BUILDING NETWORKS | CONNECTING BUSINESSES | CREATING OPPORTUNITIES THE ISSUEBRITISHMAGAZINEOFFICIALOFTHECHAMBEROFCOMMERCESINGAPORE87|JUNE2022 GROWTH THROUGH INNOVATION & TECHKey Social Media insights for Generation Z Winning innovation in a regulated industry Getting ahead of Singapore's booming software engineering market38 The metaverse: what are the legal implications?32 Move Fast and Break Things: Where Regulation Struggles to Keep Pace with Innovation and the Way Forward344641 This is how the metaverse might be monetized 44
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JUN 2022S$6.90239Issue2022JuneMCI(P)059/02/2022 PARTIESKIDS’•GYMSBEST•REVIEWSSCHOOL•FURNITUREOUTDOOR BOTOX & FILLERS! WHERE TO GO TO GET FIT KIDS’ PARTIES LEARNING TO AFTERNOONPARAGLIDETEA FOR TWO – OR MORE! SCHOOL REVIEWS Junecover-pink4 JK.indd 17/5/22 6:48 PM For first-time subscribers Expat Living is a monthly edition available in print and digital format. Sold in major bookstores and newstands islandwide. *Free subscription is applicable only for first-time subscribers living in Singapore. expatliving.sg/britcham GET YOUR FREE SUBSCRIPTION TO EXPAT LIVING HERE! To claim your free subscription, scan the QR code or visit: Prefer the digital edition instead? Visit expatliving.sg/BC/digital Editor: Lucy lucy@britcham.org.sgHaydon Co-Editor: Khairil www.britcham.org.sgEmail:Tel:Singapore137khairil@britcham.org.sgFaisalTelokAyerStreet,#06-03,068602+656222-3552info@britcham.org.sg The Orient is a bi-monthly magazine published by the British Chamber of Commerce, Singapore. © All rights reserved. The views and opinions expressed or implied in Orient are those of the authors or contributors and do not reflect those of the British Chamber of Commerce, its officers or editorial staff. No reproduction of articles without the prior permission of the Chamber. Unsolicited transparencies and articles are sent at owner’s risk and the Chamber accepts no liability for loss or damage. Copy is not for sale and images belong to their respective owners. They are for illustra tive purposes only, and no copyright infringement is intended. 484644413834323028-2926252219140907
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Executive Director's
CONTENTS Lucy lucy@britcham.org.sgHaydon
OUR BOARD PRESIDENT: Damian Adams, Watson Farley & Williams VICE-PRESIDENTS: Haslam Preeston, DFI Consulting SECRETARY: Nick DulwichMagnus,College (Singapore) TREASURER: Christina Mason, PricewaterhouseCoopers LLP BOARD MEMBERS: Angel SingaporeSwireCoventryStandardStandardCheung-Horenfeldt,CharteredBankJamesNesbitt,CharteredBankLorenaPaglia,MicrosoftMichaelYap,UniversityPennyMurphy,SimonBennetShippingPteLtdSimonMiddlebrough,AeroEngineServices Pte Ltd Suzy MullenLoweGoulding,salt Singapore Pte Ltd Steve DepartmentFirstbrook,forInternational Trade Lucy 8BuildBritishWatkins,CouncilAndyMarr,PteLtdAndrewClark,Asiaworks
BUILT ENVIRONMENT: Alisdair Gillies (Chairperson) Andy Marr (Co-Chair) DIVERSITY & INCLUSION: Andrew Ashman (Chairperson), Anna Liddell (Co-Chair) ENERGY & UTILITIES: Tim Rockell (Chairperson), Allard Nooy (Co-Chair), Mark Florance (Co-Chair) FINANCIAL & FINTECH: Mike Rourke (Co-Chair), HEALTHCARE & LIFE SCIENCES: Sigal Atzmon (Chairperson) ICT: Derek Murray (Chairperson), Penny Murphy (Co-Chair), James Price (Co-Chair) LEADERSHIP, TALENT & PROFESSIONAL DEVELOPMENT: Don Rapley (Chairperson), Janelle Gavin (Co-Chair) MARKETING & COMMUNICATIONS: Suzy Goulding (Chairperson), Andrew Clark (Co-Chair) STARTUP, ENTREPRENEUR & SMALL BUSINESS: Vanessa Errington (Chairperson), James Price (Co-Chair) SUSTAINABILITY: Lorena Paglia (Chairperson), Mark Florance (Co-Chair) TRANSPORT, LOGISTICS & SUPPLY CHAIN: Simon Middlebrough (Chairperson), Nicholas Potter (Co-Chair) WOMEN IN BUSINESS: Bee Ling Lua (Chairperson), Liana Attard (Co-Chair) MANAGEMENT TEAM Executive Director: David Kelly Head of Marketing & Communications and Partnerships; Deputy Executive Director: Lucy Haydon Head Membership: Clare Hakes Member Relations Administrator: Melissa Ng Head of Events: Helen Starr Events Executive: Caitrin Moh Marketing & Communications Executive: Khairil Faisal Finance Manager: Radhika Chauhan Office Manager: Anna C Garciso 5
PARTNERS SILVER PARTNERS
OUR PLATINUMPARTNERSPARTNER
BRONZE PARTNERS
GOLD
COMMITTEE CHAIRPERSONS
Message from the President
My three priorities during my tenure as President build on the incredible work that the Chamber and the executive team have delivered over the last two years of Covid-constrained activity.
First, I want to continue to drive the financial sustainability of the Chamber and, in particular, to enable members to get back to as much in-person networking as possible. I am extremely excited to see the number of physical events going into the calendar, alongside a continued program of virtual events and webinars.
Dear Members,
Damian MESSAGE FROM THE PRESIDENT
Established in 1925, Tanglin Trust School is the oldest ininternationalBritishschoolSouthEastAsia.
At the AGM in April, we were delighted not only to have welcomed Minister for Manpower, Dr Tan See Leng for a dialogue with our members, but also to have been able to report a solid trading performance during yet another challenging year. As we move forward into a more normal state of business activity, I am both pleased and proud to welcome the incoming elected Board of the Chamber, who will help to shape this post-pandemic growth. A very warm welcome to all new Board members, and a thank you to our continuing Board members. Congratulations to Haslam Preeston for being elected as Vice President, and to Nick Magnus for stepping up as Secretary.
Through our innovative approach to learning and dynamic teaching staff, Tanglin nurtures and inspires lifelong learners. Our students talk with passion about their school because they feel happy and valued. Tanglin is an environment where the desire to achieve grows.
I am delighted to write my first Orient Magazine message to you as newly elected President of the British Chamber of Commerce Singapore, particularly as we focus on the post-Covid significance of the Chamber for our business and wider British community.
Thank you to out-going President, Richard Warburton, for his superb support, not only as President of the Chamber from 20192022, but also for his long-standing membership of the Chamber and nine years on the Board.
Second, is to champion our engagement with both the Singapore Government and the UK Government. The Chamber has in recent years made huge strides to develop this, which I intend to continue to evolve, to ensure that we have even more meaningful and effective conversations to represent your business in the community, and to continue to support the SG-UK Partnership For the Finally,Future.aswas
The community ethos we have built over the years enables every individual to fulfil their potential. At Tanglin we respect one another, celebrate successes at all levels and support each other to be the best we can be.
What motivated us then, motivates us now –to be the best school in the world.
