The Asian Business Review 2022

Issue No. 01

Display to December 31, 2022

The Asian Business Review

BANKING ON TECH EXPERTS

MASSIVE ADOPTION OF TECH WITHOUT CRITICAL TECH ADVICE FROM EXPERTS COULD SPELL DOOM FOR BANKS.

ASIA’S HEALTHCARE PIVOTS BACK TO NONCOMMUNICABLE DISEASE HOW SEA BUSINESSES CAN EXPAND THEIR SOCIAL MEDIA PRESENCE INGENIOUS BRANDS RECOGNISED AT THE ASIAN EXPERIENCE AWARDS 2021 ABR HONOURS THE WINNERS OF THE INAUGURAL MIDDLE EAST AWARDS

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FROM THE EDITOR

I

n the first issue of The Asian Business Review, we look at the latest business trends in the Asia Pacific region as the increasing demand for innovation and digital transformation was further pushed to unprecedented heights throughout the global pandemic.

The Asian Business Review is a regional magazine serving Asia’s dynamic business community. Essential coverage includes the economy, investment, manufacturing, technology, travel, and trade. It offers fresh perspectives and ideas to guide its readers through the challenges and complexities of their businesses, providing opinion and analysis on all areas of business to improve performance.

PUBLISHER & EDITOR-IN-CHIEF Tim Charlton PRINT PRODUCTION EDITOR COMMERCIAL EDITOR COPY EDITOR PRODUCTION TEAM

Jeline Acabo Janine Ballesteros Tessa Distor Lucia de Guzman Patricia Uy Frances Gagua Vann Villegas

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In healthcare, non-communicable diseases remain a ‘blind spot’ for the sector, whilst the retail industry is ramping up the adoption of social media as the main platform for business transactions for an increasingly digital-reliant consumer base. In the banking and finance sector, massive adoption of banking technology without critical advice from tech experts could spell doom for lenders. In the real estate industry, APAC is expected to sustain growth in commercial investment throughout 2022.

The Asian Business Review recognises the esteemed companies that rose to the challenges of the global pandemic at the Asian Technology Excellence Awards (page 20), the Asian Experience Awards (page 30), and the inaugural Middle East Technology Excellence Awards (page 46).

Read on and enjoy!

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CONTENTS

REAL ESTATE

18 APAC TO SUSTAIN GROWTH IN COMMERCIAL REAL ESTATE INVESTMENT IN 2022: CBRE FIRST 06 Here are the top 10 consumer trends to watch out for in 2022 08 Investors worried about intensified competition for APAC real estate assets 09 Demographic shifts boost APAC’s DIY home improvement retail 10 The 4 traits of digitally mature organisations

HEALTHCARE 12 Asia’s healthcare tomorrow: Pivoting back to non-communicable disease

RETAIL

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HEALTHCARE ASIA’S HEALTHCARE TOMORROW: PIVOTING BACK TO NONCOMMUNICABLE DISEASE

14

RETAIL HOW CAN SEA BUSINESSES EXPAND THEIR PRESENCE THROUGH SOCIAL MEDIA?

EVENT COVERAGE 20 Find out who won at the Asian Technology Excellence Awards 2021

30 Ingenious brands recognised at the Asian Experience Awards 2021

14 How can SEA businesses expand their presence through social media?

46 ABR honours the winners of the inaugural Middle East Awards

TECHNOLOGY 16 Why banks need more tech experts in their boardrooms

Published Annually by Charlton Media Group 101 Cecil St. #17-09 Tong Eng Building 2 SINGAPORE THE ASIAN BUSINESS BUSINESS REVIEW | MARCH 2018 Singapore 069533REVIEW

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News from asianbusinessreview.com Daily news from Asia MOST READ

FINANCIAL SERVICES MARKETS

STORES

Green finance in APAC to grow amidst data and disclosure gaps

UNIQLO hinges on digitalisation for improved shopping experience

APAC’s foodservice sector rapidly adopts robots

Green finance is proving to be a rapidly growing sector. Based on data from the Climate Bonds Initiative (CBI), 2021 green bond issuances might exceed that of 2020, with $219.7b issued for the first half of 2021 compared to the US$290.1b issued in 2020.

UNIQLO continues to refurbish its physical stores but is also employing digital services that will further enhance its customers’ shopping experience. Notable digital tools it is using are the “price tag scanner functions” and the same day Click & Collect service in its online store.

Two in five consumers are more inclined to avail of digitally advanced products and services. Asia-Pacific has seen a fast-tracking of robotics and automation tech’s implementation in the food service sector, as more consumers in the region seek out digitally advanced and smart products.

FINANCIAL SERVICES

4 4

STORES

LENDING & CREDIT

FINANCIAL SERVICES

Singaporean corporates spearhead Asia’s green banking drive

FIs need to set clear net-zero goals else loans, assets deteriorate: Moody’s

9 in 10 of APAC corporates have more liquidity now than pre-pandemic

In a study released by East & Partners, Singaporean corporates show an increased demand for environmental, social, and governance (ESG) and sustainable financing initiatives.

The report observed the behaviours, attitudes, and global best practices of sustainable financing by corporations.

Banks, insurers, and asset managers must ramp up climate risk assessments and set clear goals to reach net zero in their financed emissions. A delayed and disorderly carbon transition poses the greatest risk to financial firms, warns ratings agency Moody’s Investors Service.

Over 90% of companies in APAC now hold more money than pre-pandemic times, according to a Citi survey of 260 of their corporate bank clients between July and August 2021. Many of these clients are now actively evaluating their options to deploy this excess liquidity, the bank said.

SINGAPORE BUSINESS REVIEW | SEPTEMBER 2019 THE ASIAN BUSINESS REVIEW

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FIRST rates and growing their financial acumen, cannot be underestimated, it said.

Access and action were the driving forces for the consumer trends this year

Here are the top 10 consumer trends to watch out for in 2022

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s markets take on the road to recovery, Euromonitor International identifies the top 10 consumer trends that are expected to gain traction in 2022.

Euromonitor said in the Top 10 Global Consumer Trends 2022 report that “access and action” were the driving forces for the consumer trends this year.

“Resilience and adaptability were tested in 2021, forcing consumers to relinquish control and embrace ambiguity. This year, consumers are taking back the reins and paving a path forward based on their passions and values,” it said in the report.

Backup Planners were amongst the consumer trends which emerged due to supply chain disruptions and faced the challenges in securing the product they want.

Euromonitor said these consumers are looking for ways to purchase similar items or finding creative solutions for alternatives.

It has been forecasted that by late 2022, supply chains are expected to start stabilising and access to products would return to prepandemic levels but new shopping habits by consumers will dictate how Backup Planners find and select products.

Climate Changers were also seen to gain traction with consumers now expecting

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brands to take steps in addressing climate change through their products, Euromonitor said, adding that companies should offer carbon footprint certified products and be transparent in labelling carbon-neutral products to attract these consumers.

Digital Seniors were also on the rise as older consumers were compelled to go online and rely on technology for their purchases because of the pandemic lockdown. It cited its Voice of the Consumer: Lifestyle Survey in 2021 which found that 45% of the global consumers aged 60 and above used a mobile banking service at least once a week and 82% of them owned a smartphone in the same year.

There were also Financial Aficionados or the consumers who were “gaining confidence in investing and becoming savvy savers to strengthen financial security.”

“Retailers and brands should collaborate with financial service corporations to facilitate alternate forms of payment, such as cryptocurrencies or buy now, pay later,” it said. “The potential impact of Financial Aficionados, from increasing their investment

Post-pandemic trends The Great Life Refresh trend also gained ground because of the pandemic wherein consumers made “drastic personal changes and a collective reboot of values, lifestyles and goals.” It said that businesses should innovate their products, services and other offerings to cater to this trend of consumers that were driven by passion and purpose.

The “Metaverse Movement” trend is also strengthening as consumers embrace digital spaces in interacting with other communities.

Euromonitor said that improvements in augmented reality or virtual reality and lower equipment costs will increase access to 3D virtual spaces, adding that an immersive environment can also drive e-commerce and virtual product sales.

Pursuit of Preloved trend is also growing as consumers are shifting “from an owning to an experiencing mindset,” it said, noting that sustainability and individuality are removing the stigma linked with secondhand shopping and initiating peer-to-peer commerce.

“Businesses need to do more with less.

Investing in circular economy initiatives, such as recycling, rental or resale programmes, will drive value whilst positively impacting the environment,” Euromonitor said.

It also noted the rise of Rural Urbanities as suburban and rural communities offer more spacious and greener scenery which attract consumers from metropolitan areas.

It added that businesses that reinforced their e-commerce distribution and expanded sustainable product offering, and will cater to Rural Urbanities “will emerge as winners.”

There were also Self-love Seekers consumers who prioritise their “happiness, feeling comfortable in their own skin and indulging in goods and services that elevate their sense of self.” It said that businesses should create deep connections with the consumers as they are seen to focus on personal wellness, growth and acceptance amidst uncertainty.

Euromonitor also cited The Socialisation Paradox wherein some consumers were eager and others were hesitant to resume their normal activities in the pre-pandemic times.

“Companies should provide seamless solutions and multiple options across channels without sacrificing the consumer’s experience,” the report said.

“Businesses need to do more with less. Investing in circular economy initiatives will drive value whilst positively impacting the environment.”

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FIRST in 10 respondents planning to increase their office sector investments in 2022.

Majority of investors also expect increased capital deployment in APAC

Investors worried about intensified competition for APAC real estate assets

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nvestor confidence in Asia Pacific real estate remains strong, but heightened competition for assets will emerge as a more considerable challenge for investors in 2022 when deploying capital. According to data and analysis published in JLL’s Investor Sentiment Barometer 2022, 82% of investors identified competition for assets as a significant challenge to their investment strategies in 2022.

The majority of investors, nine in 10 respondents surveyed by JLL, expect increased capital deployment towards Asia Pacific real estate in 2022. The same group of investors also recognised the need to diversify deployment strategies to offset intensifying competition for assets.

According to JLL analysis, many investors plan to diversify across sectors and deploy capital, with assets in the logistics, multifamily, office, and alternatives sectors identified as targets. Geographically, investors cited Japan, South Korea, and Australia as the top investment

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geographies for real estate.

“Competition for assets will emerge as one of the defining themes for the Asia Pacific commercial real estate market in 2022. Despite the increased volatility in global equity markets we see continued competition for real estate assets, and scarcity of product is resulting in many investors focusing platform deals and M&A,” says Stuart Crow, CEO, Capital Markets, Asia Pacific, JLL. Logistics will continue to attract a more significant level of capital this year, with nine in 10 respondents planning to increase their 2022 investments in this sector compared to 2021 levels.

Multifamily ranked as the second-most attractive sector after logistics. While opportunities are limited outside of Japan, the survey results indicate a growing investment appetite for multifamily assets, with seven in 10 investors looking to increase exposure. The office sector remains core for many investors, with six

Overall confidence in APAC To address expected competition for assets, many investors are re-thinking their strategies and risk tolerance levels, according to JLL. The strong performance of real estate in recent years, the competitive investment environment, and the underlying need to deploy capital result in a greater focus on core-plus investment strategies, favoured by 52% of respondents and value-add (53%) strategies.

Concurrently, close to 60% of investors will focus equal or more resources on platform or equity investment deals to complement established direct investment strategies.

“Our conviction of overall confidence in the Asia Pacific real estate market is reinforced by the views of the world’s most influential property investors. However, we expect to see this confidence translate into diversification of investment strategies amidst a maturing commercial real estate landscape regionally,” says Roddy Allan, Chief Research Officer, Asia Pacific, JLL. JLL surveyed top investment leaders from 37 global and regional investors with a combined assets under management (AUM) of over US$ 2.0 trillion on their investment intentions, strategy, and general outlook in 2022. Most survey respondents identified themselves as real estate and/ or private equity managers (74%), representing some of the world’s largest real estate investors and asset managers.

Stuart Crow, CEO, Capital Markets, Asia Pacific, JLL

FIRST Growing emphasis on environmentfriendly projects and initiatives could offer abundant growth opportunities

The lack of skilled professionals in the sector might hold back growth in the coming years

Demographic shifts boost APAC’s DIY home improvement retail

T

he rise in population and demographic shifts in Asia Pacific has boosted the region’s do-it-yourself (DIY) home improvement retailing market, which is expected to see steady growth in the coming years, according to a report from Research Dive.

The market’s revenue is projected to grow at a 3.9% compound annual growth rate (CAGR) to $87.1b from 2021 to 2028, driven by the the dominance of populated countries like India, China, and Pakistan in the retail sector, immense urban increments, and prominence of megacities.

On the other hand, the lack of skilled professionals in the DIY home

improvement sector is the major factor expected to hinder market growth, the report stated.

Nonetheless, growing emphasis on environment-friendly projects and initiatives like DIY combo kits, reusable snack bags, and DIY un-paper towels could potentially offer abundant growth opportunities for the market in the coming years, Research Drive said.

The onset of the Covid-19 pandemic wreaked havoc across several industries and businesses, but the region’s home improvement retailing market nonetheless witnessed a significant growth rate, with many retailers adopting advanced technologies like the Internet of Things (IoT) and

augmented reality (AR) to enhance user experience.

“In addition, acquisitions by some major market players like that of Scapic by Flipkart to boost online shopping rate among customers during the pandemic by utilizing modern technologies also accelerated the market growth during the deadly coronavirus pandemic,” the report added.

Future growth opportunities The rest of Asia Pacific is especially expected to witness better growth opportunities, with revenue projected to hit $26m by 2028 due to the rising number of South-East Asian customers.

“In addition, technological advancements, ultra-modern DIY product enhancements by market players, their powerful acquisitions, and heavy investments in the R&D activities are some factors estimated to propel the market development in the rest of the Asia-Pacific region,” the report added.

The market’s painting sub-segment is also expected to see a lucrative growth rate over the period due to the availability of several DIY paint products, as well as the implementation of product enhancements by major market players due to increasing customer demand.

The offline sub-segment is also projected to maintain a dominating market share, as offline distribution channels effectively helped in enlarging the customer base of the local market, the report stated.

HOW FAST DO BUSINESSES DIGITALLY EXPAND TODAY VS PRE-PANDEMIC?

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n annual market study from REIT company Equinix revealed that the digital growth in companies is four times more than that of the pre-pandemic levels.

Digitally mature businesses in the Asia Pacific region were able to deploy their digital infrastructure to multiple regions, expand to multiple edge locations, and integrate multiple clouds in six months. This is faster compared to the two years required time from before.

