team has been working closely with industry partners LogChain, SAESL (Singapore Aero Engine Services Private Limited) and the UK government to digitalise and streamline trade processes. We have been showcasing the Trade Digitalisation Pilots in various overseas forums and, in the coming weeks, we will release a public report on our findings.
Our committees and working groups have been hard at work, shaping conversations and action in the industry. In particular, the Energy and Utilities committee held a roundtable on the Energy Trilemma, Decarbonisation, and Financial Solutions, which focused on important topics such as cross-border carbon trading and the need for scalable bankable projects. The Chamber also formed a Green Maritime Working Group to support the shipping and maritime elements of the UK-Singapore Green Economy Framework (GEF). The Working Group was hosted by Her Excellency Kara Owen CMG CVO together with Lord Aamer Sarfraz, the UK Prime Minister’s Trade Envoy for Singapore. In addition, we held our first-ever Hospitality and F&B working group discussion with 8 member companies to explore the challenges facing the industry.
The Chamber also continued our close engagement with government partners. We organised a roundtable between Chamber members and the UK Home Affairs Select Committee and Simon Fell MP, the UK Prime Minister’s Anti-Fraud Champion. The Chamber also participated in a dialogue about market access with Mike Freer, the UK Parliamentary Under Secretary of State for the Ministry of Justice, representatives from the Ministry, and Chamber members from the legal industry.
Looking ahead, tickets to this years Great British Ball on 6 December are selling fast; I welcome you to join Chamber members and the broader British community to celebrate the end of what is shaping up to be a great 70th anniversary year for the Chamber. Details of these, and all of our other events and activities, can be found on the Chamber website
Best regards,
Damian Adams
President
British Chamber of Commerce Singapore
ENTRIES OPEN 27TH MARCH
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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 and discover why Tanglin was named International School of the Year 2023.
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In 2023, 96% of our graduates secured first-choice university offers: a testament to their talent and our robust University and Careers Counseling programme. We are committed to cultivating the next generation of lifelong learners who are equipped to create the change they want to see in the world.
To learn more about Dulwich College (Singapore) visit Singapore.dulwich.org or call admissions at 6890 1003
NEWS / AROUND THE CHAMBER
BII AND FMO BACK BECIS WITH JOINT US$50 MILLION FINANCING FACILITY SUPPORTING COMMERCIAL AND INDUSTRIAL RENEWABLES SECTOR IN SOUTH-EAST ASIA
British International Investment (BII), the UK’s development finance institution and impact investor, and FMO, the Dutch entrepreneurial development bank, today announced a joint loan commitment of US$50 million to BECIS, a leading energy-as-a-service (EaaS) provider in South-East Asia.
BECIS offers a wide array of services, such as rooftop solar, bio energy and energy efficiency solutions, tailored to meet the diverse needs of
businesses and communities across Asia. With a strong commitment to sustainability, BECIS leverages advanced technologies and strategic partnerships to optimise energy consumption, drive the adoption of renewable energy sources, build resilient energy infrastructure, and promote energy literacy within communities.
The joint financing facility will be used to fuel BECIS’ expansion and back their groundbreaking energy solutions across Vietnam, the Philippines, Indonesia, Thailand, Malaysia and India.
COVENTRY UNIVERSITY GROUP MAKES IMPRESSIVE LEAP IN TIMES HIGHER EDUCATION YOUNG UNIVERSITY RANKINGS 2024
Coventry University Group has made a significant leap in a prestigious league table of the world’s young universities – moving from a rank in the banding of 251-300 in 2023 to joint 165th in 2024.
The Times Higher Education Young University Rankings lists the world’s best universities 50 years old or younger.
. Two subjects taught by Coventry University Group ranked in the top 10 across all UK institutions in the Complete University Guide 2025. Health Studies moved up one spot to sixth and Paramedic Science also moved up one spot to 10th.
PAN PACIFIC ORCHARD MARKS ONE-YEAR MILESTONE WITH A SERIES OF GRACEFUL CELEBRATIONS
Pan Pacific Orchard marks its one-year milestone, celebrating a year of exceptional service and luxurious experiences in the heart of Singapore’s prime shopping district. To commemorate the occasion, the hotel invites guests to join in with a series of graceful celebrations, each crafted to reflect the elevated luxury lifestyle that the brand embodies.
Check out the full details of celebrations and discounts at Pan Pacific Orchard at the British Chamber website
LAUNCH OF THE 25TH ANNUAL BUSINESS AWARDS FOR ENTRIES
Entries are officially open for this year’s 25th Annual Business Awards! Singapore’s business community is renowned for its excellence and innovation, and we want to celebrate the companies and individuals who are driving this forward. The Annual Business Awards are back for the 25th year, with categories covering standout employers, leading innovation, diversity, sustainability, small businesses, individual achievements, young professionals, the impact of UK businesses in Singapore and more, there’s an award for everyone.
We’re inviting companies of all sizes and industries to showcase their achievements and be recognised for their hard work. Whether you’re a startup that’s making waves in your industry, or an established organisation that’s pushing boundaries and driving change, the Annual Business Awards is the perfect platform to showcase your success.
Once again this year we’ll be recognising both the Winner and a Highly Commended entry in each category.
For more information and to enter, visit our website
NEWS / BEYOND THE CHAMBER
UK GENERAL ELECTION ANNOUNCED
On 22 May 2024, UK Prime Minister Rishi Sunak called a general election to be held on 4 July. To do this the prime minister will request permission from the King to dissolve parliament. This will be done on 30 May with the vote taking place 25 working days later.
Parliament continues to sit until it is either dissolved or prorogued (and then dissolved) – whichever comes first. This period is known as ‘wash-up’. At this election, parliament will continue to sit until it is dissolved on 30 May, meaning wash-up will last for 5 days.
Polling day takes place 25 working days after parliament is dissolved. Weekends, Christmas Eve and bank holidays (anywhere in the UK) do not count as working days. This means that at this election, there are a total of 35 days between dissolution and polling day on Thursday 4 July.
ALL EMPLOYERS MUST HAVE PROCESS FOR WORKERS TO REQUEST FLEXIBLE WORK ARRANGEMENTS FROM DECEMBER
All employers must have a process in place for workers to make formal requests for flexible work arrangements from December, when new tripartite guidelines come into effect.
The guidelines state that employers should communicate their decision within two months of a request for flexible work arrangements. While employers have the right to reject such requests, the decision should be backed up by reasonable business grounds such as cost or productivity considerations. The guidelines also set out what are deemed unreasonable grounds for rejecting requests.
Explaining the need for the guidelines, Minister of State for Manpower Gan Siow Huang pointed to Singapore’s tight labour market and ageing workforce, with more people taking on caregiver roles.
MR LAWRENCE WONG SWORN IN AS PRIME MINISTER OF THE REPUBLIC OF SINGAPORE
Mr Lawrence Wong was sworn in as Prime Minister of the Republic of Singapore, succeeding Mr Lee Hsien Loong who has stewarded the nation over the past 20 years. Mr Lee is appointed as Senior Minister in Prime Minister’s Wong cabinet.
Prime Minister Wong remains as Minister of Finance. He is concurrently a member of the GIC Board, and chairs the GIC’s Investment Strategies Committee. Mr Wong is also a Member of Parliament for the Marsiling-Yew Tee Group Representation Constituency.
The British Chamber of Commerce continues our close partnership with the Singapore government to serve the UK-Singapore business community.
It's our birthday! We'll be celebrating 70 years of supporting the British business community in Singapore throughout 2024. Stay tuned on our social media, news and events pages to get involved!
welcome to our 70th Anniversary Partners
RECAP / ANNUAL ECONOMIC BRIEFING
Our flagship Annual Economic Briefing, was held on 16th April 2024 over a breakfast buffet with senior economists covering the 2024 economic outlook and trends from a national, regional and global perspectiveat the Shangri-La Hotel.
Edward Lee, Chief Economist and Head of FX, ASEAN & South Asia at Standard Chartered Bank delivered the keynote on the performance of the global economy.
The conversation then moved to a panel discussion covering the global, regional, Singapore and UK economies. The panel was moderated by Lutfey Siddiqi, Visiting Professor-in-Practice at London School of Economics (LSE IDEAS). Veteran economists Heng Koon How, Head of Markets Strategy, Global Economics and Markets Research, UOB; Selena Ling, Chief Economist & Head of Treasury Research & Strategy at OCBC Bank; and Ravi Prasad, Senior Economic Adviser at the British High Commission in Singapore were part of the esteemed panel.
Some of our takeaways from speakers were: The global and UK economy have performed slightly better than expected. However, there are still challenges and headwinds for countries to contend with; and geopolitical tensions and conflicts continue to be an unpredictable threat to global growth and inflation.
RECAP / TREE PLANTING EVENT
To celebrate Earth Day and the Chamber’s 70th Anniversary, we invited members and connections of the Chamber to plant 70 trees on 22nd April 2024.
We gathered at Tampines Eco Green in the wee hours of the morning for a short briefing by the National Parks Board Singapore. Our tree planters very quickly rolled up their sleeves to give back to the environment and future generations to come.