CPE Reg. No. 196100114C (7/6/2017 - 6/6/2023)
7
Damian Adams DamianofBritishPresident,ChamberCommerceSingapore @britcham.org.sg
I look forward to seeing you all at a networking event in the near Kindfuture.regards,
Visit www.tts.edu.sg
mentioned at the AGM, our contract with the Department for International Trade to support new market entrants to Singapore came to an end in March of this year. I will be working with David, the Board and the executive team to build a new platform, to ensure that we can once again provide this important service as part of an integrated model to support UK companies' ambitions to do business in Singapore and the fastest growing middle-income market, ASEAN.
As the only school in Singapore to offer A Levels and the IB Diploma in Sixth Form, students study a programme that suits them, ensuring they thrive and flourish. Our students consistently achieve exceptional results and go on to the world’s leading universities.
21/2/2020 – 20/2/2024 Stamford American International School CPE Registration Number: 200823594D Period of registration: August 10, 2018 to August 9, 2022 IS WHAT DRIVES US AT STAMFORD INGENUITYScanheretoexperiencethemagicofStamfordAmericanInternationalSchool
Our future relies on ingenuity; the ability to solve problems and take on challenges in clever and inventive ways. At Stamford, every student is ingenious in their own way. We instill a growth mindset in our students by building their resilience, resourcefulness and creativity. We are Stamford – A unique community where our students discover their greatness and thrive.
Dear Members,
It has been a busy Q2 for our Chamber – we have seen an increase in events and have a healthy series of events in our calendar – dare I say, it’s starting to feel a lot more normal! At our next two dialogues, we look forward to welcoming Lawrence Wong, Deputy Prime Minister, Minister for Finance, co-chair of the MultiMinistry Taskforce on COVID-19, and Jacqueline Poh, Managing Director of the Economic Development Board of Singapore.
Message from the Executive Director
This edition of the Orient is all about Growth through Innovation and Tech. Following the signing of the Digital Economy Agreement earlier this year, we are also pleased to be hosting a session with HMTC for APAC, Natalie Black, to talk about the digitalisation of trade and how businesses can use and benefit from the DEA.
MESSAGE FROM THE EXECUTIVE DIRECTOR9
We have seen a healthy increase in new member applications –a very warm welcome to all of our newest companies who have joined the network, and I look forward to seeing you soon and supporting your business.
David Kelly Executive Director, British Chamber of Commerce Singapore david@britcham.org.sg
As Damian mentioned in his introduction, it was both a pleasure and a privilege to welcome Minister for Manpower, Dr Tan See Leng for a dialogue prior to the AGM. This really did demonstrate the sound relationship that we share as a Chamber with the Singapore Government.
My best,
First, I would like to welcome and congratulate Damian Adams who in April took up the Presidency of the British Chamber of Commerce Singapore and the incoming Board. I have worked with Damian for the past few years in his capacity as a Board member and former Vice-President, and look forward to driving the future strategy of the Chamber with him and the Board.
STERLING MEMBERS STERLING MEMBERS 11
In-depth content hubs on our key themes. Includes news, events, thought leadership, explainers, digital content and more.GET TOUCHIN @britchamsg@bccsingapore@british-chamber-of-commerce-singapore 137 Telok Ayer Street, #06-03, Singapore 068602 Tel: +65 6222-3552 Email: /britchamsingapore/britchamsgSpotifyBritChamWebsite:info@britcham.org.sgwww.britcham.org.sgSingapore|ApplePodcasts Read the MagazineOrientonthe go! The 'Orient by BritCham Singapore app is available in the Google Play Store at bit.ly/orientplaystore and in the iOS App Store at bit.ly/orientapp store Hit subscribe or click here to get your regular copy of the Orient 13GET IN TOUCH
Focusing on quality education and future skills that businesses will require
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Encouraging businesses to their that
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Supporting businesses and the community through the pandemic
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Supporting talent and the enhancement of people to support business growth
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Ensuring that rich and diverse workforces are working together to support business innovation and growth
Dulwich Awarded as the Winner for Best Schools Award (Singapore) 2022 for the Arts
1HQ Brand Agency
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The membership campaign puts the main focus on our members where we direct businesses and audiences to potential leads and opportunities.
NEWS - MEMBER UPDATES NEWS - AT THE CHAMBER 15
Arts continue through the curriculum with options to study drama, dance, film and theatre at IGCSE and in the IBDP. In August 2022, Dulwich is introducing the IBCP in performing arts, in partnership with UAL (University Arts London), which will be a unique offering for Singapore’s international students.
The UK's ambitions to become a global leader on Green Trade
Lucy was received at the King Charles Street office, just off Whitehall, by Barrie Peach in the stunning Durbar Court, pictured right. Thank you to Kara Owen and the members who shared their well-wishes for Her Majesty; an additional copy is on display in our office.
Facilities: The school has some impressive arts facilities that reflect the high tuition fees charged here (fees range from $36,930 for Year 1 to $47,730 in Years 12-13, making it one of the most expensive schools in Singapore); these include a 740seat theatre, pipe organ and music technology suite.
Following the publication of our Platinum Jubilee Commemorative Book for Her Majesty The Queen, a special boxed edition has been hand-delivered to the FCDO office by our Deputy Executive Director, Lucy Haydon.
Our contributing Members Asiaworks Television Digital Business Lab Mullenlowe Salt
Arts in the curriculum: The school introduces the concept of performance in the early grades; there are specialist music lessons from the age of four and, in Junior School, every student is given an instrument to take home and is taught to read music. Specialist lessons in drama and dance start for Year 3 from August 2022.
Platinum Jubilee Commemorative Book of messages to the Foreign, Commonwealth and Development Office in London
Driving New Membership with the Support of our
London is one of the world’s greatest green financial centres. The greatest city on earth, as the Prime Minister always says – and one, of course, that is built on trade. The ancient temple below our feet, reminds us how the Romans sent goods to every part of their empire, from their warehouses along the Thames.
In addition, if we are to together build a net zero world, we must share our ideas, our expertise and our innovations. The UK has all of these in abundance and we therefore have a responsibility and an opportunity that we must not miss.
The International Trade Secretary delivered a speech last month on the UK's ambitions to become a global leader on Green Trade.
To read the speech in full visit our website here.
The school’s commitment to incorporating the arts into its core curriculum is emphasised with its investment in the SE21 Hub (opening from 2023), which is dedicated to STEAM facilities and creative learning spaces, as well as film and media suites, black box theatres and a 400-seat multi-purpose auditorium.
Over the past month, you will have seen our membership campaign running across our social media channels. This campaign was ideated and created with the support of four exceptional member companies from our Marketing and Communications committee, who we would like to recognise here.
Mr Lee also said it is important that the IPEF "remains open, inclusive and flexible", to allow members to continue working with other partners and leaving
PM Lee: New Asia-Pacific Trade Framework has Strategic and Economic Significance
Food security - Support open, predictable, rules-based agricultural trade to mitigate supply chain disruptions and restore global food security imperilled by Russian aggression in Ukraine. Continue to cooperate closely through the current crisis and other issues impacting agricultural supply chains, to help ensure more resilient, efficient and sustainable food systems against future shocks, and to promote the availability of safe, affordable foods for consumers worldwide.
NEWS - IN SINGAPORE NEWS - FROM THE UK 17
The Indo-Pacific Economic Framework (IPEF), which was launched on Monday (May 23) by US President Joe Biden, is "of both strategic and economic significance", said Singapore's Prime Minister Lee Hsien Loong.
The four pillars would also "resonate strongly in the region", said the prime minister.
membership open to others to join when they are ready to do so.
"In particular, they will also cover cooperation in the digital economy and the green economy, which show promise of growth," he added.
