The Link, June 2020

Blockchain: As big as the internet

Solving your WFH CHALLENGES

As an oracle of truth and democratiser of data, blockchain has the potential to revolutionise business and society.

SCC members Telavox and Gecko Technology Partners on WFH challenges and working life beyond the pandemic.

LINK Dedicated to the Swedish-British business community since 1906

�Combining e-commerce with bricks and mortar has been a challenge that retailers have struggled with for years. �

SCC member Sitoo is one of several Scandinavian firms taking on the UK with its omnichannel solutions for retailers.

No.351

Defeating Cancer Once for all SCC member Immunicum on revolutionary discoveries within modern cancer treatment and research.

The LINK

ABOUT

The Swedish Chamber of Commerce for the United Kingdom is the ultimate business platform for Swedish and UK businesses. We help businesses establish, grow and develop, through our wide range of business services, matchmaking, events and programmes.

We represent some 400 businesses, from start-ups, to SMEs, unicorns and large multinational corporations, from across all sectors and industries. Founded in 1906 – by business and for business – we have connected the Swedish-British business community for over a century. Join us today, if you haven’t already.

SCC PATRONS

THE LINK ISSUE 351

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Editors: Jonas Eklund, Sara Apéria and Hedvig Astberg Cover photo: Isabell Aakervik, Sitoo

LinkedIn: /company/swedish-chamber-of-commercefor-the-uk Twitter: @SwedishChamber Instagram: @sccuk

NOT A MEMBER YET? Visit www.scc.org.uk or contact us on +44 (0)20 7224 8001 / info@scc.org.uk

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DEAR MEMBER

Flying the flag for the strong Swedish-British business community A few weeks ago, the Chamber hosted its 113th Annual General Meeting, and the first one hosted virtually. It was strange looking back at 2019 and the many milestones we celebrated, as the world is a very different place today. Nonetheless, it is important to both look back, at what was, and to look ahead, at what will come.

Looking at 2019, it was very much a year of change at the Chamber. Our focus has been on how we can best provide value to our wide range of members, and how we can be most relevant. We grew a stronger team, fit to serve the many different needs of our members, from start-ups to large corporates. With new accelerator and mentorship programmes, intimate roundtable events, large flagship summits and conferences, a renewed focus on our members and the people behind them across our media channels (new and old), and new platforms for unique meetings, we are proud to have engaged a growing network, and met both old and new faces. The result is high member engagement, a happy membership (so the member survey says), and solid financial performance.

Done and dusted, the mission is now to look forward. This year, we hope to pull our community muscles together, fly the flag for the strong Swedish-British relationship, and celebrate the innovative strategies which will emerge stronger on the other side. We did so recently, hosting two different webinars; “Emerging stronger on the other side”, aimed

at discussing the consumer society and business community awaiting us on the other side of the pandemic; and “Expanding to the UK”, meeting with 100+ Swedish start-ups and SMEs all looking at the UK as their potential expansion market (both webinars are available to watch on our website). There is lots of interest in the UK market, despite the pandemic, and despite Brexit still looming in the background. Things will come to a head at the end of the year, when Britain is expected to leave the European Union.

We represent a fantastic membership, and a strong trading partnership. In this issue, we welcome Husqvarna and Swedish Match to the patronship. We also welcome our newest members Ahrel & CO, Aim Public Affairs, Castlegreen Partners, Chorus, Jämtland Härjedalen Tourism, Markick, Nordic Heat, Playpilot, SBP Nordic, Sitoo and Vixen Capital.If you haven’t joined us already, I hope you will do so in 2020.

Our next step in helping Swedish business get a foothold in the UK is London Tech Week’s return in September, our Bootcamp with the Swedish Agency for Economic and Regional Growth and the UK Department for International Trade, and the launch of the second cohort of the Growth Readiness Programme, our raising capital initiative connecting Swedish start-ups with the London based investment community.

In this issue of the LINK we very much look forward too. You will hear from a number of our exciting member businesses, from a range of sectors, from security to psychotherapy, and we discuss blockchain and the rise of the online retail platform in light of the pandemic.

This and much more.

Peter Sandberg, Managing Director Swedish Chamber of Commerce for the UK sandberg@scc.org.uk

SCC TEAM EVENTS AND PROGRAMMES

MEMBERSHIP AND COMMUNITY

Finance and Operations

Mathilda Börjesson, Events and Programmes Manager Anna Dahlqvist Thuresson, Swedish Youth Abroad Scholar Philip Rask, Intern

Sofia Larsen, Senior Manager Membership and Community Henrik Barkman, Gull & Stellan Ljungberg Foundation Scholar Emilia Nordin, Intern

Peter McNamee, Financial Controller

MARKETING AND COMMUNICATIONS

Business services

Contact us

Jonas Eklund, Marketing and Communications Manager Sara Apéria, Handelsbanken UK Scholar Hedvig Astberg, Intern

Anna Crona, Business Services Manager Madeleine Hjalber, The Sten A. Olsson Foundation Scholar Baltsar Lindgren, Intern

Swedish Chamber of Commerce for the UK Sweden House, 5 Upper Montagu Street, London W1H 2AG +44 (0)20 7224 8001, info@scc.org.uk

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OUR WAY OF THINKING PROTECTS YOUR WAY OF LIFE Saab is a global defence and security company, present on all five continents.

We are global and international, but remain rooted in Swedish values of trust, reliability, innovation and loyalty. Saab has been active in the UK for over 40 years, delivering advanced defence and security solutions to British Armed Forces and the Emergency Services. This strong relationship has not only improved British defence capabilities, but has also strengthened both Swedish and UK economies, whilst keeping our people and society safe. www.saab.com/uk

CONTENTS THE LINK • ISSUE 351 • JUNE 2020

How to become more resilient to challenges Psychotherapist and SCC member Monica Mason on how to keep spirits up in times of uncertainty and what to keep in mind when adapting to a new post-pandemic reality.

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Getting to grips with raising capital

Meet Mikael Sørensen The CEO of SCC patron Handelsbanken plc on the company’s eventful journey across the UK market.

Malin Holmberg, Partner at Target Global is one of the mentors of the Growth Readiness Programme helping startups on their growth journey.

Pages 33-34

Pages 29-30

Breaking down barriers to wellbeing

Swedish heritage key for security giant securitas

Bringing the scandinavian experience to the uk

Nathan Titheridge, Commercial Director UK & Ireland Professional Hygiene at Essity UK, on the power of breaking down health barriers and Essity’s efforts in the current pandemic.

Shaun Kennedy, Country President at Securitas UK, on Securitas’ Swedish heritage, the engagement and passion of its people and the company’s development as a high-tech security company.

By introducing tobacco free nicotine pouches as a smokeless alternative to other nicotine products, SCC patrons Swedish Match and Haypp Group are bringing the Scandinavian experience to the UK.

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IN THE LINK 11 YEARS AGO “It’s been a tough autumn for many. Not just for people in the City, Londoners or Brits. Most businesses around the world have felt the recession coming around the corner, as it does every now and then. Some companies have not survived the recession and have vanished, some have found new markets and have started to grow.” These words were written by Peter Sandberg, current Managing Director and former Communications Manager at the SCC, in the February 2009 issue of The Link, issue no. 278. The feature discussed the financial crisis in 2008, which many regarded as the greatest recession since the Great Depression in 1929. The feature highlights how the Swedish Chamber has continued creating value for its members, whilst managing to survive two world wars and one cold war. The article also puts emphasis on the importance of a strong network in times of disruption and uncertainty: “It is in pressing times like these that the Chamber shows its strength.” In the wake of the ongoing global pandemic, coming together as a strong community is more important than ever, similarly to previous crises.

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FEATURE

Digital solutions Enhancing Online & IN-store experiences One of the last decades’ most significant and impactful megatrends is without doubt digitalisation. Digital solutions are challenging the status quo across a multitude of sectors – not least the retail industry, in which a wave of opportunities is emerging for digital solution providers, such as SCC members Novicell and Sitoo, to digitise and improve retail experiences. The Link met with Toke Lund, International E-commerce and Digital Strategy Director at Novicell, and Isabell Aakervik, Partner and Marketing Director at Sitoo, to discuss the impact of digitalisation and e-commerce within the retail industry in midst of the ongoing pandemic and beyond.

BY: SARA APÉRIA The common denominator between a vast majority of digital solution providers in retail is the aim to create extraordinary customer retail experiences. However, the path to success can slightly differ. Sitoo is a unified commerce SaaS platform, specialising in mobile point of sales for global retailers. Isabell Aakervik, Partner and Marketing Director at Sitoo, explains further: “Sitoo digitalises physical stores and unifies the in-store sales channels with each other and with online in real time.” In essence, Sitoo operates a cloud-native platform entailing an API built for seamless integration, scalability and high transaction volumes. To enter the UK market in September 2019 was a natural step for Sitoo, due to the high level of digitalisation within British business and society. “UK is the largest B2C e-commerce market in Europe. It is also a very digitised society with 96% of the population expected to be online this year. Last year, 87% of that online population bought something online,” says Isabell.

In relation to the millennial shift, Danish digital agency Novicell was founded in a somewhat extraordinary manner. “Basically, Novicell was

founded by eight lovely geeks in Denmark some 20 years ago, that found out that they were really good at working with data and making solid solutions for customers by building large and complex web pages,” describes Toke Lund, International E-commerce and Digital Strategy Director at Novicell. In the main, the call of Novicell is to build complex and high performing digital customer solutions, including for instance e-commerce solutions and business intelligence engines. Over the last two decades, the business has expanded across Europe, with offices in Denmark, Norway, the UK, Spain and the Netherlands. The opening of their London office in the autumn of 2017 appeared to be an obvious choice: “In essence, the UK is an important market for us due to its high level of growth. We see a lot of opportunities with the technologies that are growing in the UK market, that is shifting towards open source products – which is one of Novicell’s core strengths.” Upon establishing in the UK, Novicell was eager to seize networking opportunities offered by the Swedish Chamber of Commerce: “Joining the Chamber gave us a wealth of networking opportunities as an

Toke Lund, International E-commerce and Digital Strategy Director at Novicell.

Photo: private.

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emerging company in the market and we are eager to make the most out of it.”

”What e-commerce really is driving right now is transparency and convenience. ” Seamless experience highlighted by the pandemic The retail industry, similarly to business and society at large, has been significantly affected by the ongoing global pandemic. For instance, retailers have to an increasing extent grasped the importance of providing an omnichannel retail experience across online and in-store platforms alike. “Combining e-commerce with bricks and mortar has been a challenge that retailers have struggled with for years. The need to have true ‘unified commerce’ – and a seamless experience across all sales channels – has been highlighted by the pandemic,” says Isabell. Furthermore, the prohibition of non-essential store sales has resulted in an increased necessity of digital presence, as well as a rising requirement of agility and reactivity. “The future will be characterised and described with adjectives like speed, agility, mobility and flexibility,” says Isabell. Going forward, Isabell is determined that these adjectives will be vital for success: “The brands that are in the best position post COVID-19 are those that have been agile and able to react and respond instantly to the current situation.

These brands have not been afraid of change, they have been incredibly proactive in communicating with their customers and, as a result, they will be rewarded with soaring levels of customer loyalty.”

Increasing popularity of digital solutions Although the retail industry indeed has witnessed an increasing need of digital solutions recently, the emergence of e-commerce was initiated already in 1995 by Amazon. “When Amazon was founded, the e-commerce movement focused on pricing, since it was cheaper to develop e-commerce than physical stores,” says Toke. However, this price difference has evened out in recent years, redirecting focus

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FEATURE

towards convenience, as well as a deeper possible interaction with products online.

“What e-commerce really is driving right now is transparency and convenience. E-commerce solutions reveal exactly how much there is in stock, the exact price and recommendations.

You can get all the transparency around your purchase, as much as you like.” Furthermore, Isabell highlights modern cloud technology as a key driver of agility and effectivity in innovative retail solutions. “The physical stores and online channels communicate in real-time – thus providing physical stores with much of the functionality previously only used online,” says Isabell. According to Toke, another major driver of e-commerce in the last decade has been the popularity of Apple iPhone. Corporations that have played a key part in forming the global e-commerce ecosystem are for instance Amazon, Alibaba and eBay. Also, many fastpace delivery models has resulted in purchasing items online has become far simpler than visiting a store.

The popularity of digital solutions has increased greatly with a new set of challenges for retailers, including highly competitive marketplaces and workforce challenges, in combination with changing shopping behaviours. The modern consumer has endless choices of where and how to shop, resulting in that if expectations are not met, customers will quickly turn to competitors. “With a rise in e-commerce, mobile commerce, and social and live commerce, retailers need to ensure they have the tools in place to meet the customer in every scenario and create a seamless link between them all. In doing so, they meet customer expectations and deliver the kind of experience tech-savvy consumers expect,” says Isabell. She states that the alteration in shopping behaviours alongside more knowledgeable and demanding customers fuel the retailers’ embracing of digital solutions.

“E-commerce is growing exponentially but is still only a small percentage of total sales. That is why retailers are embracing digital solutions which bring digital and physical stores together.”

