Orient Issue 89

THE OFFICIAL MAGAZINE OF THE BRITISH CHAMBER OF COMMERCE SINGAPORE ISSUE 89 | NOV 2022 BUILDING NETWORKS | CONNECTING BUSINESSES | CREATING OPPORTUNITIES

In Focus Interview: Lucy Thomas, Chief Scientist, RSK & Managing Director, RSK Centre for Sustainability Excellence

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Historic Relationship, New Horizons: The UK-Singapore Crypto Market

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Business Exits

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Always On Yet Green: Leveraging Technology to Advance Safe & Sustainable Hyperscale Data Centers

Discover the Difference

DET U R

P O N S MU

NDO

DUCKS EARLY YEARS PROGRAMME

A dual-language environment where every class is taught by at least one native English-speaking teacher and one native Mandarinspeaking teacher.

The DUCKS specialist teacher programme allows children to excel and meet their own curriculum like music, sport, drama and art.

Forest School provides real world learning and problem-solving opportunities to young children in a natural environment.

We focus on developing with a zest for life and a love of learning, to fully achieve their academic potential.

Best Early Years Programme WhichSchoolAdvisor (Singapore) Best Schools Award 2022

singapore.dulwich.org admissions.singapore@dulwich.org (65) 6890 1003

LIVE

Dulwich College (Singapore) CPE Registration Number: 201027137D. Period of Registration: 09 January 2020 to 08 January 2024. School Location: 71 Bukit Batok West Avenue 8, Singapore, 658966

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Contents 07

President's Message

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News

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Winners Announced at the 23rd Annual Business Awards

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Welcoming New Members

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Recent Events

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Latest from the BritCham Singapore Podcast

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In Focus Interview: Lucy Thomas, Chief Scientist, RSK & Managing Director, RSK Centre for Sustainability Excellence

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Historic Relationship, New Horizons: The UK-Singapore Crypto Market

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Business Exits

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Always On Yet Green: Leveraging Technology to Advance Safe & Sustainable Hyperscale Data Centers

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Member Discounts

Editor: Lucy Haydon lucy@britcham.org.sg Co-Editor: Khairil Faisal khairil@britcham.org.sg 137 Telok Ayer Street, #06-03, Singapore 068602 Tel: +65 6222-3552 Email: info@britcham.org.sg www.britcham.org.sg

ISSN (digital edition): 2810-904X

Advertising and contribution enquiries to be directed to the Editor

Orient is a bi-monthly magazine published by the British Chamber of Commerce, Singapore. © All rights reserved.

The views and opinions expressed or implied in Orient are those of the authors or contributors and do not reflect those of the British Chamber of Commerce, its officers or editorial staff. No reproduction of articles without the prior permission of the Chamber. Unsolicited transparencies and articles are sent at owner’s risk and the Chamber accepts no liability for loss or damage. Copy is not for sale and images belong to their respective owners. They are for illustrative purposes only, and no copyright infringement is intended.

CONTENTS

THE POWER OF BELONGING The future is an interconnected world, where diversity and inclusivity are key. Where it is no longer about the career you want to build, but the kind of person you want to be.

At Stamford American, we like our students to show up as their authentic selves.

We instill a growth mindset; teaching self-efficacy, resilience, gratitude and optimism. We offer the most inclusive and personalized education, context and support to empower our students to belong and create their own unique future.

Stamford American

Inspiring students to create their own unique future

Scan to learn more

21/2/2020 – 20/2/2024

Stamford American International School CPE Registration Number: 200823594D Period of registration: August 9, 2022 to August 8, 2026

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OUR PARTNERS PLATINUM PARTNER

GOLD PARTNERS

SILVER PARTNERS

BRONZE PARTNERS

D ET U R

P O N S M UN

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OUR BOARD

COMMITTEE LEADERSHIP

MANAGEMENT TEAM

PRESIDENT:

BUILT ENVIRONMENT: Alisdair Gillies (Chairperson), Andy Marr (Co-Chair)

Executive Director: David Kelly

DIVERSITY & INCLUSION: Andrew Ashman (Chairperson), Anna Liddell (Co-Chair)

Head of Marketing & Communications and Partnerships; Deputy Executive Director: Lucy Haydon

Damian Adams, Watson Farley & Williams LLP

VICE-PRESIDENT:

Haslam Preeston, DFI Retail Group

SECRETARY:

Nick Magnus, Dulwich College (Singapore)

TREASURER:

Christina Mason, PricewaterhouseCoopers LLP

BOARD MEMBERS:

Andrew Clark, AsiaWorks Andy Marr, 8build Angel Cheung-Horenfeldt, Standard Chartered Bank James Nesbitt, Standard Chartered Bank Nick Magnus, Dulwich College (Singapore) Lorena Paglia, Microsoft Michael Buchanan Temasek International Michael Yap, Coventry University Penny Murphy, ERM

ENERGY & UTILITIES: Tim Rockell (Chairperson), Mark Florance (Co-Chair) FINANCIAL & FINTECH: Mike Rourke (Chairperson) HEALTHCARE & LIFE SCIENCES: Sigal Atzmon (Chairperson) ICT: Derek Murray (Chairperson), Penny Murphy (Co-Chair), James Price (Co-Chair) LEADERSHIP, TALENT & PROFESSIONAL DEVELOPMENT: Don Rapley (Chairperson), Janelle Gavin (Co-Chair) MARKETING & COMMUNICATIONS: Suzy Goulding (Chairperson), Andrew Clark (Co-Chair)

Head of Events: Ashni Degamia Events Executive: Caitrin Moh Marketing & Communications Executive: Khairil Faisal Finance Manager: Radhika Chauhan Office Manager: Anna C Garciso