The 70 trees we planted are part of the #OneMillionTreesMovement, which aims to restore nature to our city by planting a million trees across Singapore this decade. The tree planting event also adds to the Chamber’s and its members’ work in sustainability, carbon neutrality and our Road to Net Zero theme.
RECAP / ANNUAL GENERAL MEETING
The British Chamber of Commerce Singapore held its Annual General Meeting (AGM) on 8th May 2024.
President Damian Adams, Vice President Simon Middlebrough and Executive Director David Kelly presented the Chamber’s report for 2023 to our members. presented the Chamber’s report for 2023 to our members and welcomed our newly elected Board for their 2024/25 term.
We are proud to report that our member network and financial position have grown from strength to strength. The Chamber also highlighted our collective achievements in fostering trade, workplace and talent, diversity and inclusion, education, and a more sustainable world.
Beyond the numbers, the heart and soul of this AGM was all about celebrating our champions and friendships. On behalf of the Chamber, Executive Director David Kelly expressed our gratitude to President Damian Adams for his leadership and commitment to the Chamber. Damian has announced that he will be relocating to the UK later this year.
The Chamber also thanked our Patron, Her Excellency Kara Owen CMG CVO, British High Commissioner to Singapore for her unwavering support for our UK-SG business community during her term. Our members put together a video collage of farewell messages to express their heartfelt gratitude towards Her Excellency.
Congratulations to the elected and co-opted members of the Board who have officially started their new 2024/25 term! We also thank Angel Cheung-Horenfeldt, who recently stepped down, for her years of support for the Chamber.
We thank JLR and Alistair Scott for supporting our AGM and for being a part of the Chamber’s important milestone.
We thank all our members who make our work possible. We successfully concluded this AGM and look forward to continuing to champion your businesses.
BritCham Presents: The Path to Net Zero - Trends, Challenges & Innovations, April 2024
Glasgow Chamber of Commerce Trade Mission, hosted by the British Chamber of Commerce Singapore, May 2024
Chamber’s Management Team Retreat, hosted by Sterling Member company Standard Chartered Bank and Eleanor Great, May 2024
Energy and Utilities Committee’s roundtable on Roundtable on the Energy Trilemma, Decarbonisation, and Financial Solutions, May 2024
Members roundtable with the UK Home Affairs Select Committee and Simon Fell MP, the UK Prime Minister’s Anti-Fraud Champion, May 2024
Closed-door presentation of initial findings from UK - Southeast Asia Trade Digitalisation Pilots, April 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.
KPC INTERNATIONAL
KPC International is a key supplier of specialist technical services & solutions to the Pharmaceutical and Biopharmaceutical industries.
Operating from their headquarters in Cork, Ireland, they deliver support and experience for all stages of plant start-up, specialising in Commissioning, Qualification and Validation, and Tech Transfer and Operational Readiness.
Their industry knowledge and global experience allow them to consistently deliver cost-effective and innovative solutions for their clients.
They understand the importance of schedule certainty. The result is excellence from concept to completion. Visit www.kpc-international.com for more information.
NEXUS FRONTIER TECH
Nexus Frontier Tech is an AI research company that utilises computer vision and NLP technology to develop digital transformation solutions for businesses, with a specialisation in finance. Their proprietary generative AI platform powers modular AI components that automate data-driven processes, extract valuable insights from unstructured data, and improve decision-making through predictive analytics. They help organisations integrate AI into their operations, leverage data to drive business growth, and stay ahead in a rapidly changing digital landscape.. Visit nexusfrontier. tech for more information.
CUSHMAN & WAKEFIELD
Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in nearly 400 offices and 60 countries. In 2023, the firm reported revenue of $9.5 billion across its core services of property, facilities and project management, leasing, capital markets, and valuation and other services. It also receives numerous industry and business accolades for its award-winning culture and commitment to Diversity, Equity and Inclusion (DEI), sustainability and more. Visit www.cushmanwakefield. com/en/singapore for more information.
COMPEX CERTIFICATION LTD
CompEx is the international scheme for competency validation and certification of personnel who work in explosive atmospheres.
Through a global network of Approved Training Providers, the CompEx Scheme supports practitioners in a range of industrial sectors including oil and gas, chemicals, pharmaceuticals, food manufacturing and utilities.
The CompEx Scheme was developed in 1993 to provide the UK oil and gas sector with credible assurance of transferable skills and competency for electrical, control and instrumentation technicians operating in hazardous areas.Visit compexcertification. com for more information.
ETHOS BEATHCHAPMAN
Ethos BeathChapman (EBC) is a global consortium of executive recruitment experts, extending its reach across Australia, Asia, and EMEA, proudly maintaining a network of 10 offices worldwide. Their success is rooted in the recruitment and empowerment of intelligent, entrepreneurial individuals committed to delivering excellence. Within the EBC umbrella, EBC Asia stands out as a leading top-tier boutique, comprising approximately 100 dedicated staff specializing in diverse industries. These include Banking and Financial Services, Legal & Governance, Technology, Life Sciences, Insurance, Industrial, Supply Chain, Accounting & Finance, Commodities, and Consumers. Visit www.ethosbc.com for more information.
DECISION CONSULTANT SOLUTIONS (DCS)
DCS is a recognised leader in 1:1 Customer Engagement solutions – helping businesses leverage the power of Data, AI & Decisioning capabilities. Their mission is to help simplify their clients’ personalised customer engagement solutions and together create brilliant customer experiences that deliver measurable results. Their legacy is firmly rooted in customer decisioning. They are made up of a team of experts with enviable experience delivering world-class customer engagement solutions across the globe.Visit wearedcs.com for more information.
KAIKU
At Kaiku, they deliver a deal intelligence and business matching platform for private enterprises and governments worldwide. With a database of over 2,000,000 SMEs worldwide from Pre-seed to Series B, they have worked and shared dealflow with over 400+ global venture builders, investment funds and government agencies in 50+ countries and have supported hundreds of local and international businesses. Powered by their flagship Kaiku Platform, they deliver comprehensive services that integrate their technology and matchmaking algorithms with hands-on support from their team to ensure optimal outcomes.Visit www.kaiku.co for more information.
RSM SINGAPORE
RSM Singapore is the largest professional services firm outside the Big Four in Singapore, providing services in assurance, tax, advisory and business solutions.
We focus on growing businesses, helping them to optimise profit, enhance business value, and internationalise.
With over 35 years of experience, our Asia experts on the ground are ready to support international businesses with their setup in the region, offering a suite of expertise in company formation, compliance, governance and risk management, payroll, accounting, staffing, as well as IT infrastructure and solutions. Visit www.rsm.global/singapore for more information.
DUELLIX
Incorporation, tax filing, financial statements, accounting and bookkeeping, work passes and visas, local directors and company secretaries, registered address, and bank account opening – you name it, Duellix can probably take care of it.
Duellix also benchmarks their pricing against all their major competitors. Their aim is not to be the cheapest, it’s to be competitive, while offering the most reassuring customer service on the market. Visit www.duellix.com for more information.
TRELLIS PARTNERS
Trellis is a leadership development firm that partners with CEOs to help them build high-performance teams and scalable organisations. Led by scaling expert and former CEO Rob Bier, Trellis supports its clients across a stack of organization development needs including Leadership Development, creating high-performing teams, building cultures of accountability, and scaling. Visit trellis.partners for more information.
SCAN GLOBAL LOGISTICS
Scan Global Logistics is a global full-service logistics provider headquartered in the Nordic, who excel in uncomplicating logistics through tailored solutions made by skilled specialists, proud problem-solvers and passionate entrepreneurs.
Since 1975, the core of their DNA has been a ‘can-do-attitude’, agility and the willingness to always go the extra mile and we are not afraid to go left when others go right. For them, every challenge is an opportunity. They go above and beyond to bring anything to anywhere – whether by road, rail, ocean, air or any other modes of transportation.. Visit www.scangl.com for more information.
RIVIERA MARINE SOLUTIONS
Riviera Marine Solutions is a Consultancy & Broker Agency specialising in International Business Development Strategy, focusing on comprehensive Marine & Upstream Installation Aids packages. Their tailored solutions are designed to support and enhance operations in the Energy Sector. Leveraging their robust global network and expertise, they ensure clients receive strategic insights and support for successful market expansion and operational efficiency. Visit www.riviera-marine.com for more information.
MORI HAMADA MATSUMOTO SINGAPORE LLP
Mori Hamada & Matsumoto (MHM) is one of the largest full-service Tokyo-headquartered international law firms. A significant proportion of the firm’s work is international in nature, representing clients in cross-border finance and corporate transactions and dispute resolution.
MHM has over 750 lawyers and 640 support staff including patent attorneys, licensed tax accountants, legal assistants and translators. In addition to its ASEAN hub and foreign law practice in Singapore, the firm has offices and affiliated firms which practice local law in Myanmar, Thailand, Vietnam, Indonesia and the Philippines. Visit www.mhmjapan.com/en for more information.
IN FOCUS INTERVIEW: SRINI NAGARAJAN MANAGING DIRECTOR AND HEAD OF ASIA, BRITISH INTERNATIONAL INVESTMENT
By Lucy Haydon, Editor
Can you share an introduction to BII for our readers - what is the primary goal of the organisation?