”Combining e-commerce with bricks and mortar has been a challenge that retailers have struggled with for years. ” Creating a unified experience Sitoo provides a solution that bridges the gap between conventional brick-and-mortar stores and an online retail experience, making it possible for in-store and online sales channels to act like an unity. With their technology, Sitoo enables retailers to create a unified commerce experience across all retail touchpoints. “The key for Sitoo to be able to create a unified retail experience is real-time data flows between all channels, so retailers and their customers have access to exactly the same information everywhere,” explains Isabell. In essence, Sitoo’s solution consists of three main components: the Sitoo cloud-native platform, the Sitoo native POS app for iOS or Android and the Sitoo open REST API, which

Isabell Aakervik, Partner and Marketing Director at Sitoo. Photo: Sitoo.

facilitates all real-time data flows between the Sitoo platform the Sitoo App and other retail systems like ERP, eCommerce and CRM. “To ensure retailers can streamline their inventory management, empower store associates and exceed customer expectations – our road map is driven by the evolution of retail. All continuous updates are automatically made available for all our customers, making sure they are always running the latest technology,” says Isabell.

Key to balancing online and in-store sales is understanding sales data from both channels, as well as the correlation to customer behaviour. Essentially, by tracking and identifying customer demands, behaviours and patterns through the analysis of cookies and gadgets, retailers can increase the understanding of how to better serve its customers. However, new legislations – such as GDPR – have resulted in increased difficulties in gathering and analysing customer data. By being strong across online and in-store sales platforms alike, retailers are enabled to reach most customers and run more efficient operations. The idea is to have an extensive assortment online, whilst mainly distributing best-sellers in store. “Basically, retailers can run smoother and leaner operations if they analyse customer data and understand what the best sellers and slow runners are, respectively,” says Toke. Although mostly the best-sellers are physically available in the stores, Isabell stresses the importance of offering customers a so-called ‘endless aisle’ – an online access to the full assortment in stores as well. Toke particularly highlights the famous British department store John Lewis as a retailer that effectively balances physical and digital sales. “John Lewis is quite good in the UK, because they really understand how to create a good experience in-store, but they also know how to excel with the in-store experience,” says Toke.

Solutions built like LEGO In 1980, world-renowned economist Michael Porter introduced the strategic model “Porter’s generic strategies”, clarifying that strategy shall target either cost leadership, differentiation or focus. “Porter clarified that businesses either shall compete on cost and pursue a standard strategy or compete on differentiation and customise. If businesses do both, they risk being stuck in the middle, from where it is expensive and difficult to change,” says Toke. When aiding customers to develop effective e-commerce solutions, Novicell bases their guidance largely on this principle.

Accordingly, Novicell has built an e-commerce framework that offers clients flexibility, high performance and longevity. “Our framework is built with a microservices approach – think of it as LEGO blocks. All services and software are independent of each other and connect to a central data layer,” says Toke. The approach means that Novicell’s clients can upgrade or change a specific software or programme without effecting their current e-commerce eco-systems. “By building and utilising that thinking in small increments, we can make one model today and another tomorrow, depending on how the customers want to compete.” Fundamentally, Novicell’s operating model is performed in three basic steps – helping clients to define an exact strategy, designing a system landscape and maintenance and boosting. The latter step includes search engine optimisation, generating business logic with the potential to boost a business. For instance, SEO tools such as Google and Facebook Ads drive traffic to ecommerce sites: “By understanding the algorithms of Google and Facebook, we aid clients in generating traffic to the platform, executing orders and generating more business online.

So, we help them before, during and after they launch a digital solution,” says Toke.

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FEATURE

Breaking down barriers to wellbeing In a world where well-being becomes more relevant than ever, SCC member Essity is at the forefront as a leading global health and hygiene company. The Link spoke to Nathan Titheridge, Commercial Director UK & Ireland Professional Hygiene at Essity UK, to learn more about its efforts in the current pandemic, the power of breaking down health barriers and its dedication to innovation and sustainability.

BY: HEDVIG ASTBERG Essity was founded in 2017 as a result of the split of Swedish timber, pulp and paper manufacturer SCA, to two different entities; the forest product company SCA, and the hygiene and health company Essity. In the UK, Essity now consists of a variety of brands including TENA, Tork, Cushelle, Plenty, Bodyform, Velvet, JOBST, Leukoplast, Actimove, Cutimed and Delta-Cast.

Over the past years, the company has made numerous acquisitions of tissue and personal care businesses, which has enabled Essity to become UK’s largest tissue manufacturer.

On top of this, Essity has plants in several locations throughout the UK: “We currently operate six manufacturing sites in the UK producing paper for our consumer goods and professional hygiene brands,” says Nathan Titheridge, Commercial Director UK & Ireland Professional Hygiene at Essity UK. Supporting society throughout the pandemic Through the COVID-19 pandemic, Essity has supported society and those in need by making donations of over 300,000 essential products through its charity partner ‘In Kind Direct’, that supports a network of over 5,000 charities and charitable organisations across the country. In addition, the company has helped spread messages to the general public

Recycling Tork Paper Circle tissue. Photo: Essity.

on how to act during COVID-19. “To help ensure people have access to essential products, we have created specific communications aimed at consumers to convey the message that they should only shop for what they need and not stockpile products such as toilet tissue,” says Nathan. Moreover, Essity continues to advocate for good hand hygiene during the pandemic, as it has for many years. “Hand hygiene has never been more important than it is right now. It can reduce rates of illness and we are now firmly focused on playing our part to ensure this message is communicated clearly.”

In an effort to support society during the pandemic Essity has made major changes in its production facilities in Sweden, to meet demands of surgical masks for health and elderly care. Essity has also been able to extend this production to other parts of the world: “Essity acquired three new machines for large-scale production of face masks. With this investment, the Group will produce face masks in factories in Mexico, Sweden, and the US,” Nathan explains.

Breaking down barriers to well-being Beyond the pandemic, a long-term goal is to break down barriers to wellbeing. One vital part to ensure this long-term objective is to break down taboos and stigmas concerning menstruation and incontinence. “Research tells us that there are still significant taboos

Nathan Titheridge, Commercial Director UK & Ireland Professional Hygiene at Essity UK. Photo: Essity.

in these two areas, and this is preventing discussion and action that can improve lives.”

He continues: “37% of people say they are uncomfortable discussing incontinence, while 1 in 4 have refrained from going to work or school while on their periods”. In order to mitigate these problems, Essity has had several campaigns such as ‘Blood Normal’ to drive change and give women confidence and knowledge to accomplish things even when on their period.

Innovation is a competitive advantage One of Essity’s competitive advantages in the industry is innovation. Nathan believes that innovation can come in many forms and that it is not limited to concrete products. “Innovation can also be an employee that spots a more energy efficient way of doing things in manufacturing, or an employee that finds a way to make an everyday process safer for their colleagues.” An example of this is ‘Cushelle Double Roll’, a toilet tissue product which uses paper packaging, to address the problem of some consumers unable to recycle using recycle bins. They can now easily recycle due to this option. ‘Tork Paper Circle’, a world first process to recycle used paper towels from public washrooms, is another example of an innovative product. “While previously used paper towels would have been sent to landfill, we now have the ability to recycle these towels hygienically to create new paper towel products,” Nathan says.

Looking ahead, sustainability is one of the major challenges and opportunities for Essity.

Nathan is hopeful for the future however, as he believes Essity has many innovations in the pipeline, that are in line with Essity’s long-term goals and strategy: “We see sustainability as one of the long-term challenges and opportunities for the industry in the UK. Hygiene and health products have to be safe and clean, but we must find ways to provide that assurance sustainably.”

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2020 Vision

BLOCKCHAIN: AS big as the internet As an oracle of truth, mitigator of fraudulent risks and democratiser of data, blockchain encompasses an incalculable potential to revolutionise business and society in modern times. In truth, a number of experts agree that the technology eventually will be as impactful as the Internet. In this feature Göran Almgren, CEO at Enigio, John Salmon, Technology Partner and Global Head of the Blockchain Practice at Hogan Lovells, and Oliver Oram, Founder and CEO of Chainvine, discuss the fundamental principles and immense opportunities of blockchain technology.

BY: SARA APÉRIA

”With blockchain technology, you are moving from a centralised to a decentralised world.”

Being one of the most discussed technologies in the contemporary world, blockchain technology is an umbrella concept incorporating a plurality of definitions, softwares and open source codes.

A common denominator, however, is that it is a shared technology or platform based on a distributed ledger. “There is no central authority; it is very much a collaboration between a multitude of players having their own copies of the proof of data or a good,” explains Oliver Oram, Founder and CEO of Chainvine, that specialises in bespoke distributed ledger platforms that create a secure recording of ledger data.

Essentially, the technology is divided into a multitude of nodes that are allocated among participants, thus equally dividing the risk, ownership and power. In essence, a fundamental characteristic of blockchain technology is the concept of transitioning from a centralised to a decentralised power structure. “With blockchain technology, you are moving from a centralised to a decentralised world, with transactions that are traditionally processed via trusted third party intermediaries now being conducted on a peer-to-peer basis,” says John Salmon, Technology Partner and Global Head of the Blockchain Practice at Hogan Lovells, a global law firm advising clients on the implementation of blockchain technology.

An oracle of truth An essential characteristic of blockchain technology is its ability to preserve and verify the authenticity of information. “Enigio’s solutions provide immutable references of truth. With its solutions business data is always stored off-chain, whilst the ledger is used to verify the immutability of the data – like an oracle of truth,”

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says Göran Almgren, CEO at Enigio, a business specialising in creating digital original documents and preservation of digital information. By distributing identical copies of data, a universal truth is shared among multiple users across the world. The fact that everyone simultaneously is being told the same version, makes it hard to lie when participants are being held to account by all the peers. “Blockchain is very much a shared discipline, by enforcing the traceability and democratisation of information in a frictionless manner,” says Oliver.

Blockchain technology has a specific strength in opaque systems with a low level of trust. In that sense, the ability of creating trust is at the core of blockchain technology: “I believe that the principal opportunity entailed by blockchain is the creation of trust in a trustless environment,” says John. By introducing blockchain into these environments, the characteristics of immutability and security strengthen the trust in the system. In the main, it is both expensive and technically difficult to attack all the nodes within a blockchain.

“Blockchain really is a lot about cyber security. It is not a silver bullet and there will still be human errors and deliberate human interferences, but with blockchain, disruptions will be more quickly identified,” explains Oliver.

Bitcoin – a global digital cryptocurrency Ever since being invented by the pseudonymous figure Satoshi Nakamoto in 2008, the

decentralised digital cryptocurrency Bitcoin has tremendously driven the development of blockchain technology. “The invention of Bitcoin was definitely a key milestone in the development of blockchain technology,” says John. The buzz around cryptocurrencies such as Bitcoin has undoubtedly put the spotlight on the benefits of blockchain technology in recent years, with the main hype culminating in the end of 2018. Over the course of time, there has been a colossal monetary investment into blockchain technology both through start-ups and existing businesses.

“There is no central authority that can change or manipulate this Bitcoin. Many people believe in this digital currency more than in their own cash currency, since it cannot be printed off,” says Oliver. According to John, there has been a proliferation in the number of cryptocurrencies and other crypto assets. However, there are still concerns that cryptocurrencies remain highly volatile, which has led to the interest in stablecoins. In consequence, another key milestone in the development of blockchain-fuelled cryptocurrencies was when Facebook announced its

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involvement with the launch of the stablecoin Libra last year.

Innovating the financial industry Characterised by a substantially high risk, an enormous amount of data and a significant need of trust, the financial industry has the potential to particularly benefit from blockchain technology.

Instead of relying on a bank as the sole arbiter of truth, every participant of a blockchain has an identical copy of the same record of the database. In the long run, this leads to an increasing resilience in alignment with the independence from central parties and banks that might lose data. However, the symbiotic coexistence between financial institutions and blockchain technology is of great importance: “Some people claim that banks and institutions are not needed when there is blockchain, which I do not believe in. Enigio provides solutions that can ensure the survival of these important institutions,” says Göran.

Compliance is growing across business, due to the increasing requirement of anti-money laundering legislation. “Blockchain is very good for financial and foreign currency movements, purely because you have got a lot more trust in the system if you are all on the same ledger,” explains Oliver. Whilst on the one hand blockchain creates trust and can aid financial services in mitigating the risk of fraudulent incidents, there are also concerns around anonymity. “However, following recommendations from the Financial Action Task Force, we have established new antimoney laundering and counterterrorism finance rules that address some of the concerns around anonymity,” says John.

national asset management system aimed at helping a small African country to manage its fishery industry, which accounted for 24% of the national GDP. Nevertheless, certain autonomous inventions fuelled by blockchain technology - such as Bitcoin and Ethereum - also pose somewhat of an environmental challenge. The technologies are set up based on a process called mining, which requires an enormous amount of power. However, the concept of digital original

”Some people claim that banks and institutions are not needed when there is blockchain.” documents leads to a positive climate footprint.

Within trade, trade finance and logistics there are still a large amount of paper documents circulating the globe. First of all, a lower paper consumption saves trees. Second of all, digital documents can be seamlessly sent across the world, thus decreasing the carbon footprint created by global transport. “Sustainability is a key focus since we need to save the planet as well,” says Göran.