STARTUP, ENTREPRENEUR & SMALL BUSINESS: Vanessa Errington (Chairperson), James Price (Co-Chair)

Simon Bennett, Swire Pacific Offshore

SUSTAINABILITY: Lorena Paglia (Chairperson), Mark Florance (Co-Chair), Oriana Brine (Co-Chair)

Simon Middlebrough, Singapore Aero Engine Services

TRANSPORT, LOGISTICS & SUPPLY CHAIN: Simon Middlebrough (Chairperson)

Suzy Goulding, MSL Group

WOMEN IN BUSINESS: Bee Ling Lua (Chairperson), Liana Attard (Co-Chair)

Steve Firstbrook, Department for International Trade

Head of Membership: Clare Hakes

Lucy Watkins, British Council

CHAMBER INFORMATION

Seeds of ideas and attitudes, once taken root, can last a lifetime.

Starting from Nursery, Tanglin creates an environment where children’s natural curiosity can grow and flourish into a lifelong love of learning.

Children thrive in our exciting learning landscape – one that has been cultivated through years of careful planning and the dedication of Tanglin’s exceptional Nursery team. Classrooms, outdoor areas and the inspirational curriculum are designed to capture children’s imagination, nurture their inquisitive minds and create a magical hive of activity.

High levels of engagement lead to high levels of attainment as our children embark on their extraordinary journey through one of Singapore’s most established international schools.

Tanglin is the first school in Asia to achieve the Curiosity Approach™ Accreditation.

Visit www.tts.edu.sg to find out more.

CPE Reg. No. 196100114C (7/6/2017 - 6/6/2023)

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Message from the President Dear Members, Welcome to the final edition of the Orient Magazine for 2022. Reflecting on the first six months of my term as President, I am really pleased by the number of new member companies we have welcomed to the network – 44 since May – and the levels of engagement that we are already seeing from these members, as they participate in our busy programme of events and Committee meetings. A warm welcome to you all, I look forward to meeting as many of you as possible at upcoming events.

Damian Adams President, British Chamber of Commerce Singapore damian@britcham.org.sg

Since the last Orient edition, the UK has undergone a period of radical monarchical, political and economic change. Having mourned the passing of Her Majesty Queen Elizabeth II and welcomed her successor King Charles III, we have had the resignation of not one but two Prime Ministers, and now welcome the appointment of Rishi Sunak as the new Prime Minister, hoping that this ushers in a period of much needed stability for the nation. We look forward to working with PM Sunak's cabinet in supporting British business in Singapore and the wider region. In past weeks, we have been fortunate to host Sir Lindsay Hoyle, Speaker of the House of Commons in an entertaining dialogue, and colleagues from the Financial Conduct Authority during their visit to the Singapore FinTech Festival. We were especially active around the Festival this year, with our Financial and FinTech Committee hosting market briefings and supporting networking events for a trade mission of companies from the UK. In this edition of Orient you will find an article contributed

by FINTRAIL on the UK-Singapore Crypto Market. During September, we supported a product showcase event for UK trade mission delegates in Singapore for the Food and Hotel Asia (FHA) MICE event, connecting them with potential distributors and retailers in-market, and this month our Energy and Utilities Committee have delivered one of the Thinktank Roundtables as part of Singapore International Energy Week for the Energy Market Authority.

Mid-October saw the resumption of an in-person Gala Dinner, to celebrate and congratulate finalists and winners of the 23rd Annual Business Awards, which was well covered in the press by The Straits Times, Channel NewsAsia (CNA) and CNA938 Radio, and at which we welcomed as our Guest of Honour Dr. Tan See Leng, in his capacity as Second Minister for Trade and Industry. In his keynote speech at the event, Dr. Tan outlined the opportunities in Singapore, for British businesses, of which there are over 5,700. He also highlighted the UK as being Singapore’s 6th largest services trading partner, while in turn, Singapore is the UK’s top trading partner within ASEAN. Both sides have also made sizeable investments in their respective economies – exceeding S$190 billion of investment in 2020. This mutually beneficial economic partnership is underpinned by the UK-Singapore Free Trade Agreement, the UK’s first with an ASEAN country. Connecting member organisations in Singapore with key Singapore Government decision-makers continues to be a priority for the Executive Team, illustrated by the recent edition of our ongoing Member Dialogues, which again featured Dr. Tan, this time in his role as Minister for Manpower.

Finally, I would like to highlight the significant efforts of the Healthcare and Life Sciences Committee in publishing their first White Paper, titled "How Singapore's Employment Ecosystem is Re-thinking Mental Health post Covid-19". This is a really important topic and one I am delighted to see brought into the spotlight by our business community.

I look forward to seeing many of you at our sold-out Great British Ball, to be held in early December in partnership with The British Club, and also to our next edition of the Orient Magazine, which will be published in January 2023. In the meantime, I wish you all a wonderful festive period with family, friends and loved ones.

Best Regards,

Damian MESSAGE FROM THE PRESIDENT

STERLING MEMBERS

D ET U R

P O N S M UN

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STERLING MEMBERS

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INFORMATION HUBS In-depth content hubs on our key themes. Includes news, events, thought leadership, explainers, digital content and more.

Supporting businesses and the community through the pandemic

Supporting talent and the enhancement of people to support business growth

Creating jobs and boosting economic growth in Singapore

Ensuring that rich and diverse workforces are working together to support business innovation and growth

Focusing on quality education and future skills that businesses will require

Encouraging businesses to do their part for a world that we all want to live in in the future

NEWS: AT THE CHAMBER

Healthcare & Life Sciences Committee launches first white paper on mental health: How Singapore's Employment Ecosystem is Re-thinking Mental Health post Covid-19 Workplace stress was endemic in Singapore before Covid-19 erupted, with the City State regularly ranking as one of the world’s most overworked cities.