British International Investment (BII) is the UK Government’s development finance institution (DFI) and impact investor. We are the oldest DFI in the world with over 75 years’ experience investing in emerging economies. Our mission is to help solve the biggest global development challenges by investing patient, flexible capital to support private sector growth and innovation in parts of Asia, Africa and the Caribbean.
We are a sustainable investor, which means that not only do we support businesses to flourish
in a way that is good for both local communities and the environment, we also help them to grow over the long term and to withstand tough economic cycles. Overall, our patient and flexible capital supports nearly 1,500 companies in 65 countries, which employ almost one million people.
We invested in Southeast Asia for many years supporting economic growth in key countries including Singapore, Indonesia, Philippines, Thailand, and Malaysia. Part of our history in the region is that we were one of the initial investors in DBS Bank, Southeast Asia’s largest bank.
I have been part of BII for many years and the organisation has seen a few changes including shifting our Asia focus to India and other developing countries such as Pakistan, Bangladesh and Nepal as part of our 2012 strategy.
In 2022, we re-entered the region as part of an Indo-Pacific tilt by the UK Government and allocated up to £500 million for climate-related investments in the region during our current strategy period (2022-2026).
SRINI NAGARAJAN, MANAGING DIRECTOR AND HEAD
Can you share some success stories?
We invest across a broad range of sectors that drive job creation, stimulate productivity, and advance sustainable development in complex and dynamic growth markets. We are particularly known for our innovative platforms that address market gaps such as providing climate finance in countries that are most vulnerable to the impacts of climate change.
For example, in India, Ayana Renewable Power, launched by BII in 2018, has grown to become one of the largest renewable energy developers with a 5GW project portfolio. It is supported by the country’s government-anchored National Investment and Infrastructure Fund and investment manager Eversource.
In 2019, we launched Gridworks, a transmission and distribution platform in Africa, with a goal to improve the quality and availability of power on the continent. It also demonstrates that African transmission and distribution can be an investible asset class through its ground-breaking investments such as Amari Power Transmission and Moyi Power.
With the strategy update last year from the FCDO to focus on the Indo-Pacific Tilt and open an office in Singapore, how has this resulted in progressing investment in the region?
Asia’s energy demand is increasing as one of the fastest-growing regions in the world. According to the International Energy Agency’s estimates, the region’s primary energy demand will grow by 1.8 times by 2050 and renewables in the power demand will grow by 4.4 times in the Stated Policies scenario.
Governments are keen to deliver alternative energy sources as they also move towards their sustainability goals. The development needed to deliver on this ambition is substantial, and BII can play an important role as a catalyst to mobilise private capital and develop the market with best practices.
In South-East Asia, we look at the emerging markets where development support is needed the most – Indonesia, Vietnam and the Philippines, with a focus on climate finance. These countries have been economically reliant on fossil fuels, with
a strong need for decarbonisation and a just energy transition that supports people who are most vulnerable to climate change. These economies require long-term investment in this area which can withstand economic cycles.
Since our Singapore office opened in 2022, we have made several climate-related fund investments including SUSI Asia Energy Transition Fund, Circulate Capital Ocean Fund I-B, Wavemaker Impact and Southeast Asia Clean Energy Fund II. These investments aim to address the global challenges of climate change from a wider industry spectrum such as clean energy solutions, circular economy and climate tech start-ups. They are also expected to provide us with future co-investment opportunities.
Earlier this year, we signed a partnership with the Asian Development Bank to finance up to $100 million of green trade transactions in Asia. This aims to address the region’s market demand for longer-tenor finance needed to support climate-related projects, particularly within the renewable energy sector.
We have recenty made our first direct investments in support of decarbonisation efforts in South-East Asia. Our equity investment in Skye Renewables with Japan’s Idemitsu Kosan and debt financing for BECIS alongside FMO are expected to support the development of the nascent Commercial and Industrial renewables sector in the region. This will help to reduce carbon emissions and displace on-grid power consumption.
Our mandate in South-East Asia is to look at climate-related opportunities where DFIs like us can play a key role to catalyse the market and mobilise private sector investments.
What are the priorities and challenges in the markets BII focuses on?
Southeast Asia presents enormous potential in its role in climate adaptation and mitigation. However, there have been limited bankable opportunities and a mixed regulatory and policy framework is a recognised issue.
Institutions like BII can be a catalyst for positive change by taking on more risk, co-investing with trusted partners in early and mid-stage businesses that create innovative solutions, and helping to build the necessary framework as countries develop.
We are keen to align with the local Governments to deliver development impacts and support continued positive change.
How do you source and select the projects and funds BII invests in?
As we invest across a full spectrum of capital solutions including indirectly through funds, or
directly through equity, debt and debt instruments, partnerships are important for us in this region. We also work with fellow DFIs, multilateral development banks and institutional partners to explore collaborative deals to create greater impact.
We look for organisations with high ethical business integrity standards within developing economies. We also play a role in enhancing ESG practices within the companies we invest in, and providing an appropriate capital structure that reflects their growth ambitions and allows them to reach their full potential and bring about positive impacts.
BII’s support provides a stamp of good governance and credibility, so our diligence in choosing the projects we support, and finding people who are willing to go the extra mile to make lasting change, is critical.
As the UK’s DFI, BII invests responsibly. Our investment decisions are driven by how the prospective investment meets our criteria and supports our strategic development objectives.
British International Investment (BII) are the UK’s development finance institution and impact investor with a mission to help solve the biggest global development challenges by investing patient, flexible capital to support private sector growth and innovation. Visit www. bii.co.uk/en for more information.
UNLOCKING THE ASIAN MARKET: CHALLENGES AND SOLUTIONS FOR WESTERN COMPANIES
― Expanding into Asia is a different game from growing a business in the West. Companies must consider the vast regional cultures, regulatory environments, and different consumer sensitivities in Asia.
By James Wong, Senior Vice President, South East Asia & China, Menzies Aviation
In today’s global economy, the allure of expanding into the dynamic markets of Asia is irresistible for many Western companies like Menzies Aviation. With a burgeoning middle class and rapidly evolving consumer preferences, the region offers unparalleled growth opportunities. However, navigating the complexities of Asia’s diverse cultures, regulatory landscapes, and business environments can pose significant challenges for newcomers. In this article, we delve into the key hurdles faced by Western companies looking to make their mark in Asia, along with practical solutions to overcome them.
Cultural Intelligence: Bridging the Divide
One of the foremost challenges Western companies encounter when venturing into Asia is navigating the rich tapestry of cultures that define the region. From the bustling streets of Tokyo to the vibrant markets of Indonesia, understanding local customs, communication styles, and business etiquette is essential for building meaningful relationships and earning trust. Investing in cultural intelligence training for employees and fostering diverse teams can bridge the cultural divide and pave the way for successful market entry.
Regulatory Labyrinth: Navigating Compliance
Asia’s regulatory landscape is as diverse as its cultures, presenting a maze of licensing requirements, labour laws, and bureaucratic hurdles for foreign companies. Ensuring compliance with local regulations is paramount to avoid costly legal
entanglements and reputational damage. Partnering with local legal experts and establishing strong relationships with government officials can provide invaluable guidance in navigating the regulatory labyrinth, and maintaining a smooth operational framework.
Market Differentiation: Standing Out in a Crowded Space
Competition in Asian markets is fierce, with local and international players vying for consumer attention and market share. Breaking through the noise requires Western companies to differentiate their products or services by offering unique value propositions tailored to local needs and preferences. Investing in robust branding and marketing
strategies that resonate with Asian consumers can help carve out a niche and gain a competitive edge in crowded marketplaces.
Managing supply chains in Asia’s vast and diverse geography can be a logistical nightmare for Western companies. From sourcing raw materials to delivering finished products, ensuring timely and efficient operations is crucial for maintaining customer satisfaction. Embracing technology-driven solutions such as AI and blockchain, along with forging strategic partnerships with local suppliers and logistics providers, can enhance supply chain agility and resilience in the face of uncertainty.
Cultural Sensitivity in Marketing: Speaking the Language of Consumers
Crafting marketing messages that resonate with Asian consumers requires a nuanced understanding of cultural sensitivities and preferences. What works in Western markets may fall flat or even offend in Asia, underscoring the importance of cultural sensitivity in marketing campaigns. Conducting thorough market research, leveraging local insights, and adapting messaging to align with cultural norms can help Western companies connect authentically with Asian audiences and build lasting brand relationships.
Payment Innovation: Embracing Digital Disruption
Asia’s diverse payment landscape, ranging from cash-heavy economies to mobile-first societies, presents a challenge for Western companies seeking to streamline transactions and financial services. Embracing digital solutions and collaborating with local banks and fintech firms can cater
to evolving consumer preferences and enhance convenience and security in financial transactions.
Talent Acquisition and Retention: Nurturing a Global Workforce
Attracting and retaining top talent in Asia’s competitive job markets requires Western companies to rethink traditional approaches to recruitment and employee engagement. Offering competitive salaries and benefits, providing opportunities for career growth, and fostering a supportive and inclusive work culture are essential for building a talented and motivated workforce that drives success in Asian markets.
In conclusion, while expanding into Asia presents formidable challenges for Western companies, it also offers unparalleled opportunities for growth and innovation. By embracing cultural diversity, navigating regulatory complexities, and leveraging technology-driven solutions, Western companies can unlock the vast potential of the Asian market and establish a strong foothold in one of the world’s most dynamic regions.