According to the study, overall interconnection bandwidth, the measure of private connectivity for the transfer of data between organisations, is expected to reach 21,485 or more terabits per second, per year by 2024. This represents a five-year compound annual growth rate (CAGR) of 44%.

Interconnection bandwidth in APAC is also expected to increase by 46% CAGR, reaching

6,002 TeraBits Per Second or Tbps by 2024. This would make up 28% of global interconnection bandwidth.

By comparison, Singapore is keeping pace with other core metros in the region with an expected interconnection bandwidth capacity of 42% CAGR in 2024.

Digital leaders also see 10 times as many instances of interconnection amongst partners.

Industry-wise, the financial services sector is expected to deploy more than 50% of Enterprise interconnection bandwidth. This is followed by the manufacturing sector as the second-largest industry.

The public sector, healthcare and life sciences, industrial services and transportation industries, meanwhile, are seen to experience the fastest growth at a 48% or more CAGR from 2020 to 2024 globally.

Digital growth in companies is four times more than pre-pandemic era

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FIRST of digitally mature organisations is the “ability to recognise the importance of a formal and proactive governance body for digital transformation programmes.”

Data from the study showed that having a formal governance body or committee for digital transformation is more prevalent in Leaders (65%) than other organisations surveyed (49%).

More than two-thirds or 70% of Leaders also understand the importance of having a body or committee, saying they should have a proactive role in the organisation, the study showed.

PROBLEM-SOLVING IS THE KEY DRIVER OF BUSINESS

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ext-generation entrepreneurs no longer see passion as a driving force in doing business.

This was revealed in the inaugural ecosystem report of Entrepreneur First titled “Singapore’s Future Founders: Catalysts, Hurdles & Moonshots.”

In the report, it was found that 76% of next-generation entrepreneurs believe problem-solving is the most important trait to have when entering a business, followed by vision (74%) and risk-taking (68%).

Passion, which the report said was a “catalysing ingredient” of a business startup, only ranked fourth amongst entrepreneurs aged 2335. Amongst Gen Zs, the trait was deemed least important.

Successful startups Apart from traits, Gen Zs and Millennials had different views on startups, particularly on why they want to start one.

Whilst money (65%) drives both Gen Zs and Millennials into entering a business, the former is influenced by the autonomy startups offer (64%), whilst the latter is attracted by its flexibility.

Those who already started their business are 89% first-timers. 61% of them have spent less than four years in the working world before launching their startup, according to the report.

Meanwhile, Gen Zs and Millennials also have a different view on what they think contributes to a startup’s success.

Millennials said, “business model” (43%) matters most, followed by “unique idea,” which to Gen Z entrepreneurs was not at all important.

For Gen Zs, having “compatible cofounders” will contribute most to the success of their startup.

Overall, the survey showed how “founders still feel that they need to know everything,” according to Teik Guan Tan, a venture partner at Entrepreneur First.

“The reality is, a good founder does not need to have all the answers but they do need to craft an edge for themselves,” Tan said.

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Second trait: Sees tech readiness as their weakest governance link Digitally mature organisations regard technological readiness as their weakest link in the governance of digital transformation programmes, followed by mindset readiness, and multiple decision-making points, according to the study.

Third trait: Places ownership of risk identification with individual business units Leaders were more likely to have their individual business units (45%) bear the primary responsibility for risks associated with their digital transformation programmes.

Businesses are SMU’s School of Accountancy Dean, categorised Cheng Qiang, said placing ownership based on digital maturity level: of risk identification and monitoring Leaders, Chasers, company activities on individual and Explorers business units facilitates an “enterprisewide view of risk.” “[It] enables the functions of enterprise risk management, compliance, and internal audit functions to focus fully on their roles – that is, providing objective assurance, as well as advising, monitoring, and reporting on the effectiveness of the organisation’s risk programme to management,” Cheng added.

Digitally mature organisations manage the governance, risk, and compliance aspects of digital transformation

The 4 traits of digitally mature organisations

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study conducted by Deloitte Southeast Asia and the Singapore Management University said there are four traits that could identify digitally mature organisations based on how they manage the governance, risk, and compliance aspects of digital transformation.

From the second to the third quarter of 2021, Deloitte and SMU interviewed 48 Singapore-based executives, who have been categorised into three, based on their self-reported digital maturity level: Leaders, Chasers, and Explorers.

Based on their respective names, Leaders are organisations that consider themselves as “quite or very advanced” in terms of digital transformation.

Meanwhile, Chasers are those with moderate progress, and finally, Explorers are those with “not very advanced” progress.

First trait: Knows the importance of a governance body Deloitte and SMU said the first trait

Fourth trait: Acutely aware of their programmes’ regulatory compliance complexity Digitally mature organisations “strongly agree” that regulatory compliance has become more complex as a result of digital transformation initiatives.

The same type of organisations also perceives regulatory non-compliance to be posing a high or extremely high risk.

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HEALTHCARE

Asia’s healthcare tomorrow: Pivoting back to non-communicable disease

Despite NCDs accounting for 41 million deaths annually, they are still healthcare’s ‘blind spot,’ expert says.

A

ccording to the World Health Organization (WHO), around 77% of all non-communicable disease (NCD) deaths are in developing countries such as India and China. Those deaths are between the ages of 30 and 69, which has often been described as a group of premature deaths. Experts argued that the progress made on NCDs during the last few years have been backtracked because of recent global events.

The ‘Bringing NCDs back into the spotlight’ panel during the Future of Healthcare Week Asia on 22 November 2021 focused on the extent to which NCDs were prioritised and tackled as a global health priority set by the WHO, the United Nations General Assembly, and the Sustainable Development Goals 2030.

The panel consisted of Indonesian Cancer Foundation Chairman Aru Wisaksono Sudoyo, SingHealth Patient Advocacy Network Co-Chair Ellil Mathiyan Lakshmanan, Malaysian National Cancer Council (MAKNA) General Manager Farahida Mohd Farid, and Novartis Pharmaceuticals - Patient Engagement and Communications Region Head Ruth Kuguru.

NCDs are usually associated with ageing, cardiovascular diseases, cancer, respiratory diseases, and diabetes. The latter being particularly prevalent in the Asia region. NCDs account for about 41 million or about 71% of deaths globally every year. It has become more steadily prevalent due to increasing life expectancy, urbanisation, sedentary lifestyles, and changing diets, amongst many other issues.

NCDs in the face of a global health crisis Kuguru said Novartis prioritises three disease areas: cardiovascular diseases, cancer, and vision impairment.

Around 520 million people are living with cardiovascular diseases globally and have been disproportionately impacted over the last two years. As for cancer, many of the therapies that happen in a hospital setting are being delayed. Breast cancer is a highly prevalent form of cancer in the region, particularly in Hong Kong, Singapore, Korea, and the Middle East. Worldwide, at least 1 billion people have a vision impairment that could have been prevented or still needs to be addressed.

Indonesia, according to Sudoyo, is the fourth-largest economy with a sprawling area, even pre-pandemic, which poses a geological problem: water. “The amount of islands and the sheer numbers of our population is a very big barrier in disseminating [in general] here.”

He added cancer was not generally thought of as a major problem in the country. The big problems it has are mother and child mortality, malnutrition, and environmental health.

Meanwhile, in Singapore, scheduled treatments and follow-up appointments have not been that much 12

THE ASIAN BUSINESS REVIEW

NCDs account for 41 million or 71% of deaths globally every year

Around 520 million people are living with cardiovascular diseases globally and have been disproportionately impacted over the last two years

affected because of all the hospital protocols set. But, there was a lost opportunity for early detection because of the shutdown of screening services, particularly for cancer, noted Lakshmanan.

“The [SingHealth Patient Advocacy Network] worked closely with the Singapore Cancer Society to do several screening programs. Given the long-running nature of the pandemic, they are now putting in place different ways of getting people to come down for screening. For cases like rectal cancer screening, we mail the kits from pharmacies and patients can collect the specimen and mail it back outright,” he explained.

Malaysia has two scenarios, stated Farid. “The first lockdown was before vaccines were available. All the patients’ treatment appointments were on hold, people were not sure what to do, most of the hospitals were inundated with cases, and there was a near-collapse of the hospital system.”

After June, when the vaccine was made available, most Malaysian patients’ treatments resumed. With the lockdown and interstate travel very restricted, they used technology to assist patients, so treatment is uninterrupted and timely. Most of the 75 hospitals that collaborated or referred to MAKNA increased by 48%, and the number of patients that were referred to MAKNA increased by 28%. If they did not have the

HEALTHCARE

Patient advocates and leaders of patient organisations must go to the ground and get patients and caregivers to get involved

technology, Farid said, they would not be able to get the kind of support at that particular time. They have three mammogram trailers that were repurposed to become mobile vaccination centres and went to the rural areas to cater to through an outreach program.

Re-escalating NCD services in developing countries When Farid looked at the recent Malaysian 2021 budget and the 2022 budget presented by the new government, he saw it was reduced by more than 50% in terms of healthcare costs. “We were not part of the compensation when the policy was made or when the budget was presented. They’re still looking at trying to get a grip on how to handle the pandemic. As you know, our government is going to have a general election in 2022, so they are trying to look good. It doesn’t look like a long term solution for us.”

He added that the country is in health, economic, humanitarian, and political crises. The progress being made around NCDs before the pandemic has ground to a halt. He worries it is going backwards and they are looking at several years of trying to restore and recover that progress.

Singapore shares the problem of case backlogs because of the focus on dealing with the pandemic, Lakshmanan said. “We are now beginning to take measures to leave the pandemic. More hospitals are also improving their protocols so that they can get back to business but the priority of lessening the burden of COVID on the healthcare system remains. For the disease, several clinical trials are being done for the COVID pill to address the symptoms. If this thing can be accelerated, we can get back to where we were as soon as possible. There is a Multi-ministry Task Force working on this.”

Sudoyo remarked how Indonesia was recovering quite well, although the sheer number of the population made it a daunting task. “We are already 52% vaccinated at this first activation. We are now bracing for our third wave which might or might not happen at the end of this year due to the holiday season. Maybe after this, we will be able to think more clearly. But in many places like in our capitals, we are already on the first level of house protocol.

There has not been any talk about it in the media.”

Healthcare should not be seen as a cost focus system, but as a driver of GDP and growth

Role of patient organisations in NCD care Lakshmanan suggested that patient advocates and leaders of patient organisations must go to the ground and get patients and caregivers to get involved. “Patient organisations need to put up a united front to the healthcare authorities and institutions to focus on the commonalities and have these conversations with the regulatory bodies and healthcare institutions.”

“The role of [pharmaceutical companies] is to hopefully be catalysts or enablers for this. If there could be some framework set up where they can come in and help create the capacity and capability for the patient organisations to come together and to present this united front, I think it will go a long way in helping us improve outcomes, not only doing this pandemic but beyond it.”

Novartis, according to Kuguru, believes that it is only through collaboration that there can be a difference in healthcare. As a global organisation, they have committed to working with patients and caregivers across the life cycles of medicines.

One of the partnerships they have funded in the Asia Pacific region is called the Asia Pacific Patient Innovation Platform. It is a collaborative partnership with the patient community with patient leaders co-created to support the evolving capability needs of patient organisations and drive sustained improvements in health care outcomes. Kuguru shared they had a summit in March of this year, which brought together close to 900 patient representatives across 300 patient organisations, representing 36 countries. The other part is the ongoing collaboration with other patient groups such as Rare Cancers Australia. The third part is research and survey.

‘The blind spot’ Sudoyo closed the panel by saying how noncommunicable diseases have been a blind spot, and it will take a village to bring it back to the spotlight.

“We saw what COVID did to people with other comorbidities, When I talk about the ‘village,’ it’s [pharmaceutical companies], government payers, healthcare professionals and its healthcare system, and us consumers. [We must be] diligent at taking the learnings of the past two years, not forgetting them, and making some important shifts, such as seeing healthcare not as a cost focus system, but as a driver of [gross domestic product] and growth.”

It is only through collaboration that there can be a difference in healthcare

THE ASIAN BUSINESS REVIEW

13

RETAIL

How can SEA businesses expand their presence through social media?

8 out of 10 consumers in the region use online platforms to find items they want to buy.

Over one billion users look for items like shoes, baby gear, cars, and apartments in Facebook Marketplace every month

S

outheast Asia is leading the growth in digital transformation, with the number of digital consumers expected to reach 350 million by the end of 2021, according to the SYNC Southeast Asia Report by Facebook (now rebranded as Meta Platforms) and Bain & Company.

In terms of digital consumer spending, the average reached US$238 in 2020 and the SYNC Southeast Asia Report has seen this to grow up to 60% by the year-end to a total of US$381.

Meta has understood these figures. Having started as a social media site connecting people virtually, Meta has also transformed to allow people to sell and buy products with the Marketplace feature launched in 2016.

“Marketplace was a natural next step for us in response to how people were already interacting with each other—we first observed such activity in Facebook Groups, which only grew substantially from there,” Benjamin Joe, Meta Vice President for Southeast Asia and Emerging Markets, told The Asian Business Review.

Joe said there are more than one billion users in the Marketplace every month, looking for items like shoes, baby gear, cars, and apartments.

According to the study, 72% of businesses in Southeast Asia said social media helped them engage more with their consumers. Joe also said that digital discovery is “crucial” for

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consumers in the region with online channels comprising 80% of channels people use to discover items they want to buy, compared to 20% of offline channels.

The study also found that 56% use online as the primary channel for purchases, up from 46% in 2020.

Benjamin Joe

Get to know the consumers During the pandemic, the study also found that digital consumers in Southeast Asia were buying a wider range of categories at an average of 8.1 categories in 2021, which is 60% higher than the 5.1 average in 2020.

Indonesian consumers were leading in terms of the widest range of categories at 8.8, from an average of 5.1 in 2020. This is followed by Thailand with an average of 8.3 categories, and the Philippines at 8.2.

Fresh groceries, food delivery, and healthcare categories were amongst the drivers of first-time online buys, with 59%, 56%, and 52%, respectively, of the respondents purchasing them in the past three months since the survey was conducted in May 2021.

Shoppers from the region who purchase predominantly online also increased to 45% in 2021 from 33% in 2020, posting a 35% growth. The largest increases were seen in Singapore, Malaysia, and the Philippines, which rose 1.5 times higher in 2021 compared to the previous year.

RETAIL their customers through direct messages in the platforms, including WhatsApp. It also has a “Facebook for Business” (now renamed Meta for Business) hub that provides guidance and insights to businesses who want to expand their online presence on its platforms, Joe said.

Beauty and cosmetics, clothing, footwear, and accessories are often included in consumers’ online shopping lists

For the “mostly online” shoppers, groceries, personal care, and household furnishings were the categories that saw the largest increase in purchase frequency. Beauty and cosmetics, clothing, footwear and accessories, were the categories that at least half of the respondents include in their online shopping.