Driving sustainability Interestingly yet surprisingly enough, the impact of blockchain goes far beyond the technological spectrum. As a matter of fact, blockchain technology is an important force driving sustainable development. According to John, the technology has been proven to aid significantly in pursuit of the UN Sustainable Development Goals. In illustration, blockchain technology can track and ensure that money in charitable causes is correctly distributed among beneficiaries. For instance, Chainvine has built a blockchain-based

Modernising legislation To a large extent, a multitude of challenges ahead are derived from the fact that today’s systems are extremely antiquated, as well as that the enterprise legal systems that are currently in use were not designed for the global world we live in. “Our instinctual response is to apply existing laws and regulations that were designed for a centralised world in a new decentralised digital environment,” says John. In illustration, the Bills of Exchange Acts – a fundamental law relating to bills of exchange, cheques and promissory notes – was established in 1882, whilst the Swedish equivalent legislation emerged in 1936. “Whenever a new technology surfaces, there is always a question as to whether the current law is suitable; if the existing legal infrastructure should be adapted to fit the new technology; or if a new re-

Göran Almgren, CEO at Enigio. Photo: Enigio.

Oliver Oram, Founder and CEO of Chainvine. Photo: Chainvine.

2020 Vision

gime is needed,” says John . As a matter of fact, the Swedish act is technology-neutral, which British legislators also are seeking to achieve in due course. Göran explains: “The Swedish debt act from 1936 is technology-neutral. The English Bill of Exchange act will need a minor update in order to become technology-neutral, that update is currently being prepared by British legislators.”

In consequence, the European Securities and Markets Authority (ESMA) and the European Banking Authority (EBA), at the request of the European Commission, have assessed to what extent existing European law applies to digital assets. For instance, one of the identified shortcomings was the lack of a harmonised approach across the EU member states in respect to the qualification of financial instruments. Therefore, the inconsistent application of the rules can potentially lead to regulatory arbitrage.

According to John, the interest in cryptocurrencies and digital assets are particularly popular in the Nordic region and the UK. “The United Kingdom’s innovation-friendly environment lends a hand to it being at the forefront of blockchain technology, especially given its leading reputation in financial technology,” says John. According to Oliver, blockchain technology can advantageously be combined with other innovative technologies, such as the Internet of Things, QR codes, artificial intelligence and machine learning.

The new Internet Experts foresee immense potential of blockchain technology to form the future of business and society. “I think that it is worth remembering that we are at a very early stage of the development of this technology. I think that something will come out of blockchain that will significantly change the world that we live in,” says John. In like manner, Oliver envisions that the definition and comprehension of blockchain technology will be increasingly clarified: “In the future, the blockchain technology standards will be more clearly defined, including what classifies as a blockchain, how distributed a system is and what the rules are around distributed systems.”

In a short-term perspective, the interest in blockchain technology has risen substantially in the wake of the current global pandemic. In the main, the Corona crisis has proven that supply chains often are vulnerable, weak and reliant on people. “As one can see now with COVID-19, supply chains can break down easily because we do not share information properly nor functionally. Blockchain technology has shown an effective way to digitise and strengthen those supply chains,” says Oliver. In a long-term perspective, many experts argue that blockchain technology will be of similar importance as the Internet. Ever since being introduced in the early 1990s, the Internet has grown into an inclusive worldwide service, enabling people across the world to access music, movies and multimedia online. In the future, blockchain technology will arguably obtain a similar magnitude: “Going forward, blockchain will become very much like the Internet. Users all over the world will constantly be connected to a blockchain,” Oliver concludes.

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We know the Nordics by heart With more than 160 years of Nordic Private Banking experience, we understand the unique challenges you face as a Nordic national living abroad. That is why we offer financial services tailored to your international needs.

To find out more, please contact Helena Whitmore or Daniel Wikehult on +44 (0) 20 7246 4225 or privatebanking@seb.co.uk

Skandinaviska Enskilda Banken AB (publ) (SEB), London Branch sebgroup.com/privatebanking

This communication is made by Skandinaviska Enskilda Banken AB (publ), London Branch for informational purposes only. Our London Branch is available to introduce you to the SEB Private Banking network outside the United Kingdom. SEB London Branch is authorised by the Swedish Financial Supervisory Authority and subject to limited regulation by the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA). Details about the extent of our regulation by the FCA and PRA are available from us on request.

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FEATURE

The psychotherapist on making us more resilient to challenges The COVID-19 virus took the world by surprise in mid-March, turning many societies and economies upside down. In order to inhibit the spread, many countries have taken measures to close down parts of society, by limiting its citizens to see loved ones or visit restaurants and shops. These dramatic changes can take a toll on one’s mental health. The Link met with Psychotherapist Monica Mason at SCC member private practice Monica Mason West London Counselling & Psychodynamic Psychotherapy, to discuss how to keep spirits up in times of uncertainty and what to keep in mind when adapting to a new post-pandemic reality.

BY: HEDVIG ASTBERG

Monica Mason West London Counselling & Psychodynamic Psychotherapy.

Monica trained as a psychotherapist in London over 20 years ago. Her training spanned over several years during which she was required to go through her own therapy and later seeing training clients under supervision. Today she runs her own private practice, Monica Mason West London Counselling & Psychodynamic Psychotherapy, using a psychodynamic approach. This means that she works with unconscious processes of the psyche, looking at past experiences as well as present. Having been a highly qualified psychotherapist and counsellor for over 15 years, she has a vast experience in counselling people of all nationalities, exploring many cultural differences.

Seeking out the familiar: human nature One major issue that comes with the pandemic is the uncertainty and anxiety of what the future will look like on a personal and a societal level. Monica points out it can be comforting for some people to know that everyone is going through the same uncertainties and changes right now, and that it is natural to feel anxious or worried in these times. “We as humans seek out the familiar in situations, to feel safe and know what we are doing. I think most people would find the sentiment of uncertainty difficult. I think everyone reacts differently depending on your personality, but also what you have gone through before. You take those experiences with you into this.”

Self-care is the way forward Luckily, there are many things one can do to minimise the anxiety that may come out of an uncertain world. Monica thinks for example we should engage in self-care and do things that works for us specifically. “It is important not to make this into another burden, or to overdo things. Only take on board tips and advice you see – including mine – that resonates with

you.” She continues: “Not everyone has the headspace to learn a new language or take up a new hobby. Most people just have to get through everyday life the best they can. To put in a bit of exercise, develop a few healthy habits and reach out to one or two friends might be more than enough.”

Monica says that it could be helpful to find a new routine during the pandemic to put the individual in control. “Create a new routine, a new familiar which can be doing the same things you normally do and enjoy in your daily life but doing it from home. The importance of some kind of routine is that it allows you to take back a sense of control.”

As effective as it can be to create new routines, Monica thinks it is equally important to be self-compassionate and accept your true feelings. ”Go easy on yourself. Feel your feelings, accept bad days and good days. There are no right or wrong feelings. It is okay to have days when you can’t stick to any routine or don’t feel like doing anything at all, accept it and remember – tomorrow is a new day,” says Monica.

Going back to normal life can be challenging Many societies are already starting to open up again and there is hope of going back to normal life fairly soon. What is critical to have in mind is that it can be challenging to adapt back to normal as well. Monica believes the transition will have to happen gradually. “Many people might feel fearful of going out back to work again and taking the tube or going on public transport. And I think it’s going to be a gradual adjustment. It is not going to happen over a day that all of a sudden you are back at work as normal and you are socialising as normal. It’s small steps, winning, not winning and getting used to it again.”

Even though the way back can be challenging, Monica is hopeful that from a mental health point of view this pandemic can bring good things as well. “The pandemic can make us more resilient to challenges and gain confidence in getting through uncertain times in the future,” says Monica.

How to find support Samaritans, 24 hours over the phone helpline, staffed by trained volunteers.

Consider online counselling or therapy: find registred and qualified practitioners on BACP or Counselling directory UK. Meditation apps such as ‘Calm’ can help with breathing exercises for anxiety and better sleep.

If you experience suicidal thoughts it is important to contact your GP for further help as soon as possible.

About Monica Mason West London Counselling & Psychodynamic Psychotherapy This private practice uses a psychodynamic approach, where clients get support towards increased self awareness, so that new healthier ways of dealing with difficulties can develop over short- or long-term weekly therapy. The practice is located in South Kensington, West London, but is currently taking online appointments due to COVID-19. Read more at westlondontherapy.net

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PATRONS HIGHLIGHT

Strong Swedish heritage key for security giant Securitas Protective security services specialist and SCC patron Securitas AB has significantly changed its product offering since its inception in 1934, finding new ways to stay ahead of the competition and ultimately ’future-proofing’ its business. With its strong Swedish heritage, Securitas AB differentiates itself from the competition, by putting its clients at the heart of the business – solving their security needs by combining protective services to provide intelligent security solutions. The Link spoke to Shaun Kennedy, Country President, Securitas UK to hear more about Securitas’ Swedish heritage, its development as a “high-tech” security company and how the engagement and passion of its people are crucial in meeting clients’ needs.

BY: HEDVIG ASTBERG Shaun started his career in the British Armed Forces, before joining Chubb Security in 1997 where he was able to learn almost every aspect of the security industry. Shaun knew that he wanted to continue his career in the security sector, however a job in the security sector was not considered a “proper profession” or “career choice” at the time. Shaun explains: “The managers were skilled in security operations, rather than in people management. Training, development and talent management were all relatively unheard of and the pay was really poor. However, I set myself a very clear goal and with hard work, commitment and a real drive to succeed I worked my way through the ranks. I achieved my ambition last year when I was appointed Country President, Securitas UK.” Just like in the Armed Forces, the best part of the job is the people according to Shaun. “Every day I am humbled by the work our officers do to protect our clients and our local communities,” he says.

Initially a small guarding company of only three employees in Helsingborg, Sweden, today, Securitas is the leader in guarding services and protective services and is transforming towards leadership in intelligent services, with operations in 56 countries, employing over 370,000 people worldwide and circa 9,000 employees in the UK.

A strong Swedish heritage In Securitas, its strong Swedish heritage is ever present in the way it manages and empowers its people. One of the key areas of focus, Securitas prides itself on providing clear development paths for its people towards a professional career in security. According to Shaun, historically security services in the UK haven’t always been regarded as a professional career choice, however Securitas is leading the transformation of the industry in its approach, which sets Securitas apart from the competition. “Historically, the security industry was devalued in the UK and was always seen as the lowest denominator or lowest possible job that you could enter into. In Securitas, we offer our people the opportunity of a well-paid professional career and that stems from the real passion at the heart of the company in Stockholm to invest in, and develop, our people at all levels,” says Shaun.

The strong Swedish roots of Securitas are the foundation of operations in each of the 56 countries across the world, Shaun believes: “The Swedish culture is one of sharing knowledge and investing in people, and this has played a significant part of Securitas becoming the global leader it is today. Securitas has invested significantly in many countries, both in terms of its people and in its protective services and new technologies.”

Helping to make the world a safer place In 2019, Securitas launched its purpose: We help make your world a safer place. With this clear statement of why Securitas exists, the purpose has united employees across the globe: “Everyone understands why Securitas is in business and how everyone needs to behave.” According to Shaun the launch of the purpose bought everyone together with a renewed focus on Securitas’ strategy and the role Securitas plays in society. “When the purpose was launched, it really injected a new level of energy into the business and into the market. Our purpose shows that Securitas is prepared to lead from the front, we don’t want to sit still or copy from others. But more importantly, it clearly states our commitment to help our clients make their world a safer place,” Shaun says.

Shaun Kennedy, Country President, Securitas UK. Photo: Securitas.

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The purpose also ties into Securitas’ core values, as Shaun explains: “There is strong messaging behind every word of our purpose – it really is a powerful statement that resonates with our employees because of its simplicity and its meaning. And everything we have done in the past, and everything we do today and in the future will always be based on our strong core values – Integrity, Vigilance, and Helpfulness.”

In Securitas UK, every new and existing member of the team are briefed on the purpose and on the core values, as they are such essential elements of providing exceptional service to clients. Shaun believes that the core values have become even more important over the last few years as the company has expanded and the expectations of the role of a security officer have increased. “We have gone from a very basic security officer to a security manager or security consultant. Expectations of an officer today is tenfold what it was, five or ten years ago so, our values need to be upheld by every single employee. Our officers take great pride in acting with integrity, always being vigilant and offering a helping hand whenever needed.”

Future proofing Securitas with acquisitions Even though Securitas has been around for more than 85 years, the company has transformed itself from providing basic man guarding and set itself a clear ambition to become an intelligent protective services partner.

Along the way, Securitas has acquired over 40 companies across the world. “We started to see an evolution in our offering as we changed from a basic security guarding and fire watch company into a high-tech security solutions business. As a traditional man guarding company, the size that we are today, we simply would not be able to survive. However, through our acquisition strategy, we’ve changed the dynamic of our business from providing basic man guarding services to developing bespoke, intelligent security solutions for our clients – thereby future-proofing our business,” says Shaun.

Intelligent protective services As client needs increasingly require more complex security solutions, it is becoming evident that building long term relationships with clients is essential. Securitas put their

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clients at the heart of the business, empowering employees to provide their in-depth expertise to combine protective services into solutions to meet a client’s specific needs.