Menzies Aviation is a global provider of aviation services, offering ground handling, cargo handling, fuelling, and airport lounge services to airlines and airports worldwide. The company traces its roots back to 1833 when Menzies Group was established in Edinburgh, Scotland, primarily as a news distribution company. Over the years, the company expanded its operations into various sectors, including aviation services. Visit menziesaviation. com for more information.
THE FIVE PILLARS OF SUCCESSFUL DIGITAL TRANSFORMATION
― Even with the right strategic intent, digital transformation can stall if the five key pillars of successful execution are not addressed.
By Gaurav Modi, EY Asean and Singapore Consulting Leader
Companies are expected to continue investing in digital transformation while facing increasing pressure to produce results, according to an EY-Parthenon Digital Investment Index (DII) survey of C-level executives from large companies around the world. They are also under mounting pressure to accelerate the launch of technology-enabled products and services and achieve efficiencies.
Over 40% of the surveyed executives aim for a structured approach to measure their digital return on investment (ROI). However, many do not know their digital operating or capital expenditures from the previous year, or the value yielded in terms of incremental revenues, cost reduction and working capital.
In addition, respondents’ organisations are shifting their focus from core internal operational efficiencies to new digital products and services that enable them to get closer to customers and generate revenue.
The DII survey found that customers remained at the heart of most firms’ digital priorities. Customer experience (CX) ranks highest in positive outcomes from important digital investments. More than half (55%) of the executives indicated “improved CX” as an area where they had seen a positive impact from their digital investments. This is because digital transformation enables businesses to reinvent experience and journey touchpoints to stay closely connected with customers. It allows companies to harmonise the use of emerging technologies and processes to achieve operational excellence and unlock data and insights to accelerate time-to-market decisions.
Conversely, businesses that fail to embark on their digital transformation journey risk losing out to competitors and becoming irrelevant. Known as the “Red Queen Effect”, an organisation’s success
depends on its ability to match or outdo its competitors’ advancements.
The DII survey also showed an increase in existing technology investments and the adoption of technologies such as chatbots, artificial intelligence (AI), machine learning, blockchain and augmented reality. Many companies have been building data platforms through investments in the cloud and the Internet of Things (IoT). The number of companies that reported the realisation of the full benefits of investing in cloud, IoT and AI increased by 54% in 2022 as compared with 2020. But even with the right strategic intent and a well-communicated vision, why do some companies stumble at various implementation phases of their digital transformation journey?
Five pillars of successful execution
Companies must address five pillars in their digital transformation effort to get the right outcomes.
1. Focus on nonlinear value creation and differentiation
A nonlinear approach to value creation, one that entails a culture change to sustain ongoing
digital transformation, is the most critical element for successful execution. The Transformation Leadership: Humans@Centre study by EY teams and the University of Oxford’s Saïd Business School found that the complex factors influencing a transformation’s success or failure are rooted in human emotional behaviour. Therefore, organisations need to build a culture of change, and understand the interdependencies linked with the emotional behaviour of the overall workforce and key senior stakeholders.
2. Address skill gaps
Organisations need the right skill sets during the transformation and a sound plan to enhance workforce capabilities to sustain ongoing and future transformations. The EY Work Reimagined Survey revealed that 84% of employers expect generative AI (GenAI) to be used in the workplace. Despite these expectations, only a handful of them are prioritising training in GenAI skills. To do this effectively, organisations may also need to infuse skills that are not currently considered core and develop existing core skill sets to cover more than just the conventional essentials in each function.
3. Maintain an agile business and technology architecture
An agile business and technology architecture can act as a foundation for transformation. Most organisations have fragmented systems — a mix of legacy and new digital stacks. Fragmented systems and rigid architecture hinder an organisation’s ability to provide seamless experiences to customers and result in inefficient processes. The potential to explore future business models, partnerships and products depends on the agility of the organisation’s technology landscape. The organisation must see to it that its applications and technology infrastructure are not considered isolated functions. Instead, its transformation should align with the business strategy and outcomes.
4. View data as an asset and embed cybersecurity
In line with the first pillar above on a nonlinear approach to value creation, data must be considered an asset and managed accordingly. Data assets increase in value with usage and hence the treatment of data as an asset must be strategic. However, this is often complicated by existing operational structures, fragmented systems, and a lack of distinct data ownership within an organisation. Data also becomes the foundation for the organisation to leverage advancements in data or AI technologies and create a frictionless enterprise.
As the organisation undergoes greater digitisation, its vulnerability to cyberattacks escalates, heightening the risk of data and privacy breaches. To combat these threats, organisations must envision and implement technological solutions with cybersecurity in mind, underpinned by comprehensive data protection and privacy policies.
5. Set clear governance policies around decision-making
Transformations are intense to an organisation, its employees, customers and connected ecosystem players. It is critical for each decision to focus on business outcomes envisaged at the start of the transformation. Often, amid the complexities of the transformation process, such focus can be lost, making the transformation lose momentum and derailing it. A sound operating model, clear decision-making, the willingness of leaders to accept trade-offs in decisions and being on schedule are also crucial for success. In addition, it is critical for the leadership team and board to establish clear governance policies around decision-making at the beginning of the program.
Continuous alignment of the five pillars above with short- and medium-term objectives, and emphasising on urgency and timeliness are crucial to the long-term success of digital transformation. Organisation leaders must stay up to date on technological advancements and trends while encouraging knowledge-sharing among employees. This will help them adapt and fine-tune the digital transformation process as challenges arise. By applying these principles to deliver superior customer experiences, organisations can better position themselves for success in an increasingly competitive and complex world.
EY exists to build a better working world, helping to create long-term value for clients, people and society and build trust in the capital markets. 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. Visit www.ey.com/en_sg for more information.
UNLEASH YOUR BUSINESS’ FULL POTENTIAL WITH A CFO FOR HIRE
― Running an SME comes with a myriad of responsibilities. As the business grows, it becomes increasingly challenging for owners and managers to oversee every function effectively. Outsourcing presents a viable solution, and one area ripe for contracting out is financial management. A CFO for hire makes high-level financial guidance accessible to small businesses, driving their success in a competitive landscape.
By Paul Gardner, CEO, fresh accounting
Asany owner will tell you, running a small or medium enterprise (SME) involves wearing many hats on a daily basis. And while many owners and managers are adept at juggling, there comes a point in every growing business when overseeing every function becomes impossible. At that point, it is a good idea to surround yourself with experts.
Financial management is an area that is ripe for outsourcing. Not every business owner has a background in finance, let alone the time and inclination to deal with advanced financials. One possible solution for busy SMEs is a Chief Financial Officer (CFO) for hire.
What is a CFO for hire?
A CFO for hire, also known as an outsourced or fractional CFO, is a trained and experienced CFO available on a part-time or even project basis. These CFOs possess a deep understanding of financial best practices, industry trends, and regulatory requirements, allowing them to provide invaluable insights and guidance tailored to your business.
Growing in popularity in recent years, part-time CFO support has been a game-changer for SMEs who need high-quality financial leadership but cannot yet swallow the costs of hiring full-time. The flexible arrangement offers scalability and adaptability, changing with the needs of a growing business.
In addition, a CFO for hire is often in a better position to offer an objective and independent viewpoint. They are not bound by internal politics or biases that may exist within the company. This objectivity enables them to provide impartial analysis, challenge assumptions and offer fresh perspectives.
And because of the nature of the work, many CFOs for hire have diverse industry experience and a track record of working with multiple organisations. This breadth of experience allows them to bring a wide range of skills and insights to the table. They may also have specialised knowledge, for example in risk assessment or mergers and acquisitions, making them a good fit for short-term special projects.
What specific areas can a CFO for hire help with?
• Financial Strategy: Developing and implementing a comprehensive financial strategy tailored to your goals and objectives. This includes financial planning, budgeting, forecasting and identifying growth opportunities.
• Financial Analysis: Analysing the company’s financial data to provide insights into the financial health of the business. This includes assessing profitability, cash flow management, cost control and identifying areas for improvement.
• Risk Management: Identifying and mitigating financial risks that may impact business operations. Developing risk management strategies to protect the company’s financial assets and ensure long-term sustainability.
• Financial Reporting: Ensuring the company maintains accurate and timely financial reporting. This includes preparing financial statements, monitoring key performance indicators, and ensuring compliance with accounting standards and regulations.
• Capital Management: Assisting in managing capital effectively. This involves optimising capital structure, financing decisions, and investment strategies to maximise returns and support business growth.
• Strategic Decision-Making: Providing valuable financial insights that support informed decisions. By conducting cost-benefit analysis, financial modelling and scenario planning, CFOs help SMEs choose the most strategic path for growth and profitability.
• Business Expansion: Supporting expansion through financial analysis, market research and feasibility studies. Helping to evaluate investment opportunities and ensuring financial viability during expansion initiatives.
• SME Valuation: Helping to value a company for sale by providing valuable financial insights and expertise. Assisting with market research, financial modelling, due diligence preparation and even negotiation support.
What are the overall benefits of CFOs for hire for you and your company?