This paper investigates whether Singaporean employers and employees are now finding better ways to mitigate stress and the impact it has on our health and productivity.

We also look at whether the insurance industry is providing the coverage needed to afford quality care and reduce long-term costs.

Download the report from britcham.org.sg/working-onwell-being-white-paper-oct-2022

BritCham supports UK Trade Mission delegates exhibiting at the Singapore FinTech Festival

During this year's Singapore FinTech Festival, held from 2-4 November, our Financial & FinTech Committee and events team have been working alongside the Department for International Trade to deliver a Market Briefing, Member Networking event, and the delivery of the Official Reception at Eden Hall, the official residence of Her Excellency Kara Owen CMG CVO, British High Commissioner to Singapore. We hope that the delegate companies find these connection and market knowledge activities valuable as part of their trip and look forward to supporting them further in the future. Find out more about the events on page 25.

Energy & Utilities Committee hosts Thinktank Roundtable at Singapore International Energy Week for third consecutive year

Following the success of past virtual Thinktank Roundtables as part of the official programme for SIEW, the Chamber's Energy & Utilities Committee was invited to participate in the first fully in-person edition since Covid.

Starting with a fireside chat between Committee Chair Tim Rockell and FCDO Regional Director SE Asia, Climate and Energy Tom Moody, the conversation moved into a panel discussion with strong expertise in creating hydrogen and carbon capture clusters across the region. This featured moderator Mark Florance, Co-Chair of the Committee, with panellists Rob Cooper from bp, Peter Godfrey from The Energy Institute, Mauricio Riveros Rodríguez from The Carbon Trust and Nick Dingemans from Penningtons Manches Cooper LLP. See images from the discussion on page 24.

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Kaer Director invited to become a Visiting Senior Industrial Fellow for Aston University following work on Cooling as a Service Director of member company Kaer, David Mackerness, has accepted an invitation from Aston University in Birmingham to act as an Visiting Senior Industrial Fellow in the College of Business & Social Sciences for the next three years. Kaer pioneered Cooling as a Service in 2013, aiming to servitize the cooling industry in an effort to provide customers with a better experience and de-carbonise the business. David is a founding member of the Cooling as a Service (CaaS) Alliance which has since grown into the SET Alliance. He currently sits on the SET Alliance Steering Committee as well as participating in the Chamber's Built Environment Committee.

New Master appointed at Marlborough College Malaysia

Marlborough College Malaysia is delighted to announce the appointment of Simon Burbury as the next Master of the College, succeeding Alan Stevens who will step down in July 2023. Simon and his wife, Jennifer, will join the College in August 2023 from Dollar Academy, an HMC co-educational boarding and day school in Scotland, where he has been Deputy Rector since 2020.

Simon was educated at Lancaster Royal Grammar School before gaining a BA in Music Performance at the Royal Conservatoire of Scotland, a Master’s Degree in Music from Lancaster University and his teaching qualification from Homerton College, Cambridge. Following appointments as Director of Music in Cairo, at Tanglin Trust in Singapore and at Gordonstoun in Scotland, he moved to Dollar in 2015 as Assistant Rector.

Singapore-headquartered Communications Agency Redhill accelerates global expansion into the UK with Senior Appointment Redhill, one of the fastest-growing full-service global communications agencies, has today announced the expansion of its operations into the UK market with the appointment of Loriann Luckings-Marwood as its Director of UK. Based in London and working closely with the Redhill global leadership team, Loriann will focus on establishing the UK market, driving local expertise and cross-market collaboration to orchestrate broader capabilities for clients and accelerate business growth in addition to hiring new talent.

As one of the fastest-growing global communications agencies, Redhill’s goal is to empower and provide brands with innovative integrated communication solutions to drive growth, build reputation and protect against risk.

Through establishing our presence in the UK and by tapping into the expertise of our global network, Redhill’s aim is to provide local clients with strategic communications solutions to enter new markets and expand their global footprint and global clients to enter and deepen their market presence in the UK. Within the first month of its operations (September 2022), Redhill secured The Powder Shampoo as its first client along with a number of projects and new business opportunities in the pipeline that are expected to materialise later this quarter.

NEWS: MEMBER NEWS

NEWS: UK NEWS

Foreign Secretary the Rt Hon James Cleverly MP visits Singapore The UK's Foreign Secretary, the Rt Hon James Cleverly MP, made his first official visit to Singapore in September, just a few weeks after his appointment, indicating the ongoing importance of the Indo-Pacific tilt to UK foreign policy. The Executive Director of the Chamber David Kelly, and Deputy Executive Director Lucy Haydon, were present to witness the Foreign Secretary's keynote speech at the Milken Institute Asia Summit, a signficant event in the Singapore calendar each year.

In his speech, available to read in full here, Mr. Cleverly highlighted that at least 1.7 million British citizens live across the IndoPacific region. UK trading relationships are worth over 250 billion dollars and growing, and in the decades to come it will be the crucible of solutions to many of the pressing global challenges that we face – from climate and biodiversity to maritime security and geopolitical competition.

Mr. Cleverly was also in town for the launch of the new British International Investment (BII) Office, which will be at the core of the UK’s development finance institution’s Indo-Pacific expansion, recognising Singapore’s role as a global financial centre. BII’s plans to invest in green infrastructure will support climate resilience and a green economic transition in the region and bring the UK closer to Vietnam, Indonesia, Philippines, Cambodia and Laos.