By adding data i.e. intelligence in to the mix, Securitas can react in real time to protect their clients. “Our intelligent security solutions are extremely diverse and are at the forefront of the latest technology. Whether it is a complex security solution for a global organisation or a very simple security package for a home, the whole concept of intelligent protective services is to protect our client, their property and their people.”

Shaun also believes that Securitas’ ambition to become an intelligent protective services partner provides a unique competitive advantage: “New, emerging technologies are comprehensively changing the range of solutions we can provide giving us a competitive edge and bringing exciting new opportunities. We can capture, analyse and respond to data in real time and create reactive intelligent solutions which predict risk, threats and crime. No other security provider can offer the combination of electronic security services and guarding expertise that Securitas deliver.”

As businesses prepare to return to work as lockdown restrictions are lifted in respect of the coronavirus pandemic, Securitas is working closely with clients to advise on the added safety and security measures clients need to put in place to keep their people and visitors safe. “From occupancy management to social distancing measures, we’ve been able to help our clients manage the challenges we’ve all

faced dealing with COVID-19. Our temperature monitoring solutions are an effective way to routinely check the body temperatures of people entering premises and our smart touchfree sensors can help manage access whilst mitigating the risk of contamination and infection,” Shaun explains.

He continues:“Whether our clients need support assessing and managing the risks associated with COVID-19 or expert advice on intelligent protective services to protect their people, we can guide them on a range of services, from intelligent remote video solutions right through to the security of their vacant business premises.”

A global company with local delivery With its global expertise and operations in 56 countries, Securitas has a unique ability to respond locally to clients, with solutions tailored to meet their specific needs. This gives Securitas a significant competitive advantage in the UK, as Shaun explains, “Securitas have the best geographic footprint across the world, and our ability to share our expertise with local delivery is one of the things our clients love about us. We have over 40 offices and more than 200 mobile vehicles on the roads of the UK – which means we are never far away from where our clients need us to be.”

Rather than advising a client on one protective service, Securitas undertake a full risk assessment of the client’s business before advising on a bespoke security solution to meet the client’s needs. “We would normally visit a client’s premises to conduct an extensive

PATRONS HIGHLIGHT

risk assessment, however more recently, we have managed risk assessments through virtual meetings in order to comply with local lockdown restrictions. We don’t focus on one particular element of a client’s needs, we always take into account the detailed risk assessment and offer a full solution proposal,” Shaun explains. “The key is to make it as easy as possible for our clients, without the need for a client to see numerous people or be involved in multiple transactions. We provide our intelligent protective services in a very simple, modern and efficient way.”

Fair wage - a challenging objective One of the major challenges Securitas UK faces is in respect of pricing and pay for their employees. “In the UK, security providers need to respect and value the expertise of their employees. However, price driven tenders and the constant downward spiral towards the cheapest pay undermines the professional security services we all provide,” says Shaun.

“In Securitas, we believe in a fair day’s pay, for a fair day’s work. We are working closely with the Security Industry Authority (SIA) and the Living Wage Foundation to make this a reality.

We are also focused on raising working standards and encouraging other security providers to do the same so that we can transform the industry for the benefit of both our people and our clients. Our work with Top Employer Institute and Business Superbrand are further evidence of our commitment,” Shaun concludes.

Photo: Securitas.

The patronship The SCC patronship consists of a core group of SCC member businesses committed to supporting the Swedish-British business community. The patronship comes with a range of benefits - if you would like to know more, please contact membership@scc.org.uk.

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FEATURE

Defeating cancer once for all With the ambition of improving healthcare and ultimately saving lives, SCC member Immunicum has an invaluable agenda. For almost two decades, the biotechnology company that uses human biology as medicine has developed innovative immunotherapies aimed at defeating cancer. Sijme Zeilemaker, Chief Operating Officer at Immunicum, reveals the company’s revolutionary discoveries and innovations within modern cancer treatment and research.

BY: SARA APÉRIA

The history of Immunicum dates back to 2002, when the company was founded by three scientists at the University of Gothenburg. In relation to a research project, the scientists were studying the specific use of dendritic cells in immunology, and more specifically, cancer. In essence, Immunicum’s methodology is based on activating immune cells from a healthy donor into inflammatory dendritic cells. The cells are thereafter injected into a patient’s tumour tissue, which creates an immune response.

From 2008 and onwards, Immunicum started developing its lead product ilixadencel, a cell therapy which treated the first patient in 2012.

“For our industry, it was really fast to be able to go from idea to first patient treated in just four years. Then, of course, this was only the start of Immunicum’s journey,” says Sijme.

As a result, the project managers easily could compare the effectiveness of Immunicum’s therapy in relation to standard cancer therapy.

“It is an international study that shows that our immunotherapy adds benefit to the conventional treatments of patients.” The last patient in this clinical study was treated in early 2018, whereafter the final results were obtained in the end of 2019. “This brings us into 2020, when we have these exciting results and are mostly looking at how we can move this into further development to really get the product approved by the authorities so that all patients can be treated with this medicine,” explains Sijme. Thus far, Immunicum’s cell therapy is mid-development, meaning that the product is not yet on the market, although it has already treated around 100 patients.

Global research projects In 2015, Immunicum conducted a major study among kidney cancer patients with an advanced stage of disease in which the cancer has already metastasized. Over the course of time, the study has expanded beyond Sweden to the US and certain European countries, including the UK, Spain, Czech Republic, Poland and Latvia. The study was a controlled phase two study, providing patients with ilixadencel on top of their standard therapy, whilst including a control group in which patients only received the standard therapy.

Research and Development According to Immunicum, an essential factor of success in cancer research is engaging in effective R&D collaborations across industries and sectors. For instance, the biotech company benefits from collaborating with universities, as it provides the company access to research labs in which the cells are being studied. Immunicum executes joint experiments together with universities – such as Karolinska Institute in Stockholm and Sahlgrenska University Hospital in Gothenburg – aimed at discovering new strategies in beating

Sijme Zeilemaker, Chief Operating Officer at Immunicum. Photo: Immunicum.

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cancer. In these collaborations with academia, universities mostly focus on publishing new discoveries, whilst Immunicum studies how the therapy can be further developed and improved as well as seamlessly brought to the patients. Beyond academic research projects, Immunicum also collaborates with companies and hospitals in clinical studies. “We collaborate with other pharmaceutical companies that strive for advancements in cancer research.

”The biggest revolution that we are seeing now is the realisation that one’s own body can recognise cancer cells and remove them. ” We know that together we have a much better shot at treating cancer,” says Sijme.

For instance, Immunicum engages in global collaborations with Pfizer and Merck KGaA – two of the world’s largest pharmaceutical companies. “The way we look at our development is that you need to do it globally, because you want to show that it works for all patients,” explains Sijme.

Defeating cancer once for all Throughout time, the status quo of immunooncology has been to suppress the growth of the tumour. A central method that has been used is chemotherapy, which in a way is a toxic drug that mostly impacts the growth of cancer cells, but also healthy cells. “That is why it has side effects and, in the end, most often you are only slowing down the growth, instead of trying to destroy the tumour,” says Sijme. On the contrary, Immunicum strives to educate the human body on how to optimally recognise and attack its cancer, rather than attempting to slow the tumour down. Some of the first successful immunotherapies, called checkpoint inhibitors, were based on the principle of simply blocking the tumour from cloaking itself and thereby enabling immune systems to attack the tumour. “The biggest revolution that we are seeing now is the realisation that one’s own body can recognise cancer cells and remove them, just

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like any other disease like a virus or bacteria,” says Sijme. Sijme believes that the therapy’s potential of detecting and eliminating cancer is quite promising. “I think that Immunicum has a great potential of improving health care and saving lives. If the immune system is completely activated and it can find the cancer, it can be totally removed rather than just slowed down. So, our solution has the potential to cure patients by defeating cancer once for all.” In addition, Immunicum’s goal is to treat patients earlier on, in order to increase the likelihood of survival. “The promise of immunotherapies will be that the earlier you will treat patients when they are diagnosed, the bigger the chance will be to actually be cured.”

A universal solution In essence, Immunicum strives to create universal solutions in cancer treatment, implying that most kinds of tumours, such as for instance lung cancer and kidney cancer, can be targeted by the therapy. This is enabled by the method of injecting ilixadencel in the cancer tissue of the affected organ, rather than in the patient’s

”The promise of immunotherapies will be that the earlier you will treat patients when they are diagnosed, the bigger the chance will be to actually be cured. ” bloodstream. Also, a wide range of technologies are not only used to characterise, activate, manufacture and ship cells across the globe, but are also essential to establish consistency in cancer treatments. “We are working with donated cells from a healthy donor, but of course, every human body is different and we are trying to create a therapy that works for everyone.”

Nevertheless, Immunicum puts emphasis on the importance of identifying what kind of cancer that the solution can make the most impact on. Sijme explains: “Since we are treating patients with live cells, we must prove that this solution really is much better than what currently is given to justify the use of cells and method of injecting into the tumour tissue.”

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Challenges and opportunities ahead Cancer tumours are difficult to defeat due to a number of reasons. For instance, the tumour has different ways of trying to keep immune cells at a distance, by for instance cloaking itself as being just another healthy cell. Also, there are several cases of cancer that are not yet recognised and difficult to detect. “The problem with cancer is that it evolves from the human’s healthy cells, so it is very difficult for one’s own body to recognise these cells.” Also, the variability among patients and uncertainty of the tumour’s development make the field of research specifically complicated. “It is not as if you are developing a car and if it drives, it drives. Some patients respond very well to therapy so that the cancer completely disappears, whilst other patients do not respond at all,” says Sijme. As a result, a central challenge is to learn why certain patients respond better than others, as well as identify the optimal combinations of therapies to fight cancer from several angles.

Looking forward, Immunicum envisions a future in which its solutions will start making a difference and being approved for treating a wide range of cancer types. Furthermore, the biotech company foresees an increasing prevalence of personalised treatments, that meet the needs of the specific patient. “In a long term perspective, I really think that in the future, patients will not just be grouped into a certain cancer type. We will also look at what the patient is the most sensitive to and how a specific patient can be treated with a specific treatment that really increases the chance of curing the cancer,” Sijme concludes.

About Immunicum Immunicum is establishing a unique immunooncology approach through the development of allogeneic, off-the-shelf cell-based therapies.

The goal is to improve survival outcomes and quality of life by priming the patient’s own immune system to fight cancer. Founded and based in Sweden, Immunicum is publicly traded on the Nasdaq Stockholm. Learn more at immunicum.se.

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Feature

Businesses busy solving your WFH challenges Since the beginning of the pandemic outbreak, remote working has gradually become business as usual for many workforces. While some businesses have struggled with shifting to WFH mode, others have transitioned smoothly to the new reality of remote working. We met with Åke Nilsson, Director of SCC member Gecko Technology Partners and Andrew Hamlett, Head of Technical Operations UK at SCC member Telavox, to discuss what this experience has meant for their clients, how the social aspect of remote working can be as big of a hurdle as technology, and what working life will look like when we start emerging from lockdown.

BY: JONAS EKLUND

Telavox is the market-leading Unified Communication as a Service (UCaaS) platform in Scandinavia and is rapidly gaining ground in the UK. “We offer a hosted telephony solution with mobile-centric management over a simple management user experience,” Andrew Hamlett, Head of Technical Operations UK at Telavox, explains. With Telavox offering a Cloud Service Provision, its service can be accessed from any device and location with an internet connection: “Remote working with Telavox is a reality. We not only offer voice, but embedded video, instant messaging and web chat, along Photo: Telavox.

”We will be seeing flexibility in the workplace and a more relaxed structure in the office space. ”

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with integrations to other collaborative and analytic desktop business tools.”

Collaboration at the heart “Collaboration is at the heart of everything we do. We provide solutions for enhancing collaboration in a very cost-effective manner whilst encouraging a video-first culture,” says Åke Nilsson, Director of Gecko Technology Partners, Google’s largest partner for Google Cloud Meeting Solutions outside of the US. The main product provided is Google Meet, formerly known as Hangouts Meet, which is Google’s

Video Conference Solution for meeting rooms.

“Whilst there is no ‘typical client’ so to speak, every client has an emphasis on enhanced collaboration and improved communication.

Everything we offer is based on Google’s solutions where security and confidentiality are paramount and ease of use is key,” Åke says.

Collaboration is key Whilst seeing a reduction in the usage of meeting rooms as a result of the pandemic lockdown, Åke says they saw a sharp increase in personal use of Google Meet and hence the

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”From a management perspective, it is a case of understanding and accepting that managing a remote team is different from having everybody in the same office. ” At Gecko Technology Partners they saw a reduction in the usage of meeting rooms as a result of the pandemic. Photo: Gecko Technology Partners.

need of personal collaboration kits, including Google’s Chromebooks. “However, these will be required going forward as well, allowing for flexible working conditions. We will continue to provide advice and to facilitate the equipment necessary to cater for the changed demands in remote working which we are seeing globally.”

Since the remote working challenge was enforced, Telavox has also experienced a large increase in demand. “Collaboration has become key, especially over the last few months,“ Andrew says. “The biggest marker of operational challenges is actually retaining a level of regulation versus productivity and professionalism. Making sure that your staff is in a key frame of mind in order to conduct their role and bringing a social aspect into that helps. The Telavox instant messaging function enables you to chat, share stories, videos and incentives, which helps keep the morale and productivity up.”