The online survey involved 16,706 digital consumers– who have purchased online in at least two categories in the past three months–from various age groups, income levels, and genders in Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam.

The survey was commissioned by Meta and Bain & Company provided the data analysis and modelling, according to the report.

Be part of the digital ecosystem Meta launched the “Discovery Commerce” system in 2020, which provides an opportunity for businesses “to showcase their products and services on an online platform, anticipate shopper needs, and match products with people.”

“The ecosystem is a holistic guide that offers essential recommendations for businesses—including personalisation, creating engaging creatives, using advertising and conversion tools as well as optimisation and measurement solutions,” Joe said, adding that it helps equalise the playing field amongst large brands and online influencers and content creators.

Joe cited the situation of Singapore-based bakery Puffs and Peaks, which has been around since 2016. The store started as a passion project by business founder Jing Ting to sell her cakes online. The opening of its physical store was initially planned to be in early 2020 but it has to be delayed due to the pandemic.

“To get through the hurdle, they got customers to discover their creations via Instagram and communicate with them on WhatsApp. The business’ popularity thrived and grew even more than before,” he said, adding that Puffs and Peaks officially opened its physical store in Tampines in November 2020.

Meta also launched Facebook Shops and Instagram Shopping in 2020, which is a “mobile-first shopping experience” allowing businesses to create the online store on the said social media account for free and connect with

Discovery Commerce helps equalise the playing field amongst large brands and content creators

Abide by the security policies With transactions happening on the social media application, Meta has put in place Commerce policies for sellers on Facebook, Instagram, and WhatsApp, providing the guidelines on the type of products and services that can be offered on these social media applications.

The commerce policies include the prohibition of selling adult products, alcohol, animals, digital media, and electronic devices, amongst others, on Facebook, Instagram, and WhatsApp. Discrimination, gambling, hazardous good and materials, human exploitation and sexual services are also not allowed in the listings of products and services, according to Meta.

Apart from these, Joe said they encourage buyers to report sellers who violate the commerce policies or community standards and they may suspend or ban sellers who do so. Buyers who file fraudulent claims against sellers are subject to consequences.

“Purchase Protections” for certain types of products, wherein buyers can file claims over their purchases with issues, are also available. Meta then will review the claim and approve the issuance of a refund for the full purchase price and delivery costs.

Buyers and sellers can leave ratings and feedback on how to improve services such as response time, friendliness, and reliability. To ensure that there will be no inappropriate content, Meta employs artificial intelligence. If a party, either a user or a buyer, violates policies on Facebook, users can opt to report the other party.

“We’re continuously exploring ways that could help people make more informed decisions on who to buy and sell with, like badges for buyers and sellers who have confirmed their identity and features that make it easier for sellers to select a nearby public place to meet in person,” Joe said.

Meta has a “Facebook for Business” hub that provides guidance and insights to businesses who want to expand their online presence on Meta Platforms

THE ASIAN BUSINESS REVIEW

15

TECHNOLOGY

Why banks need more tech experts in their boardrooms Massive adoption of banking technology without critical tech advice from experts could spell doom for lenders.

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rtificial intelligence, machine learning, data analytics, online apps – the finance world is all about the tech and the digital now, with banks noted to be massively adopting digital technologies over the past five years, according to a recent survey by professional services company Accenture of 2,000 directors from the world’s largest banking institutions.

But even with the rapid adoption of tech, banks’ board rooms still feature a severe lack of experts in this field. Only 10% of boards of directors have tech expertise in 2021. Less than one in ten of board members from China (4%) and Japan (7%) have a tech background; Australia, just a little above that, at 12%.

Having board members with tech expertise is important as the board can often be critical in advising on how to minimise the risks and maximise the benefits of technology investments, according to Fergus Gordon, Managing Director and Banking Industry

In 2015, only 6% of boards of directors had tech expertise – that number increased to 10% globally in 2021

Lead, Accenture.

“In general, we recommend that banks strive to fill 25% of their board of directors with technology experience – so there is still work to be done,” Gordon told The Asian Business Review in an intervew.

A study by Accenture found that only 6% of board directors for banks have any technological expertise. What does this tell us about the nature of tech leadership and direction of financial institutions?

When we conducted this research for the first time in 2015, only 6% of boards of directors had technology expertise – that number increased to 10% globally in 2021.

The pandemic showed just one reason why technology experience at the board level is so important.

The pandemic forced many banks to quickly shift to digital touchpoints and accommodate employees working from home, which required immediate additional technology investments, like accelerating cloud adoption.

A study by Accenture found that only 6% of board directors for banks have any technological expertise

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The perspective of the board, which has a high-level view of the organisation, can help advise which investments are compatible across various business units – and boards with technology experience can provide invaluable guidance.

Banks are also facing complex decisions regarding how best to transform their core systems – whether to build or buy and at what scale – and those choices will have long-term implications.

Whilst banks spend huge sums on financial technology, a lack of tech experience at the boardroom level could ultimately undermine these investments.

Why do you think banks have been quite slow to appoint tech experts in their board? What challenges are banks facing in building up their board’s tech proficiency?

Banks haven’t made much progress in appointing tech experts to their board since the last time Accenture carried out this survey in 2015.

Back then, only 6% of bank board directors had technology expertise – this was an era when cloud was gaining traction and emerging technologies like blockchain and AI were attracting interest from the financial services sector. The inertia is likely the consequence of a sector steeped in tradition. This is not necessarily a bad quality when that tradition encourages trust from customers who place their money with you, but it can be an obstacle when the pace of change accelerates and demands further innovation.

The importance of technology expertise within banks goes well beyond just the board level; banks need to elevate the skills and knowledge of key technologies that are essential to growth, like cloud, AI and cybersecurity, throughout the entire organisation. But a board with a high level of technology expertise can help drive and navigate complex operating model transformation, monitor progress and help steer the ship if it appears to veer off course.

TECHNOLOGY Percentage of all bank board members who have technology expertise in 2015 vs 2020

Fergus Gordon

Source: Accenture

What can financial firms do to build their bank board’s tech proficiency?

Banks should make technology credentials a consideration in new appointments. Other ways to bolster expertise can also be explored, such as coaching members on the latest technology, dipping into the knowledge pool of third-party suppliers, and setting aside dedicated time to discuss technology during committee meetings. Some big banks have even established an advisory council to keep executive management up to speed with the latest innovations.

It’s all about finding ways to keep the corporate finger on the technology pulse; to be aware of key developments around cloud, AI, and the Internet of Things.

These are technologies that will pose questions around security, compliance, and governance – issues that ultimately intersect with business fundamentals.

Could you give us examples of how the lack of tech expertise in boards or tech leadership in general have impacted banks, particularly in Asia, especially in the past year?

One of the many elements of our lives that may have changed forever over the past year, is the way we spend money and interact with banks. In addition to a surge in contactless payments, we have seen a rapid shift towards digital touchpoints – half of retail bank customers now interact with their bank through mobile apps or

websites at least once a week.

This shift didn’t only impact consumers; with banks having to pivot to remote work, employees at every level have been forced to sharpen their technology skills.

The banks that pivoted successfully did so largely with the help of cloud technology, which enabled remote work and collaboration, quick upgrades of customer-facing applications, and helped banks deal with a flood of fraudulent transactions. However, for many banks, cloud adoption is in its infancy; many of the industry’s important innovations – like mobile banking, data analytics for risk assessment, and personalised experiences would be impractical without cloud.

As banks try to keep up with the accelerated pace of change, broader adoption of cloud will be critical to modernise outdated legacy banking systems and adopt new business strategy models.

What are some good practices you have observed that banks in the APAC region have done to bridge the gap and build up tech expertise in their boards?

Some banks have introduced structured learning sessions to help boost tech expertise amongst board members. As part of these sessions, these banks bring in experts – both internal and external – to educate members on a broad range of technology topics and trends. Where possible, these sessions also leverage actual case studies as examples to showcase the real-life impact that technology expertise can have in boosting business in the banking and finance industry.

Taking this one step further, banks can also explore “digital safaris”.

These are interactive showcases that show, rather than tell, what the future could look like with technology. Here at Accenture, we offer our clients the chance to experience our Accenture Digital Safari, where we showcase advanced technologies and how these are helping our clients create a competitive edge in their business.

The live demos of AI, Blockchain, Advanced Analytics, Industry 4.0 and Extended Reality present executives the unique opportunity to fully immerse themselves in a technology-driven future, offering them a glimpse into the potential it can bring to their banks.

Seeing and experiencing these opportunities through their own eyes may be the difference needed to motivate more board members to embrace technology.

Broader adoption of cloud will be critical to modernise outdated legacy banking systems (Photo by Dylan Gillis)

THE ASIAN BUSINESS REVIEW

17

REAL ESTATE

APAC to sustain growth in commercial real estate investment in 2022: CBRE

CBRE sees a 5% to 10% growth in total transaction volumes this year.

The forecasted growth will largely be driven by real estate investments in Japan, Australia, and Singapore

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fter a grueling year, the real estate industry in the Asia Pacific was surprised by the rebound it saw, especially in the commercial investment market. This momentum is even projected to be sustained well into 2022 with a 5% to 10% forecasted growth, which the CBRE calls a “historical high.”

This growth will largely be driven by investments in Japan, Australia, and Singapore, amongst others, according to the real estate firm.

In an exclusive interview with The Asian Business Review Editor-in-Chief Tim Charlton, Greg Hyland, Head of Capital Markets, Asia Pacific, CBRE, spoke more about CBRE’s outlook on commercial property investments that remain largely “optimistic.”

Can you describe to us the year 2021 for the real estate industry?

We were pleasantly surprised with the rebound we saw in the commercial market across Asia Pacific in 2021. In 18

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fact, we’re just finalising transaction volumes. We see that total volumes approached US$150 billion, which is an absolute record for Asia Pacific. We’re going into 2022 with a lot of momentum across a lot of markets in Asia Pacific.

What factors do you see playing out in 2022? Any fearless forecast of transaction values in the APAC market?

We’re forecasting a 5% to 10% increase in total volumes in 2022. You did mention interest rates, and it is a concern for investors on the horizon.

There are some markets like South Korea where the Bank of Korea has raised rates a couple of times, and the Bank of New Zealand, as well, has raised rates. So the spectre of increase in borrowing costs against cap rates that have been compressing for five years is really playing on investors’ attitudes at the moment, but I think that outweighs the capital that’s

We see that total volumes approached US$150b, which is an absolute record for Asia Pacific

available and looking to place into the Asia Pacific markets. The credit markets remain extremely liquid.

So we’re very optimistic, despite the interest rate cycle that we appear to be entering now.

With rates rising higher for some funders in their currency, do you expect capital values to come under a bit of pressure in certain markets or for certain funders looking to invest?

In the near term, we don’t expect that to happen. I think what we are experiencing in the Asia Pacific, is most markets are in a rental upward cycle. So that’s offsetting, I suppose, some of the impact of interest rates. So investors are really now being quite specific and laser-focused around the resilience of cash flows, and how those cash flows will grow over the next three to five years in that increasing interest rate environment.

REAL ESTATE Logistics still remains the favoured asset class for investors in Asia Pacific

Greg Hyland, Head of Capital Markets, Asia Pacific, CBRE

We’ve seen the office space come back and logistics has had a huge boom. Do you see a weight of capital going from one type of investment to another or is it going to be the same as it has been?

Logistics still remains the favoured asset class for investors in the Asia Pacific. But interestingly, we just completed our 2022 investor intentions survey and we’ve started to see a swing back towards the office. I think when we went into the pandemic, there was a lot of concern around the future of office and how that would play out for demand from corporations. I think the resounding sort of answer is yes, the office is going to stay.

We’re starting to see that investor confidence returning to the sector and look, there’s a slight rotation back towards that space. Interestingly, retail had a very difficult time over the last four or five years, and investors have rotated out. We’re starting to see it gradually at the edges, a return of investors’ appetite towards retail as well.

Can you share with us any other interesting recent transactions or anecdotes that you think best illustrate what’s happening in the real estate market at the moment?

Our client base are very large global investors, and I think the two markets that kind of bookend AsiaPacific is Japan, and that’s the biggest market by transaction volumes. The continued low funding costs and spread that Japan offers will remain in 2022 and beyond. It will be the

market that, from our perspective, will have the most transaction volume in the market.

I think in the South, in Australia, in particular, we saw a significant rebound in transaction activity in 2021. And look, I’m sitting here in Singapore at the moment and Singapore is, I suppose, a beneficiary of the explosion of tech demand in Southeast Asia. We’ve seen the office markets in Singapore really sort of rebound quite robustly. In fact, the Singapore office market is in our forecast expected to be the best performing market across any market in Asia-Pacific going forward.

I think, broadly speaking, a lot of our investors are focusing on the gateway city markets–Tokyo, Seoul, Singapore, Sydney, Melbourne. But you know, increasingly as borders open and people can travel, the emerging markets will start to regather interest.

Hong Kong is the city that I don’t

think you ever write off. It’s gone through challenges, historically, and it’s always bounced back. You know, the issues, I suppose with COVID and the policies that are in place at the moment, make it difficult for people to travel in and out but you know, Hong Kong is an amazing place and I’m sure it’ll bounce back once we get through COVID. Looking into CBRE, what initiatives are you working on this year that might be interesting for the market to know about and understand?

We continue to invest in our business broadly, we aim to be the service provider of choice. I think one area where we have made significant investments has been in the debt space. We’ve expanded our team substantially in the Asia-Pacific region, particularly in New Zealand and also Australia. We continue to add capability in our Capital Advisors space, and we want to position our firm so that we can help our clients across the capital stack. Thirdly, we have made investments in our hospitality space and that’s bearing fruit. And we think that hospitality is positioned to show significant outperformance as travel returns.

We’re very optimistic about 2022.

We’ve entered into a period where it’s been challenging and companies have adapted to COVID, the new normal. Our businesses globally are performing extremely well. There’s a lot of money that’s looking to be placed into real estate. So we’re very, very optimistic about 2022.

Hospitality is positioned to show significant outperformance as travel returns

THE ASIAN BUSINESS REVIEW

19

EVENT: ASIAN TECHNOLOGY EXCELLENCE AWARDS

Find out who won at the Asian Technology Excellence Awards 2021

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he acceleration of digital transformation has brought unprecedented challenges to many companies across industries. Compounded by the challenges brought by the ongoing global pandemic, businesses had to rise to the occasion and bring quality service to their stakeholders by maximising technology.