During his visit the Foreign Secretary met with Singapore's Prime Minister, Deputy Prime Minister for Minister for Foreign Affairs. Watch Mr. Cleverly summarising his visit in this video.

PM Lee congratulates new British Prime Minister Rishi Sunak On behalf of the Government of Singapore, I extend my warmest congratulations on your appointment as Prime Minister of the United Kingdom," said Mr Lee said in a letter dated Oct 25. Singapore and the UK share a "robust" bilateral relationship and "strong historical and people-to-people ties", Mr Lee wrote. "Our collaboration spans many sectors, including trade and investment, security and defence and research and innovation," he noted. Mr Lee reaffirmed Singapore's commitment to the Financial Partnership, which Mr Sunak signed in June 2021, to facilitate closer regulatory cooperation and boost jobs, trade and investment.

Mr Sunak was invited to form a new government by King Charles III after he won a Conservative Party leadership vote on Monday. He succeeds Ms Liz Truss, who resigned on Oct 20 after six weeks as prime minister. Mr Lee added that bilateral cooperation between Singapore and the UK has also expanded beyond traditional sectors to include new areas such as the digital and green economies.

The United Kingdom-Singapore Digital Economy Agreement was signed in February and entered into force in June. Mr Lee hailed the agreement as "a milestone for both countries" that will provide "new growth prospects for our businesses". "I am glad that our officials have begun work on a framework for green economy cooperation, which can create new opportunities for our people and businesses," he added. Concluding his letter, Mr Lee wished Mr Sunak "the very best in fostering stability and unity in the United Kingdom, and building a better and more prosperous future for the British people".

"I hope we can work together to strengthen our longstanding and friendly bilateral relations, and I look forward to working with you to strengthen our partnership for the future," Mr Lee wrote.

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Singapore launches national hydrogen strategy at Singapore International Energy Week

Deputy Prime Minister Lawrence Wong outlined Singapore’s national strategy to develop hydrogen at the Singapore International Energy Week (SIEW) 2022 on Oct 25.

For Singapore, hydrogen can complement and diversify our power mix alongside solar, imported electricity, and other potential low-carbon energy sources, such as geothermal energy, says the Ministry of Trade and Industry (MTI).

“Hydrogen has the potential to be adopted across different sectors as a low-carbon fuel or feedstock. Hydrogen does not release any greenhouse gases when combusted. When produced through low-emission methods such as through the electrolysis of water using renewable energy, it can have close to zero emissions,” said the MTI. Wong names five “key thrusts” for Singapore’s hydrogen plans: First, Singapore will experiment with the use of advanced hydrogen technologies that are on the cusp of commercial readiness. Second, Singapore will conduct research and development work to advance these hydrogen technologies. Hydrogen will be a key focal area for Phase 2 of the Low Carbon Energy Research (LCER) Programme.

Third, the government will work closely with industry and international partners to enable the formation and scaling up of supply chains for low-carbon hydrogen, says Wong. Fourth, the mass deployment of hydrogen will require new infrastructure to import, store and transform the hydrogen into power, says Wong.

Finally, adopting hydrogen will bring about new economic opportunities for Singapore and our enterprises and workers, says Wong. “Opportunities abound along the hydrogen supply chain — financing, trading, certifying, transporting, storage and deployment. We will work with industry and the education sector to support workforce training. This will put Singaporeans in good stead to capture new opportunities in the global hydrogen economy.”

NEWS: SINGAPORE NEWS

THE 23RD ANNUAL BUSINESS AWARDS

Winners Announced at our 23rd Annual Business Awards Congratulations to the winners of this year's Annual Business Awards, announced on 13th October. The awards are the longest running by an international Chamber in Singapore and have the support of the Department for International Trade, Enterprise Singapore, the Economic Development Board and Singapore Business Federation.

Prudential Singapore continued to show their commitment to the awards as the Title Partner for the 5th year.

At the Gala Awards Ceremony, attended by 200 C-suite professionals and business owners at the Shangri-La Hotel, Dr. Tan See Leng gave the keynote address in his role as Minister for Manpower and Second Minister of State for Trade and Industry. Also speaking at the Ceremony were Chamber President Damian Adams, and Her Excellency Kara Owen CMG CVO, the British High Commissioner to Singapore.

British Chamber of Commerce Singapore President, Damian Adams, said in his opening remarks: “Twenty-three years ago, the President of the British Chamber at the time, Shanker Iyer, presented an idea to establish an annual award recognizing the growing number of exceptional small businesses in Singapore, and the contribution of the British business community to the country. The British Chamber SME Award was born.

And here we stand, twenty-three years later, proudly celebrating business excellence.

The achievements that our finalists have made, whether championing sustainability, building a programme to support a truly inclusive workforce, going above and beyond their day jobs to make a real impact, and being at the forefront of technology to drive your business growth, are exemplary.”

The winners in full:

• • • • • • • • •

For Business Transformation of the Year: Collinson For Sustainability Champion of the Year: NatWest Markets For Individual Contribution of the Year: Dr Sarah Meisch Lionetto, British Council For Technological Impact of the Year: Rolls-Royce Singapore For Start-up of the Year: Muuse For Diversity & Inclusion Champion of the Year: Standard Chartered For Customer Service Provider of the Year: Gardens by the Bay For Employer of the Year: Prudential Singapore For UK Impact in Singapore: Dover Court International School

Watch the highlights reel: https://www.youtube.com/watch?v=fVLCBl8PjBk

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THE 23RD ANNUAL BUSINESS AWARDS

WELCOMING NEW MEMBERS

STERLING MEMBERS HYPOWER ENGINEERING INTERNATIONAL PTE LTD

Operating from our headquarters in Colombo, Sri Lanka we have successfully executed projects across the island in the renewable energy, roads, waste and water sectors. Our success has helped us cultivate a network of relationships with many international players including leading multilateral financial institutions, development agencies and global conglomerates. Leveraging on our extensive experience and strong reputation in engineering consultancy, we are now extending our reach into Consultancy Support for EPC (Engineering, Procurement and Construction) contractors, technology and project financing. Through our fully integrated offering we deliver a single-source solution to our valued clients.