“From a management perspective, it is a case of understanding and accepting that managing a remote team is different from having everybody in the same office. Thus, one has to be mindful of regular communication, and checking in on everybody’s wellbeing,” Åke concurs.

Level of preparedness varies Åke believes that the level of preparedness varies significantly between companies: “Examples of companies being well prepared are the likes of Google obviously, where remote working is in the DNA,” he says. Similarly, but on a somewhat smaller scale, Gecko itself has been well prepared for remote working: “The philosophy at Gecko from day one has been to have a paperless office and to have everything in the cloud. Hence, the closing of the office for lockdown and to have everybody working from home was to a great extent a non-event as far as technology and processes were concerned.”

When liaising with other parties working remotely, Åke does see a variation of preparedness, in the equipment being used, the quality

of Internet connection and the environment where someone is taking a call, but says that the biggest hurdle to overcome for unaccustomed remote workers seems to be camera shyness. “At Gecko we believe a video conference is no different to an in-person meeting.

What we typically see is that any shyness goes away relatively quickly whilst having the camera on, and seeing everybody you are talking to becomes perfectly natural, replicating the typical in-person meeting. Seeing someone’s body language is such an important element of communication and hence the benefits of leaving the camera on become evident very quickly.”

Andrew agrees that many businesses have not been prepared for the implications of remote working, especially when collaboration between offices is key, both nationally and internationally: “Mergers and acquisitions are prevalent in the industry and the one thing that often seems to be left behind is the mergers within the IT and telephony projects. This can end up causing a lot of confusion and huge loss of productivity, especially if the solutions on-site are legacy and are not designed to be flexible and offer a ‘working from anywhere’ solution.” He adds: “Working from home has been in the press a lot due to the Covid-19 pandemic, although solutions with a true unified communications value, has always allowed you to work from anywhere – not just at home.”

On the other side of the pandemic Both Andrew and Åke believe that this experience will change the mindset of many businesses and that they will look differently on remote working on the other side of the pandemic. “I reckon this is inevitable and positive in many ways,” says Åke. “Not only does it open opportunities for remote collaboration – companies that might have been apprehensive about homeworking before, now realise this is definitely workable from many perspectives. It allows for the catering of employees’ personal circumstances and lifestyles, and thus, could lead to an increased level of happiness among the workforce.”

According to Andrew, the UK has always seemed to hold off offering the flexible working environment that other countries in Europe have offered for years. “This seems to be down to the misconception that ‘new solutions’ that enable this style of working are expensive and difficult to manage and maintain, when it is actually the complete opposite.” He believes we will see a future with more flexibility in the workplace and a more relaxed structure in the office space, but that cost is going to be key: “As legislation states that if you are a contracted worker and have to work from a non-office environment, the company that you are under the employ of, needs to reimburse you for utilities used. I think contractual agreements between staff members and business will be brought to task and many companies will be offering a more balanced work-life system which will include the provision of a working from home policy.”

Optimistic outlook Before the outbreak, at the beginning of the year, Gecko expanded by moving into new offices and taking on more staff. “Whilst many businesses have been impacted by the pandemic, I am pleased to say that everyone at Gecko is still fully employed,” says Åke and adds that an expansion to Austin, Texas, is in the works. From having had a slower start than initially planned, the US operations have been catapulted into action, having won the largest individual order in Gecko’s history during the pandemic, to equip 272 rooms with Google Meet video conferencing equipment. “The foundation for further growth has been built while it has been relatively quiet, ready for when the floodgates open.”

Andrew has also an optimistic outlook when talking about the future of Telavox. “We have a strong roadmap laid out for our services. We are introducing enhanced functionality, added integrations and more usability, all becoming a reality over the coming months ahead,” says Andrew.

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IT TAKES COURAGE TO TAKE ON A CHALLENGE EVEN WHEN IT COMES FOR FREE Together with The Carl Silfvén Foundation, Stockholm School of Economics is proud to present a scholarship, giving you the opportunity to earn an Executive MBA in Stockholm, Sweden.

Covering the entire tuition and additional expenses.

All you need is courage.

Read more and apply at www.hhs.se/scholarship Deadline August 31

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GUEST COLUMN

Connected living: The open plan office of the future?

As most of us find ourselves sitting in solitude in front of our home computers, it is hard not to wax nostalgically about all the little things we miss from the old office. Like that person who would always make phone calls at the top of their voice, seemingly not realizing how it was interrupting the work of a dozen other people. Or those two over there, who decided to have an impromptu marketing meeting right behind your back. Or that one, who insists coming over ten times a day and asking “how it’s going”. Or… you get the picture.

BY: LARS ERIK HOLMQUIST, PROFESSOR OF INNOVATION, NORTHUMBRIA UNIVERSITY, SCHOOL OF DESIGN But as much as we are sometimes irritated by the too-close proximity of our fellow humans, they are also absolutely essential for creativity and innovation. Studies have shown that in research labs, people collaborate the most with the scientists in their immediate vicinity, and the connections fall off drastically even if they are only a few doors away. The next floor might just as well be another planet! The reality is that ideas need other people to grow, and the accidental corridor meetings, spontaneous catch-ups, and informal “fikas” (to borrow the Swedish term for having a coffee together) are often where the real breakthroughs come from, in science as well as in policy and business.

So where does this leave us when suddenly all meetings have to be put in the calendar beforehand, and our professional interactions have to pass through a square-shaped looking-glass?

We can still talk of course, but all the opportunities for informal and non-verbal feedback have been cut off, as well as all those little chance encounters that are so important.

The research in this field goes back farther than one might think. Already in the 1990s, there was a rich vein of experimentation in so-called Media Spaces, the idea that you could virtually connect two places using an always-on video channel. For instance, researchers at Xerox set up what they called “portholes” between their offices in England and California, consisting of an always-on TV monitor and a camera at each location. The intention was to try to mimic the effect of a shared physical space, so that by

throwing a glance at the screen, you would be subtly aware of what your colleagues were doing – even if they happened to be on the other side of the Atlantic.

One would think that almost 30 years later, solutions like these would have advanced enough to connect a distributed workforce in a way that at least gets close to what we experience in real life? Unfortunately, I think most of us agree that we still have a long way to go before the remote interaction becomes as easy and natural as when we are in the same room.

In my research group at the School of Design at Northumbria University, we are exploring how we can live and work both remotely and in-place, without losing all the little things that make real-life human communication so valuable. Think of this as an “open-plan office of the future”, where we can move fluidly between different tasks and communication modalities, and moderate our level of collaboration and attention to what best suits the situation at hand.

The makeup of this new shared space may be a mixture of real and physical worlds, created using mixed-reality technology and new interaction techniques as well as good old-fashioned architecture and interior design.

For instance, in one project we built a remote collaboration tool in the form of a “Telepresence receptionist” that allows the staff in an office reception to greet and interact with visitors in another building. A visitor can call the attention of the remote staff by ringing a physical “hotel

A “Telereceptionist” greets visitors at the PROTO Emerging Technologies Centre in Gateshead.

bell” on the desk. This makes the screen come alive with the image of a remote operator, who can converse with the guest through an ultrahigh-speed private connection. The receptionist can even move the screen around to look at different location and establish eye contact, using a custom-built interface at their end.

What was most interesting about this was not only how the receptionists performed a task they already do, except remotely, but how it also changed their everyday practice. They would open up the connection between the two places not just when there was a visitor, but to “keep an eye” on the remote location as they were attending to other tasks. They would also use the open channel for banter and informal communication, strengthening the connection between the two places. Thus, it turned out that there was a value for “portholes” between places that are not on different continents, but literally next door.

At least things have changed fundamentally since the early days of Media Spaces: the power of the underlying technology has increased exponentially. Virtual and augmented reality (XR) will be merging with ultra-fast mobile networking (5G) to create shared immersive spaces; new rapid manufacturing processes such as 3D printing can make interaction more physical; and autonomous systems might offload decision-making and support humans-in-theloop. Slowly but surely, these new technologies and interfaces are becoming combined into one coherent vision of connected living. If you are missing your fellow colleagues now, you can start imagining our “open-plan office of the future”, where you can just as well work by yourself from home, as from a café or a shared physical office, and still have all the advantages of real-world creative exchanges – with the added perk of having the ability to turn down the volume on that loud phone guy!

Northumbria University School of Design Located in Newcastle Upon Tyne, the School covers Industrial, Fashion, Communication and Innovation Design. With alumni including Apple’s Sir Jonathan Ive, principal designer of the iPhone and iMac, the design community examines design in the context of use, beauty and social and cultural contexts. northumbria.ac.uk

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Feature

Bringing the Scandinavian experience to the UK Well-known for most Swedes, but perhaps more unrenowned in the UK, snus is a moist smokeless tobacco product, widely used in Sweden and in Norway.

Originating from a variant of dry snuff in early 18th century Sweden, snus is today, in its many forms and brands, used by approximately 1 million Swedes daily. Now, by introducing tobacco free nicotine pouches as a smokeless alternative to other nicotine products, SCC patrons Swedish Match and Haypp Group are bringing the Scandinavian experience to the UK. BY: JONAS EKLUND

With a history dating back over a century, there are few similarities between the once Swedish state-owned tobacco monopoly and the company Swedish Match has evolved into today.

“The company has gone from a monopoly offering cigarettes as the main product, to become stock listed, manufacturing and offering tobacco consumers reduced risk alternative products,” Cecilia Kindstrand Isaksson, Director Public Affairs at Swedish Match, explains.

A world without cigarettes The transition from a monopoly focusing on cigarettes, to being one of many players on a competitive market did take time, and according to Cecilia, the change was mainly driven from within the company at the time. “The crucial change happened once the company made a strategic choice to divest our cigarette arm in 1999. The company at the time was convinced that with snus, we could conquer the market with a product that is significantly less harmful than cigarettes, for which it is only natural that our company vision today is ‘A World Without Cigarettes’.”

Society demanding change Haypp Group has in a short period of time grown into a leading supplier of smoke free nicotine products. With eight e-commerce brands, Haypp Group is present in over 30 countries, serving more than 500,000 consumers. “We are spearheading the global transformation from smoking to less harmful product alternatives,” says Markus Lindblad, Head of External Affairs at Haypp Group. “With origins in Scandinavia, our extensive experience from pioneering markets in smoke free alternatives, as well as being a leader in the e-commerce sector, we now fully take our vision to a global scale.”

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Much like Swedish Match, Haypp Group is driven by a vision promoting less harmful alternatives to cigarettes: “Society is demanding a change in the tobacco and nicotine industry.

We believe our vision, ‘Inspiring healthier enjoyment for millions’, is pivotal to drive the global change. As a result of our success in Scandinavia and our recent achievements when entering new markets, we are in a unique position to help drive that change to society.”

Less harmful than cigarettes Scientific evidence estimates that Swedish snus is between 95 and 99 percent less harmful than cigarettes. In Sweden, the tradition of using snus has resulted in that fewer people smoke, which has significantly lowered tobacco-related morbidity and mortality compared to other European countries. “The obvious reason is that there is no combustion involved in using snus. Additionally, the manufacturing process improvements that Swedish Match has done, has guaranteed lower levels of unwanted constituents which has been crucial, in combination with the fact that snus is regulated by the Swedish Food Act. Our snus standard Gothiatek, is the strictest product standard there is for any tobacco product in the world,” says Cecilia.

EU-wide snus ban Swedish Match and Haypp Group have for a long time been confined to just a few markets due to the EU-wide ban on snus – a ban that in fact originated from the UK. In the 1980s the UK banned a product called moist snuff, and snus, due to the definition in the legislation, became part of that ban. After a legal review in the UK, the original ban was removed.

However, at that point Ireland had introduced a ban and Belgium was considering one, which prompted the European Communities

at that time to introduce an EC-wide ban in 1992, which still remains intact. “As we are an innovating company, we are now offering our consumers a new way to enjoy nicotine without tobacco as we are now entering new markets with ZYN, our tobacco-free nicotine pouches. We launched in UK less than a year ago, so it is still a fairly new product on the market,“ says Cecilia.

”The crucial change happened once the company made a strategic choice to divest our cigarette arm in 1999. ” Since establishing in the UK in 2018, Haypp Group has seen a fast growth in sales through its online store. According to Markus, tobaccofree nicotine pouches are now one of the fastest growing smokeless products on the UK market. “As more Brits switch to a healthier tobacco free lifestyle, Haypp.com is quickly becoming the go-to site for UK consumers to purchase smokeless nicotine products. In response to this high demand, we’re creating new jobs at our distribution centres and commercial offices while continuing to focus on providing a convenient, secure, and highquality experience to our surging UK customer base,” Markus says.

Bringing the Scandinavian experience to the UK When discussing tobacco consumption habits in Scandinavia, both Markus and Cecilia refer to “the Scandinavian experience” that de-

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Feature

Photo: Swedish Match.

scribes the high prevalence of snus consumption among tobacco users in Sweden and Norway. “While total tobacco consumption levels in Sweden and Norway are comparable with other countries in Europe, the tobacco-related illnesses are dramatically lower in Scandinavia than in other regions in the world,” Markus says. Cecilia agrees that snus has been important for public health in the countries where it has been available and popular: “With the nicotine pouch we are taking this way of consuming nicotine to the next level. From a toxicological point of view, the product is even ‘cleaner’ as a lot of the unwanted substances that are naturally occurring in tobacco – and other organic matter – are eliminated.”