Outstanding tech companies were recognised at the Asian Business Review’s Asian Technology Excellence Awards 2021 held digitally for their unique innovations and breakthroughs in each of their respective fields.

Recognising Asia’s leading companies in technological

innovation, the award-giving body aims to shine a light on exceptional companies that are riding the digital disruption wave and leading the technological revolution and digital transformation journeys through technological projects and innovations.

This year’s nominations were evaluated by an elite panel of judges consisting of Bradley Styles, KPMG Head of Digital Trust; Erwan Barre, RHTLaw Asia Partner - Head of Technology, Media & Communications Industry Group, Asia; and Jason Yau, RSM Regional Leader, Asia-Pacific.

The Asian Business Review congratulates the following winners:

Bricsys • Software - Technology

Below is the list of the winning companies. Congratulations!

Australia

Claroty • Cybersecurity - Oil & Gas

Metigy • AI - Advertising

CloudMile • AI - Public Sector

Hong Kong

Commodities Intelligence Centre • Big Data - Wholesale

iClick Interactive Asia Group Limited • E-Commerce - Retail Indonesia PT INFOMEDIA NUSANTARA • AI - Human Resource Technology PT Bank Jatim Tbk • Digital - Banking PT Bank KEB Hana Indonesia • Digital - Financial Services Japan SofTech IoT • IoT - Building Services & Facilities

NEOLINK Technology • Cloud - Telecommunications Straive (erstwhile SPi Global) • AI - Technology South Korea SOLUM • Hardware - Retail Thailand Krungsri Consumer • Digital - Banking • Mobile - Financial Services

Philippines

Roche x Thai Lung Cancer Group,Thailand • Digital - Pharmaceuticals

City Savings Bank, Inc. • Digital - Banking

Sodexo Thailand • ICT - Building Services & Facilities

Converge ICT Solutions, Inc. • ICT - Telecommunications

Vietnam

Lingaro (Philippines), Inc. • Analytics - Manufacturing Union Bank of the Philippines (UnionBank) • AI - Financial Technology • E-Commerce - Financial Technology Singapore Agility Risk Solutions (Pte) Ltd • AI - Healthcare Auth0 • Enterprise Software - Retail 20

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AIA (Vietnam) Life Insurance Co., Ltd • Cloud - Life Insurance • Online Services - Life Insurance HOUZE GROUP JOINT STOCK COMPANY • Enterprise Software - Real Estate VieON • Online Services - Media & Entertainment

AIA (Vietnam) Life Insurance Co., Ltd

Agility Risk Solutions (Pte) Ltd

Union Bank of the Philippines (UnionBank)

Infomedia

Claroty

iClick Interactive Asia Group Limited

Krungsri Consumer THE ASIAN BUSINESS REVIEW

21

EVENT: ASIAN TECHNOLOGY EXCELLENCE AWARDS

Metigy Straive (erstwhile SPi Global)

Bricsys

City Savings Bank, Inc.

NEOLINK Technology

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Converge ICT Solutions, Inc.

VieON

Roche x Thai Lung Cancer Group, Thailand

Line Bank (PT Bank KEB Hana Indonesia)

CloudMile

Lingaro (Philippines), Inc. THE ASIAN BUSINESS REVIEW

23

VIETNAM TECHNOLOGY EXCELLENCE AWARD FOR ONLINE SERVICES - MEDIA & ENTERTAINMENT

VieON’s cutting-edge technology: The story of Vietnam’s number one entertainment application The company won the Vietnam Technology Excellence Award for Online Services - Media & Entertainment at the Asian Technology Excellence Awards 2021.

VieON’s comprehensive content library caters audiences’ evolving entertainment needs

V

ieON is an over-the-top (OTT) entertainment application launched in June 2020. The app provides curated entertainment content tailored to individual preferences through an advanced recommendation system, powered by big data and AI. VieON has a robust and diverse content library thanks to its strong partnerships, especially strategic relationships with the best local content providers under DatVietVAC Group Holdings, which have the leading media entertainment technology ecosystem in Vietnam. All contents are available in Full HD and 4K quality, wrapped up in a friendly user interface and smooth broadcast. VieON continues to enhance user experiences by constantly improving advanced and interactive features, experimenting with voting, games, and even shopping on certain key programmes.

Aside from continuously boosting the capacity to provide stable content transmission to its growing user base and to reach millions of concurrent users, VieON’s engineering team makes sure to employ the most advanced and relevant technologies. It works with prestigious

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partners globally – such as Castlabs, to incorporate Digital Rights Management (DRM) to safeguard against piracy; Gravity R&D, to integrate an AI-powered automatic content recommendation system; and many others, to guarantee VieON’s Content Delivery Network (CDN) would satisfy international and other local association standards.

In addition, VieON is the first entertainment OTT in Vietnam to use Segment’s CDP (Customer Database Platform) and Amplitude’s data analysis system integrated with the DMP (Data Management Platform) to maximise the understanding of each user’s entertainment needs.

Compared to the launch period, the number of users of VieON has increased 6 times and currently reaches a high plateau of more than 19 million. The number of daily visits to the application is 10 times higher than that at the beginning of the

year.

VieON’s paramount advantage comes from its rich and comprehensive content library that caters to Vietnamese culture and entertainment demands.

The application has more than 100,000 hours of copyrighted streaming content, covering all genres from movies, TV series, game shows, and cartoons to international sport matches, in addition to more than 140 local and international TV channels.

To meet the audiences’ evolving entertainment needs, VieON continues to air exclusive international titles with Vietnamese subtitles and voiceovers like the Korean runaway hits – Penthouse, World of the Married, Mouse…, Chinese shows such as Rebel Princess and Street Dance of China… VieON also draws huge interest for its high-quality original productions such as Cây Táo Nở Hoa (When the Apple Tree Blooms) – Vietnam’s most popular family drama series in mid2021 – and celebrated local game shows like Running Man Vietnam and Rap Viet – credited for moving rap mainstream.

These are continuations of VieON’s pipeline of blockbuster contents, with the show Sóng VieON and mini-series Không Thể Rời Mắt (Can’t Get My Eyes Off) each garnering millions of views during VieON’s 3-day launch in 2020.

With the support of its audiences, VieON has gained remarkable achievements in 2021 despite the severity of the pandemic situation: in July 2021, it was the #1 most downloaded free app on the App Store in Vietnam and currently has the highest share of social buzz (37%), overtaking other local and international OTTs operating in Vietnam during the last quarter (according to a survey on entertainment OTT applications in Vietnam by YouNet Media organisation).

VIEON CONTINUES TO ENHANCE USER EXPERIENCES BY CONSTANTLY IMPROVING ADVANCED AND INTERACTIVE FEATURES, EXPERIMENTING WITH VOTING, GAMES, AND EVEN SHOPPING ON CERTAIN KEY PROGRAMMES

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25

E-COMMERCE - FINANCIAL TECHNOLOGY AI - FINANCIAL TECHNOLOGY

UnionBank at 40: Future Forward, a leap to enduring greatness

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boitiz-led Union Bank of the Philippines (UnionBank) is widely known to have been trailblazing many firsts in the country since it began operations forty years ago. UnionBank has always been amongst the first to embrace technological innovations to empower its customers into the future of banking. The bank’s 40-year journey began with a simple vision—to become one of the top three universal banks in the country with respect to market capitalisation, profits, and customer coverage.

The bank’s journey through successes and challenges forged the right unions along the way, namely, International Corporate Bank in 1994, International Exchange Bank (iBank) in 2006 making it the 7th largest private domestic commercial bank in the Philippines, CitySavings Bank in 2013, and FairBank in 2016.

In the same year, UnionBank embarked on its radical digital transformation journey, favouring expansion through digital channels over the traditional opening of more branches,

whilst reinforcing its commitment to deliver superior customer experience and making a promise that ‘no one gets left behind’ to promote inclusive prosperity in the Philippines.

The rest, as they say, is history as UnionBank went full throttle on its journey and continued to achieve numerous industryfirsts, gaining the reputation as the country’s most innovative bank trailblazing many firsts in the Philippine banking industry.

Capping off the year 2021, UnionBank surprised the country with the announcement of a game-changing deal to acquire the consumer banking business of American

banking giant Citi in the Philippines. Seen as the largest transaction in the local banking community in recent years, UnionBank Chairman Erramon Isidro M. Aboitiz said, “This acquisition further cements our position as a leading bank in the Philippines, as well as fast-tracks our growth aspirations in the retail banking segment.”

Today as it ushers in its 40th year, UnionBank is globally-recognised as “already an unequivocal digital trailblazer in both the Philippines and Southeast Asia” according to UK-based International Banker magazine.

“Our success today has been a product of looking ahead into the future and preparing for the evolution of banking. We will continue to help ‘tech up’ customers, partners, institutions in line with our ‘Tech Up, Pilipinas’ aspiration, empowering all of us to weather this pandemic and emerge more resilient than ever. Together, we can be future-forward and leap to being a bank of enduring greatness,” said UnionBank President and CEO Edwin R. Bautista.

Integrated digital solution for Thai Lung Cancer Patients

Lung cancer disease management along patient journey Inspiring stories from lung cancer patient

Electronic Symptom Tracker

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www.LungAndMe.com

@LungAndMe

LungAndMe

LungAndMe

@LungAndMe

ICT - Telecommunications Converge ICT Solutions, Inc.

The Philippines Technology Excellence Awards is part of the umbrella Asian Technology Excellence Award programme now running in 50 countries across the region.

#ExperienceBetter Converge ICT Solutions, Inc. has made a commitment of defying the status quo and disrupting the Philippine market with offerings that have the customers interests at the forefront. Whether for residential, small and medium enterprises (SMEs), or large-scale organizations, our fiber-powered services aim to uplift the Filipino community and allow them to experience the connectivity they deserve.

P

P

Converge ICT Solutions, Inc. is a publicly-listed company under the Philippine Stock Exchange (PSE). It is the first to run a pure end-to-end fiber internet network, providing Filipinos simple, fast, and reliable internet connection. Converge is ISO 9001 and CE2.0 Certified.

www.convergeict.com

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29

EVENT: ASIAN EXPERIENCE AWARDS

Ingenious brands recognised at the Asian Experience Awards 2021

D

elivering positive experiences for both customers and employees requires every company to utilise strategy and bring creativity into every initiative they roll out, as having a meaningful experience maintains loyalty and builds trust amongst all stakeholders.

Outstanding experience initiatives were recognised at the Asian Business Review’s first-ever Asian Experience Awards 2021 held digitally. The awards programme aims to recognise the ingenious initiatives of creative companies in delivering meaningful brand experiences to their stakeholders.

The Asian Business Review congratulates the following winners: AIA Singapore Singapore Digital Experience of the Year - Financial Services ALIGN TECHNOLOGY Singapore Brand Experience of the Year - Healthcare Technology Allianz PNB Life Insurance, Inc. Philippines Brand Experience of the Year - Life Insurance AYA SOMPO Insurance Myanmar Customer Experience of the Year - General Insurance BC Card South Korea User Experience of the Year - Payments Certis Singapore Employee Experience of the Year - Business Services China Telecom Global Customer Experience of the Year - Telecommunications CIMB Bank Berhad, Singapore Branch Singapore Customer Experience of the Year - Banking Singapore Product Experience of the Year - Banking CTBC BANK Taiwan Digital Experience of the Year - Banking DirectAsia Insurance Singapore Singapore Distribution Experience of the Year - General Insurance FairPrice Group Singapore User Experience of the Year - Retail HSBC Philippines Philippines Brand Experience of the Year - Banking Philippines Partner Experience of the Year - Banking Infosys Australia Digital Experience of the Year - IT Services Nanyang Technological University, Singapore Singapore Digital Experience of the Year - Education

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The event serves as a seal of excellence for the outstanding work and efforts put into ensuring memorable and meaningful brand encounters for today’s consumers.

Amongst the esteemed judges for this year’s nominations were Guillaume Sachet, Partner, Head, Customer Practice at KPMG; Sam Lo, Partner, Asean EY Private Assurance Leader at EY; Dennis Lee, Partner at RSM Singapore; and Roger Loo, Executive Director, Head of Management Consulting Services at BDO Singapore.

Below is the list of the winning companies. Congratulations!

NTUC Income Insurance Cooperative Limited Singapore Digital Experience of the Year - Life Insurance Singapore Product Experience of the Year - Life Insurance OCBC Bank (Malaysia) Berhad Malaysia Digital Experience of the Year - Banking Progresif Sendirian Berhad Brunei Employee Experience of the Year - Telecommunications Prudential Laos Laos Employee Experience of the Year - Life Insurance Lazada Indonesia Indonesia Digital Experience of the Year - E-Commerce Indonesia Product Experience of the Year - E-Commerce SAP Customer Experience APJ Singapore Brand Experience of the Year - Technology Singlife with Aviva Singapore Service Experience of the Year - Financial Services Studio Messa Australia Brand Experience of the Year - Dining & Entertainment Sun Life Malaysia Malaysia Customer Experience of the Year - Life Insurance TDCX Malaysia Employee Experience of the Year - Data Center UNITED OVERSEAS BANK (MALAYSIA) BERHAD Malaysia Customer Experience of the Year - Banking United Overseas Bank Singapore Employee Experience of the Year - Financial Services UOB Malaysia Malaysia Product Experience of the Year - Financial Services

Allianz PNB Life Insurance, Inc.

BC Card

FairPrice Group

AYA SOMPO Insurance

HSBC Philippines

TDCX

Certis

DirectAsia Insurance Singapore

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31

EVENT: ASIAN EXPERIENCE AWARDS

Lazada Indonesia

OCBC Bank (Malaysia) Berhad

Prudential Laos

Invisalign Singapore Pte Ltd

NTUC Income Insurance Cooperative Limited

Nanyang Technological University, Singapore

UOB Malaysia 32

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CIMB Bank Berhad, Singapore Branch

Sun Life Malaysia

Singlife with Aviva

AIA Singapore

United Overseas Bank

SAP Customer Experience APJ

China Telecom Global

Infosys THE ASIAN BUSINESS REVIEW

33

SINGAPORE BRAND EXPERIENCE OF THE YEAR - HEALTHCARE TECHNOLOGY

Align Technology awarded at the Healthcare Technology category in the Asian Experience Awards My Invisalign App – supporting patients in every step of their treatment journey to deliver healthy, beautiful smiles.

Raj Pudipeddi, Chief Product and Marketing Officer, SVP and Managing Director, Asia Pacific

A

lign Technology is a global medical device company with a vision to bring clear aligner orthodontic treatment to the masses. The company pioneered the digital orthodontic market with the introduction of the Invisalign system 24 years ago and continues to innovate products and technologies to help doctors transform smiles and change the lives of their patients.