Find out more at https://hypowerengineeringinternational.com.

Representative Member: Tulsidas Wallooppillai, Managing Director

CORPORATE PLUS MEMBERS EIGHT WEALTH INTERNATIONAL

We believe in the benefits of great financial planning. At one time or another, most of us will need to seek financial advice. At Eight Wealth International, a Principal Partner Practice of St. James’s Place Wealth Management, we have a wide range of expertise and knowledge, developed over many years, to help people – both individually and in business – fulfil their aims and aspirations, as well as offering that all-important ‘peace of mind’ for the future.

We offer a seamless service of distinct quality, professionalism and expertise, covering varying aspects of wealth management, all backed by the successful St. James’s Place Wealth Management Group. Find out more at https:// eightwealthinternational.asia.

Representative Member: Helen Starr, Senior Brand & Events Coordinator

UNIVERSITY OF BIRMINGHAM

A world top 100 University. Persuasive, persistent and bold. We encourage and empower people to turn ingenuity into reality and make important things happen.

As a part of the University, Birmingham Business School delivers world-class research and teaching, providing the insights, ambitions and skills to shape better, simpler and more responsible business strategies. Our vision is to promote curiosity and thought leadership for responsible business. Find out more at www. birmingham.ac.uk.

Representative Member: Hazel Westwood, Director, International Education (Singapore)

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CORPORATE MEMBERS COVA GROUP

COVA offers beginning to end solutions within the built environment. Active in the Commercial, Education, Health, Hotels / Resorts, Light Industrial, Religion, Retail, Healthcare, Manufacturing and Logistics sectors we have a wealth of experience in the following disciplines. Technical Due Diligence - We are fully versed on current authority regulations which makes investigation, auditing and reporting on the condition and compliance of your physical assets one of our core strengths. Find out more at https://covagroup.com.

Representative Member: Michael Freeman, Operations Leader, Asia

KAGOOL LTD

Kagool is a leading global data & analytics and ERP specialist, offering consultancy and best of breed integration solutions. Find out more at www.kagool.com.

Representative Member: Dan Barlow, Group CEO

GLEEDS SINGAPORE PTE LTD

Gleeds is a leading global property and construction consultancy. Independent since 1885, we are proud to deliver award-winning projects around the world.

Find out more at www.gleeds.com.

Representative Member: Randal Leonard, Director Singapore

EQUIOM FIDUCIARY SERVICES PTE LTD

Equiom is a well-established international service provider assisting firms’ expansion ambitions, offering a range of innovative Governance, Risk, and Compliance solutions for businesses worldwide and a range of market leading private wealth solutions for individuals. Find out more at www.equiomgroup. com/en/locations/asia/singapore/.

Representative Member: Alan Bennet, Head of GRCS, Singapore

WELCOMING NEW MEMBERS

WELCOMING NEW MEMBERS

KLARECO COMMUNICATIONS PTE LTD

At Klareco Communications, we bring clarity to the most complex of situations and lead our clients through any communications challenge. Find out more at http:// klarecocomms.com.

Representative Member: James Perks, Senior Consultant

THE GLOBAL COLLECTIVE GROUP

We make exporting and Importing achievable for SMEs by providing a platform that enables brands, service providers, and buyers to connect seamlessly across markets. Find out more at www.theglobalcollective.co.

Representative Member: Sandy Rudd, Founder & Director

CORPORATE SME MEMBERS LF CONSULTING GROUP

LF Consulting Group is a niche Corporate Finance consulting group that specialises in promoting projects that develop innovative intellectual property, predominantly in biotechnology and food sciences. Find out more at www. lfcgroup.com.

Representative Member: Dave McCranor

FRED'S PRODUCE

Care about where your produce comes from? Well Fred does! With a mix of tradition, technology, and a little bit of fun Fred’s is a fresh vegetable importer to Singapore and Malaysia for consumers and the F&B industry. Fred’s Produce with operations within Singapore and Malaysia offers the supply of fresh produce to the retail market, food and beverage industry, and the food manufacturing industry. Find out more at www.fredsproduce.com.

Representative Member: James Boyce, Director

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ONE VISA PTE LTD

We are an immigration consultancy that helps foreign businesses and executives to relocate to Singapore. We provide the following services: 1. Setting up a new business or relocating a foreign subsidiary in Singapore; 2. Immigration Advisory on the Right Visas to secure in Singapore for entrepreneurs and business executives.

Find out more at www.one-visa.com.

Representative Member: Cheng King Heng, Managing Director

OVERSEAS CORPORATE MEMBERS

UNIVERSITY OF EXETER

At the University of Exeter we combine teaching excellence and high levels of student satisfaction with world class research at our campuses in Exeter and Cornwall. We are a member of the Russell Group of leading research-intensive universities. Our success is built on a strong partnership with our students and a clear focus on high performance. Find out more at www.exeter.ac.uk.

Representative Member: Pauline Zhang, Global Employer Engagement Officer

WELCOMING NEW MEMBERS

RECENT EVENTS

Recent Events 30 August: Insights on effective mentoring to drive gender parity

EVENT SPONSOR:

Our Women in Business Committee hosted a discussion on why mentoring is a must in personal and professional development, and moving towards gender parity. Thanks to Mercer for hosting our members, our sponsors Barclays and G-P, speakers Brandon Coate of HSBC, Deepali Pendse of Bank of America, Louise Tagliante of Differentiate and moderator Batya Shulman of Select Investors.