In a complex, competitive, and ever-changing business environment, SMEs must leverage every possible advantage. A CFO for hire can give you a competitive edge. With expert strategic guidance, owners and managers are able to make sound data-driven decisions to navigate challenges, mitigate risk, optimise performance and ultimately drive sustainable growth.
Outsourcing this critical function also frees up time and energy. Business owners can focus on their core strengths and other critical aspects of the business, knowing that the financials are in capable hands. In fact, a good night’s sleep might just be the biggest benefit of all.
How do you know when the time is right?
Every business is unique and there is no set time to consider working with a CFO for hire. However, there are common situations your business may experience that may signal a need for a CFO for hire:
• Challenges with Efficiency or Cost Management: SMEs must run a tight ship. A CFO for hire can help streamline financial processes, improve cost management and enhance overall financial performance.
• Increasingly Complex Financial Needs: As businesses grow, financial operations often become more complex, requiring advanced financial planning and analysis.
• Rapid Growth: Bringing in a financial expert can help you manage expansion effectively at this exciting time.
• Seeking Capital: A CFO for hire can provide critical guidance when looking to raise funds, secure financing, or manage investor relations.
• Regulatory Issues: Full compliance with financial regulations and reporting standards can require a guiding hand.
If you think the time might be right to work with a CFO for hire, reach out to fresh accounting at freshaccounting.biz/contact-us
fresh accounting is one of Asia’s leading independent accounting firms specialising in cloud accounting, financial control, CFO, and business transformation. We serve a diverse clientele across Asia Pacific and with offices in Hong Kong, Singapore, Australia, and Nepal. Visit www.freshaccounting.biz for more information.
EMBRACING VENTURE CAPITAL’S POWER LAW
― Venture capital is becoming increasingly attractive for investors. However, VC has a unique set of characteristics that investors need to fully understand before deploying capital. Building a strategy that optimises for the top 1% of companies is critical.
By David Clark, Chief Investment Officer, VenCap International plc
As an asset class, venture capital (VC) is capable of generating exceptional returns for investors. Market-leading companies such as Amazon, Facebook, Microsoft, Nvidia and Google all started life as VC-backed startups. In more recent years we have seen the likes of Coinbase, ByteDance, Pinduoduo and OpenAI emerge to be worth tens, and in some cases, hundreds of billions of dollars. With the venture capital industry capable of producing such compelling returns, it is no surprise that investor interest in the asset class has increased substantially over the last decade.
Many investors do not fully appreciate the unique characteristics of the VC industry when they decide to allocate to the asset class. Returns in venture capital are not distributed evenly. Instead, they follow a power law curve, with most VC-backed companies ultimately losing money for their investors. Indeed, in certain vintage years, up to 70% of early-stage VC investments fail to return capital. However, the success of a VC fund is not determined by minimising the loss rate. It is determined by how consistently you can access the top 1% of companies that emerge from the industry.
The opposite end of the power law curve means that the value created by VC-backed companies is highly concentrated. Since 2010, the top 1% of VC exits each year have accounted for 51% of the total exit value created by venture-backed companies globally. This top 1% equates to an average of under 30 companies per year. So, when it comes to building a VC programme, the data is very clear. You need to find a way of generating early-stage access to the top 30 companies founded each year. If you can do this consistently, then your investment performance will be strong. If you cannot, then you should not be investing in venture capital.
It is not just at the company level where the venture industry exhibits these power law characteristics – this is also seen when analysing
returns from venture funds. According to data from Pitchbook, more than 50% of venture funds raised from 2000 to 2015 have yet to distribute back one time paid-in capital. Just 6.6% of these funds have returned three times capital and just 2.6% have paid back five times capital. The average median IRR for US VC funds raised between 2000 and 2020 is just 10.4% pa according to Cambridge Associates. So, if most VC-backed companies lose money, and most VC funds fail to offer adequate risk-adjusted returns, how should investors go about structuring their portfolio to buck the odds that are heavily stacked against them?
The good news for investors is that there is one characteristic of the VC industry that can actually work heavily in their favour. In most asset classes, past performance is no indication of future performance. The opposite is true for venture capital. Academic studies have shown that the venture industry shows high levels of performance persistence. If a GP’s prior fund ranked in the top quartile for performance, there is a 45% chance that their subsequent fund will also deliver top quartile performance. Within private equity, this falls to just a third.
What causes this persistence of performance in venture capital? Ultimately, it comes down to the fact that there are a small group of VC firms that are able to consistently access the top 1% of companies each year. While it’s almost impossible to predict whether an emerging manager will back one of the 30 most successful companies each year, the degree of predictability increases each time a manager hits the jackpot. There are just 14 VC firms that have backed 20 or more early-stage companies founded since 2005 that are worth $2.5 billion or more. Unsurprisingly, this list contains many of the most sought-after managers in the industry – Accel Partners, Sequoia Capital, Andreessen Horowitz, Lightspeed Venture Partners, Index Ventures, Founders Fund and Kleiner Perkins.
focused on the leading managers is access. Most of the best managers are highly access constrained and it’s almost impossible for new investors to secure allocations. This is why many new investors to venture capital choose to partner with a fund of funds that can provide them with exposure to the best VC managers. Fund of funds can also help with introductions to managers allowing investors to build their own relationships over time. They can also provide access to proprietary data sets cov ering hundreds of VC fund investments and thou sands of portfolio companies.This helps investors gain a clear understanding of how the VC industry works and what strategies will give them the great est likelihood of success.
As innovation and technology adoption continue to accelerate, the opportunities for investors in the VC asset class are only expanding. However, the industry continues to follow the power law curve. If investors want to build a successful VC programme, they must embrace this power law and optimise their exposure to the top 1% of companies. In practice, this means investing in the small group of VC firms that can consistently back the best
VenCap, headquartered in Oxford, UK and managing USD 1.9 bn in AUM, has been
are very focused on a small group of the world’s leading VC fund managers – those that can regularly identify and back what prove to be the enduring technology companies of the future. Visit www.vencap. com for more information.
TAYTAY REMINDS US TO KEEP IT IRL
Swiftononmics explains why your advertising budget is being spent in the wrong place.
By Rohan Lightfoot, Founder, Signal Consulting
This article is not about Taylor Swift. Well, it is sort of about Taylor Swift, but only because she provides the context for some of the data I am sharing.
A lot of my experience in business has been in the world of advertising, with a focus on media strategy and media execution, which allows me to make some informed predictions. Firstly, you spend too much of your advertising budget on digital media. Secondly, your investment is too reliant on a small number of global platforms. Thirdly, you waste a lot of budget on ineffective, low-impact frequency.
But enough of the implied criticism, “what about TayTay”, you say.
According to the Mastercard Economics Institute, the US leg of the Taylor Swift Eras tour generated an average sales increase of 68% for restaurants within 2.5 miles of a venue and an average increase of 47% for accommodation. Mastercard called this the “Swift Lift”.
In Kansas City, restaurants saw two weeks’ worth of business in just two days when her tour came to town. Glendale, AZ saw accommodation
bookings increase by 168.9%. On average her tour also generated a 32.1% increase in inbound tourism.
Closer to home, NAB estimated that the Eras tour generated US$51.9m of extra economic activity per gig in Australia and US$56.5m USD per gig in Tokyo. That’s a pretty chunky Swift Lift.
By now everyone in Singapore knows that the government was involved in getting Taylor Swift to come here. There was some criticism of using taxpayers’ money for something as frivolous as pop music, but data from the Singapore Tourism Board (STB) suggests that many events that are staged here attract between 25% and 30% of their audience from overseas.
If the figures that CNA reported are correct, it means that the investment made by STB was paid back somewhere between 28 and 42 times over. (I’m reliably informed that CNA overestimated the contribution from the government, which makes the likely payback even greater still). That’s pretty powerful return on investment (ROI) right there.
However, as I said upfront, this isn’t just about Taylor Swift...
This infographic from the Visual Capitalist looks at music sales in the US from the early 70s to the present day. Each colour represents a different format, vinyl, cassette, CD, streaming, ringtones etc.
At the start of the 70s vinyl was the dominant format along with cassettes. You either listened to music you had bought on vinyl at home or on cassette in the car. Obviously, you could also listen to the radio for free (but you didn’t record it, because home taping kills music).
The mid to late 80s was a bit of a purple (pink) patch for revenues, but then the Walkman led the portable revolution, which killed off 8-track and started the decline of vinyl. Now you could listen to music you had bought anywhere you wanted.
Revenue didn’t grow much in the early 80s, but it grew fast in the late 80s as portable music became ubiquitous. Then CDs took hold and revenue skyrocketed when people bought the same music on CD (that would last forever) that they already owned on vinyl.
So the industry coined it for fifteen years, but after 2005 the digital apocalypse began. Sales plummeted as paid-for physical formats were replaced by listening for free (thank you LimeWire).
The industry flailed about for a decade (those ringtones no doubt saved a few careers) until streaming came to the rescue, if you can call the same revenue as 1970 a rescue.
So much for the music you buy, what about the music you watch live? Livewire looked at ticket prices for a “basket (case)” of rock bands* over time. The average ticket price for these bands is now 48.96 times greater than back in the day. Even the compounded average annual percentage increase is an inflation-busting 9.41%.