Over the two days, Secretary of State Anne-Marie Trevelyan and Ambassador Katherine Tai hosted a series of roundtable discussions with a diverse group of stakeholders from the UK and U.S. business community, trade unions and civil society, in addition to bilateral discussions between UK and U.S. officials.
Supporting resilient supply chains - Collaborate on promoting critical supply chain resilience to help ensure strong and robust supply chains, bringing together expertise from both our nations.
Supporting the environment and climate action - Deepen cooperation on trade and the environment, with work to promote decarbonising our economies consistent with COP26 outcomes, exchanging information, and developing joint approaches to environment and trade, supporting businesses, green jobs and the growth of lowcarbon economies.
It also shows the US' continued commitment to engage with its Asian partners and deepen ties across the Pacific, Mr Lee added.
Instead, the programme will integrate partners though agreed standards in four main areas, including the digital economy, supply chains, clean energy infrastructure and anti-corruption measuresMr Lee said he is "happy that IPEF contains a forward-looking and positive agenda on economic cooperation".
Drawing on the stakeholder discussions and bilateral talks in Aberdeen and Baltimore, Secretary of State AnneMarie Trevelyan and Ambassador Katherine Tai directed their teams to work at pace over the next several weeks to develop an ambitious roadmap with economically meaningful outcomes, including in the areas of:
Joint statement on UK-U.S. dialogue on future of Atlantic trade in Aberdeen
At a press conference on Monday alongside Japanese Prime Minister Fumio Kishida, Mr Biden said the framework was "a commitment to working with our close friends and partners in the region on challenges that matter most to ensuring economic competitiveness in the 21st century".
Thirteen countries, including Singapore and the US, have signed up to the IPEF. Together, they represent 40 per cent of the world GDP, said the White House in a press release.
"We hope that in due course, it will lead on to even greater and more ambitious economic engagement between the United States and the region."
The US-led pact is an opportunity for the United States "to exercise economic diplomacy in the region", said Mr Lee in his intervention at the virtual launch of the IPEF.
Unlike traditional trade blocs, there is no plan for IPEF members to negotiate tariffs and ease market access.
In closing, Mr Lee said Singapore looks forward to working closely with the US and other partners to "flesh out" the IPEF.
On April 25 and 26 United Kingdom Secretary of State for International Trade Anne-Marie Trevelyan and United States Trade Representative Ambassador Katherine Tai hosted the second UK-U.S. Dialogue on the Future of Atlantic Trade in Aberdeen, Scotland. The Dialogue follows Prime Minister Boris Johnson and President Biden’s announcement last year of a new ‘Atlantic Charter’ and builds on the successful inaugural Trade Dialogue in Baltimore earlier in March.
Secretary of State Trevelyan and Ambassador Tai agreed to collaborate further on: delivering practical support for SMEs, digitising UK-U.S. trade in the modern economy, building resilience in critical supply chains, addressing the global trade impacts of Russia’s invasion of Ukraine, promoting environmental protection and the transition to net zero, supporting high labour and environmental standards, and promoting innovation and inclusive economic growth for workers and businesses on both sides of the Atlantic.
Supporting SMEs to trade - Support and enhance UK-U.S. SME trade, by collaborating to identify and overcome barriers to trade, focusing on trade facilitation for SMEs, sharing and promoting best practice, and working together on activities to promote and support SMEs, including those owned by under-represented groups and women entrepreneurs, and those in disadvantaged communities. We intend to harness the June UK-U.S. SME Dialogue in Boston to help achieve these objectives.
Levelling up and worker-centric trade - Work to develop more durable and inclusive trade policies that demonstrate that trade can be a force for good and create more opportunities for people and gender equity across the UK and U.S. Support the protection of labour rights and tackle forced labour globally.
Harnessing the benefits of digital trade - Advance outcomes in digital trade that benefit businesses, including SMEs, workers and consumers by supporting the digitalisation of trading systems and transactions. The UK and U.S. will also seek to build on the G7 Digital Trade Principles.
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Thesolutions.Collinson Group has over 2,000 employees operating out of 17 locations globally, all working to deliver a broad range of traveller experiences that ensure the safety, welfare and comfort of 55 million people as they travel for business and leisure around the world. The Collinson Group responded to over 95,000 emergency calls, managed over 40,000 medical cases and conducted over 3,000 aero-medical evacuations across the 170 countries it serves. We work with clients including: American Express, Cathay Pacific, CBA, Mastercard, UnionPay and Visa.
CORPORATE MEMBERS
WELCOMING NEW MEMBERS 19
ERM: ENVIRONMENTAL RESOURCES MANAGEMENT
Conrad Centennial Singapore Hotel, an award winning luxury hotel, located within business and shopping districts of Marina Bay, minutes from Marina forVisitSands.https://www.hilton.com/en/hotels/sincici-conrad-centennial-singapore/more.
ERM’s diverse team of 7,500+ world-class experts in over 150 offices across more than 40 countries supports clients across the breadth of their organisations to operationalise sustainability. Through ERM’s deep technical expertise and our “boots to boardroom” approach, we co-curate with our clients to advance their net zero journey with clarity, scale and speed.
As the largest global pure play sustainability consultancy, ERM partners with the world’s leading organisations, creating innovative solutions to sustainability challenges and unlocking opportunities to address their environmental, health, safety, risk, and social issues.
Collinson is a global leader in the provision of traveller experiences including airport lounge access and medical and security assistance and travel medical services. Collinson’s traveller experiences include the world’s leading airport lounge and experiences programme, Priority Pass, as well as travel insurance, identity assistance, flight delay, international health and travel risk management
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The centre is backed by the expertise of RSK group, comprising more than 130 environmental, engineering and technical services businesses. The centre is focused on four key themes, covering climate and sustainability strategy, renewable energy, sustainable agriculture and digital water and works alongside the newly established RSK Research Institute for Climate Strategy.
Representative Member: David Tay
Clyde & Co is a dynamic, rapidly expanding global law firm focused on providing a complete legal service to clients in our core sectors. We advise businesses that are at the heart of worldwide commerce and trade. Our combination of sector expertise, commercial attitude and in-depth regional understanding provides a unique Visitperspective.www.clydeco.com/locations/office/singapore
Representative Member: Lucy Thomas
WELCOMING NEW MEMBERS
RSK CENTRE FOR SUSTAINABILITY EXCELLENCE
McCorkell is more than an agency; McCorkell is a solution. It is the premiere solution for your campaign, project, and client needs. With skills and resources encompassing every field, and a success story list that reads like a bestseller, McCorkell has your needs covered, and then some.
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Integrating the disciplines of strategic communications, investor relations, restructuring, management consulting, physical & cyber risk, financial advisory, corporate governance advisory, ESG, DE&I, political & policy risk, and talent advisory, Teneo solves for the most complex business challenges and opportunities.
Representative Member: Max Holdsworth
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Visit https://www.teneo.com/ for more.
Visit https://www.mccorkell.com.au/ for more.
McCorkell is more than “just” an agency. We are a strategy and creative agency, a marketing and digital agency, and we are an events and content agency with one of Australia’s leading contact centres.
TENEO
Thank you to our out-going Board for FY21/22 who have been an incredible support and champions of the Chamber. Damian Adams, Haslam Preeston, Fiona Carney, Angel CheungHorenfeldt, Christina Mason, Joe Tofield, Nick Magnus, Simon Bennett, Luciana Vichino, Steve Firstbrook, Lucy Watkins, James Nesbitt, Shivkumar Seerapu - your guidance, support, advice and direction has been simply incredible.