UK world leading in tobacco harm reduction According to Cecilia, the UK is a world leader when it comes to scientific support of tobacco harm reduction – to offer smokers who are unable or unwilling to quit with nicotine reduced risk products – and when it comes to a pragmatic political approach to reduced risk products. “There is an acceptance that products such as e-cigarettes can play a role in supporting smokers to switch to less harmful products. We believe that our tobacco-free nicotine pouches will play a role in this market as well. We already see significant support for the Scandinavian experience amongst British scientists and an understanding amongst policy makers that alternative products can play a role in public health,” says Cecilia.

Based on experience from the US market, Cecilia says that it is evident that the category has a role to play. “ZYN has since the launch in 2016 in the US been an incomparable success and is available today in over 80,000 stores.

Swedish Match even had to invest in building a new factory in the US to meet the demand from consumers.”

Proper regulation one of the main challenges ahead Both Cecilia and Markus agree that one of the main challenges ahead is to ensure that there is proper regulation in place for all reduced risk products. “The fact that snus is banned in the UK and other EU markets have not allowed consumers to use that product. Until the e-cigarettes came on the market around ten years ago, there were really no alternative for consumers who wanted to consume nicotine or tobacco in a less harmful way. The UK has, after the end of the Brexit-transition period the opportunity of creating a legislation which makes a cigarette-free future reality,” Cecilia says.

”There is an acceptance that products such as e-cigarettes can play a role in supporting smokers to switch to less harmful products.”

Markus calls for state agencies and government bodies to communicate correct information on differential harm: “The perception of relative risk between nicotine pouches and cigarettes is inconsistent with estimates from medical expert committees, which assess the overall health risk from use of nicotine pouches to be minor when compared to the risk from smoking.”

High hopes for the UK market For ZYN, things are moving forward in the UK. Aside from tobacconists and vaping stores,

the brand was recently listed in selected Waitrose stores. “We do have high hopes for the UK market. We see a positive response from consumers in the countries where we have launched the product. As mentioned, the success of ZYN in the US is reassuring, but we do find that this product category will play a role in other markets as well,” says Cecilia.

Markus agrees that there is great potential for nicotine pouches in the UK. “In 2019 we sold around 1 million boxes of nicotine pouches in the UK and we expect to sell 20 million boxes in 2024. We can see the same development in markets like the US and Germany. Now we will continue to inspire the UK to choose healthier enjoyment. When all comes to gather it is evident that knowledgeable and enlightened Brits want safer options.”

About Swedish Match Swedish Match is the market leader in the Scandinavian snus market and is the second largest supplier of nicotine pouches. Since Swedish Match’s vision is a world without cigarettes, offering tobacco consumers alternative products to cigarettes is at the core of business. Swedish Match operates in three product segments – Snus and moist snuff, other tobacco products and Lights.

About Haypp Group The Haypp Group offers its clients healthier product alternatives to smoking. With origins in Scandinavia, its experience from pioneering markets in smoke free alternatives, as well as being a leader in the e-commerce sector, the group is taking its vision to a global scale. With eight e-commerce brands, the Haypp group is present in over 30 countries, serving more than 500,000 consumers.

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113th General Annual Meeting

Making history at the 113th Annual General Meeting On June 4, the Swedish Chamber of Commerce for the United Kingdom made history as it hosted its 113th Annual General Meeting for the first time in a virtual setting, in light of the ongoing pandemic. The SCC team carried out the virtual AGM with rigorous workplace guidelines in place, including handwashing, surface cleaning and – social distancing. At the AGM, the SCC welcomed new Council members and a new Honorary Vice President, and presented four new Scholars to join the Chambers secretariat for a year.

Parts of the SCC team during the virtual Annual General Meeting.

“I am certain that the Chamber will continue to go from strength to strength” Having been Chairman of the Finance Committee since 2013, long-standing Council member and General Manager at Stena Line, Lars Olsson, has stepped down from his position as Chair of the committee. He will remain as Council member. Dr Maria Dahl, Head of Transactions, Executive Director, Business Development and Licensing, Oncology R&D at AstraZeneca, has been appointed his successor as Chair of the Finance Committee. We caught up with Lars to discuss how the Chamber has evolved over the years and what he envisions for the future of the Chamber.

Swedish at heart “I work at Stena Line and have been based in the UK since 1990. Since then the ferry sector and our company have and will continue to see many changes and it is very exciting to be part of this journey. After all this time I am still Swedish at heart but my home is firmly here in London with my English wife and two sons.”

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Foundation Scholarship is now in its 5th year and now also newly extended for another two years. It has been a privilege for me to have been involved.”

Two decades of support “As a major Swedish company just establishing itself in the UK I felt it important to join the Chamber. We did so in 1992 and Stena Line subsequently also became a patron company.

I have always been a great supporter of the SCC, so I was delighted to be invited to join the Council in 2002. I joined the Finance Committee shortly after and then took over as Chair in 2013.”

An increased diversity “I think that the Chamber has gradually changed from perhaps a more close-knit club for the larger industrial companies to today’s Chamber with a much more diverse membership and higher degree of businessfocused activities and services. Technology has changed the way of working enabling the SCC to be more efficient and reach out better to members. Over the last few years we have also been fortunate to have been able to invest in a new suite of systems and up to date back office capabilities that will give the Chamber a real edge and serve the members very well.”

Investing in youth “The Scholarships form an extremely important part in the running of the Chamber as well as an excellent opportunity for the individual to get immersed into business life, make valuable connections and spend an extended period abroad. I am delighted that the Sten A Olsson

A solid financial position “I have been fortunate enough to work with the support of and highly valued contribution from the members of the committee, it has been a real pleasure and privilege so thank you. My main ambition has been to ensure the Chamber would be in a much improved and

Lars Olsson, General Manager at Stena Line. Photo: Renz Andres.

solid financial position. I am happy to say that we are there now so it is the right time to hand over the Chair to Maria Dahl for the next chapter, I wish her all success and am sure she and the members will do a great job.”

Community matters “We live in turbulent times and in times like these professional well run member organisations like the SCC matter even more. I am certain that the Chamber will continue to go from strength to strength serving its members and I will do my best as a council member to help it do so.”

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113th General Annual Meeting

The SCC welcomes new Council members and a new Honorary Vice President At the AGM, the Chamber welcomed Hélène Barnekow, CEO of Microsoft Sweden, Kristian Elvefors, Managing Director at Volvo Car UK, and Anders Engstrand, incoming Country Manager UK at SEB, as new delegates to the Council and Board of Directors.

President of the Council, which is a lifetime appointment. Chairman Jan Olsson continues: “Håkan’s contribution to the Chamber over the last decade is extraordinary, including various committee roles, but also as the financial provider of scholarships to the Chamber. A very worthy appointment.”

“The elected members are all esteemed and engaged business leaders from their respective sectors, and will serve alongside an already impressive list of Swedish-British business profiles,” says Jan Olsson, Chairman of the Swedish Chamber of Commerce.

The Chamber would like to extend its gratitude towards resigning Council members Magnus Ahlqvist, President and CEO at Securitas Group, Claes Jacobsson, Senior Advisor at Scania, Hans Otterling, General Partner at Northzone, Magnus Damberg, Global Client Executive at SEB, and Ola Rollén, CEO at Hexagon.

Moreover, former Council and Executive, Finance and Nomination Committee member Håkan Winberg was appointed Honorary Vice

Hélène Barnekow

Kristian Elvefors

Anders Engstrand

Håkan Winberg

New Scholars join the SCC team The Swedish Chamber welcomes four new scholars to its scholarship programme, made available by partnerships with and generous donations from the Gull & Stellan Ljungberg’s Foundation, the Scholarship Fund for Swedish Youth Abroad and the Sten A. Olsson Foundation for Research and Culture. The scholarships, that were presented at the AGM, are provided to talented young students, offering them twelve months’ experience at the Chamber’s secretariat in London. A warm welcome to our new Scholars.

Mahmoud Hajo Scholarship Fund for Swedish Youth Abroad “I graduated from Uppsala University with bachelor’s degrees in both Political Science and Business and Economics. Currently I am enrolled in the master’s program in Russian and Eurasian studies, also at Uppsala University. I applied for the scholarship since my goal is to work with trade related questions in the future and I figured that there are few places in the world where I can gain the same experience about trade as I will in London. A scholarship at the Swedish Chamber of Commerce might also help me distinguish myself among those with the same career aspirations. I am looking forward to learning all my new responsibilities at the Business Services department and meeting my new colleagues.

Maria Karlsson Gull & Stellan Ljungberg’s Foundation Scholarship “I studied my bachelor’s in Business Administration with an orientation in Human Resource Costing and Accounting and Marketing at the University West in Trollhättan.

Today I am studying an international master in Strategic Human Resources Management and Labour Relations at the University of Gothenburg. I chose to apply for the Gull & Stellan Ljungberg Foundation Scholarship as I would get the opportunity to work with international business relations in one of the largest Swedish Chambers in the world. I have always been interested in working and gaining global knowledge, which I believe the SCC can help me accomplish. I look forward to starting my work as part of the Membership and Community team as well as the collaboration with the other teams.

Michelle Riedenfalk Sten A. Olsson Foundation for Research and Culture “I have recently completed a BSc in Business Administration with an international orientation from the School of Business, Economics and Law at the University of Gothenburg. During my studies, I have continuously

engaged in extracurricular projects where I have gained valuable knowledge about event planning, business relations and brand development. As I have always had my mind on an international career, I did not hesitate when the opportunity arose to apply for the scholarship for an internship at the SCC. I strongly believe the SCC is the perfect way to start my professional career because it has all the characteristics I search for within a workplace. I am enthusiastically looking forward to meeting all the SCC members, and to start creating value for them through exciting events as part of the Events and Programmes team.

Tobias Almqvist The SCC Scholarship “I have a Master of Laws (LL.M) from Lund University. In addition to law, I have studied communications, and since my exchange semester in Beijing I am also studying to become fluent in Mandarin. I thrive when challenging myself, learning new things and meeting new people, and my ambition has therefore always been to work internationally. As I am also very interested in international business, I am confident that the SCC is an ideal place to commence my professional career. I look forward to meeting a lot of inspiring people, to develop professionally as part of the marketing and communications team, and to follow the negotiations regarding future UK-EU relations at the centre of events.

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Feature

The SCC strengthens its Midlands Chapter at an exciting time for the region In the spring of 2020, the Swedish Chamber of Commerce welcomed Jonathan Hofstetter, Litigation and Arbitration Partner at international law firm Fieldfisher, as the new SCC Midlands Chapter Chair. Jonathan shares his views on the characteristics of the rapidly growing Midlands, as well as what he envisions for the future of the region and beyond.

Reinvention of a business region “Since leaving London 25 years ago, I have been struck by the Midlands’ transformation and reinvention of itself. Now, the whole central cityscape is dominated by a beautiful university campus, built around the cathedral’s world heritage site, and the local economy is now leavened by many service industries.

The SCC’s Midland Chair is an opportunity to plug into that transformation and add to it by encouraging and helping Swedish investment and business.”

Birmingham and the Midlands Chapter “The Midlands, the birthplace of the Industrial Revolution, has always had manufacturing at the heart of its economy. That continues today, and the sector employs 50% of the working population. These days the sector is significant for its high-tech engineering and advanced manufacturing, and there is a strong policy

focus on creative, digital and life sciences industries as key economic drivers. The region, given its central position, is very well connected, and probably – at Birmingham International – has the most pleasant user-friendly airport in the UK. Culturally, the region offers world-class tertiary education at Warwick, Birmingham, Aston, Coventry and other universities. It is a great place to live and do business.”

High levels of growth “All bets are off following the COVID-19 lockdown as to how the Midlands will fare. It is likely that there will be a 75% plunge in manufacturing activity in the region this year. Before the lockdown, the region had experienced high levels of growth and looked set for another good year. Investment in infrastructure, a focus on high-end manufacturing and engineering, very significant inward investment all suggested that the region was on the right track for

continued growth. As a specific counterweight to the continuing uncertainties of the lockdown and of Brexit, the region is the current focus of massive infrastructure investment in the new High-Speed rail connection (HS2) between London and Birmingham.”

Nationwide collaboration “I would like to see collaboration between the various regional SCC chairs – and with London of course, leading to cross-fertilisation between us of ideas and experiences of how Swedish companies are faring in the UK or interacting with UK business. This kind of joined up thinking would I hope to give a real sense of the SCC’s services in the centre and in the regions being all one linked up offering.

And it mirrors what the UK government aims to achieve as well.”