For the 70s and most of the 80s, the price of a ticket for a gig was similar to the price of an album. But today the price of an album on a streaming platform is essentially zero and the price of a ticket to a live show is inordinately higher, which takes us back to TayTay.
At the time of writing, Taylor Swift has 101,731,582 monthly followers on Spotify. But billions of streams don’t actually generate billions of dollars, and streaming revenue gets split between all of the writers of a song, as well as the artist, record label, agent etc.
So, as the price to “buy” music has trended to zero, artists started using live performance to replace the revenue that they previously made from recording, hence the massive inflation in ticket prices.
So, what do these various data points tell us?
1. The government of Singapore is pretty smart (which we already knew).
2. Your TayTay ticket was really expensive because of digital.
3. If you want to reach an affluent audience, you’ll find them at a gig.
*RHCP, Metallica, Motley Crue, Pearl Jam, G’NR, Slipknot, Aerosmith, FF, Blink 182 and The Boss.
The defining characteristic of today’s media environment is noise. Signal Consulting’s mission is to help you find your strongest signal in all the noise. Contact rohan@signal-consulting-net to help you find your signal.
AI INFLUENCERS IN ASIA: NAVIGATING CULTURAL NORMS AND MARKET TRENDS
― Explore AI influencer marketing trends in Asia with Digital Business Lab. Uncover regional strategies and preferences across diverse markets with Ivana Gao and Dr. Crystal Abidi, a specialist in Asia Pacific’s influencer cultures and digital innovations.
By Ivana Gao, Content Coordinator, Digital Business Lab
The significance of AI in influencer marketing campaigns is particularly pronounced within Asia’s diverse landscape. China stands out with its AI-influencer market, projected to be valued at CNY 36 billion in 2023 and expected to triple by 2026. Over 317,000 companies have already invested in China’s virtual influencer sector (Thomala 2023a). Such explosive growth reflects Asia’s embrace of cutting-edge technology.
Across Asia, AI influencers wear different digital skins, mirroring regional tastes and societal nuances. Brands must be savvy about this, as it can directly affect your campaign’s performance.
This article explores:
● Diverse gender and appearance preferences for Asian AI-Influencers
● The role of language
● China and Japan as key players in the landscape
● Leveraging AI-Influencers for cost-effective, efficient marketing strategies
Gender Preferences
Thailand and Singapore
These markets exhibit an inclusive approach to gender representation in AI influencers, reflecting diverse societies. In Thailand, the cultural acceptance of the “third gender” translates to acceptance of gender expressions in digital personas. Singapore’s multicultural landscape encourages a more gender-inclusive approach, resonating with its globally diverse audience.
Vietnam
In contrast, Vietnam exhibits a bias towards feminine personas: “49% of respondents prefer virtual influencers who appear ‘feminine’ in Vietnam” (Kameke 2023a), possibly stemming from its “high female labour participation rate”.
Philippines
In the Philippines, the response to the first virtual influencer, Bernila, highlighted cultural sensitivities. Bernila faced criticism on social media for her appearance, which many felt did not represent Filipino facial features. This shows the importance of ensuring that influencers resonate with local physical aesthetics.
Ethnicity and Cultural Representation
Malaysia
Malaysia’s multiethnic fabric is evident, with a low 18% preference for ethnically varied AI influencers. Given the significant Malay, Chinese, and Indian populations, there’s a nuanced interplay of ethnicity in media representation. This is mirrored in the AI influencer space, where influencers who reflect dominant ethnic groups are favoured.
Vietnam
Vietnam’s significant majority ethnic group, the Kinh (Viet), constitutes 85.7% of the population. This is mirrored in the virtual influencer space, with a 60% preference for influencers bearing Vietnamese features. In a society where national identity is closely tied to ethnicity, AI Influencers who embody these features foster deeper connections.
Thailand
Traditionally, Thais have preferred fair skin as a beauty symbol. However, Thais have started embracing tanned/darker skin, reflecting a shift towards embracing local diversity. Three-quarters of respondents in Thailand expressed a neutral preference, indicating varied preferences.
Language Preferences and Communication
Indonesia
Bahasa is used by 95% of the population as the primary language, but only 20% consider it their primary language. Leveraging Bahasa is crucial for reaching a broad audience, but there is also an opportunity to recognise regional dialects. Tailoring communications to include diverse linguistic elements enhances brand resonance while engaging different market segments.
Philippines
Filipino/Tagalog is the national language for education in the Philippines, while English is the official language. Despite bilingualism, Filipino/ Tagalog provides intimacy and authenticity. AI influencers communicating in Tagalog foster a sense of belonging among consumers in a country with a solid national identity.
Vietnam and Malaysia
The preference for local languages among AI Influencers reflects the broader social or political significance of language. In Vietnam, the national language represents cultural identity, while in Malaysia, language is closely tied to ethnic identity. AI influencers who communicate in the local language are perceived as authentic in these markets.
Emerging Trends: Japan and China
Japan’s VTuber Phenomenon
VTubers have become a major trend in Japan. They are online entertainers who use virtual avatars generated using computer graphics. They have massive followings and can make a significant economic impact. VTuber companies like Hololive Production have unique styles that attract fans worldwide. Japan’s blend of tradition and technology fuels this trend, with VTubers collaborating with brands from Softbank to Taco Bell, demonstrating huge versatility in AI Influencers.gender” translates to acceptance of gender expressions in digital personas. Singapore’s multicultural landscape encourages a more gender-inclusive approach, resonating with its globally diverse audience.
Left: Kizuna AI, the first VTuber in Japan (Photo credit: SCP Foundation); Right: Nebasei Kokoro, a VTuber and representative of Rohto Pharmaceutical (Photo credit: Rohto Pharmaceutical)
China’s Usage of AI-Influencers
China’s virtual influencer landscape is dominated by Gen Z, with 58% following at least one AI influencer. This tech-savvy generation values authenticity, creativity, and innovation, making AI-driven virtual influencers a perfect fit. AI influencers engage young consumers on platforms like Weibo, Douyin, and Alibaba. Promoting products, challenges, and interactive online experiences.
The three dominant formats of AI Influencers in China include:
1. Gaming characters
2. Digital brand ambassadors, animated or AI-created personas
3. AI live streamers, with 24/7 availability and personalised interactions (This is cost-effective as the cost of real streamers is on the rise).
Conclusion: Global vs. Localised Approach in AI-Influencer Marketing
As we navigate the intricate landscape of AI-influencer marketing in Asia, marketers face a crucial question: Should we adopt a global or localised strategy?
Understanding market nuances, cultural sensitivities, and consumer habits is vital. Each market, from Vietnam to China, has unique dynamics. While a global strategy offers a unified brand message, a localised approach is more effective in diverse regions. Respecting each market’s uniqueness is key to meaningful consumer engagement in Asia.
Digital Business Lab develops business-driven experiences for communities. They excel in Social Media (organic, influencer, paid), Creative (Video, 3D, Design), and Web 3.0 (NFT, Metaverse). Digital Business Lab works on regional and global scale projects from their Hong Kong and Singapore offices. Visit digital-business-lab.com for more information.
SPICE TAXATION’S THOUGHTS ON THE SPRING BUDGET
― Martin Rimmer, Managing Director of Spice Taxation Pte Ltd shares his thoughts on the Spring Budget announced recently on 6th March 2024, or what he calls the most important budget for expatriates since 2010.
By Martin Rimmer, Managing Director of the Spice Taxation Pte Ltd
Over the years I have discovered that I am just not very good at predicting Budgets. Speculation is always rife about what a Chancellor might do in the face of this and that economic and political situation, but mostly the actual announcements just tend to underwhelm and disappoint. Maybe I just crave excitement!
However, all that changed with Jeremy Hunt’s Budget on 6th March. It is likely to be the last Conservative Party Budget before the next General Election - an election which the Labour Party is widely expected to win. So, it remains to be seen how many of the announcements will find their way onto the Statute books if Labour does win. That aside, it really was an exciting Budget which promises a lot of change, much of it positive.
For much of the speech, it felt like a ‘normal budget’ with a plethora of announcements about regional incentives, funding initiatives, levelling up grants, subsidies and tax breaks for the arts etc. However, there were also a number of genuinely eye-catching and important announcements which are also relevant to expatriates.
First of all, Jeremy Hunt announced a further reduction in National Insurance paid by employees and the self-employed of 2%, from 6th April 2024. For employees, this will reduce from 10% to 8% and for the Self-Employed from 8% to 6%. For those returning to the UK, this will be welcome news.If you’re in the position to cover tuition fees and wish to make the payments out of your normal monthly income, there may be tax advantages; it’s a useful way of reducing your own Inheritance Tax liability down the line. You’ll also save your child from having to face repaying a loan at the start of their career.
Secondly, he announced the intention to introduce a new Individual Savings Account – the
UK ISA, with an annual subscription allowance of GBP 5,000, in addition to the existing threshold of GBP 20,000. This new ISA would hold British-only assets – equities listed on the four recognised UK stock exchanges, UK corporate bonds and gilts and collectives. This will be good for UK resident savers.