On 28 April, the British Chamber of Commerce Singapore (BritCham) held our AGM where we presented the initiatives to support business and the community covering commerce, trade, people & talent, diversity & inclusion, education & future skills and sustainability. We also recognised a solid financial performance over a challenging year, our output to support member companies, and welcomed our new Board.
Thank you to Kara Owen, Patron of the Chamber, for addressing our members and for your continued support and to DFI Retail Group for sponsoring the event which was preceded by a Ministerial dialogue with Minister for Manpower, Dr Tan See Leng from the Ministry of Manpower.
29 Apr 2022 Event Partner: Recent In-person events
22RECENT IN-PERSON EVENTS
A special mention to Richard Warburton, who has been the President of the Chamber from 2019-2022 - his stewardship, commitment, dedication and direction has steered the Chamber, and our members, through two challenging but successful years. It has been an absolute pleasure working with you, Richard, and we look forward to engaging with you in a slightly different capacity going forward.
Our speakers discussed the role of leaders and the characteristics and skills they need to gain internal stakeholder buy-in around sustainability strategy, at every level within the business. Through this event, our attendees had an overview of how they can bring leaders together to make this transformation and align business objectives, what they do to engage staff and shift organisational culture and how to get started in the journey to become a sustainable organisation.
• UK trade with Myanmar
In April 27, Peter Crowhurst, the current Chief Executive Officer of the British Chamber in Myanmar visited Singapore, from Yangon, and presented some updates to members of the British Chamber of Commerce Singapore who have an interest to know more on what is happening in the market covering topical issues that include, but not limited to:
• Sanctions
• Key sectors that the Chamber is involved in
• Covid
• Chamber recommendations presented to HMG
• Private sector business
RECENT IN-PERSON EVENTS 23
• Power and renewables
• Financials
Recent In-person events
On 9 June, speakers discussed the role of leadership in driving sustainable change within organisations.
9 Jun 2022 27 Apr 2022
• Security
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COMMITTEE CONTENT: NET ZERO DOESN'T HAVE TO BE A ZERO
Net Zero Doesn't Have to Be A Zero Sum
5-15% total energy reduction. Saving money by adding to the bottom line of an organisation’s financial health, and best of all with a potential ROI in as little as two months.
Our findings are too good to keep to ourselves and so, in line with our commitment to help others on their net zero journey, we are offering to help others take this leap on their journey too.
Cost benefit analysis, legislative drivers and stakeholder coordination can prove a daunting task. Investment is needed and so you win on achieving sustainability objec tives but lose on the P&L in what can appear
Energy savings can be identified in as little as six weeks and are typically in the range of
Lia Borthwick Head of Business Development, BT
to be a zero sum scenario. But it doesn’t have to be. Organizations can banish the zero sum scenario by making smart choices on where to focus and the IT division can take the lead. How? By focusing in on the energy consumption of IT assets that are not in active use.
COMMITTEE CONTENT: NET ZERO DOESN'T HAVE TO
Let’s take a closer look at the energy hungry data centre environment which in Singapore alone constitutes 7% of all electricity consumption a fact which has halted further data centres being created for now. Most of the focus to date has been on the physical environment: the cooling systems, the air-conditioning, lighting etc.
The physical environment might be sustainable, but the racks of servers are still energy hungry. By their very nature, servers are connected so gathering the telemetry data from them and using AI to decide which cores can be powered down is achievable.
To find out more about BT’s net zero journey you can read this blog: The role of digitalisation in the race to net zero | BT's Global unit or contact the author at lia.borthwick@bt.com
SUM
BE A ZERO SUM
At BT, we have brought forward our sustainability targets and are putting a lot more focus into our efforts to reach net zero
31
Legislation, activist consumers, science-based targets, changes to the way we do things and a sense of running out of time. These are scary thoughts when it comes to how we make our organisations more sustainable. There is no instant panacea to saving the world but there are ways in which organisations can take a leap rather than a baby step.
Recently we have been working with our partners Intel and QiO to reduce the energy consumption in our green data centres.
on carbon emissions. Our BT Group Manifesto outlines our commitment to be net zero by 2030, as well as committing to help our customers save 60m tCO2e (tonnes of carbon dioxide equivalent) by 2030. The biggest challenge to net zero is the business case; with every change comes a cost.
Legal issues related to fintech will arise increasingly in the metaverse, especially as more companies offer digital assets and services for sale. Sales of virtual goods are already being made using cryptocurrencies and other digital assets, and they may ultimately be supported by the same blockchain technologies that allow for the metaverse's essential interoperability functions. Brands can distribute digital "goods" in the metaverse, either by selling identical goods to many users (like branded pairs of sneakers) or by selling rights or indicia of ownership to individual goods, such as a unique piece of art. Purchasers of the latter can acquire such goods as an investment or keep them for their own collection, even displaying them in a virtual environment (e.g., by "hanging" them in the living room of their virtual "summer home"). The art's authenticity may be verified on the blockchain through NFTs using a process similar to the verification of the value of the cryptocurrency itself. Legal questions will surely arise regarding the proper verification of ownership and potential infringement or conversion of authentic and verified purchases. If cryptocurrency is treated like a financial instrument or security, which seems increasingly likely in certain jurisdictions, then consumers will experience hurdles using cryptocurrency as a cur rency for the purchase of digital goods. As more individuals acquire digital assets, operators of plat forms where the digital assets exist will likely face a duty of care to ensure the safety of the digital assets.
Paul Landless Partner, Clifford Chance
Fintech
THE ROAD TO NET ZERO: SUSTAINABLE AND RESPONSIBLE INVESTING 29
Clifford Chance is one of the world's pre-eminent law firms with significant depth and range of resources across five continents. As a single, fully integrated, global partnership, we pride ourselves on our approachable, collegial and team-based way of working. We always strive to ex ceed the expectations of our clients, which include corporates from all the commercial and industrial sectors, governments, regulators, trade bodies and not for profit organisations. We provide them with the highest quality advice and legal insight, which combines the firm's global standards with in-depth local www.cliffordchance.comexpertise.
behind avatars. Such uncertainty could also change courts' understanding of fair use. Meanwhile, trademark lawyers are focusing on questions such as how trademark dilution might occur in the metaverse, whether digital assets should qualify as "goods" for purposes of the trademark laws, and who should be held liable when the identity of the infringer is unclear.
Venture capital has poured into the sector, with more than $10 billion raised last year across gaming, augmented reality, and virtual worlds. An increase in cross-border deal-making means navigating the legal complexities highlighted above, while also facing increased scrutiny given the central role of tech companies in the digital economy and regulatory policies trending towards data controls and technological sovereignty.
Data security and privacy
This developing technology will stress-test existing laws and put even greater pressure on regulators to match the sophistication of the technology. Further, a singular metaverse, if operated by multiple entities, will require interoperability standards that siloed, disparate metaverses will not. User information will be at particular risk of exploitation given the vulnerabilities involved when data is ported from one application to another, and platform operators will need extensive agreements to govern data transfers, information security standards, and responsibility for compliance (as well as data breaches, which could cause even more chaos than they do today).
The Metaverse: What are the legal implications?
Digital security and privacy will be among the most significant legal issues facing platform owners. Major technology companies are already facing significant antitrust scrutiny and increasing regulation around the world, and the development of the metaverse may spur additional scrutiny and action from antitrust enforcers.
In addition to concerns around a fair standard-setting process, cooperation agreements and industry standards risk restricting output and can violate the antitrust laws if not sufficiently tailored to their pro-competitive purpose. As major technology companies seek to build the infrastructure for the metaverse, they may encounter claims of antitrust violations and additional scrutiny from antitrust enforcers and legislators.