Having been at the forefront in the digital dentistry revolution since 1997, Align Technology continues to drive innovation through advanced science and technology including biomechanics, software algorithms, 3D printing and proprietary polymers to create a digital solution to an old analogue problem – moving teeth. Digital has become the way we transform smiles and today, Invisalign treatment is the most advanced clear aligner system in the world.

With more than 12 million Invisalign smiles, Align is still revolutionising the way we move teeth – transforming the practice of dentistry and how smiles are transformed with integrated digital workflows and virtual tools designed to improve clinical confidence, treatment efficiency, and patient outcomes and experience. The process starts by connecting to consumers through digital applications: a scan with an iTero intraoral scanner, digital treatment planning, aligner production, treatment, and monitoring through virtual tools for quality of care.

Align’s revolutionary iTero intraoral scanners helped moved Invisalign treatment planning and visualisation chairside, enhancing doctor-patient communication and the entire treatment experience. With exocad CAD/

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CAM software, it also aids tens of thousands of dental professionals bring the precision, efficiency, and collaboration of digital production to restorative dentistry, implant planning, and more.

With 21 million orthodontic case starts annually and more than 500 million consumers who can benefit from a better smile, the market for digital orthodontics and restorative dentistry is massive and has been unleashed by the need for digital. The recent years have accentuated the digital economy across industries, and many dentists and orthodontists are embracing digital treatment in new ways and more purposefully than ever before.

Through years of innovation in digital orthodontics and dentistry, including iTero intraoral scanners and digital workflows, Align is focused on bringing the latest technology to doctors and their patients through the Align Digital Platform, an integrated suite of unique, proprietary technologies and services delivered as a seamless, end-to-end solution.

Dentists and orthodontists who are Invisalign providers are now using virtual tools to optimise in-office appointments and deliver doctor-directed, personalised treatment that meets the needs of the moment – and will reshape the future of treatment.

Digital virtual tools include the Invisalign Virtual Care and Invisalign Virtual Appointment tools that were built into the My Invisalign App. These tools were both designed to further enable doctors to manage and continue a range of practice services to communicate and connect with their patients, as well as provide

patients with a more seamless treatment process.

These digital tools provide a collaborative platform between doctors and prospective Invisalign patients. Using design thinking, a simple journey was developed with photos and a video that would be shared with doctors on a weekly or bi-weekly basis based on the aligner schedule. Doctors review these photos and share their feedback from their doctor portal through a bi-directional channel between the doctor and the patient.

The Invisalign Virtual Appointment tool is now available in 13 markets in Asia Pacific, with over 1,500 active Invisalign doctors using the tool to provide patient access. The Invisalign Virtual Appointment tool enables doctors to easily schedule and host HIPAA-compliant video appointments to discuss Invisalign treatment with patients. Invisalign Virtual Care, which is currently available in Australia, New Zealand, Singapore, Thailand, India, Japan & Vietnam, can be used for remote consultations once treatment begins, assessment of treatment progress, and communication of adjustments or concerns during the treatment journey.

These tools help to deliver great outcomes and product performance that benefits both doctors and patients. Feedback to date for these tools have been positive, as doctors adopt these tools to improve patient experiences and increase office efficiencies, as well as empowering patients by providing flexibility through a seamless treatment process.

Align Technology continues to innovate products to provide a seamless, end-to-end solution for doctors and patients

ALIGN IS STILL REVOLUTIONISING THE WAY WE MOVE TEETH – TRANSFORMING THE PRACTICE OF DENTISTRY AND HOW SMILES ARE TRANSFORMED WITH INTEGRATED DIGITAL WORKFLOWS AND VIRTUAL TOOLS

12 million smiles transformed.

12 million lives changed.

© 2022 Align Technology, Inc. All rights reserved. Invisalign, the Invisalign logo, among others, are companies and may be registered in the U.S. and/or other countries. | MKT-0004619 Rev A ASIAN BUSINESS REVIEW THE ASIAN BUSINESS REVIEW

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SINGAPORE BRAND EXPERIENCE OF THE YEAR - TECHNOLOGY

Heart Matters: Great customer experience is an affair of the heart SAP’s report gives insights on how businesses can deliver genuine CX today.

A

s organisations work overtime to improve their customers’ experience in today’s digital world, it is easy to forget that digital is merely a means to an end. The raison d’être of top- performing brands had always revolved around establishing an emotive connection with customers. But how can we give customers exactly what they want, when they want it, while simultaneously humanising the gap between digital actions and our heartstrings?

For brands, I believe this starts with conscious leadership in how they conduct business. This means not just focusing on the bottom line, but to put people first. I believe that if employees are empowered to live up to their potential and be the best versions of themselves, then profit and planet will follow. I call these the three Ps of conscious leadership.

Technology matters, and resilience in a post-pandemic reality matters, too.

The pandemic fundamentally shifted how we traditionally approach many aspects of everyday life and brought to the fore a stark realisation of the role of CX in our hyperconnected world today. The ongoing fallout from COVID-19 forced this awareness in many organisations across the region.

However, the biggest barrier to CX transformation is that businesses are unwilling to make drastic changes.

Knowingly or not, some forego the building of agility and make do with whatever has worked in the past. But we don’t have to wait for the painful experience of the house burning down around us before we change.

With the right solutions and leadership, businesses can transform to deliver genuine CX today.

At the core, this is why we built this Heart Matters campaign. When Rita, our head of marketing for SAP Customer Experience (CX) APJ, and I brainstormed and discussed

Peggy Renders, Senior Vice President & GM, Customer Experience Solutions APJ at SAP

about the kind of CX that would outlast any crisis and thrive in the future, we both agreed that it’s the kind of CX that comes from the heart, from companies that have greater purpose and focus on things beyond profit and loss – things like people, planet and prosperity.

At the heart of this initiative is research; we wanted to hear directly from the mouth of the customers, and we engaged our Qualtrics research team to conduct the survey. The main objective is to find out about what consumers expect from the brands they buy from, and more importantly, if the experiences they have had, meet their expectations.

We commissioned this survey of more than 5,900 consumers across the Asia Pacific (APAC) region to find out more about what people care about. We want to better understand how their views of brands correlate with their spending, as well what matters most when it comes to customer experience. Questions were posed to customers across a range of age groups in Australia, Singapore, Japan, South Korea (Korea), India, Malaysia and Thailand. The findings are truly refreshing and insightful and yours to explore in this report.

To download the full report, visit: www. sap.com/sea/heartmatters

WE INTUITIVELY UNDERSTAND THAT GENUINE CUSTOMER EXPERIENCE IS AN AFFAIR OF THE HEART. MUCH LIKE THE FRIENDS WE LOVE TO SPEND TIME WITH, WE WANT TO HANG OUT WITH A BRAND THAT IS TRUSTWORTHY, EMPATHETIC, GENEROUS AND SHARES OUR VALUES AND CONCERN FOR OTHERS. WE ARE ATTRACTED TO BRANDS THAT TAKE CARE OF US AND OF WHAT MATTERS FOR US, NOT SOMEONE WHO ONLY EVER CALLS TO ASK FOR FAVOURS 36

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Working together for a better world.

To tackle the major challenges of our time, we need to work together.

Innovative solutions from SAP can help you build sustainability directly into your business processes. environment, the community, and every individual. sap.com/sustainability

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37

PHILIPPINES BRAND EXPERIENCE OF THE YEAR - LIFE INSURANCE

Project Sustainable Future: Allianz PNB Life gives hope and empowerment to young Filipinos The initiative won the Philippines Brand Experience of the Year - Life Insurance at the Asian Experience Awards 2021.

No Filter

P

roject Sustainable Future is a positive and encouraging branding and marketing campaign intended to differentiate Allianz PNB Life through sustainability, targeting the younger Filipinos through digital means, and connecting this to the company’s mission to “Secure the future” by giving hope and empowerment for a confident tomorrow.

The campaign is made up of three pillars: Corporate Social Responsibility (CSR), Content Marketing, and Endorsement.

Corporate Social Responsibility: Allianz Ride Safe Ride Safe was first launched in 2020 to address Metro Manila’s transportation problem, especially during the pandemic when public transportation was affected, with more bike-friendly cities. The campaign boasts the country’s first solar-powered bike pit stop in San Juan and themed bike racks and art installations in three of Manila’s main parks. Ride Safe’s most recent initiative is The Bikeyard in Bonifacio Global City, which was launched in December 2021. It is a safe space for bikers that features bike lock-in racks, repair equipment, pump stations, and a side micro park for bikers to leave their equipment while strolling.

In the coming months, Ride Safe is set to promote cycling to citizens in Makati, and soon other major cities all over the Philippines.

Content Marketing: No Filter Parallel to Allianz Ride Safe, there was an opportunity to reach the broader market with our Sustainability and Confidence in Tomorrow brand message via the digital channels that Filipinos visit.

“No Filter” brings Allianz PNB Life’s sustainability thrust online. Through the use of irony and referencing the way Millennials and Gen Zs’ use filters when they take photos to post on social media, Allianz PNB Life came up with a way of highlighting that environmental problems cannot be hidden in well-taken photographs and videos. It stars a humorous digital spot that still drives home an important message, and is followed up by a series of calls for audiences to plan for the planet by supporting companies such as Allianz PNB Life that champion green initiatives.

Endorsement: Alyssa Valdez To ground the CSR and Content Marketing Campaign, Allianz PNB Life utilized a perfect representative of the Millennial and Gen Z market, someone who is locally looked up to

and followed by many, particularly the younger Filipinos.

Alyssa Valdez is arguably the most popular volleyball athlete in the Philippines. She rose to fame as a college player in the local university tournaments, crossing interest from sports fans to the public when her teams won major tournaments in a dramatic and exciting fashion. She is so popular that among volleyball players worldwide, she is among the top in followers at more than 1 million followers in her Instagram account. At 28 years old, she is now a professional volleyball player in the middle of her career, and she is already thinking of life after her athletic career is over and has expressed some of this publicly. Given that insurance is protection both in health and finances, this easily fits with the messaging.

But more than that, Alyssa herself is in favour of sustainable practices and so, it matches Allianz PNB Life’s sustainability messaging.

Only The Beginning Project Sustainable Future represents the initial salvo of what will be a continuing effort to push Allianz PNB Life forward so that it can be as much a top-of-mind and important consideration for insurance amongst Filipinos.

Even if building a brand and its experiences takes time, Allianz PNB Life believes that this can be accelerated through the strategic use of this constant, relevant messaging to the market, which will then translate into greater interest in Allianz PNB Life’s brand as well as its products.

Volleyball player, Alyssa Valdez

PROJECT SUSTAINABLE FUTURE REPRESENTS THE INITIAL SALVO OF WHAT WILL BE A CONTINUING EFFORT TO PUSH ALLIANZ PNB LIFE FORWARD SO THAT IT CAN BE AS MUCH A TOP-OF-MIND AND IMPORTANT CONSIDERATION FOR INSURANCE AMONG FILIPINOS 38

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Open an HSBC Premier account and get PHP20,000 worth of eGCs when you invest or avail of an insurance product worth PHP3M and sign up for an HSBC Premier Mastercard. Get an additional PHP5,000 eGC when you meet the minimum spend of PHP15,000 using your new credit card.

Find out more. Visit www.hsbc.com.ph/2hpremacq or scan the QR code now.

Spend PHP15,000 anywhere with your new HSBC Premier Mastercard to qualify. Terms and conditions apply. Promo period: October 1, 2021 - February 28, 2022. Per DTI Fair Trade Permit No. FTEB-127609 Series of 2021. HSBC is regulated by the Bangko Sentral ng Pilipinas.

Issued by The Hongkong and Shanghai Banking Corporation Limited.To contact HSBC for inquiries or complaints, please call HSBC’s Customer Service at (02) 8858-0800 or (02) 7976-8080 from Metro Manila, 1-800-1-888-4722 PLDT domestic toll-free, (International Access Code) + 800-100-85-808 international toll-fee for selected countries/regions, or send an email to hsbc@hsbc.com. ph to submit an inquiry or complaint. If you want to find out more about HSBC’s customer feedback procedures, please visit hsbc.com.ph/feedback to learn more about feedback and complaints.

The Hongkong and Shanghai Banking Corporation Limited is an entity regulated by the Bangko Sentral ng Pilipinas (Bangko Sentral) https://www.bsp.gov.ph. You may get in touch with the Bangko Sentral Consumer Protection and Market Conduct Office through their Email: consumeraffairs@bsp.gov.ph; Webchat: http://www.bsp.gov.ph; Facebook: https://www.facebook.com/Bangko SentralngPilipinas or SMS: 021582277 (for Globe subscribers only). Deposits are insured by PDIC up to P500,000 per depositor.

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39

SINGAPORE DIGITAL EXPERIENCE OF THE YEAR - LIFE INSURANCE SINGAPORE PRODUCT EXPERIENCE OF THE YEAR - LIFE INSURANCE

NTUC Income bags major wins at the Asian Experience Awards 2021

Two of its life insurance products – SNACK and TRIBE were awarded separate recognitions.

SNACK investment

H

omegrown insurer, NTUC Income continues to make its mark in Singapore.

It is constantly exploring ways to extend the accessibility of insurance to people, such as gig economy workers and first jobbers who are just starting to build insurance coverage for themselves.

Through insights gathered from its research, NTUC Income discovered that young adults see the value of insurance protection but are often hindered by the lack of affordable options that offer flexibility in premium payment and coverage while others may be discouraged by the seemingly complicated and tedious application processes in conventional insurance plans.

In the past year, NTUC Income has widened its reach to different customer segments via its SNACK and TRIBE offerings, from first jobbers to gig economy workers and parents.

These two products were designed to answer current protection gaps in the market. For the changes it has introduced in the industry, Asian Business Review’s Asian Experience Awards recognised the company’s efforts and awarded them for both products.

The “Singapore Digital Experience of the Year - Life Insurance” award was awarded to SNACK. On the other hand, TRIBE won the “Singapore Product Experience of the Year Life Insurance” award.

The awards recognise the ingenious initiatives of creative companies delivering meaningful brand experiences to their stakeholders in all industries in Asia.

SNACK is a novel micro-insurance and investment platform that reimagines the conventional channels of obtaining insurance by making insurance ‘invisible’ and seamlessly integrated with customers’ lifestyles,

TRIBE by Income - Recovery pack

NTUC INCOME HAS WIDENED ITS REACH TO DIFFERENT CUSTOMER SEGMENTS VIA ITS SNACK AND TRIBE OFFERINGS, FROM FIRST JOBBERS TO GIG ECONOMY WORKERS AND PARENTS AND TO ANSWER CURRENT PROTECTION GAPS IN THE MARKET 40

THE ASIAN BUSINESS REVIEW

lowering the barrier of entry whilst providing unprecedented and flexible access to insurance protection to people from diverse financial backgrounds.