Third, there were a few property tax announcements which came as a surprise:
• The marginal rate of Capital Gains Tax on the sale of residential property will reduce from 28% to 24% from 6th April 2024. This is intended to help stimulate the property market. The basic rate will remain at 18%. This is good for anyone selling, gifting or assigning an interest in UK residential property from that date.
• Multiple Dwellings Relief for Stamp Duty Land Tax is being abolished from 1st June 2024 –this was a relief that allowed you to take the average purchase price for SDLT purposes where at least two properties were being purchased in a single transaction
• Furnished Holiday Letting status is to be abolished from 6th April 2025, with some anti-forestalling provisions which came into effect on 6th March 2024.
• The geographical scope of Agricultural Property Relief and Woodlands Relief (two Inheritance Tax incentives) will be limited to assets situated in the UK only from 6th April 2024 –those situated in the Crown Dependencies and the EEA will lose their IHT-protected status
Fourth, the VAT registration threshold will rise to GBP 90,000 from 6th April 2024, an increase of GBP 5,000, which will be welcome news for small businesses.
However, perhaps the biggest and most barnstorming announcement was the abolition of ‘nondom’ status from 6th April 2025. The Conservative Party has been a staunch defender of the ‘non-domi-
ciled regime’ over many years, so it was something of a surprise to see them adopt an avowed Labour Party policy. Stealing their thunder no doubt. It is a very major announcement that will impact many people.
In a nutshell, the Government plans to delink a person’s ‘domicile status’ from their UK tax outcomes, and move to a residence-based set of incentives. Consultation documents are yet to be published, but the main features of the new system will be to:
• Abolish the ‘remittance basis of taxation’ for UK residents ‘non-doms’.
• Replace it with an opt-in system that will allow, seemingly anyone – including, presumably, British nationals – to exempt their non-UK incomes and gains from UK tax for the first four years of UK residence, provided that they have been continuously non-resident for at least the 10 previous years.
• Exempt from tax the remittance of these nonUK income and gains to the UK, which will be hugely simplified in the long run.
• Retain Overseas Workday Relief for qualifying individuals for the first 3 tax years of residence
• Apply worldwide taxation for all individuals from the 5th year of residence in the UK
• Introduce a thoughtful set of transitional reliefs for certain ‘non-doms’ who are already resident in the UK
• Switch away from a ‘domicile-based’ system of Inheritance Tax to a residence-based system, whereby qualifying individuals switch to IHT on worldwide assets only after 10 years of residence
• Keep anyone who leaves the UK within IHT for 10 further years, which presumably also will apply to British Expatriates. UK assets remain within Inheritance Tax at all times, regardless of residence.
We are missing a lot of technical detail here which should be answered by the Consultation Documents that the Government will be publishing shortly. So watch this space! However, whilst I have many more questions than answers at the moment, at first sight, the main impacts appear to be the following.
1. Tax planning for relocation to the UK is likely to change quite a bit and these proposals could amount to a generous tax break for returning British expatriates.
2. They will also make Inheritance Tax planning
potentially a lot simpler and not so reliant on subjective judgments about where a person is domiciled.
3. It might possibly result in an exemption from Inheritance Tax for a swathe of non-resident British expatriates who have already been non-resident for at least 10 years, which would be quite a result!
I am going out on a limb a little by saying that it appears the proposals will also apply to those we currently regard as ‘domiciled’ in the UK. However, surely that is the point – it is a switch away from a tax system where a person’s domicile was the deciding factor, to a tax system where the deciding factor is driven by residence. This potentially bodes extremely well for British expatriates.
If this Budget does turn out to be the Conservative Party’s fiscal swansong, it is perhaps fitting that its period of Government will be bookended by a commitment to enshrine in law a statutory test for residence in 2010 at the start, and a set of announcements that displace domicile with a new regime based on that very residence test at the end. Mastering the Statutory Residence Test is clearly going to be more and more important.
Beyond this, all tax rates, thresholds and allowances for Personal Tax remain frozen, as do the rates for Corporation Tax. The dividend allowance will fall to GBP 500 from 6th April 2024 and the Capital Gains Tax Annual Exemption will fall to GBP 3,000 from the same date. Class 2 and Class 3 voluntary National Insurance Contribution rates will remain unchanged at GBP 3.45 per week and GBP 17.45 per week respectively, and the New State Pension will rise to GBP 221.20 per week (of GBP 11,502.40 per year) from 6th April 2024.
If you would like to discuss your own circumstances in confidence or would like to be on the subscriber list for our new dedicated coverage of these breaking developments, please contact Martin at martin@spicetaxation.com or by sending a Whatsapp to +65 96650019.
THE EVOLVING LANDSCAPE: PREPARING STUDENTS FOR UNIVERSITY & WORKPLACE SUCCESS
― In today’s modern education landscape, academic achievement alone no longer defines a student’s potential. Leading universities worldwide now (and rightly so) place greater emphasis on holistic excellence, valuing character, interpersonal skills, and talents. As such, students who possess a wide array of extracurricular involvement and leadership experiences are recognised as future leadersstanding out in university applications for their adaptability and resilience, qualities which are deemed essential for success in our rapidly evolving world.
By Kate Carden-Brow, Director of Admissions & Head of Higher Education, Epsom College in Malaysia
University admissions and the modern workplace are undergoing significant transformations. Today, universities and employers are looking beyond academic excellence, seeking well-rounded individuals with a global perspective and a diverse skill set. Top universities place high value on holistic education because it cultivates individuals who excel not only academically, but also with skills and attributes essential for success such as resilience, critical thinking and the ability to collaborate and find solutions.
Participation in extracurricular activities and leadership roles demonstrate a candidate’s ability to manage their time effectively, be an active and effective team member, and take responsibility - attributes that are highly sought after in a professional context. By prioritising candidates with a broad range of experiences and talents, top universities aim to foster dynamic and inclusive learning environments that encourage creativity, innovation, and global citizenship.
Employers are echoing this sentiment. While technical skills remain essential, soft skills like the ability to negotiate, inspire and enthuse others via effective verbal and non-verbal communication, as well as adaptability are becoming increasingly valuable.
This shift reflects a changing world. Businesses operate in a globalised environment, and the ability to understand, and perform well within, different cultures is crucial. Today’s graduates need to be adaptable lifelong learners given the evolving job market.
So, how can students prepare for this new landscape and be future-ready? The answer lies in embracing a holistic approach to education.
Equipping Students for the Real World: The Epsom College Malaysia Advantage
At Epsom College in Malaysia (Epsom), the school and teachers understand the importance of preparing students for the future. Epsom’s core
philosophy goes beyond rote learning as we seek to nurture well-rounded individuals with the skills and attributes that employers want. Students at Epsom engage in a diverse and well-established range of supercurricular initiatives that add depth to their university applications as well as extracurricular activities that foster personal growth. From sports and arts to student-conceived and student-led academic societies like the Medical Review and the Epsom Monthly Magazine, Epsom students take their learning beyond the classroom while honing their soft skills among like-minded, intellectually curious peers.
Gaining First-Hand Insights from Global Leaders
To prepare students for the professional world, the Epsom Live Talk series, organised and moderated by students, offers firsthand insights from C-suite executives and industry leaders. This series has featured distinguished guests such as Tun Dr. Mahathir Mohamad (former Prime Minister of Malaysia), Vanu Gopala Menon (Singapore High Commissioner to Malaysia), Tengku Taufik (CEO of Petronas), Tan Sri Rafidah Aziz (former Minister of Trade and Industry in Malaysia), and David Dufrenois (Head of Global Management of Airbus in Southeast Asia). These sessions provide invaluable insights, helping Epsom students understand the skills and knowledge needed to navigate challenges both in school and beyond.
Thriving in a Diverse and Supportive Environment
In addition, students at Epsom benefit from living and learning within a culturally diverse community of over 30 nationalities, fostering cross-cultural exchange and understanding. Our House system, mirroring that of Epsom College UK, provides students with a sense of belonging and a home away from home. We are dedicated to knowing and celebrating every student as an individual, building trust and mutual respect. Through positive relationships with the school’s staff, students develop the confidence to try new things and view mistakes as an inevitable and invaluable part of their learning journey.
“I think when you’re in an environment where people believe in you as much as my teachers have, it’s very hard not to thrive. To be in an environment like that is helpful in terms of achieving goals.” - Cazra G., Epsom Class of 2022, studying Law at the University of Cambridge.
These initiatives have been the driving force behind Epsom students’ successes. In 2023, 71% of Epsom’s A-Level cohort achieved A*/A grades, and 93% of the IGCSE cohort achieved A*/A grades. 91% of Epsom graduates secure placements into top global universities including Cambridge, Stanford, Imperial College, LSE, the University of Tokyo and more.
Epsom College in Malaysia is the only sister school of Epsom College UK, voted the UK’s Independent School of the Year 2022-23. Epsom leverages nearly 200 years of heritage and excellence to provide a holistic British boarding school experience on a sprawling 80-acre campus, only 15 minutes from Kuala Lumpur International Airport. Epsom is the first and only school in Malaysia, of only 6 schools worldwide, to be awarded the double Beacon Status from the Council of British International Schools (COBIS).
Epsom offers full boarding, weekday boarding and day school options.
3 - 18 years old | Co-ed | IGCSE | A-Levels | Day, Weekday & Full Boarding
Visit www.epsomcollege.edu.my for more information.