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Upcoming EVENTS

Upcoming events The SCC is continually monitoring government and health guidelines to protect our team and guests, and are planning for a mix of virtual and physical activities in the autumn. If you have any questions or concerns, please get in touch with the SCC. Our Terms & Conditions will naturally be updated along with government recommendations on physical events, and we will keep you posted. See all upcoming events at scc.org.uk/events

Annual Crayfish Dinner 2020

4 Sep | 1 Lombard Street, London The crayfish season, marking the end of summer, is one of the most popular cultural celebrations in Sweden where people gather to eat, drink and have fun. The SCC’s Annual Crayfish Dinner promises traditional Swedish festivities with great food and drinking songs, “snapsvisor”. Sponsored by Jämtland Härjedalen Tourism.

Business Breakfast feat. Stefan Ingves, Governor of Sveriges Riksbank and Chairman of the Executive Board

1 Oct | TBC, London Welcome to this roundtable discussion featuring Stefan Ingves, Governor of Sveriges Riksbank and Chairman of the Executive Board, on the state of the economy in Sweden.

Tech Forum: Tech for good

3 Sep | Microsoft Reactor 70 Wilson St, London Join us at Tech Forum 2020, as we discuss the technologies of the future, and tech as an enabler for good – how ideas and innovation behind ideal driven technology and conscious investments can be used to drive change.

Sponsored by Danske Bank, Goodwille and ZYN.

Tech Fest at the Swedish Ambassador’s Residence

3 Sep | 27 Portland Place, London Succeeding the Tech Forum, we invite you to join the Tech Fest hosted at the Swedish Ambassador’s Residence in Marylebone. As one of the highlights of the London Tech Week, this is your opportunity to network with global tech companies, investors as well as a designated tech delegation from Sweden comprising of start-ups challenging today’s disruptors.

Business Breakfast feat. Kristian Elvefors, Managing Director, Volvo Cars UK

23 Sep | TBC, London Welcome to this roundtable discussion with Kristian Elvefors, Managing Director of Volvo Cars UK, on the future of Volvo, electrification and how to lead a purpose-driven organisation.

Business Breakfast feat. Anna Wikland, Country Director for Google 21 Oct | TBC, London Welcome to this roundtable discussion featuring Anna Wikland, Country Director for Google in Sweden. Anna will discuss Google’s journey from disruptor to world leader and the way forward.

Business Culture Course

8 Oct | SEB, 1 Carter Ln, London Are you – or your team members – new to Swedish or UK business culture? The Business Culture Course gives you insights into Swedish and British business cultures and the tools necessary to understand and excel in your workplace environment. Hosted by SEB.

Meet & Pitch: PropTech

27 October | TBC, London Are you interested in meeting the next generation of Swedish PropTech businesses? At this Meet & Pitch: PropTech networking event, we will be connecting Swedish start-ups and British stakeholders, in conjunction with Future PropTech, the World’s Number One Real Estate Technology Event Series. NB: This event is limited to stakeholders within the Property Technology sector. In collaboration with PropTech Sweden.

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New patrons & Members

NEW PATRONS AND MEMBERS The Swedish Chamber of Commerce for the UK is the ultimate business platform for Swedish and UK businesses, representing some 400 companies from across all sectors and industries, and from start-ups, SMEs, unicorns to large corporations. Membership comes with a suite of benefits for you, your colleagues and your business. If you would like to find out how you can maximise your membership, or to enquire about joining, please do get in touch at membership@scc.org.uk. But first, a warm welcome to our newest members.

New patrons

Husqvarna Originally founded as the “Jönköping Rifle Factory” in 1620 by decree of the Swedish monarch, Husqvarna has been in business for four centuries. Since 1689, Husqvarna has been a leading producer of sewing machines, bicycles, motorcycles and kitchen equipment.

Husqvarna is today one of the world’s leading producers of outdoor power products for forest, park and garden care, watering products and power tools for construction. The corporation is divided into three divisions - Husqvarna Division, Gardena Division and Construction Division.

Swedish Match Swedish Match is the market leader in the Scandinavian snus market and is the second largest supplier of nicotine pouches. Since Swedish Match’s vision is a world without cigarettes, offering tobacco consumers alternative products to cigarettes is at the core of business.

Swedish Match operates in three product segments – Snus and moist snuff, Other tobacco products and Lights. Swedish Match shares have been listed at the Nasdaq Stockholm since 1996 under the abbreviated name SWMA.

New members

Ahrel & CO Founded in 2007, Ahrel & Co helps SMEs achieve their growth agenda by bringing vision and strategy to life. We thrive on problem solving, and work with business leaders taking a new approach to business planning in a creative and inspiring way, while developing a common picture and strategic direction quickly. We are not like typical strategy consultants - we’re on your team. We get into the engine room of your organisation and join your leadership team and advisory boards. We get up close and personal to make absolutely sure we help unlock your potential, which often gets buried in the day to day running of a business. We work alongside private equity firms and in their high growth portfolio companies, where we change and transform businesses to the achieve the valuation and multiples desired.

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Aim Public AFFAIRS Aim Public Affairs helps management and decision-makers in business and organisations to form and influence public opinion. This includes aspects such as managing conflicts and crises in complex issues and assignments based on personal relationships and unique experiences from senior positions in both politics and business.

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New patrons & Members

Castlegreen Partners Castlegreen Partners provides independent corporate finance advice on mergers and acquisitions and other transactions in and connected with the Nordic region.

Chorus Chorus is a health tech company specialised in developing solutions to tackle both large and small e-health challenges. We also develop bespoke SaaS services solving specific needs at public and private caregivers as well as rehab centres.

Jamtland Harjedalen Tourism Jämtland Härjedalen Tourism (JHT) is a professional business platform developing and creating opportunities for the tourism industry. In Jämtland Härjedalen, the natural environment of the forests, mountains and streams are the primary ingredients and the core industry is tourism. “Togetherness” is a word that defines both the organisation JHT as well as the people in the region of Jämtland Härjedalen.

Markick We have developed a LinkedIn marketing platform that can run campaigns very cost-effectively. Many of our clients are paying less than half of what their competitors are paying for the LinkedIn channel, which is a huge competitive advantage for them. Some clients are saving tens of thousands of pounds per year. You can do the same.

Nordic Heat Nordic Heat is a peer-to-peer advisory and pooling service assisting in designing, installing, and operating solutions to decarbonise heating and cooling. Aim is to speed up projects while reducing costs and risks by offering access to the extensive hands-on experience developed in the Nordics. Founder of an international training platform, the Heat Academy offering vocational and professional training.

Playpilot Playpilot is a neutral super-aggregator that let users search and explore all streaming services in their market, helping them quickly find the best titles from Netflix, iTunes and 30+ other services. Beyond aggregation and cross-service recommendations, Playpilot is heavily focused on making it easy for consumers to access recommendations from friends, family, or critics they follow.

SBP Nordic SBP Nordic Ltd is an investment firm based in London that provide a way for private wealth, Family offices and other sophisticated investors to access the Nordic real estate market through credit. SBP Nordic Ltd is a subsidiary of its Swedish parent company that have been specializing in providing credit for SME real estate developers in the Swedish market.

Sitoo Sitoo is a world-leading Unified Commerce platform with a Mobile POS for global retailers. Sitoo provides a cost efficient, game-changing technology, enabling retailers to unify all in-store and online sales channels, in real time. The result is streamlined inventory management, empowered store associates, exceeded customer expectations and never-missed sales. Trusted by brands in Europe, Middle-East, AsiaPacific and North America.

Vixen Capital Vixen Capital provide artificially intelligent decision allocating solutions in fields and for problems found within finance and life sciences. Born out of Chalmers University of Technology in Sweden and work within the life sciences, BrahmA is the flagship proprietary library of code Vixen use to deliver all their products.

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FEATURE

Building a bridge between the Swedish start-up ecosystem and the UK investor scene Many Swedish businesses see an establishment in the UK as a natural step in their expansion plans, because of its thriving business community and for being considered as the gateway to the rest of the world. In order to start building presence, start-ups and businesses, such as Beleco and SCC member Tipser, turn to the SCC’s Growth Readiness Programme to expand their network in the UK and get advice from experienced investors on their growth journey. “The most important discussions that I have been part of have circled around raising capital, focusing on scalability of the core business and networking,” says Malin Holmberg, Partner at Target Global and one of the mentors of the programme.

BY: HEDVIG ASTBERG

The Growth Readiness Programme spans over a full year with four meet-ups consisting of workshops, presentations, mentoring and access to a powerful network of SwedishBritish investors and tech-professionals. The participants of this year’s edition represent a wide variety of sectors, such as tourism, ecommerce, real estate and design-tech. Malin Holmberg, Partner at Target Global and one of the mentors of the programme, believes it has been a successful year: “What a year this has been! Such great companies and so much energy and drive from all the participants in the programme.”

Developing the future of shopping Embeddable ecommerce platform company, Tipser, will soon launch in the UK. The company began its journey back in 2011 by being inspired by bloggers writing about products on their blogs. “We thought that the future of shopping is when you move the buy button as close to the inspiration as possible, because our take was that the consumer would like to buy stuff as soon as they liked it,” says Marcus Jacobsson, Founder and CEO of Tipser.

Today, Tipser has switched its focus to large European media houses, such as Bonnier, Schibstedt, Bauer and Burda with publications like Elle, Cosmopolitan and Dagens Nyheter.

“We realised that you need substantial traffic to make substantial money. When we learned that, we switched the target to large traffic platforms like big news outlets or other types of media players,” says Marcus.

Furniture on demand Design-tech startup Beleco rents out furniture on demand to companies and individuals.

Beleco provides high-quality design with simplicity and high availability, letting users access items for both shorter and longer time. The

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service has a positive environmental impact as it saves 45% in CO2 compared to buying the furniture yourself. “Together with research institutes in Sweden we have calculated that within 10 years Beleco and our members will save 2 million tonnes of CO2,” says Sebastian Rudenstam, CO-Founder and CBDO at Beleco.

”I’m a firm believer of networking and I have learnt that everything is about connections. ” The idea was born in 2016 when Co-Founder Sebastian Rudenstam heard that all products and services will be available on demand in the

future. A few days later, Sebastian’s mother, Marie Rudenstam, got the idea to rent out furniture and their business model was born.

They are currently active in Stockholm but are planning to launch in London within a near future.

Networking and getting connected Marcus saw the Growth Readiness Programme as a tool to expand to the UK market, since the company was looking for both new investments and support with entering the UK market. “We met with the Swedish Chamber, and we were really impressed by their professionalism and the network. And then we heard about this programme, which was good timing, because we are planning to launch in the UK,” says Marcus. He continues: “At the same time, we were starting to prepare for our investment round, where London is a big financial hub. So, it was interesting to get access to that network.”

Due to the ongoing pandemic, the participants and mentors have been meeting up virtually during the spring.

LINK

FEATURE

”As the business matures, scaling up the team, ensuring an efficient sales machine, dimensioning the platform for growth and prioritising becomes key. ”

Malin Holmberg, Partner at Target Global. Photo: Sarah Rimmo-Toure.

Beleco decided to join the Growth Readiness Programme in order to create connections and better presence in the UK. “I’m a firm believer of networking and I have learnt that everything is about connections. That is what I felt with the Growth Readiness Programme. I had almost zero connections in London, which is one of the markets that we will grow into, and one of the largest markets in Europe,” says Sebastian.

A door opener According to Marcus and Sebastian, participating in the programme has been a highly valuable experience. “I would say the warm leads have been the biggest gains. It has provided us with a really personal network which opens doors to lots of well-connected and experienced experts in these fields. I’m actually a bit surprised by the helpfulness and friendliness that we were met with. We have gotten really valuable tips and introductions through the programme,” says Marcus and continues: “The Chamber also helped us filter the network and recommend contacts where there is a potential mutual match, which was really helpful.”

”You need to have a stellar team that shows passion for the business as well as resilience. ” For Beleco the programme was a platform to create a presence in the UK and to get their name recognised. “I think we have a presence now. A lot of the businesses in London

know about us. Also, we have started to build connections for partnerships, which is great,” Sebastian explains. One thing that Sebastian recommends doing prior to the programme is to make sure your business is scalable. “We don’t own any of the asset. We don’t own any of the interior designers. We have a platform that’s really scalable and we have partners that are national brands three dimensional. Before you start it is important that you are already everything that the investors want – and they will ask if you are scalable.”

Focusing on the core business Apart from important insights in raising capital, Malin believes the programme has helped the participants to understand the mechanisms of scaling up: “The most important discussions that I have been part of have circled around raising capital, focusing on scalability of the core business and networking. We have talked about what it takes to raise capital at different stages and how important it is to get your business to show strong progress.” However when embarking on a growth journey there is more to keep in mind than capital. Malin says: “You need to have a stellar team that shows passion for the business as well as resilience. In the early stages, it is key to find a strong product/ market fit, for example solving a customer need in a great way. As the business matures, scaling up the team, ensuring an efficient sales machine, dimensioning the platform for growth and prioritising becomes key.”

Virtual meet-ups can be beneficial Due to the ongoing pandemic, the programme has changed its setup during the spring, where the remaining meet-ups have been moved online. Malin thinks that the programme works well in a virtual setting as it has required everyone to be more prepared and the meetings

have been more efficient and varied. ”I have to say that this has worked incredibly well. Being online forces you to prepare the discussion topic a bit more in advance and this has made the sessions short but sweet. Productivity has been high and we have spent less time accomplishing the same,” says Malin. On the other hand, the meetings in person should not be fully replaced as they are vital when meeting new people. This is why the next year’s edition will provide a mix of virtual and in person meet-ups if possible. “You need face to face interactions to get to know each other and find efficient ways of interacting. I think we will see a shift in our way of working even after the pandemic, but the face to face meetings will not disappear.”