It would be a difficult task to predict which of the many metaverse projects being developed by tech firms and non-tech firms alike will succeed, in terms of both technical outcomes and mass adoption. As companies innovate, these developments will foster disputes among businesses, governments, and consumers and give rise to novel legal questions for years to come.
There is no universally accepted definition for the term "metaverse," and, for many, it is simply an amorphous term used to refer to an as-yet-undeveloped future of the internet. Almost all conceptualizations of the metaverse include the use of virtual reality (VR), augmented reality (AR), and avatars, connected by a massive network. "The metaverse" is also often described as a singular, unitary entity, while others refer to "metaverses," presumably envisioning several sets of virtual spaces that are owned by distinct proprietors and which are not necessarily interconnected.
Intellectual property
Questions of intellectual property are also highly relevant. For example, determining the identity of the creators of a given work in the metaverse may be more difficult when the work results from a decentralized collaborative process performed by users anonymized
But data in the metaverse will become exponentially more valuable than it already is, and technologies will become increasingly integrated into multiple aspect of users' lives.
As a growing number of tech companies invest heavily in the metaverse –which allows users to live, work and play in alternative virtual worlds – we explore the legal issues that it may give rise to, including data security and privacy, IP, copyright, and antitrust. LEGAL IMPLICATIONS?
THE METAVERSE: WHAT ARE THE
The metaverse as a whole is estimated to be an $8 trillion revenue opportunity. Investors have taken note of the "metaverse landgrab," and stockholders are increasingly asking companies to explain their metaverse strategy. The success of the metaverse, in whatever form it takes, will require massive investments of capital across digital content, digital assets, and hardware to generate virtual spaces, as well as the digital infrastructure to connect them.
Adding to an already complex field of play, the metaverse is designed to be deeply interconnected, seamless, and ungrounded in physical space. Each of the legal issues discussed below will require practitioners to navigate questions of jurisdiction, territoriality, and conflicts of laws, none of which have been neatly resolved for even the current iteration of the internet, let alone fully realized virtual worlds with an even greater degree of interaction and user immersion.
M&A and other investment activity
Currently, it is difficult to predict the extent to which the most far-reaching visions of a metaverse – a three- dimensional virtual world where millions or even billions of people shop, work, and interact – will materialize. Despite numerous advances, techno logical barriers still exist: supporting a virtual reality environment requires enormous amounts of energy and bandwidth, and VR hardware developers are still trying to improve their products' battery life, weight, and mobility. Finally, interconnected spaces have drawbacks along with benefits. With connectedness comes some degree of homogenization, and some users may not want to relinquish the ability to customize their own online environments in ways that are possible in contained and fragmented spaces but not in an open and universal metaverse.
What's next?
From Facebook's recent decision to rename itself "Meta" through to Epic Games' billion-dollar investment in metaverse technologies to Snap's continued development of a prototype for augmented-reality glasses, the metaverse has dominated the news and will likely continue to do so this year. But what is it?
• Members of Generation Z are innately talented and skilled at using social media platforms.
• Penetration among Gen Z varies per conti nent and market:
Brand’s implication:
When it comes to reaching them, brands must select the appropriate platforms and deliver the proper content. According to a global survey, 73% of Generation Z expect brands and retailers to communicate with them about new products and promotions via social media.
3. Instagram:
• Not for socializing as most Facebook friends are mere acquaintances
The Best Platforms for Generation Z
strong desire to communicate online extends beyond personal conversations.
Suitable for passively consuming inspiration and informational content Blog news and articles: develop confidence and creditability
Brand’s implication: Meaningful engagement, brand collaborations
• Passive consumption of content
• Brands have just a few seconds to get audi ence’s attention.
1. Douyin (China) /TikTok (International):
Brand’s implication: Awareness campaigns: fare better since time to develop interest is limited Conversion campaigns: drive impulsive pur chase behavior
Joyce Ko Digital Content Manager, Digital Business Lab
• Actively use the platform to socialize and express themselves
• Born between the mid-1990s and the early 2000s (aged 18-24)
• Across the Asia Pacific, nearly a third of Gen Zers spend 6 hours or more per day on their phones, a higher proportion than millennials (22%) and Gen Xers (10%).
• Social media significantly impacts Generation Z members as individuals, organizations, and the contributions they make to society.
Key Social Media Insights for Generation Z
KEY SOCIAL MEDIA INSIGHTS FOR GENERATION Z
Why should brands consider them in their social media strategy?
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4. A deeper and more intimate level of engagement:
By 2025, Generation Z will account for a quarter of the Asia–Pacific region's population, the same proportion as millennials. The rise of Generation Z is expected to emerge as one of the most important consumer segments soon, reshaping the future retail landscape with their increasing spending power and voices.
• Prefer to be less visible on Facebook, com menting and sharing mechanisms would be less optimized
• Approximately 80% of its users being Gen Zs • The platform’s endless feed fits perfectly for Gen Zs who live in a “scroll culture.”
o European / North American countries –Strong penetration
• The channel to interact with celebrities, influ encers, brands, friends, and family
• Gen Z turns to YouTube to learn & become more knowledgeable about something
• Save inspirations for future retrieval
If you are interested in learning how to reach and cater to this mythical segment, this is the place to be. We will share some actionable insights on how to make the most of social media for your business goals. Let's dive into this growing demographic and examine Generation Z's distinct social media behaviour.
Brands who breakthrough with this important generation will be the ones that form smart partnerships. What are the contents that best resonate and penetrate with the Generation Z audience?
Facts about Generation Z in a Nutshell
• The first generation to grow up immersed in technology, the internet, and social media, making them remarkable digital natives, hyperconnected, and informed.
1. Ethical shoppers: Keep in mind that Generation Z is the most socially progressive generation of all. This group is deeply concerned about issues such as racial and gender equality, fair business practices, environmental conservation, animal welfare, and so on. They want to appear so cially responsible and prefer brands that are socially ethical.
The younger generation of Asian consumers is gaining clout. By 2025, Generation Z will account for a quarter of the Asia–Pacific (APAC) region's population, the same proportion as millennials. The rise of Generation Z is expected to dramat ically impact Asia as one of the most important consumer segments soon, reshaping the future retail landscape with their increasing spending power and voices.
2. Facebook:
They express themselves through social media. To connect with them, meet them where they are. Generation Z is undeniably more active and vocal than previous generations. They would like to share their thoughts and opinions on a brand, service, or product that they have used. Their
Are you prepared for the next generation of consumers, Generation Z?
The Right Content for Generation Z: Be Personable
• Very active consumption of content
o APAC (excluding China) – Gen Z audience is still very active on other Social Media Chan nels such as Facebook or Instagram
o China – Douyin has gained massive popu larity (DAU: 600 million Douyin users in China)
• In Southeast Asia, Instagram is the most prominent social media platform, followed by Twitter and YouTube, across Indonesia, Singa pore, Malaysia, and the Philippines.
2.Seekers of authentic stories: They would rather follow digital influencers who are ordinary teenagers to whom they can relate than celebrities.
3. FOMO Fear of missing out: In the context of social media, young people see the highlights of their friends' lives and wish they could be there as well.
Brand’s implication: Engagement campaign: generate user-gener ated content, encourage share, like, and com Deliverment a worthwhile brand value or inspiration to the Gen Zs 4. YouTube:
• Longer form content with more time invest ment and deeper involvement
KEY SOCIAL MEDIA INSIGHTS FOR GENERATION Z
https://digital-business-lab.com/
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Relevance is more important now than ever before. Deliver valuable values through strategic influencer collaborations.