SNACK users can select their premium amounts from as low as $0.30. Each time they engage in a lifestyle activity such as paying for groceries or taking public transport, a microinsurance and/or micro-investment linked policy is issued to them. These policies stack up over time to allow users to accumulate their sum assured coverage and build up their investment portfolio.

Amongst SNACK’s key achievements include having customer engagement that has grown by 50% between the January to March quarter of 2021. Within six months from launch, 60,000 customers have downloaded the app and 21,500 customers have signed up for a SNACK user account.

Today, more than $50m sum assured have been accumulated by SNACK customers.

TRIBE is also celebrated for its achievements. In November 2020, NTUC Income launched the enterprise version of TRIBE, an innovative, industry-first insurance proposition that revolutionised the way consumers engage with, purchase, and obtains insurance in Singapore, in partnership with SAFRA. It is the first flexible subscriptionbased insurance in Singapore that offers customisable insurance packs with no minimum lock-in periods. With premiums starting at $5.00 per month, customers can conveniently subscribe, upsize or downsize or even switch between different insurance packs.

TRIBE streamlines the end-to-end process lifecycle for customers by 99%, through automated digital flows for onboarding, claim submissions, and claim payouts via PayNow. Within three months after launch, more than 10 ecosystem partners have signed up to work with TRIBE to help their customers build their insurance coverage. Consumers can look forward to upcoming launch specials via partners such as CardsPal, Ez-Link, Helpling, Little Lives, Plus!, SAFRA, Speedoc and Supermom.

TRIBE’s growth has tripled from Q1 to Q2 this year and more than $82m sum assured has been accumulated by users since launch.

THE ASIAN BUSINESS REVIEW

41

SINGAPORE DIGITAL EXPERIENCE OF THE YEAR - EDUCATION

Nanyang Technological University, Singapore elevates Next-gen Learning Experience More than 650 undergraduate courses were offered through its platform.

T

he NTULearn Ecosystem that hosts most of the courses at Nanyang Technological University, Singapore (NTU Singapore) has been the cornerstone of the University’s digital learning environment for the past decade.

Two years ago, NTU embarked on a major transformation of its NTULearn Ecosystem to enhance and focus on student experiences and collaborative learning engagements.

This digital transformation initiative aimed to take the University a step closer toward its NTU Smart Campus vision to enhance learning and living experiences through digital and tech-enabled solutions.

At the heart of the University’s transformation in education is the purposeful blend of digital learning innovations to enhance the online delivery of lessons, e-Assessments, and teaching and learning experiences.

The University is guided by the Virtual Adaptive and Distributed Learning Model, a dynamic framework that was refined earlier this year, to meet the requirements of the NTU 2025 strategic plan, which outlines the University’s education, research and innovation ambitions for the next five years.

There are two key elements in the framework, where both are equally important and complementary – adaptiveness for the virtual environment to serve various types of lesson management and assessment capabilities, and “anytime anywhere” learning that allows teachers and learners to deliver and access lessons from non-centralised locations independent of time and place, using their preferred personal learning device.

Since 2015, when Technology-enhanced Learning (TEL) started at NTU, more than 650 undergraduate courses have been transitioned to online or hybrid delivery through NTULearn.

When COVID-19 hit and disrupted in-person lessons, NTU was able to shift practically all classes to the virtual environment seamlessly within one week. More than 1,000 in-person weekly lessons were shifted to online learning for 30,000 students in the first quarter of 2020.

This was powered by a new scalable and cloud-based NTULearn Learning Management System implemented in January 2020 that could accommodate an increase of cloud 42

THE ASIAN BUSINESS REVIEW

Students at The Hive, NTU Singapore’s iconic learning hub (pictured pre-COVID-19) Credit: NTU Singapore

storage for digital learning content by 400%. A strong infrastructure enabled swift adaptability to the pandemic requirements with an academic continuity that leaves no student behind.

To ensure that all students complete their final examinations during Singapore’s circuit breaker and heightened alert periods in 2020 and 2021, NTULearn made remote e-examinations possible by introducing an AIbased proctoring tool for e-assessments.

A strategic partnership with Coursera was also established and integrated as part of NTULearn to allow undergraduate students to obtain transfer credits upon completion of selected massive open online courses (MOOCs) offered via Coursera at no cost, resulting in substantial savings and shaping new lifelong learning behaviours for students.

In addition, a new cloud-based Student Response System was implemented for distributed lessons that allowed lecturers and students to synchronously interact and access

multimedia content and platforms from different locations. The hybrid learning model was well received with over 90% positive student feedback for higher engagement and learning experience.

The new cloud-based NTULearn Video solution was also introduced in January 2021 to further enhance students’ online learning experience. Today, NTU offers a catalogue of over 250,000 learning videos entirely produced in-house.

Recognising the strong digital-driven transformation that NTU has made to benefit its students, faculty and staff, the University was awarded the “Singapore Digital Experience of the Year – Education” at the Asian Experience Awards 2021 recently.

“We see this award as an encouraging endorsement from the industry of NTU’s commitment to continuously improve the digital learning and teaching experience for our students, faculty and staff”, said Mr Alvin Ong, Chief Information Officer at NTU Singapore.

AT THE HEART OF THE UNIVERSITY’S TRANSFORMATION IN EDUCATION IS THE PURPOSEFUL BLEND OF DIGITAL LEARNING INNOVATIONS TO ENHANCE THE ONLINE DELIVERY OF LESSONS, E-ASSESSMENTS, AND TEACHING AND LEARNING EXPERIENCES

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43

Your car is more than getting from A to B. It’s a space where memories are made as you live out life’s little moments.

So as we protect your car, go ahead and enjoy the moments that drive you — because that’s what matters most.

Immersive

DIGITAL E XPERIENCES can bridge the physical

Infosys helps our clients accelerate their digital journeys, leveraging these capabilities to hyper-personalise and humanise experiences.

EXPLORE AO EXPERIENCES: INFOSYS.COM/AUSOPEN 44

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© 2022 Infosys Limited, Bengaluru, India.

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45

EVENT: MIDDLE EAST AWARDS

ABR honours the winners of the inaugural Middle East Awards

T

he demand for technology innovation and digital transformation was pushed to unprecedented heights over the two years since the pandemic happened. Organisations that had previously laid out plans were driven to expedite their journey to keep serving consumers and stay competitive.

But challenge is just another word for opportunity to innovate, disrupt, and shine. The Asian Business Review is thus proud to recognise these most remarkable organisations in the Middle East that showed resilience and outstanding performance in these challenging times through two new awards programmes: the Middle East Technology Excellence Awards and Middle East International Business Awards.

The Middle East Technology Excellence Awards honours enterprises that have significantly contributed to the technology innovation in their respective industries, whilst the Middle East International Business Awards lauds global companies that have found a solid foothold in the region.

The trophies were presented to the winning organisations in digital ceremonies from 25 October to 5 November 2021. The winners

also had the opportunity to share their thoughts on winning in the prestigious awards programme through virtual interviews.

Industry leaders were invited to judge the entries and select winners.

Comprising the Middle East Technology Excellence Awards judges’ panel were Fadi Komati, Technology Transformation Leader, PwC Middle East; Amit Tenglikar, Associate Director, Technology Advisory Services, BDO UAE; Glen Thomas, Partner, Technology Advisory, Grant Thornton UAE; Binit Shah, Partner, Information Technology, Crowe UAE; and Dr. Swamy Pentyala, Partner, CEO, Infotech Solutions & Technology Practice Leader, Baker Tilly Middle East.

Meanwhile, the Middle East International Business Awards judges’ panel consisted of Farhan Syed, Partner and Head of Advisory, MESA and Lower Gulf, KPMG; Hisham Farouk, CEO, Grant Thornton UAE; Dr. Khalid Maniar, Founder and Managing Partner, Crowe UAE; Dr. Bassam Dahman, Managing Partner, UAE | Regional Leader – MENWA, RSM; and Surya Narayanan Krishna Moorthy, Partner & Chief Executive Officer (Sharjah & Northern Emirates), Baker Tilly.

Middle East Technology Excellence Awards

flyadeal E-Commerce - Airline

Abu Dhabi Health Services Company - SEHA Cloud - Health Products & Services Acacia LLC AgroTech - Agriculture ADGM Academy Digital - Education Ajman Bank Digital - Banking Amazon Middle East and North Africa E-Commerce - Security & Safety Bank Muscat E-Wallet - Banking Mobile - Banking

Congratulations to all winners!

KAMSD Mobile - Transportation Khatoon Sanaat Sarzamin Parsian Machine - Energy LazyWait Cloud - Food & Beverage Mariapps Marine Solutions Enterprise Software - Marine Services Ministry of Education AI - Education National Gas & Industrialization Co. (GASCO) AI - Oil & Gas

BLOOVO AI - Human Resource Technology

Omnicell Robotics - Healthcare Technology

Cloud4C Cloud - IT Services

OmniClouds Cloud - Education

Connect Mentors Startup - Human Resource Technology

Palmira Software House LLC Digital - IT Services

Department of Culture and Tourism Cloud - Non-Profit or Government Organizations

Phoenix Power Company SAOG Hardware - Utilities

DOTS TECH SYSTEMS IoT - Building Services & Facilities du Blockchain - Telecommunications Cloud - Telecommunications

46 THE ASIAN BUSINESS REVIEW

PRIME Healthcare Group Big Data - Healthcare SANS - Saudi Air Navigation Services ICT - Aviation

Ta3meed Platform Fintech - Financial Technology Tawreed HORECA General Trading E-Commerce - Food & Beverage Technology Innovation Institute Hardware - Electronics The Department of Health Abu Dhabi Automation - Non-Profit or Government Organizations Information Management - Non-Profit or Government Organizations The ENTERTAINER business E-Wallet - Retail UASG Group of Companies Enterprise Software - Conglomerates

Amazon Middle East and North Africa

Union Insurance Analytics - Health Insurance United Arab Bank Automation - Banking United Cooperative Assurance (UCA) Information Management - General Insurance Walturn LLC Software - Consulting WINSOFT SOLUTIONS LLC Enterprise Software - Healthcare Technology

Cloud4C

Xebia Digital - Banking Technology Provider Yalla Group Limited Gaming - Media & Entertainment

Middle East International Business Awards CITIES FORUM Consulting M+ Solar by Petronas Energy

Department of Culture and Tourism

du

Pizza Hut Restaurants Restaurant KRAFT HEINZ MEA L.L.C Food & Beverage RezLive.com Hospitality & Leisure Valeo Internal Automotive Software Automotive Systems

ADGM Academy

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47

EVENT: MIDDLE EAST AWARDS

Phoenix Power Company SAOG

flyadeal

Saudi Air Navigation Services

48 THE ASIAN BUSINESS REVIEW

Technology Innovation Institute

The ENTERTAINER business

KRAFT HEINZ MEA L.L.C

CITIES FORUM

The Department of Health Abu Dhabi

United Cooperative Assurance (UCA)

M+ Solar by Petronas

National Gas and Industrialization Co. (GASCO)

Yalla Group Limited

Pizza Hut Restaurants THE ASIAN BUSINESS REVIEW

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ICT - AVIATION

SANS recognized for its Advanced Maintenance Control Center (MCC) It was honoured with the Middle East Technology Excellence Award in ICT - Aviation category.

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he Saudi 2030 Vision is based upon the growing inward investment to stimulate and diversify the economy and develop the transport industry to make the Kingdom a logistics centre linking the three continents.

It also aims to promote sustainable economic development and competitiveness adequate to transform the Kingdom of Saudi Arabia into a global hub.

To support economic growth, the civil aviation sector will play an essential role in the diversification and expansion of the Saudi economy. It is set to be an important catalyst in the development of the Saudi economy through the establishment of new airports with international standards, raising the operational capacity and the expansion of existing facilities, entry of new investors into the market, and implementing a comprehensive plan to improve the performance of Saudi airspace.

In light of this, SANS is witnessing rapid development, as one of the main sectors of civil aviation in Saudi Arabia, the Saudi Air Navigation Services (SANS) is responsible for providing air navigation services in the Kingdom of Saudi Arabia, where it plays an important and vital role in the security and safety of airspace and aircraft movements.

Also, SANS manages one of the largest airspaces in the middle east with more than 2m sqkm and is recognised regionally for its safety record, service excellence and technology innovation. It is a proud partner of the global air transportation industry.

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traffic management services, aeronautical information management services, flight planning, maintenance engineering services, engineering services, search and rescue services, commercial services, weather briefings, and oversees air traffic through a sophisticated network of area control centres, air traffic control towers, flight information centres, maintenance centres, and navigation aids across the country.

Through its commitment “Managing skies, securing lives”, more than 1700 passionate employees across 56 locations are dedicated to enhancing the safety, capacity and efficiency of air navigation services and leading the future of the aviation sector in the Kingdom of Saudi Arabia.

Since 2019, the Saudi Air Navigation Services company has been carrying out many commercial services to external beneficiaries, from aviation consultancy services to CNS contracting and project management. The division has been successful in designing, supplying, installing, and operating navigation systems at Neom Bay Airport in just 77 days, and completed the installation of an Instrument Landing navigational system at Al Ula International Airport. Saudi teams of engineers and aeronautical experts are currently supporting the Red Sea Airport with the latest state of the art technologies for Communication, Navigation, Surveillance, Air Traffic Management and Digital Virtual Tower solutions.

Through the transformation strategy,

Saudi Air Navigation Services is committed to enhancing the safety and efficiency of air navigation services through innovative technologies, advanced solutions, and leading expertise in this field, thereby enhancing its role in planning the future of the aviation sector in Saudi Arabia in line with vision 2030 The company has also made tremendous progress in the strategy of positive transformation from the government to the private sector since its launch in 2018, to be managed in a commercial manner, making its business operations an ideal model in a medium-term strategy focused on three phases: Phase 1: Operational uplifting Phase 2: Optimisation and standardisation.

Phase 3: Sustainability and Innovation.

As a culmination of its efforts, and emphasising its successes, Saudi Air Navigation company won the Middle East Technical Excellence and Innovation Award for 2021, for the innovation of the Maintenance Management System (MMS) by the company’s engineers and technicians in-house to manage all: corrective and preventive maintenance, aerial inspection and monitoring of the surrounding environmental situation, immediate updating of performance indicators around the clock.

The company will continue to move forward to achieve strategic objectives and find innovative investment solutions, which will generate long-term revenues to maintain future operations, and develop and implement the latest global practices in the air navigation services industry.