6 September: Britcham Presents: Healthy ageing in a digital world

EVENT SPONSOR: As medical costs continue to climb, both the public and private sectors can help make healthcare more affordable and accessible. Our expert panelists discussed in this webinar how we may leverage digital technologies to address emerging health demands and what more we can do to promote active aging and wellbeing. Thank you to our Longevity Agenda Partner, Prudential and speakers, Dr Adrian Hayter from NHS England, Dr James Lam from Mount Alvernia Hospital, Dr. Sidharth Kachroo from Prudential and Jonathan Lau from Nervotec. Click here to catch the replay of the webinar.

6 September: FHA 2022 Networking Reception

HOSTED BY: The Chamber supported the Food & Hotel Asia 2022 reception at Eden Hall with Kara Owen, British F&B companies and visiting guests. It was an exceptional evening with tasty food, delicious drinks and great company! Our congratulations to the UK firms showcasing at FHA this year.

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28 September: Celebrating the Singapore F1 Grand Prix

EVENT SPONSOR:

We spent a thoroughly enjoyable evening with our members and guests in the company of Sky Sports F1 Commentator, David Croft. Crofty shared plenty of stories, highlights, opinions and analysis in our annual F1 event and gave his thoughts on everything from the best circuits to the boom in popularity from the Drive to Survive series. Thank you to our partners for the evening, Legacy Wealth Singapore.

10 October: Exclusive Members Dinner with Sir Lindsay Hoyle, Speaker of the House of Commons

EVENT SPONSOR: The Chamber had the pleasure of hosting the 158th Speaker of the House of Commons, Sir Lindsay Hoyle for a special dinner event. It was a privilege to hear Sir Lindsay talk about the House of Commons, his entire role, his passion for the UK domestically and overseas, his guardianship of UK politics, doing things the right way, supporting the security of MPs and much more. Thank you to our Event Partner, Berkeley Group Asia.

11 October: The ASEAN Power Grid & Green Imports to Singapore

Singapore has expressed its ambition to attain zero carbon emissions by 2050, seeking public feedback. Recently, the EMA-commissioned 'Energy 2050 Committee' produced a study outlining a number of zero-carbon options for Singapore's power production. Green electricity imports via subsea interconnectors will be critical in assisting the country in meeting its goals. Our Energy & Utilities Committee hosted a webinar with OFGEM, the ASEAN Centre for Energy and Arup.

Click here to catch the replay of the webinar.

RECENT EVENTS

Recent Events 28 October: Singapore International Energy Week

Our Energy & Utilities Committee hosted one of the Singapore International Energy Week (SIEW) Thinktank Roundtables on the topic of collaboration opportunities in Singapore and ASEAN’s green energy economy.

Starting with a fireside chat between Committee Chair Tim Rockell and Foreign, Commonwealth and Development Office Regional Director for Southeast Asia, Climate and Energy, Tom Moody, the conversation moved into a panel discussion with strong expertise in creating hydrogen and carbon capture clusters across the region. This portion of the Roundtable featured moderator Mark Florance, Co-Chair of the Committee, with panellists Rob Cooper from BP, Peter Godfrey from The Energy Institute, Mauricio Riveros Rodríguez from The Carbon Trust and Nick Dingemans from Penningtons Manches Cooper LLP.

Committee Chair Tim Rockell, and FCDO Regional Director for SE Asia Climate and Energy, Tom Moody, open the session

Panellists L-R: Mark Florance, Rob Cooper, Peter Godfrey, Mauricio Riveros Rodríguez and Nick Dingemans

Mauricio Riveros Rodríguez from The Carbon Trust presents their Clean Hydrogen Innovation Programme

Rob Cooper from BP presents on Regions, Corporates & Solutions

25

31 October - 4 November: Singapore FinTech Festival

In his opening speech at the Singapore FinTech Festival, Deputy Prime Minister Lawrence Wong outlined Singapore's 5 E's strategy for FinTech: Enhance, Empower, Envision, Encourage and Engage. The Chamber's Financial & FinTech Committee were fully engaged in FinTech over the course of SFF week as we supported the Department for International Trade trade delegation in town for the Festival. On 31 October the Committee delivered an in-market briefing and member networking session, led by Committee Chair Mike Rourke and featuring Robert Child from Ashurst who kindly hosted us, Chew Gim Leong from Rawlinson & Hunter LLP who kindly sponsored the event, content provided by Wanying Lim from FNZ Group and Sara Abbasi at FINTRAIL. On 1 November the Committee and Chamber events team worked alongside DIT colleagues to bring together a stellar representation of the FinTech community in Singapore to meet the delegation at a 150-person private reception hosted

by H.E Kara Owen CMG CVO, British High Commissioner to Singapore. Chamber President Damian Adams, Mike and our Deputy Executive Director Lucy Haydon then visited the companies at the UK Pavilion at Singapore Expo. Finally, the Chamber hosted a panel discussion for the Financial Conduct Authority (FCA) on digital assets.

Committee Chair Mike Rourke presents to the delegation of visiting UK companies

H.E. Kara Owen CMG CVO, British High Commissioner to Singapore, greets guests at the Official Residence, Eden Hall

Pictured L-R at the Singapore FinTech Festival UK Pavilion: BritCham President Damian Adams, H.E. Kara Owen CMG CVO, BritCham Deputy Executive Director Lucy Haydon, and BritCham Financial & FinTech Committee Chair Mike Rourke

Representatives from the Financial Conduct Authority visit the BritCham office for a panel discussion on digital assets.