The Right Format for Generation Z: Use Multimedia
•
In conclusion, as the most video-centric demo graphic, they are heavily influenced by video content in their brand selection and strongly embrace various interactive experiences. Longform content is nearly useless to Generation Z, who prefers short, easily digestible information snippets. What are your thoughts on catching their focus?
KEY SOCIAL MEDIA INSIGHTS FOR GENERATION Z pe mk l t RO R A
To gain the trust of Gen Zers, communicate genuine and convincing social media messages that align with their values and attitudes.
When it comes to marketing, Gen Z audiences are far more astute than passive audiences. They want one that allows them to communicate with a real person. They are eager to initiate and cultivate experiences and relationships with brands that adhere to this model.
Brand’s implication:
Digital Business Lab is a performance-driven and creative social media agency. Based in Hong Kong & Singapore, we promise to increase brand desirability and engagement using meaningful content produced by our multicultural team of 12 different nationalities. We have been specializing in social media for over nine years, running localized tactics and people-centric campaigns across Asia (including in and out of China) to upgrade businesses' social media experiences and elevate their performance to new height with the best ingredients Social Media has to offer. Core service offerings, social media strategy, influencer marketing, video production, creative storytelling, data listening, web3.0 – 2021 New.
•
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With an average attention span of just over eight seconds, Gen Zers have the shortest attention spans (In contrary to millennials with a full 12 seconds). Here are some examples of social media content formats that brands should consider using to engage Generation Z: Live-stream event Microcontent In-feed videos Hashtag challenge AR content Influencer marketing Brand takeover
Engage Generation Z with messages that| celebrate diversity, inclusion, and fluid lifestyles. Create an approachable and accommodating brand persona, and you will have a much easier time converting Gen Zers.
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GETTING AHEAD OF SINGAPORE’S BOOMING
Want to discuss your tech recruitment plans? Email us at yvonne.loh@hays.com.sg or monfei. Forchow@hays.com.sganin-depthanalysis of the market, compen sation information, and talent attraction and retention advice, download the Inside Story of Technology: Key Developments in Software Engineering
SOFTWARE ENGINEERING MARKET GETTING AHEAD OF SINGAPORE’S BOOMING SOFTWARE ENGINEERING MARKET 39
In particular, the software engineering market is seeing growing volumes of front-end, back-end, full-stack, and mobile developer jobs that are getting increasingly challenging to fill. If you’re thinking of hiring a developer for your tech team, here are four market trends you need to know:
In response to this, tech companies have been leading the charge in providing alternative work patterns including hybrid or remote working in a bid to improve work-life balance at their organisations. Some even go the extra mile to provide work from home and food delivery allowance as part of their benefits package!
Thinking of expanding your tech team? Dive into key market trends to better strategise and plan for your next tech hire amidst a tech talent crunch.
Since the pandemic, employee wellness has been at the top of every employer’s mind, and for good reason – it’s one of the biggest factors motivating employees to stay at their jobs.
Getting ahead of Singapore’s booming engineeringsoftwaremarket
While Covid-19 has been disruptive for many industries, it surfaced numerous opportunities for technology companies in Singapore.
A diverse workforce brings people of different experiences and backgrounds together, creating a high-performance and innovative environment. With the recognition of the economic advantages of a diverse and inclusive staff roster growing, technology companies in Singapore have stepped up efforts to increase the diversity of their teams. After screening for merit, employers are striving towards building more gender balanced teams as much as possible.
Hays has been in Singapore for over a decade and boasts a track record of success and growth. We operate across the private and public sector, deal ing in permanent, temporary and contracting positions in more than 15 different specialisms, including Accountancy & Finance, Banking & Financial Services, Digital Technology, Engineering, Finance Technology, Human Resources, Information Technology, Legal Life Sciences, Marketing & Digital, Office Professionals, Procurement, Supply Chain and Sales. Hays Singapore was named the “Best Small Workplace” in Singapore in 2019 and 2018, and was ranked fourth “Best Multinational Workplace” in Asia 2020 by Great Place to Work.
Given the challenge in hiring skilled and experienced candidates, some organisations are hiring fresh technology graduates in bulk with
Yvonne Loh HaysManager,Singapore
Singapore’s technology talent pool to the limit. Talent shortage is typical of the technology market in Singapore, and with the rising demand, competition for software engineers is fast climbing to new heights. Consequently, employers are reassessing their talent attraction strategies to ensure they are well-positioned to hire the best candidates in the market for their tech teams.
Yet, this increase in demand is stretching
FOR SMES IN SINGAPORE? 37
However, the work doesn’t stop there. Providing mentoring for female talent and leadership, offering inclusivity training, and creating a supportive culture are some of the ways company leaders can strengthen diversity and inclusion. Finally, but no less important, is to
4. Enhance brand reputation with diversity and inclusion strategies
Mon Fei Chow Senior Consultant, Hays Singapore
After all, it’s no secret that the way we work has changed immensely since 2020, and with it, so have people’s priorities. High on that list? Work flexibility. Candidates we talk to are increasingly vocal about their preference on how they work and where they work.
The necessity of contact tracing and remote working accelerated the adoption and normalisation of technology that enabled both, and as a result, triggered significant digital transformation and growth in specialist technology areas like cloud computing, data analytics, and cyber security.
dedicated plans and programmes to train and develop their skills while on the job.
CONTENT: WHAT ARE THE
Technical skills, such as proficiency in commonly used programming languages are definitely a key thing to assess for, although the specific assessment will depend on the type of developer you need on your team. More critical for employers is the proven ability to communicate with, and influence or manage stakeholders from both technical and non-technical business teams.
make sure there are tactics in place to measure progress and course correct in the event of setbacks or challenges.
COMMITTEE BUSINESS ENABLED RESILIENCY
As much of the demand is concentrated on mid-senior developers and beyond, many companies are finding it increasingly challenging to get candidates who are skilled and experienced.
OPPORTUNITIES IN ICT
3. Focus on flexibility and employee wellness
1. More jobs, but fewer qualified candidates
2. When it comes to skills, focus on versatility and well-roundedness
Now that most of the market is shifting out of recovery and into growth mode, hiring is in full force for software engineers this year. The bulk of the jobs are coming from emerging fintech companies as well as American and Chinese tech companies, many of which have been setting up their operations in Singapore in recent years. Most of these jobs are for back-end, full-stack, and mobile developers.
Hays Singapore is one of Singapore's leading recruitment companies in recruiting qualified, professional and skilled people across a wide range of industries and professions.
WATER
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Given that the metaverse is still mostly conceptual, this is forgivable, but the lack of clarity
This article was originally published by World Economic Forum
contextualizing the opportunities and risks with reference to the internet is no coincidence. Experts believe that the metaverse will become the next major computing platform, causing an evolutionary stepchange in hardware, software and experiences.
is also illuminating. First, because it tells us something about what metaverse evangelists think it represents. To this group, the belief that the metaverse will become a significant part of the world economy – transforming business and social life on a level comparable to the internet – is only strengthened by the diverse range of companies rushing to be part of the clamour.
it necessary to explain their relevance to Meta’s new corporate strategy suggests that, for better or worse, the influence is more than a subjective Regardless,perception.
This is how the metaverse might be monetized
When Meta Platforms announced its rebranding and repositioning towards the metaverse, in October 2021, the reaction in the business community was confusing. Interest in ‘metaverse’ – a term limited to tech circles for the best part of the year – exploded, with executives at dating companies, cryptocurrency exchanges and a professional wrestling brand among the many claiming to be building the metaverse, have a strategy for engaging with it – or, in some cases, both.