Malin will be joining as mentor in the next edition of the Growth Readiness Programme as well and is excited to meet the new participants: “I look forward to meeting the new founders and to learning about their new exciting business models and get inspired. And then of course helping them, in any way I can.”

Apply for the Growth Readiness Programme The application for the next round of the Growth Readiness Programme is now open.

Are you a Swedish start-up that would like to create a presence on the UK market? Read more and apply at scc.org.uk/programmes/ growth-readiness If you have any questions regarding the programme, please contact Business Services Manager, Anna Crona on crona@scc.org.uk

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LINK

IN OTHER NEWS

News from the SCC community AstraZeneca to manufacture COVID-19 vaccine British-Swedish pharmaceutical company and SCC patron AstraZeneca is to manufacture a COVID-19 vaccine in partnership with Oxford University. The company is working to support global access to the vaccine at no profit by establishing a number of supply chains across the world. It recently doubled its manufacturing capacity to 2 billion doses, half of which will be supplied to low and middle-income countries.

Gunnebo’s new infection control gates stops COVID-19 at the entrance In order to meet specific needs created by the COVID-19 pandemic, SCC patron Gunnebo Entrance Control recently launched a new type of infection control gates. By offering three different levels of protection, for instance body temperature detection, it ensures that protective measures are properly and safely enforced. In this manner, the gates can facilitate a smooth return to a safe working environment by stopping Covid-19 right at the entrance to for example office buildings, schools, hospitals and in public transportation.

Photo: SAS.

SAS appointed most sustainable airline SCC patron SAS has been recognised as the most sustainable airline brand in Sweden, Norway and Denmark by the Sustainable Brand Index 2020, Europe’s largest brand sustainability survey. In previous years they have obtained the top position, however this is the first time the airline has achieved it in all three countries. SAS is still striving to go even further in order to defend its position in the future.

Verisec sees an increasing demand for Freja eID SCC member Verisec sees a steep increase in the number of users of its eID tool, Freja eID. Compared to early 2019 there has been an increase of 250%, with customers in both the private and public sector.

Companies in various industries, spanning from e-commerce, banking, gaming, education, signature services and cloud services are currently using the product. Verisec has noted an even larger demand and drive for the technology as a result of the COVID-19 pandemic, as the need for secure digital processes is becoming critical with many employees working remotely.

Klarna launches customer loyalty programme Visit Stockholm launches chatbot to help visitors explore Stockholm SCC member Visit Stockholm launches a chatbot called ‘Erik,’ where Stockholm visitors can get customised advice and suggestions about what to visit in the city. By the user answering questions on preferences and interests, the digital bot can provide a map with different spots to visit for the individual to navigate around the city. This is an innovative effort made in joint collaboration between Visit Stockholm and Digitalbyrån Fröjd in order to get Stockholmers and Swedes from other parts of the country to vacation in Stockholm. The idea is to explore new parts of Stockholm that has not previously been discovered.

Trustly brings in new investors to support global expansion SCC patron Trustly recently announced a consortium of investors becoming minority shareholders in the company. The transaction follows the acquisition of Trustly by Nordic Capital in March 2018, and will further support Trustly in its global expansion.

In its efforts to evolve the shopping experience, SCC patron Klarna is launching Vibe - a no-fee customer loyalty program. Vibe members will earn points for every purchase made directly through the Klarna app which can then be redeemed for rewards, and will also get access to exclusive online and offline sales. Vibe is to be rolled out in the UK, Sweden and Klarna’s other key markets within the next year and will allow its members access to tailored benefits, exclusive offers and other rewards.

The preparations for building a HYBRIT plant have begun The preparations for the construction of an industrial scale demonstration plant of HYBRIT, the first fossil free steele, is on its way. HYBRIT is a joint venture between SCC patron SSAB, SCC patron Vattenfall and LKAB in order to produce fossil free steel. Several consultations with government agencies, organisations and the general public have also begun, to find the optimal sight in Norbotten, Sweden. Currently, two sight are being considered; Vitåfors industrial estate in Gällivare Municipality and the Svartön industrial estate in Luleå. The construction is scheduled to commence in 2023 with an ambition of starting the plant’s operations in 2025.

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LINK

Meet

Mikael Sorensen CEO OF HANDELSBANKEN PLC Founded in 1871, almost 150 years ago, Handelsbanken is one of Sweden’s largest banks. “Handelsbanken is the oldest listed company on the Stockholm Stock Exchange,” says Mikael Sørensen, CEO of SCC patron Handelsbanken plc. In this feature Mikael takes us through Handelsbanken’s eventful journey in the UK. BY: SARA APÉRIA

Despite his long-standing career within the financial services industry, dating back some three decades, Mikael Sørensen had not originally envisioned a career in banking. “I never saw myself working in financial services, but it is really a fascinating and complex industry that is under constant development.” It was whilst preparing to pursue a law degree at the University of Copenhagen that Mikael, looking for career opportunities across a wide range of industries, was first introduced to banking.

“I was lucky enough to be offered a job at a Danish bank in 1986, and that is how I ended up in banking. Career choices very often are a matter of coincidence,” says Mikael. In 1994, Mikael joined Handelsbanken, where he has now worked for 26 years. Since joining, his journey with Handelsbanken has seen him work in various roles within the organisation, as well as taking him to four different countries – Denmark, Poland, the Netherlands and most recently the United Kingdom. “That is one of the advantages of working in a place like Handelsbanken, there are always plenty of possibilities and opportunities.”

Three decades in the United Kingdom Having entered the British market in 1982, Handelsbanken has been present in the UK for almost 40 years. Initially, Handelsbanken operated in the UK as a wholesale bank, primarily serving Swedish corporate customers with a presence in the UK. Today, however, the Bank serves private individuals and corporate customers across the country, offering banking and wealth management services with a high level of bespoke customer service. “Today we have a network of more than 200 branches across the UK; from Inverness in Scotland to Truro in Cornwall. Each of those branches are

empowered to make the majority of decisions that are needed to serve their local customers.

The branch is the home for the relationships we form with our customers which is why we say that the branch is the Bank.” Although its UK head office is located in London, Handelsbanken’s services are by no means limited to London: “We are a bank that is founded in local communities: we serve local customers through our local branches.” Nevertheless, as the financial capital of Europe, London is naturally a major market for Handelsbanken: “London is of course an important part of our UK business, being a metropole with more than ten million people, but our other UK regions are just as important to us.”

It was around the time of the millennium, after Handelsbanken had been operating in the UK as a wholesale business for almost two decades, that the board decided to test its business model on a broader scale in the UK. This resulted in the opening of a handful of branches around the country. “In 2002, the UK was made into a ‘home market’ or, in other words, one of the markets in which the Bank runs its full banking operations. Today Handelsbanken has six home markets – the Nordics, the UK and the Netherlands.” In the wake of the financial crisis in 2007 and 2008, Handelsbanken accelerated its expansion in the UK, opening new branches every eight to ten banking days. Another milestone for the Bank came in 2013, when Handelsbanken acquired the wealth management company Heartwood.

Heartwood has been fully integrated into Handelsbanken, now operating under the name Handelsbanken Wealth Management. In 2018, Handelsbanken transferred its UK activities to the newly-formed Handelsbanken plc – a fully-

Mikael Sørensen, CEO of SCC patron Handelsbanken plc. Photos: Renz Andres.

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fledged UK bank, regulated by the PRA and the FCA, the UK’s financial regulators. “The creation of Handelsbanken plc is the latest major milestone on our journey and really reflects a long-term commitment from the Bank to stay in and develop our presence in the UK.” Looking ahead, Mikael envisions a bright future for Handelsbanken in the UK: “Our journey here has just started; we can and will grow for many decades going forward in the UK.” Swedish heritage Handelsbanken is proud of its Swedish heritage. Furthermore, the Bank benefits from the fact that ‘brand Sweden’ is perceived as extraordinarily strong. In general, Sweden is perceived as a sustainable, environmentallyfriendly and open society that champions equal rights. The overall national brand is further strengthened by corporate ambassadors such as IKEA, H&M, Volvo and Spotify. “I am not sure that people in Sweden actually realise how fantastic ‘brand Sweden’ is. In general, you only hear good things about Sweden all around the world.”

Some 50 years ago, the renowned banker Jan Wallander joined Handelsbanken as CEO. In the 1960s, Handelsbanken had encountered some issues, which Mr Wallander was subsequently set the challenge of solving. “Jan Wallander transformed the Bank completely, making it into the Bank that it is today. This transformation was based on a fundamental belief in human nature.” Jan Wallander believed that people are driven by the will and ability to do good things well and that the right way to organise a business is to decentralise decisionmaking and empower individuals. Accordingly, he decentralised Handelsbanken, whilst empowering people to take decisions as close to the customer as possible. “This is a really important part of our corporate culture – trust, respect and empowerment, as well as the fundamental belief in human nature. Introduced

by Jan Wallander 50 years ago, these are values that we continue to live and prosper by.”

Local relationship banking Also fundamental to Handelsbanken is its business model based on local relationship banking. “Our branches form long-term relationships with customers in their local communities,” Mikael explains. This decentralised structure creates a sense of proximity and a strong degree of trust between the branches and its customers. “The fact that we give the branches the opportunity to make more or less all the decisions required to serve

LINK

Meet

”Handelsbanken has never sought financial support from any government, central bank or shareholders, which reflects the economical sustainability of our values. ”

their customers means that our customers speak to a decision-maker, not a messenger.”

Customers benefit from the ability to speak to professionals that not only are knowledgeable about the local market area, but who also have a thorough understanding of the customer’s personal and financial situation. For Handelsbanken, customers are at the heart of the entire business strategy: “At Handelsbanken, the customer really is king or queen. We listen to our customers and then adapt to their needs,” says Mikael. This customer-oriented business philosophy is reminiscent of a quote from the late American fast-food tycoon, Raymond Kroc: “Take good care of your customers and your business will take care of itself.” Mikael strongly agrees on the importance of meeting customer demands: “If you ensure that your customers are satisfied and – even better – if the service you provide exceeds their expectations, then the business will succeed.”

wrong behaviour in an organisation. According to Mikael, these factors altogether result in Handelsbanken holding a very strong financial position. “Handelsbanken has never sought financial support from any government, central bank or shareholders, which reflects the economical sustainability of our values.”

Triple bottom line In recent years, Handelsbanken has been named ‘most sustainable bank’ by a number of independent sources, such as for instance, Dagens industri’s Hållbara Bolag and the Swedish Sustainability Ranking in 2019. Handelsbanken’s ambitious sustainability agenda is constituted by three fundamental elements based on the triple bottom line – economic, social and environmental sustainability. First of all, economic sustainability is obtained by implementing a long-term view across operations and having a low risk tolerance. In addition, Handelsbanken quite uniquely avoids paying bonuses and setting sales and product targets, since these can drive and incentivise

In terms of environmental sustainability, Handelsbanken also strives to be a driving force in creating a greener future. “We want to be an asset and never a burden to society.

We want to play our part in the transition to making the world a more sustainable place to live.” Likewise, Handelsbanken focuses greatly on the concept of green finance, including the development and launch of green bonds, loans and mortgage loans. In 2019, Handelsbanken’s asset management arm in the UK launched four sustainability funds, enabling customers to invest their money whilst achieving better environmental, societal and governance outcomes.

Being socially sustainable clearly aligns with Handelsbanken’s fundamental value of believing in human nature and in human beings’ ability to do good things well. “We have a high level of trust and respect for individuals, both our employees and our customers, which is why we empower our people to make their own decisions.” Furthermore, Handelsbanken strives to mirror and support society. “One of our stated goals, when it comes to being a sustainable bank, is trying to be a diverse and inclusive workplace by mirroring the society around us,” says Mikael.

Emerging stronger In light of the current global pandemic, Handelsbanken’s main priority has been to ensure the health and wellbeing of its customers and employees, by closely following government advice. For instance, the organisation sent home some 70-75% of its entire workforce a week before the official lockdown. At the same time, all Handelsbanken’s more than 200 branches have been open every single day throughout the lockdown and pandemic, albeit with reduced numbers of employees present in-branch. According to Mikael, technological advancements have been crucial in successfully adapting to the new circumstances driven by the pandemic, enabling remote access to IT systems and daily virtual internal and external meetings. “Technology has played an important role in this. If you would have asked me three months ago if I would have thought that it would be possible to run a bank of our size with 70-75% of the people working from home, I would not have believed it.” The most valuable lesson learned from the ongoing pandemic is the importance of adaptability: “It is amazing how agile an organisation is and how human beings are able to adapt to unforeseen circumstances,” says Mikael. The pandemic has resulted in Handelsbanken taking a huge step forward in terms of video technology and customer interaction through video platforms such as Skype. In a similar manner, Mikael believes that innovative technologies will be of increasing importance in the future. “Innovative technologies such as robotic technique, artificial intelligence and blockchain will continue to quickly transform the financial industry going forward,” Mikael concludes.

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