Pictured with Committee Chair Mike Rourke, BritCham President Damian Adams, and H.E. Kara Owen CMG CVO

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IN FOCUS INTERVIEW

In Focus Interview: Lucy Thomas, Chief Scientist, RSK & Managing Director, RSK Centre for Sustainability Excellence

29 Let’s begin with the RSK Centre for Sustainability Excellence, which opened in April (see image below). What are the Centre’s priorities during its first 12 months?

The RSK Centre for Sustainability Excellence was created to support the delivery of the Singapore Green Plan 2030 and support businesses and governments across the Asia Pacific region in enhancing climate resilience. The Centre is supported by RSK’s 175 businesses globally that work across the water, food and drink, energy, and property sectors.

The key priorities are building the RSK brand in the region and developing relationships with key stakeholders such as the government, industry, NGOs (Non-Governmental Organisations) and some of the educational facilities. The Centre focuses on four key themes that will help us all deliver the UN Sustainable Development Goals: • Sustainable agriculture • Renewable energy • Climate and sustainability strategy • Digitalisation, particularly in the water sector In the first 12 months, we will focus on climate strategy and digitalisation, as the first is a real priority on a global scale for measurement and reporting, financial disclosures, etc. The digitalisation team has been working with Binnies Singapore, which is now part of the RSK Group, on the Choa Chu Kang Waterworks project to increase automation in our water infrastructure.

We are also excited to develop a local talent pool of sustainability experts – especially in the fields of climate mitigation and adaptation, climate finance, development and delivery of strategies, and carbon off-setting – and data and environmental scientists.

These are supported through our institute for climate

strategy, which will enable us to apply the latest climate science in our projects through collaboration with universities in the region.

Why choose Singapore as the location for the Centre?

It was always in the RSK Group’s 2025 strategy to enter this region, and the acquisition of Binnies Singapore expedited the move. Singapore is also attractive for its educational system, strong digital skills, the drive, and innovation to make progress on some of the more challenging topics such as climate change, and of course, its status as a financial centre for the region.

The Singapore Government, through the Singapore Green Plan 2030 – and more recently, the plan to achieve net zero by 2050 – has developed a noticeably clear plan to move towards a greener, more sustainable future. Binnies Singapore, a business that provides solutions in water infrastructure, gives us a strong foothold in Singapore, so it seemed the logical home for the Centre.

Binnies Singapore – which is celebrating its 100th anniversary this year – has played a key role in improving Singapore’s water infrastructure, and has worked on multiple key projects, including the Keppel Marina East Desalination Plant, and has been selected

by PUB to provide detailed design and construction supervision for the reconstruction of Choa Chu Kang Waterworks.

Moving on to the broader sustainability agenda in Singapore, the city-state recently announced it is considering setting 2050 as its net zero target.

What are your thoughts on this updated timeline, and where can the public sector focus its efforts to achieve this goal?

L-R: Mr Robert Charnock, Director, RSK Research Institute on Climate Strategy and RSK Centre for Sustainability Excellence (CfSE); Her Excellency Kara Owen, British High Commissioner; Dr Amy Khor, Senior Minister of State, Ministry for Sustainability and the Environment, Singapore; Mr Alan Ryder, CEO, RSK Group; Ms Grace Fu, Minister for Sustainability and the Environment, Singapore; Ms Lucy Thomas, RSK Group Chief Scientist and Managing Director of the RSK Centre for Sustainability Excellence; Mr Desmond Tan, Minister of State, Ministry of Home Affairs & Ministry for Sustainability and the Environment, Singapore; and Mr William Yong, Managing Director, Binnies Singapore at the official launch of the RSK Centre for Sustainability Excellence. (Photo credit: SIWW and CESG 2022)

IN FOCUS INTERVIEW

Keppel Marina East Desalination Plant (Photo - Keppel Corporation)

It is excellent that the Government opened public consultation as it engages people in the debate and educates them on the challenges and solutions. It is quite courageous for Singapore to align their targets with other parts of the world, given its dependence upon relationships with other countries for importation of energy and food, for example.

Some strategies include expediting the use of emerging technologies in the water sector; supporting the energy transition through low-carbon solutions such as tidal and floating solar panels; and implementing action plans on how we measure and decarbonise airports, island communities, food and drink, media, and events.

developing management plans, and accessing the green finance and carbon offsetting market. The RSK Centre for Sustainability Excellence aims to become a trusted partner to businesses and organisations of all sizes in setting and achieving their sustainability goals and is already delivering climate-related financial disclosures.

Within industry, how do you see businesses being able to contribute to positive, practical change?

Realistically, it is difficult to reduce emissions fully to zero as technology has not yet caught up across all industries, so offsets are necessary. With COP15 later this year, biodiversity should also be considered, not just carbon.

There are many ways, including getting acquainted with climate strategy and disclosures, undertaking carbon accounting, water, and biodiversity audits,

With respect to carbon, it is critical to be measuring your carbon footprint and that of your supply chain and customers – right through the lifecycle of the product and waste disposal; otherwise, you may not be reducing emissions but simply moving them elsewhere.

About RSK Group RSK is a global leader in the delivery of sustainable solutions. Its family of more than 150 environmental, engineering, and technical services businesses and 10,000 employees, work together to provide practical solutions to some of the greatest challenges societies have ever faced. The company operates in most sectors of the economy, including many of those most critical to future global sustainability such as water, energy, food and drink, infrastructure, urban development, mining, and waste. With its integrated offering across research and development, consultancy, and on-the-ground application RSK can deliver a complete solution that is unrivalled in the market. The company is certified to the ISO 9001, ISO 14001 and ISO 45001 international standards for quality, environmental management and health and safety management.