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If the metaverse is less of a product and more of a framework for human interaction, it is practical to look at metaverse Expertsmonetizationbelieve the metaverse will signify the next step in our digital evolution, bringing new risks and opportunities alongside new soft- and Experienceshardware.instead of technology will play a huge role in how we understand the metaverse and what business models can be created within it. But doing business in the metaverse won't be simple –questions of how to regulate it are already arising today.
D
At the same time, it highlights the influence that major technology companies have on the internet today, and how that influence could transpose itself to the metaverse. Critics of these companies argue that they are responsible for “walled gardens” distinct, closed ecosystems that shape the content and business
XR will create the metaverse –but can’t sustain it
This is the incentive for so many companies to build the virtual environments that the
THIS IS HOW THE METAVERSE MIGHT BE MONETIZED 41
advertising is anathema to many technologists, it funds the internet as we know it. It produces high margins and allows content creators to drive discovery and engagement with their work, making it attractive – and, importantly, feasible – to anyone exploring the metaverse as a business opportunity.
The two sides of the NFT coin NFTs could also boost development of the metaverse by encouraging the development of digital
However,experience.itis
Althoughstrategy.
subject to intense debate across the technology ecosystem. App store “transaction taxes” are a contrast to the future envisaged by “web3” advocates, who see the metaverse as one of several counterweights against the power held by large technology companies, and an opportunity to decentralize the experience, control and monetization of the internet in favour of users, content creators and asset
of how to prevent fraud, eliminate copyright infringement and guarantee the integrity of digital environments are yet to be answered in detail, just as there will be debates over how to make the metaverse a safe place that accounts for the human rights that have been developed and enforced, to varying extents, in the real world.
THIS IS HOW THE METAVERSE MIGHT BE MONETIZED marketplaces. Creators of metaverses could charge commission fees on transactions, like how app stores function today. This model provides developers with a global audience, and consumers with a common
Perhapsowners.paradoxically, the push toward decentralization may end up producing more gatekeepers. Critics argue that if the metaverse is to have real products with real users, it must favour uniform, centralized experiences. These can never be truly open, and there’s a certain irony in seeing large companies declare their intentions for defining and building the metaverse in this way, considering the history of how platforms, experiences and products have developed in the technology industry in recent decades. The power dynamics that aggregators exert on the internet today may be hard to avoid replicating.
Questionsgrowing.
Given that all these issues that exist in the real world today, it only emphasises their complexity and the trade-offs required to resolve them. Doing business in the metaverse won’t be simple – but then again, what is? metaverse is to bridge our physical and virtual lives to the same, or greater, extent that smartphones and the mobile web do today.
But advertising today is dominated by the private sector and tied to products that predominantly hold real-world value. This doesn’t really support the argument that the metaverse will create a new digital economy, different from the one we know today.
This is why non-fungible tokens (NFTs) are being watched with interest. Fashion houses, auctioneers and sports properties are among the businesses selling NFTs, which enable individuals to own digital assets. People have long built communities based on things they own, and the technology behind NFTs – blockchain – theoretically can create incentives for these communities to form and
a feature where the creator of an NFT is paid a percentage each time their NFT is traded could be used to support artists financially. The important role that the creative industries play in shaping culture and identities could normalise NFTs among a wider audience.
Regulating the metaverse Regulation will also play a role in the development of the metaverse. Many web3 start-ups are still flying under the regulatory radar, and the list of hacks, scams and simple errors they are subject to is
Unlike the web, however, which nobody owns and is paid for by everyone who uses it, the basic infrastructure for accessing the metaverse is largely being developed by private enterprise.
Evensoftware.if–as
This may be why alternative framings, that imply that the metaverse is a point in time, are being popularized. Specifically, the metaverse represents the moment at which our digital lives – our online identities, social and professional relationships, and assets – become more important than their physical counterparts.
If the metaverse is less of a product and more of a framework for human interaction, it is practical to look at metaverse monetization through the lens of experiences, rather than technology. This widens the range of business models that support individuals and companies in creating, marketing and selling new products, goods and services.
Forstrengthen.example,
41
Some are already experimenting with the most obvious of these – advertising. Reports of brands using video games, AR features and digital replicas provide early use cases of how they could build recognition and engagement among consumers on metaverselike platforms. Patents filed by Meta indicate that advertising and sponsored content will form a significant part of its metaverse
THIS IS HOW THE METAVERSE MIGHT BE MONETIZED
As recently as 2019, more than 80% of the VR headset market was controlled by four companies, each of which used proprietary
some argue – the route to the metaverse is via AR, it is unlikely to be financed by the free and open-source model that gave us the internet. Either way, without reasons to accelerate adoption, sceptics say the metaverse will never be anything more than a subset of gaming.
Experiences, not technology, will be the bedrock of the metaverse
From innovation labs to corporate incubators and new venture builders, a startup innovation culture is igniting in Asia and accelerating the development of disruptive ideas in this global
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partner working with DHSC, Zuhlke established a multi-disciplinary working group including policymakers, researchers, designers, engineers, and experts in security, ethics, accessibility and other areas, collaborating closely to launch the app in 12 weeks to serve over 22 million users.
Speed & compliance can co-exist with agile ways of working
Winning innovation in a industryregulated
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Manycompetition.thinkregulation
Developed as a vital part of the pandemic response in 2021, the test and trace solution illustrates how major policy changes and health requirements can be embedded into patient-centric digital solutions within a short Designedtimeframe.andbuilt with a secure, privacy-first approach, the digital service monitors possible exposure to COVID-19. It is estimated to have prevented up to 600,000 infections and accelerated medical app innovation in the country.
Founded in Switzerland in 1968, Zühlke operates in 16 locations worldwide, supported by a talent pool of over 1,600 technologists and innovation experts. Groupwide, we support businesses on over 10,000 successful projects, working with clients from large Forbes 100 companies to innovative start-ups across diverse industries: from financial services, healthcare and medtech, enterprise and public sector and more.
inhibits innovation. Yet the world continues to see some of the most impactful innovations — such as digital banks, AI-enabled healthcare and digital therapeutics, coming from some of the most regulated industries.
From innovation labs to corporate incubators and new venture builders, a startup innovation culture is igniting in Asia and accelerating the development of disruptive ideas in this global competition.
The joint team operated in a highly incremental, agile way. Policy, compliance, user research and design were embedded in the weekly development build cycle. In addition, the use of native cloud services and automation of every aspect of the build, test and deployment process enabled the delivery of this class-1 medical device.
and social care. A way for them to transform into an agile organisation leading public health through digital Asinnovation.thedelivery
The Zuhlke team was named "Development Team of the Year", receiving the UK IT Industry Award 2021 for its delivery of the COVID-19 app.
These organisations have found ways to harness agility, not only to drive innovation but also to transform their approach to security and compliance.
The NHS COVID App is a prime example of such an approach.
industries is as much about finding ways to move fast without sacrificing security or compliance as it is about developing new products, services and solutions.
Innovation & digital transformation in UK's National Health Service (NHS)
One simple yet powerful approach is to speak a shared, inclusive language. This can be in the way team goals are defined and communicated, of bringing people together and their objectives.
"A common challenge regulated industries face is becoming more innovative while moving fast. Enterprises collaborate with ecosystem partners like us to ideate, develop, and scale innovation initiatives in less time. We bring together a strong culture of innovation, proficient technical know-how, and skilled talents to drive this innovation Commented,agenda."William Dew, Managing Director Markets, Zühlke Asia
A culture of innovation driven by talents
Investing in future-forward sustainable technologies
Zühlke is a global innovation and technology service provider with over 50 years of leading expertise in digital strategy and business innovation, and quality software solutions and application services.