OUR SAUDI SKIES WELCOME YOUR DREAMS

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BLOCKCHAIN - TELECOMMUNICATIONS CLOUD - TELECOMMUNICATIONS

du’s blockchain edge and cloud solutions honoured at the Middle East Technology Excellence Awards 2021 The telco giant took home the Blockchain and Cloud trophies in the Telecommunications category. suitable solution.

du assists enterprises amidst today’s digital-first landscape

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ince its inception in 2006, du has garnered widespread acclaim for driving economic and social transformation across the UAE, delighting customers, proactively innovating, redefining business excellence, and breaking new barriers in the telecommunications industry. du’s most recent recognition came at the Middle East Technology Excellence Awards 2021, where the leading UAE telco provider was announced as the Blockchain and Cloud Telecommunications category winner. du’s recognition underlines its vast experience, resources, and expertise in this field. From the outset, the company’s vision was to ensure customers, communities, and the country could harness the capabilities of its Blockchain Edge and Cloud Migration and Management platforms. And having emerged as a winner at the Middle East Technology Excellence Awards 2021, this topmost priority has been realised. du Blockchain Edge With business continuity, enhanced security, seamless services, and operational expenditure savings simultaneous priorities for enterprises in today’s digital-first landscape, du’s Blockchain Edge was specially developed with the future in mind. As an intuitive cloud-native Blockchain infrastructure that provides highly customisable private blockchain networks on Dubai Pulse Infrastructure, the platform has successfully accelerated technology adoption for enterprise customers across the government, financial, education, logistics, and healthcare sectors. For instance, du has secured and driven strategic government projects through

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pioneering blockchain technology investment, leading integration for consortiums directed by the Dubai Department of Economic Development (DED), as well as entities including Dubai Airport Freezone Authority (DAFZA), Dubai Silicon Oasis Authority (DSOA), Dubai Multi Commodities Centre (DMCC), Dubai Civil Aviation Authority (DCAA), and Dubai Civil Defense (DCD).

From infrastructure design and network security to a comprehensive framework capable of facilitating every unique business requirement, this end-to-end solution has enabled organisations to transform their operations digitally, empowering them to accelerate technology adoption and build new digital applications on a fully managed cloud service. Blockchain Edge supports multiple blockchain protocols with ready to use features and capabilities, ensuring enterprise customers don’t need to monitor the platform infrastructure periodically or manually scale it based on the number of transactions requests or when adding new members to a network.

Furthermore, blockchain-based innovation is made even more seamless and trusted with support from du as a full-stack provider.

The telco’s blockchain team analyse the client’s current blockchain landscape, build a tailored solution with complete gaps analysis and cost optimisation, and work alongside unicorn startups and industry-leading system integrators to equip public and private sector enterprises with the most innovative and

du Cloud Migration and Management Across business verticals, demands have never been greater for increased agility, greater flexibility, faster innovation, and meeting customers expectations. And crucially, these are four of many benefits that await by switching to and managing the cloud, which du Cloud Migration and Management provides. Effectively managing entire cloud estates through a single unified platform, du has integrated end-to-end offerings across connectivity, data centre, cloud and security services, ensuring better service level agreement (SLA) availability and ease of coordination for enterprise customers. du’s cloud migration services comprise discovery, assessment, design, and planning to ensure an efficient, optimised cloud approach, whilst management services help customers bridge the cloud talent gap and focus on core business requirements. They have also ensured cohesiveness across businesses, guaranteeing IT environments have been built to support data flow, analysis, and security from the core to the edge.

As a result, a simple way to connect applications, services and data between clouds has been delivered, with Platformas-a-Service (PaaS) and Container Services amongst the essential multi-cloud management tools that help ensure rapid growth, innovation, and governance. Cloud Analytics and optimisation services have also emerged as crucial, ensuring performance across multi-clouds whilst empowering organisations to offload burdensome activities whilst maintaining the highest calibre of support and market-leading service levels. Furthermore, du’s extensive cloud expertise and experience are accompanied by predictable pricing, purpose-built cloud services that comply with industry standards and certified processes, and enterprise-class infrastructure components with a reliable, robust platform offering multi-technology and multi-vendor support.

DU HAS INTEGRATED END-TO-END OFFERINGS ACROSS CONNECTIVITY, DATA CENTRE, CLOUD AND SECURITY SERVICES, ENSURING BETTER SLA AVAILABILITY AND EASE OF COORDINATION FOR ENTERPRISE CUSTOMERS

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E-COMMERCE - AIRLINE

flyadeal receives award for revamped website at the Middle East Technology Excellence Awards The company was also recognised for its viral campaign.

flyadeal is Saudi’s newest and only digital airline

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uring its brand refresh activity, flyadeal was brainstorming on the best technology platforms for the mobile app. Most of the airlines are prone to have native apps which are large in size and have lengthy development lead times.

Hence, flyadeal chose to lead the industry with a progressive web app that is easy to enhance with a quick go-to-market turnaround. flyadeal is Saudi’s newest and only digital airline. It receives over 90% of its sales directly from its website and mobile app. Due to enormous traffic volumes and demand for low fares, flyadeal has been improving its e-commerce infrastructure since 2017.

It moved away from on-demand servers and switched to auto-scaling servers across multiple zones to cater to audiences from different geographies.

In 2020, flyadeal’s website was redesigned with a refreshed brand and UX elements for enhanced customer experience and retention.

Usage of CDN, WAF, and bot protection technologies enables flyadeal’s web and mobile to be one of the most secure airline websites in the world.

Since the website’s launch in September 2017, flyadeal has more than 11 million

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passengers who have booked and travelled through the flyadeal website.

The company also has the Insider Growth Management Platform which helps improve its performance in digital marketing.

It provides a superior user experience on the website and mobile app using AI technology and predictive algorithms to drive conversions.

For its efforts, flyadeal won the “E-Commerce - Airline” award in the recently concluded Middle East Technology Excellence

FLYADEAL LED THE INDUSTRY WITH A PROGRESSIVE WEB APP THAT IS EASY TO ENHANCE WITH A QUICK GO-TO-MARKET TURNAROUND Awards hosted by The Asian Business Review.

The awards programme recognises successful groundbreaking projects, digital services, reimagined strategies, and technological initiatives in the Middle East to honour the technology champions of the region.

A significant part of driving traffic to

flyadeal’s website are groundbreaking campaigns. flyadeal’s “Cargo Class Campaign” became a huge success. To position flyadeal’s brand and create mass awareness, the company set out a “prank”.

It told everyone that they could fly for the lowest fares possible, but only under extreme conditions. The reveal: you don’t have to go that far to fly for less!

The company called this the Cargo Passenger Class: a new breakthrough in aviation that allows travel in the cargo hold for the lowest fares.

The campaign went viral and brought a massive awareness spike. Visits to the website increased eightfold. It became the most searched topic in Saudi Arabia, above results of a Manchester and Liverpool game, and trended number one on Twitter.

Consumers played along creating their memes and registering to fly in Cargo Class on the campaign website. The interest spanned across the globe with 245 news outlets and blogs talking about the prank.

The progressive web app combined with innovative marketing is some of the core elements of flyadeal becoming the fastestgrowing airline in the region. The company expects the growth momentum to continue into 2022 and beyond.

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GAMING - MEDIA & ENTERTAINMENT

Yalla Group provides users with superior gaming experience through Yalla Ludo The organisation won in the Gaming - Media & Entertainment category at the Middle East Technology Excellence Awards.

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eadquartered in the United Arab Emirates, Yalla Group Limited (NYSE: YALA) was founded in 2016 and developed to become the largest voice-centric social networking and entertainment platform in the Middle East and Northern Africa (MENA).

The company’s platforms sell virtual items as well as subscriptions allowing users to gain extended benefits within its apps. They also offer group chatting and games services.

Specifically tailored for the people and local cultures of the region, the Company’s flagship mobile application, Yalla, primarily features Yalla rooms, a reimagined online version of the majlis or cafés where people spend their leisure time in casual chats. Compared to other forms of live communication, voice chats are more common and socially suitable to the cultural norms in MENA. Yalla Ludo The Company also operates Yalla Ludo, a casual board game platform that has swept the Middle East, combining Ludo game, domino and real-time voice chat all in one.

Yalla Ludo is committed to providing users with a superior gaming experience and a rich variety of personalised expressions.

The convenient built-in voice chat system allows users to enjoy a real-life conversation experience anywhere and anytime.

Yalla Ludo allows users to play Ludo or Domino with their friends online, offering them the following features: • Real-time voice chat Users can talk with players via voice chat at any time, meet new friends and enjoy the game!

• Various game modes Ludo includes two modes: 1 ON 1 mode, 4-Player mode. Each mode has four gameplays: Classic, Master, Quick and Magic. Meanwhile, Domino has 2: Drew Game and All Five.

• Play with friends easily Private rooms and local rooms enable users to play with buddies either online or offline.

• Group Voice Chat for Gamers The chat room allows users to meet more gamers from all over the world and exchange ideas about games with each other. They can also invite friends or anyone else to play Ludo & Domino with this group chat.

There is also a premium feature called Yalla 56

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Ludo VIP, which offers users rewards including collecting free daily coins, diamonds and VIP chests. This is in addition to privileged game rooms where users can create their VIP room, invite others to play together, offering more exclusive perks & benefits for VIP users.

Yalla strives to maintain equity amongst the users on its platform, thereby encouraging all of them to freely communicate and interact with each other.

Through bottom-up attention to detail and localised appeal that deeply resonates with users, Yalla mobile applications deliver a seamless user experience that fosters a strong sense of belonging, creating a loyal, devoted and engaged user community.

THE COMPANY HAS BUILT A HIGHLY INTERACTIVE YALLA COMMUNITY BY OFFERING A HEALTHY AND RELEVANT USER EXPERIENCE TAILORED TO LOCAL CULTURES Unique Features The company has built a highly interactive Yalla community by offering a healthy and relevant user experience tailored to local cultures.

It also aspires to build the most popular destination for online social networking and entertainment activities in MENA. In its pursuit to keep its user base constantly growing and attracting players,

Yalla’s platforms deliver unique features including: • Superior Social Experience Yalla provides a mobile platform for users to enjoy a superior social experience online. Its mobile applications were inspired by offline social leisure activities in MENA, bringing such activities to its mobile apps and games, making them more convenient for its users.

• Localised Appeal The group has developed the leading social networking and entertainment platform tailored for the local cultures of our target markets, particularly MENA. Leveraging its insights into MENA culture and local user preferences, it infuses its user interfaces with local cultural elements.

• Voice-Centric Interaction Yalla customers mainly interact through realtime voice chats on its platform. Compared to other forms of online communication such as texts, graphics or video, users tend to be inclined to communicate more comfortably and effortlessly via voice.

• Highly Interactive User Community Instead of passively consuming content, users come to Yalla platforms to actively participate in the social leisure activities it offers. Yalla believes these social interactions foster a sense of community amongst users and enable its platform to attract and retain users more effectively compared to others.

Earlier in 2020, Yalla has become the first UAE-based technology “unicorn” company to list on the New York Stock Exchange.

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CLOUD - NON-PROFIT OR GOVERNMENT ORGANIZATIONS

Abu Dhabi Department of Culture and Tourism bested other organisations in Middle East The DCT is the first government agency in the United Arab Emirates to use cloud data centres.

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igrating to become a cloud-based organization is no easy feat.

Still, the Abu Dhabi Department of Culture and Tourism (DCT) took the opportunity to shift as a clear avenue for growth. It excels above the region’s government organizations in adopting cloud-based data centres and IT solutions with its partnership with Microsoft©.

“As the future becomes our reality, very quickly we become aware that we have to move forward rapidly just to keep pace.

As such, we believe that DCT is a driver for innovation and adoption of platforms that align to the desired business outcomes,” said His Excellency Saeed Ali Obaid Al Fazari, DCT’s Acting Executive Director of

a giant leap for the agency, as government organisations uphold the nation’s level of adapting to the current global trends, and in this case, on data storage and services more applicable in the 21st century. DCT worked closely with Microsoft and chose Azure as its data centre, having previously worked with them in the age of digital transformation ramped up by the global pandemic.

In an interview, His Excellency Saeed Ali Obaid Al Fazari repeats how “DCT values the importance of innovation and technology to build scalable, flexible, secured, and sustained ecosystems and increase the efficiency of business operations. Thus, DCT is partnering

WITH ABU DHABI’S CULTURE AND TOURISM AT ITS CORE, THE AGENCY EMBARKED ON THE JOURNEY TO ADOPT CLOUD PROCESSING MAINLY ON THE PREMISE OF IMPROVING CUSTOMER AND EMPLOYEE EXPERIENCES Support Services.

The annual Middle East Technology Awards recognises technological advancements within the gulf region, mainly in companies that champion and pioneer in ground-breaking solutions in cyberspace and Information Technology.

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with Microsoft to embark on a digital transformation journey using welldesigned products and features. It’s both a partnership and a sustainable solution that benefits DCT, and it directly affects our readiness during COVID-19.”

With Abu Dhabi’s culture and tourism at its core, the agency embarked on the

journey to adopt cloud processing mainly on the premise of improving customer and employee experiences. When the COVID-19 pandemic struck, access to government services took a necessary transition, and with that, the DCT evolved.

Moving all production systems from existing premises to Azure, DCT saw up to $2m worth of cost savings. It also reduced vendor or technical complexities, optimised internal operations, and prepared for future market demands in the region, all whilst improving customer experience.

From the data provided by the DCT, total services cost over the past three years has been computed to decrease significantly, if not completely obsolete. To date, DCT reports that Microsoft will enroll and oversee end-to-end migration, simplify the journey, and train the staff for self-sufficiency with the Enterprise Skilling Initiative.

Moreover, according to His Excellency Saeed Al Farazi, the agency prepared itself to adopt the cloud services but did not experience any delivery interruptions.

He said, “The migration has gone extremely smoothly, and I must commend all of the staff who participated in the program on the professionalism and technical skills they demonstrated to be able to deliver the project.”

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AUTOMATION - NON-PROFIT OR GOVERNMENT ORGANIZATIONS INFORMATION MANAGEMENT - NON-PROFIT OR GOVERNMENT ORGANIZATIONS

The Abu Dhabi story: True flattening of the curve, lessons learnt in overall approach and leadership Abu Dhabi has been relentlessly focused on being prepared for any possibilities to support the community amidst the pandemic.

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rom the outset, the COVID-19 pandemic has presented many challenges that many people, systems, and communities have not faced before. It has gone beyond just being a healthcare challenge to an economic, financial, political, and societal one and it is expected to continue to be one of the biggest events that affected people’s lives in this lifetime.