TOP 8 FINANCIAL PLANNING CONSIDERATIONS FOR EXPATRIATES LIVING IN SINGAPORE
Financial planning is important for everyone, especially expatriates. Understanding the context of your goals you want to achieve, when, and what you already hold is absolutely key to accessing opportunities. Here are 8 financial planning considerations for expatriates to better understand the options to achieving your goals.
By Thomas Streatfeild-James, Partner, Eight Wealth International
The beginning of a new financial year, in the UK at least, is a well-used excuse to consider one’s personal finances. Whilst Singapore is generally a simpler environment, there remain many important considerations for expatriate families to maximise their time here. Here are eight categories we think you should be having conversations about.
Singapore has a more favourable tax environment, particularly compared to the UK or Australia. Attractive income tax rates, along with no capital gains tax, make saving and asset accumulation significantly easier for expatriate families in Singapore than their home countries. However, there are some surprises to be wary of. One of the most common pitfalls is getting hit with a large tax bill payment via GIRO alongside other moving expenses when expatriates relocate. Whilst this is often handled by HR departments through withholding a departing employee’s last month of salary to cover the outstanding tax bill, it can be a shock if unexpected and unplanned!
2. Emergency Fund
Having an emergency or ‘rainy day’ fund in place is a foundational part of any sensible financial plan. As a rule of thumb, we generally say between 3 and 6 months of current expenditure, plus any significant one-off costs that redundancy or relocation may throw up. These funds should be held in a globally accessible account(s), and ideally with a good interest rate to limit inflation risk. This account(s) should not be confused for a fixed term deposit!).
3. Life Insurance
Often overlooked (and sometimes mis-sold to boot), life insurance is a crucial consideration, particularly for those with liabilities and dependants. Life insurance is all about transferring the impact of a risk onto someone other than your family, and in this case, an insurer. There is a balance to be struck between how much risk one might want to transfer and how much it will cost. There are obvious examples of having too much or too little cover. Achieving the right level is trickier to pin down. Professional advice is important for life insurance, as is the need to review your needs and coverage on an ongoing basis.
4. Retirement Savings
Whilst taxes may be lower, one notable downside is the removal of safety nets and pension mandates for expatriates. If you do manage to obtain Permanent Residence (PR) in Singapore, you will be able to gain access to the Central Provident Fund (CPF). However, this is not likely to provide what
1. Understanding Singapore’s Tax Regime
many would consider a comfortable retirement. Similarly, the Supplementary Retirement Scheme (SRS) is a good option for those planning on spending an extended time in Singapore, the maximum annual contribution of SGD 35,700 for foreigners may not be the most robust saving plan.
One easy win for Brits is voluntary national insurance payments and are well worth making whilst away from the UK. On top of this, it is advisable to keep further investments in a low-tax jurisdiction (not the UK!), inside tax wrappers, and take advice on the sorts of investment strategies that you should employ for long-term savings. Above all, do look to retain flexibility in these arrangements and avoid contractual plans.
5. Investment Strategies
It may be that retirement feels a long way off and too distant to plan for relative to other important aspirations. It is important to consider all of your goals together and devise the appropriate underlying strategies accordingly. No one investment is right for everyone or all situations. Financial markets, property, and digital asset classes all have their own merits and risks. Understanding the context of what you need to achieve, when, and what you already hold is absolutely key to accessing opportunities. How you hold investments is equally important to ensure you’re in a position to enjoy as much of the gains as possible, so it is wise to take professional advice on structuring.
6. Wills and Estate Planning
It is essential to have an updated Will in place, especially for those with assets in multiple jurisdictions. Not all Wills are equal. Some of the cheapest options include having Wills written online, which may not be the best option. A written Will built on good advice can be easily updated in the future, whereas a less bespoke option will likely need to be fully replaced.
7. Currency and Exchange Rate Considerations
This has been a hot topic of discussion for those with Sterling holdings in the last few years. Whilst many will have benefitted from the dip in the pound and sent money back home over this period, generally it is better not to try and wait for specific moments to send lump sums. Unless you bet the right way, you are going to be better off converting into your home currency (if you need to) in small sums and often.
What is a good move, is looking beyond your bank for these services, or at least comparing their rates and fees with other foreign exchange services. There are often gains and savings to be made as providers look to undercut one another.
8. Repatriation Planning
All good things come to an end. In the last budget, the Chancellor announced sweeping changes to how arrivées (and their offshore assets) will be treated. Most of these changes will come into force regardless of who wins the upcoming election. Further details and specifics are yet to be released and there may be further significant changes if Labour ascends to government. Now more than ever, it is important to seek advice on whether your current financial plans will hold up and how to best position yourself to benefit from the new rules.
In Conclusion
Clearly, this is far from an exhaustive list. All individuals or families have to navigate their own specific set of circumstances and challenges. Unsurprisingly, I am a strong advocate for taking trusted and regulated advice. Finding someone with the appropriate expertise, both technical and interpersonal, can contextualise big decisions and help you make more informed ones. At some point, we all need someone to save us from our own tendenciesbut we will leave the behavioural economics lecture for another article!
To find out more about the steps you should be taking as an expatriate, please contact Thomas Streatfeild-James, Partner, at Eight Wealth International: Thomas. Streatfeild-James@sjpp.asia or visit eightwealthinternational.asia for more information.
BURNOUT - FACING THE HARD FACTS
― As stress levels continues to rise globally, understanding the signs and symptoms of burnout can help you and those around you. Dr Neil Forrest unpacks burnout and how to manage it.
By Dr. Neil Forrest, Medical Director, Osler Health (Star Vista)
Burnout’ is recognised by the World Health Organisation (WHO) as an ‘occupational phenomenon’. While it is not actually considered a medical condition, burnout has been classified as a ‘syndrome’, meaning a collection of symptoms or signs associated with a specific health-related cause. Essentially, burnout is a state of physical and emotional exhaustion.
How big a problem is burnout?
As burnout often goes undiagnosed, it becomes hard to quantify, but we have a good idea of how many people suffer from chronic stress. Let’s start with the UK. One in four adults feel unable to manage stress and pressure levels in their lives according to Mental Health UK. 91% of UK adults experienced high or extreme levels of pressure or stress in the past year. A recent report (Mental Health UK) reveals the scale of burnout, with Nine in 10 adults in the UK experiencing high or extreme stress in the past year, and one in five needing to take time off work due to poor mental health caused by pressure or stress.
Unfortunately, this is not just a British problem. Stress levels in Singapore have increased steadily since 2021, with close to 9 in 10 people (87%) reporting that they felt stressed in 2023 — seven
percentage points more than the global average. Three in five Singaporeans cited the cost of living caused by global inflation as a reason they were feeling stressed. Worryingly, almost seven in 10 said that inflation had made it “too expensive to stay healthy” (Cigna Healthcare Vitality Study 2023). As a doctor specialising in lifestyle medicine, this concerns me greatly, and I believe we must focus on challenging the causes of chronic stress across society and prevent burnout.
What is burnout?
Burnout is a reaction to prolonged or chronic job stress and is characterised by three main dimensions:
• exhaustion
• cynicism (less identification with the job)
• feelings of reduced professional ability.
More simply put, if you feel exhausted, start to hate your job, and begin to feel less capable at work, you may be showing signs of burnout.
While burnout isn’t a diagnosable psychological disorder, it does not mean it should not be taken seriously as an indicator of mental or physical stress.
Some of the most common signs of burnout include:
• Alienation from work-related activities: Individuals experiencing burnout view their jobs as increasingly stressful and frustrating. They may grow cynical about their working conditions and the people they work with. They may also emotionally distance themselves and begin to feel numb about their work.
• Physical symptoms: Stress can lead to physical symptoms, like headaches, stomachaches or even manifest as sleep issues.
• Emotional exhaustion: Burnout causes people to feel drained, unable to cope, and tired. They often lack the energy to get their work done.
• Reduced performance: Burnout mainly affects everyday tasks at work—or in the home when someone’s main job involves caring for family members. Individuals with burnout feel negative about tasks. They have difficulty concentrating and often lack creativity.
Are you suffering from Burnout?
I see a lot of patients who are suffering from various mental health challenges – and even more so as the cost of living and job security pressures grow. So, the first thing to recognise is that you are not alone in feeling this way. If you read the symptoms listed above and recognise one (or a number), please speak to a trusted GP. I would also urge you to be aware of these signs and symptoms in colleagues, friends and partners. If you think someone may be suffering, talk to them about it and suggest they seek external support.
What can a GP do? We have experience in unpacking the root cause, and we can guide you through various treatments and management strategies. The first step is recognising the need to look after yourself and taking the first step to recovery. If you would like to discuss burnout or your mental health in general with one of our doctors, please call us.
Dr Neil Forrest is a British GP doctor based at Osler Health Star Vista. Contact Dr Forrest at+65 6339 2727
Osler Health is a trusted family GP clinic located near Holland Village (Star Vista) and in the CBD (Raffles Hotel Arcade). Known for their compassionate and ethical approach to medical care, Osler Health have become the go-to for many looking for a healthcare clinic that delivers professional, holistic care. Visit www.osler-health.com for more information.