Heavily regulated companies like banks spend millions of dollars on maintaining their core systems, which usually interface with hundreds of other systems and handle a massive amount of secured data. Core banking systems, for example, are designed to handle a high volume of transactions, be available 24x7 for customers worldwide, and be scalable to support the bank's strategy.
So, what success patterns do we see for innovation to flourish?
Most breakthrough innovations are, in some ways, driven by new technology. Businesses are always on the search for the next big technology that can help them move ahead of the competition.
Digital banks are an excellent example of this dynamic, where regulatory requirements vary by region.
Even in less regulated industries, innovation is often a challenging and messy process. Highly-regulated industries have the added challenge of well-meaning yet sometimes misguided processes adding red tape and drawing out timelines — a serious impediment when successful innovation depends so much on moving Innovationquickly.inthese
A culture conducive to innovation does not happen overnight. When asked to describe such cultures, employees often named expressions like willingness to experiment, psychological safety, open collaboration and Culturecommunication.isonlyas strong as the people who bring it to life. Beyond hiring diverse talents, flexible-enough structures in organisations can help to bridge silos and create open lines of communication and collaboration between teams.
The digital service also brought about a culture change within the Department of Health and Social Care (DHSC) — a ministerial department that aims to lead the nation's health
WINNING INNOVATION IN A REGULATED INDUSTRY
In doing so, these organisations must be well-equipped to operate in any regulatory environment. This means that the systems powering a company should be flexible and adaptable enough to scale such Thinkchanges.ofdataand the way organisations use it. Enterprise data tends to reflect the organisational structure that created it. In many highly-regulated sectors, it is often siloed, internally focused and structured to report based on the current regulatory landscape. As a result, organisations often find themselves at a disadvantage when forces outside the business require them to make changes rapidly.
William Dew Managing Director Markets, Zühlke Asia
WINNING INNOVATION IN A REGULATED INDUSTRY
However, limiting cryptocurrencies’ application in payments does not mean the same for other applications of the underlying technology. In Vietnam, Decision No 2117 was issued in 2021, listing blockchain as a priority for R&D. Its Finance Ministry has also set up a research team studying virtual assets and money. Likewise, in Singapore, the central bank has very recently announced Project Guardian to
MOVE FAST AND BREAK THINGS: WHERE REGULATION STRUGGLES TO KEEP PACE WITH INNOVATION AND THE WAY FORWARD Move Fast and Break Things: Where Regulation Struggles to Keep Pace with Innovation and the Way Forward Yee Chuin Lim Head of Public Policy, Speyside Group
Blockchain & Cryptocurrencies
study DeFi applications in collaboration with the financial industry. The evolving discussions around Central Bank Digital Currencies, such as Indonesia’s ambitions to develop their own and Brazil's roll out of the Digital Real in 2023, also highlight that policymakers are careful not to throw the baby out with the bathwater. The key here is to understand how to better regulate and protect the financial systems and consumers alongside these innovations, through national governments and international bodies.
Royston Wah SpeysideConsultant,Group
FinTech
Beyond cryptocurrencies, financial technology (fintech) has rapidly matured in the 21st century, alongside ancillary developments such as rising internet and mobile penetration rates, and faster computing speeds. Policymakers welcome fintech’s potential to improve financial inclusion and make financial regulation itself more efficient. Many governments in Southeast Asia are implementing long-term roadmaps to support the growth of fintech with favourable regulatory treatment. In Thailand, this is underpinned by the multi-phase Financial Sector Master Plan and the setting up of a Financial Technology Group under the central bank.
Within the past decade, we saw the emergence of new technologies made possible by blockchain. Cryptocurrencies have been particularly tricky for regulators with their simultaneous roles as a mode of payment and speculative asset. In countries like India, Indonesia and Thailand, the authorities have banned it as a payment tool, citing money laundering, severe market volatility and speculation, and irrevocable transactions as harmful for consumers and the growth of the countries' financial systems. On the other hand, there are countries like El Salvador and Central African Republic which have accepted Bitcoin as legal tender, partly to address weak currency and runaway inflation issues. For now, most of the world prefer to err on the side of caution by adopting the former position, a reasonable one until concerns around fiscal and monetary stability can be addressed.
Technological advancements across various sectors from IT, telecommunications, finance, and FMCG are driving and forcing waves of changes in today's policy and regulatory landscape. Often, these create significant challenges for policymakers, who try to balance support for innovative practices with a sense of regulatory caution to protect consumers and businesses. In Southeast Asia where most are playing catch-up in the regulatory space, recent and ongoing examples of policymaking have shown that it is crucial for both industry and government to work together to find the right bal ance, allowing new technologies the latitude to ‘move fast and break things’ while setting mutually agreed boundaries to ensure a wider societal acceptability.
However, we also see instances where regulation is
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The way forward is most definitely, continued publicprivate partnerships, whereby regulation gets shaped by an iterative and collaborative process between the public and private sectors towards win-win scenarios. Fundamentally, there is a need to ‘de-risk’ technology in the view of individual users, which can happen by creating space for government and industry to explain policy and commercial considerations respectively. Crucially, it is also on the onus of both government and industry to survey the existing landscape, keep their finger on the pulse of developments, and pre-empt potential concerns to avoid a stranglehold of innovation by regulation, which can be further mired by existing legislative frameworks that may take significant time to change.
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around single-use plastics should be carefully considered as different products. For example, Malaysia, in its plastic sustainability roadmap, has included standards such as BSI PAS 9017 (the first standard to measure the biodegradability of polyolefins published by BSI) and ASTM D6400-05 (required specification for the labelling of plastics designed to be aerobically composted). These can help clarify new product categories and finetune regulation to cushion the impact on industry and consumers.
playing catch-up to these innovations. Despite having a high level of awareness locally of gold as a store of value, Thailand's policy environment had slightly lagged in terms of supporting gold investment as an alternative form of financial management. Only recently have small scale retail investors been able to trade gold easily with the launch of the Krungthai Gold Wallet in November 2021, the first endto-end online gold trading service in Thailand.
Plastics
Conclusion
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Another interesting phenomenon is the emergence of mixed materials packaging as well as biodegradable plastic, which has exposed limitations on current regulations. Policymakers remain cautious in the definition of such materials and tend to regulate them as plastic, imposing sanctions or bans on innovators who want to be exempt from these measures. Across Southeast Asia, several countries have recently enacted or are in the process of enacting Enhanced Producer Responsibility (EPR) policies. Defining EPR coverage becomes tricky in the face of new technologies, particularly around how governments regard mixed materials. For instance, multi-layer paper-based packaging with a minor component of plastic tend to still be regarded as plastic, despite there being the sorting and technological capabilities to separate the layers. Meanwhile, new biodegradable alternatives or substitutes that address problems
MOVE FAST AND BREAK THINGS: WHERE REGULATION STRUGGLES TO KEEP PACE WITH INNOVATION AND THE WAY FORWARD
There is also the possibility of regulation stepping too far ahead of innovation, which may end up stifling it. There are legitimate concerns around the risks of fintech, such as data security and individual privacy. Additionally, a 2022 IMF report identifies several vulnerabilities posed by neobanks that threaten financial system stability, including higher risk-taking in retail loans originations and in securities portfolios, and inadequate liquidity management frameworks. However, the case of Singapore showcases a regulatory approach that can balance both innovation and risk, relying on the use of regulatory sandboxes to test new technologies in well-defined spaces and durations. The fruition of years of regulatory process to finetune the eligibility criteria for digital bank candidates and the commencement of operations of the four approved digital banks this year is also a testament of a possible coexistence of innovation and regulation.
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