Abu Dhabi as a cosmopolitan and globally connected city was at the forefront in facing this challenge. The city itself is home to over 200 nationalities working in a variety of sectors ranging from major oil and gas industries to thriving healthcare, financial, and manufacturing sectors making it one of the key points that connect travel, trade, and logistical hubs globally.

The pandemic presented many countries and their governments with unprecedented challenges that required immediate and innovative responses. Looking retrospectively, Abu Dhabi presented a clear and comprehensive example of how to approach this in a balanced and effective way.

Applying a high-level lens to their pandemic response, the Abu Dhabi prioritised preparedness and prevention, treatment and capacity, as well as vaccination to manage the pandemic effectively. These components have enabled Abu Dhabi to be recognised as the number one city globally in dealing with the pandemic as assessed by the Deep Knowledge Group in London. It has also ranked second in the best places to be during the pandemic by Bloomberg monthly ranking as it continued to have one of the lowest mortality rates per capita, sustainable low infection rates globally, and a zero full-day lockdown since the start.

Since the start, Abu Dhabi has been relentlessly focused on being prepared for any possibilities even before the pandemic hit having a dedicated emergency infrastructure and pooled experts in Abu Dhabi Public Health Center (one of the dedicated unique entities in the region established in 2019). This set-up enabled prevention and ensured the effectiveness of breaking the chain of infection with the focus on testing, coupled with a highcapacity and technology-linked test-traceisolate approach to identify cases early.

For the individuals that get infected, the 60

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Abu Dhabi leadership put the healthcare of its population at its top priority

whole Abu Dhabi ecosystem and stakeholders worked together to make their isolation and the quarantine of their close contacts smooth, effective, and supportive. For the patients that needed clinical care, the decision from the onset was and has been to provide all care with the latest of innovation, medication, and setting free of charge irrespective of insurance or residency status. This included using the latest protocols and deploying early access to effective and evidence-based medication.

The vaccination programme in Abu Dhabi is another example of effective deployment of a common principle but anticipates challenges early and puts the right measures in place to tackle them. The general three principles that identified our vaccination programme has been to move early, move fast, and go wide.

In terms of moving early, Abu Dhabi has been one of the first cities to start their vaccination programme, based on collaborative relationships whilst vaccines were being developed globally, through supporting investment in their development and holding some of the largest clinical trials for testing their safety and efficacy. The second principle of moving fast involved training, infrastructure setting, and wide and targeted communication and marketing campaign that enabled a strong uptake of the vaccine by the community that we serve across all priority groups and eligible individuals. Last but not least is going wide and making the choice of getting vaccinated for

an easy, seamless, and linked way to go back to normalcy, in setting up vaccination centres close to where people live, using mobile teams to provide vaccination at workplaces, home and community centres. Through this, UAE now enjoys the highest vaccination rates globally for full vaccination and ones that received boosters.

All of the above would not have happened without a strong and exemplar governance and leadership model. Both the governance set-up and the decision making/support models were based on the four principles of being science-based, data-driven, agile and fast, and with high reliability. A single saying that encompasses all of this approach is HH Sheikh Mohammed Bin Zayed saying “Do not worry”to all the individuals living in UAE and beyond, stating his personal and high government commitment to take care of all that is needed from the UAE population in terms of healthcare and livelihood. It is clear to all after almost 20 months, that in Abu Dhabi when the situation was the hardest and the decision was the toughest, Abu Dhabi leadership and its population prioritised healthcare of its population. That said, Abu Dhabi and UAE are not limiting themselves to achieving success in controlling the pandemic but also driving from day one in supporting the wider world in getting out of this pandemic, with the perception that no one is out of this pandemic until everyone is out.

ABU DHABI PRIORITISED PREPAREDNESS AND PREVENTION, TREATMENT AND CAPACITY, AS WELL AS VACCINATION TO MANAGE THE PANDEMIC EFFECTIVELY

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OPINION

CHRIS SIRISE

Not just a global echo: Charting the evolution of SEA tech ecosystem

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he technology ecosystem in Southeast Asia is benefitting from the flywheel effect, with talent and capital flooding the ecosystem, thereby attracting more talent and capital.

Development has accelerated hugely over the last three years, and I believe it will continue to do so for the next decade. But this didn’t just happen at random.

What does a thriving ecosystem need?

Behind any great unicorn stands an ecosystem. But how do these systems come to exist? As the writer Hemingway put it, change happens “gradually, then suddenly.”

Governments start by offering grants before venturing into co-investment schemes to support emerging startups. Then, they strategically tailor support to target industries and adapt policy to keep scale-ups within their nations. But when we dive into the weeds, what stands out most is a deliberate and strategic focus on attracting the best talent. Get the people right, and the rest follows.

Typically, whilst governments take on the early risks, private capital bides its time. Angels start to invest, first in small amounts, but numbers grow as investors from more developed ecosystems enter the emerging space. As startups become profitable, their founders begin to invest back in the ecosystem. Venture Capital (VC) enters the scene once there are startups to invest in, and funds tend to grow in size proportionally with the number of startups launching. As the ecosystem matures, so do the funds available, with international players moving toward emerging ecosystems whilst startups begin to go public or exit.

Potential founders often move to more developed technology ecosystems, or toward established companies. As investment begins to circulate, entrepreneurs leverage their experience to launch a local company, and as business startups grow, so does the interest in working for them.

The Southeast Asian evolution As the region recovered from the Asian Financial Crisis, governments started to establish VC funds in the late 2000s. This risky bet led to the creation of future unicorns like Tokopedia and Sea, which started by bootstrapping their own growth in 2009. By playing this leading role early on, governments both absorbed the risk and made a bold statement of confidence in the tech sector.

At this time, VCs were seen as the ‘scrappy’ younger sibling of private equity. In Southeast Asia, associates and partners were poorly paid, and funds didn’t have the capital to follow portfolio companies into their Series A rounds. Meanwhile, the stigma around startups deterred potential angel investors, who could have helped bootstrapped companies to scale.

With funding so concentrated at seed, a thriving variety of startups started to develop, which in turn attracted more capital into funds in the 2010s. This helped the scaling journey of startups like Carousell, Grab, and Shopback - all notably from Singapore.

We’ve now reached a stage where larger funds are sourcing startups

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CHRIS SIRISE Partner, Saison Capital

at the seed level, to reduce rising entry valuations. Many funds now support multiple stages of investment, instead of specialising in a specific stage, which in turn strengthens our financing ecosystem at the early stages.

Talent used to aspire to stability or opportunities overseas. As the region’s ecosystem has developed, educational initiatives, like the National University of Singapore’s Overseas Colleges programme, expose ambitious students to more developed ecosystems. This likely influenced the generation of entrepreneurs founding companies and forging a local startup culture in the 2010s. Some of these pioneers are now beginning to re-invest in their younger peers.

Where the tech ecosystem stands in Southeast Asia Today, Southeast Asia is a buzzing and thriving tech ecosystem that no longer recreates successes from the West, but pioneers innovations across the board - especially in embedded finance - and attracts talent from across the world.

But we are at an inflection point.

Whilst our ecosystem is buzzing, it is reaching a temporary ceiling.

Series C funding and beyond - whether that’s undertaking an IPO or going public through a SPAC - remains in the hands or the pockets of global funds.

Local investors need time to attract more capital that can be channelled into a wider range of innovative startups that have reached this scale. But they need to do this without breaking the current momentum of growth. The ecosystem is still relying on government support, especially for immigration policies which affects access to talent, and regulations which affect certain verticals such as fintech or blockchain startups more. This ties ecosystem development to policy decisions. When the going is good, this is an incredible catalyst. But if, say, a global pandemic dominates the policy agenda, it can create an environment of uncertainty as the sector is left slightly unmoored.

We are also still building the imperative for ‘giving back’ within the community. Those of us who received capital to kickstart our own journeys are beginning to recycle our wealth by investing in startups.

But it is yet to happen at a significant or systemic level.

Where can Southeast Asian technology go next?

As Southeast Asia’s ecosystem matures, the number of senior operators with experience in manoeuvring a startup through the choppy waters of growth increases. These operators can play a critical role in mentoring more junior colleagues. This genuine community would create an exciting environment for the best talent globally to operate in - and thrive.

More capital must be recycled to accelerate the virtuous cycle of growth. Angel communities, venture capitals, and an increasing number of operator-led micro-funds are becoming mainstream.

With the growing body of expert operators beginning to back entrepreneurs, startups will benefit from the double investment of capital and experienced insight.

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Taking cloud native technology as the core, NEOLINK integrates five product lines, which include data center, network products, hybrid cloud, server and O&M management services. In collaboration with its two subsidiary brands- TenxCloud (a domestic leading professional service provider in the field of cloud native applications and data platforms) and DYXnet (a leading telecom carrier-neutral network service provider in Greater China), NEOLINK will provide enterprises of different scales and at development stages with Internet infrastructure lifecycle services that can empower their long-term business growth.

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www.neolink.com

THE ASIAN BUSINESS REVIEW

63

OPINION

DAMISA TSENG-PROMPOJ How can brands influence consumer buying decisions by optimising online store management?

DAMISA TSENG-PROMPOJ Regional Head of Commercial, Intrepid Group Asia

W

ith online shopping becoming the primary medium of purchase for consumers worldwide, the e-commerce market has observed enormous growth since the pandemic. A Google and Temasek study predicted Southeast Asian e-commerce volumes to reach US$100b by 2025. Additionally, 2021 State of E-commerce App Marketing Report has highlighted an exponential growth in Southeast Asia e-commerce spend this year with an average of 240% increase in spending.

As the industry grows and competition intensifies for brands, marketplaces, and e-commerce enablers, now more than ever during this peak sales season, it becomes imperative to understand what really enhances customers’ online journey. What makes consumers buy what they buy, when they buy, and where they buy from? And how can brands leverage these key factors to drive online purchase decisions, especially during the Mega Sale Season?

Reviews matter According to a survey report, 97.7% of consumers refer to relevant testimonials and third-party validations before making an online purchase. These testimonials can be in the form of buyer feedback as well as seller ratings on the respective marketplace. During peak sales seasons, feedback covers more comprehensive ground – not only from the product perspective but the overall consumer experience.

Brands grow fastest by attracting more buyers. One of the essentials to attracting more consumers would be to manage reviews and drive engagement by responsiveness. Respond to previous customer’s ratings, be it negative or positive and respond to customer questions. Challenging for one person to manage multiple reviews and questions coming in but by enlisting the assistance of e-commerce experts who are well versed and equipped with a team and technology to ensure no review or enquiry is left unturned can help provide greater input to improving end-to-end omnichannel activation for your brand.

Simplicity and ease of discovery A study by Google highlighted that users will judge websites as beautiful or not within 1/50th to 1/20th of a second. Additionally, within the Asian market context, “visually complex” websites are rated as more appealing in comparison to their simpler counterparts.

Cognitive fluency or processing fluency; the ease at which information is understood and processed, plays a crucial role in keeping customers engaged on the website, ultimately influencing their purchase decisions. With multiple brands taking advantage of the Mega Sales days, it is important to stand out but also not bombard consumers with mind-boggling offers. The easier it is to understand an offer, the more likely people are to buy it.

According to another study by Google, one in four app users discovers an app through search. It is imperative for brands to maximise discovery and traffic on brand.com, partner marketplaces as well as on Google. However, a winning strategy is not about 64

THE ASIAN BUSINESS REVIEW

One of the essentials to attracting more consumers is to manage reviews and drive engagement by responsiveness

pumping in large budgets in all channels but deploying a systematic combination of the best channels based on product categories and consumer data that is unique to the brand.

Customer experience: service, delivery, and return During the Mega Sale period where consumers have a plethora of options to choose from, brands tend to compete on faster delivery and ease of return. Customer experience holds a higher role as a dealbreaker in influencing consumer buying decisions.

Shoppers who are motivated by convenience often look for timesaving factors in their purchases. The need for brands to invest in end-to-end customer service is a no-brainer. A seamless customer experience conveys empathy, builds rapport, and enables brands to have a productive interaction with the customer. For brands, it is important to anticipate customer preference changes so they can deploy the right technology and automation tools that are best positioned to deliver long-term value for the brand and the everevolving customer.

Bottomline. To lead successful end-to-end store management in times of intense competition especially during the Mega Sale period does not require brands to employ multiple agencies just to gain an upper hand. With the help of one effective partner to cleverly identify and optimise opportunities behind the varying consumer decision patterns, your brand can surely hit a home run in the e-commerce game.

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It was a terrible year for equities, but experts are not completely writing them off in 2019.

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wHy JAPANESE REGIONAl BANKS SuFFER HEAVy lOSSES CAN CHINESE BANKS wIN AGAINST AlIPAy? wHy SuNDAy BANK IS A THING IN KOREA wHICH AuSTRAlIAN BANK BEARS BRuNT OF HOuSING DOwNTuRN

Mark Surgenor Head of Wealth, HSbC p.16

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CLEANING UP bUILDSWORLD’S ACROSSLARGEST ASIA ACWA POWER CSP

ACWA POWER IS GOING ALL-IN ON A TRANSITION TO CLEAN ENERGY FACILITIES FROM VIETNAM TO SAUDI ARABIA Asian Power

hERE’S WhAT hAPPENED IN ACWA POWER CEO PADDy PADMANAThAN’S $5B BID TO BuIlD ThE lARGEST CONCENTRATED SOlAR PROJECT IN ThE WORlD

NUCLEAR TAKES UP THE SLACK FROM FOSSIL FUELPOWERED ENERGY REGULATORY HURDLES SLOWING DOWN WIND POWER PROJECATS

CAN SOUTH KOREA MEET ITS AMBITIOUS GOALS CANRENEWABLE INDIA HIT ITS BY 2034?

2022 ENERGY GOALS? “COAL INERTIA” LINGERS ACROSS ASIA HOW CANPACIFIC ASIA

KEEP WIND POWER bLOWING? WHAT’S bEHIND CHINA’S ENERGY TRANSITION? WILL ASIA DOMINATE ENERGY STORAGE?

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HOSPITALS UNDER ATTACK SINGAPORE’S MASSIVE DATA BREACH SHOWS THAT HOSPITALS NEED TO STEP UP THEIR GAME IN ORDER TO WARD OFF POTENTIAL ATTACKERS AZHAR HARUN CEO, UMSCp14

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CHINA’S INTERNET HOSPITAL BOOM OVERCROWDING IN SINGAPORE’S PUBLIC HOSPITALS WILL RISING COST STUNT THAILAND’S UHC GOALS? INDIA’S AMBITIOUS MODICARE PROGRAMME

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