About RSK Centre for Sustainability Excellence The RSK Centre for Sustainability Excellence aims to be a world-leading centre that develops and delivers solutions to achieve the United Nations Sustainable Development Goals and Net Zero ambitions, and resolve the global challenges we face. Consolidating the expertise of over 150 environmental businesses under the RSK Group, the RSK Centre for Sustainability Excellence will provide practical solutions for industries and governments, particularly to enhance the climate resilience of businesses across Asia Pacific. Established to contribute to the global debate on corporate climate strategy, the RSK Centre for Sustainability Excellence bridges academia and practice through robust and timely research projects across four key themes – climate and sustainability strategy, renewable energy, sustainable agriculture and digital water. The RSK Centre for Sustainability Excellence is a subsidiary of RSK Group Limited.

RSK are active members of the BritCham Sustainability and Energy & Utilities Committees.

31

Historic Relationship, New Horizons: The UK-Singapore Crypto Market The UK and Singapore are both at the vanguard of financial innovation and have been active in promoting and expanding their fintech industries. What does this mean for the cryptocurrency sector? Does support for innovation extend to crypto, and what do UK crypto firms make of the Singapore regulatory environment?

MAYA BRAINE, MANAGING DIRECTOR, FINTRAIL

THE UK-SINGAPORE CRYPTO MARKET The last two decades have seen an indelible shift from conventional banking services to the use of financial technology (fintech) - an umbrella term for technical innovations in the financial services sector. And even though the global fintech market is coming back down to earth after several years of stratospheric growth, it is still expected to grow significantly in the next few years, reaching a projected $305.7 billion by 2023.

The UK and Singapore are both at the vanguard of innovation in the financial sector. The UK has built on its traditional role at the heart of the global financial system to emerge as a leading fintech hub, with a thriving ecosystem of around 2,500 fintech companies. Singapore, also a historic commercial centre, has similarly adopted an open stance towards innovative financial services, belying its prevailing social conservatism.

The two countries have been keen to establish partnerships to promote their respective fintech industries. In May 2016, the UK Treasury and the Monetary Authority of Singapore (MAS) signed a “FinTech Bridge” agreement, the first of five such agreements made by the UK with Asia Pacific markets to boost the fintech sector. The agreements are designed to overcome barriers to international market entry and support UK-based FinTechs looking to expand internationally by harmonising regulations across the jurisdictions; enabling regulators to refer eligible FinTechs to their counterparts; and by encouraging collaboration between key fintech players in the UK and Bridge markets.

Cryptocurrency: Enthusiasm or Caution?

While the world’s financial centres unanimously rush to embrace fintech, the picture is more nuanced when it comes to cryptocurrency. Attitudes towards crypto vary enormously around the world, but the UK and Singapore both have a publicly supportive stance and accommodating regulatory frameworks, albeit with caveats. So, does official promotion of UK-Singapore partnerships and international expansion translate into a rosy picture for crypto firms?

The UK government is certainly keen to embrace the potential of the crypto sector. Earlier this year it declared its intention to position the UK as a global cryptoasset hub and announced activities including regulator-led ‘CryptoSprint’ events, public-private consultation on expanding crypto-related regulations and establishing a Cryptoasset Engagement Group to work more closely with industry.

The picture in Singapore is more nuanced, although broadly like the UK. The country was an early mover in embracing blockchain and distributed ledger technology, and the regulatory environment is generally perceived as accommodating for crypto. It initially attracted many firms and investors in the crypto space and was home to more than 220 registered firms as of 2021.

However, Singapore is now taking a more cautious stance with regulations being strengthened and expanded to cover consumer protection and market conduct. Uncompromising measures to restrict retail access to cryptocurrencies have recently been announced, including a ban on crypto firms marketing their services to the public. Officials are wary of crypto being used as a speculative investment, especially by inexperienced retail customers, and so are trying to develop certain use cases while discouraging others.

Over the course of 2022, a (small) number of crypto firms have announced they are leaving Singapore, citing licensing delays and regulatory uncertainty. This includes global crypto giant Binance, which withdrew its licence application and shut down its Singapore trading platform in February, and Bybit which moved its global headquarters from Singapore to Dubai in April. On the other hand, there have also been good news stories this year, such as MAS granting in-principle approval to global fintech firm Revolut and local crypto platform Luno to offer digital payment token (DPT) services.

Regulatory Environments The imminent introduction of new controls in Singapore is likely to delay international crypto firms moving into Singapore in the short term. However, for any UK firms taking a longer-term view, it is worth considering the comparative nature of the regulatory environment. Knowing if licensing requirements and legal provisions are similar to their home market, and how the anti-money laundering and counter-terrorist financing (AML / CTF) regimes compare will be a key part of any business decision.

At a basic level, cryptocurrency has a similar official status in both countries - it is legal, regulated, but not considered legal tender. Virtual asset service providers (VASPs) in both countries are regulated by the financial services regulator - the Financial Conduct Authority (FCA) in the UK, and MAS in Singapore, and the process to obtain a licence in both jurisdictions is onerous. Both regulators state that their licensing processes are necessarily stringent for jurisdictions aiming to be responsible global crypto hubs.

The main area of regulatory focus is AML / CTF legislation. Although crypto is often seen as the unregulated “wild west” of financial services, this is not the case in either the UK or Singapore, where firms are subject to robust regulations. Regulated firms must abide by AML / CTF laws, including Know Your Customer (KYC) requirements and obligations to support suspicious activity to the regulator. Both countries have issued specific financial crime regulations for crypto firms, to be adhered to over and above the standard requirements for regulated firms.

33 Conclusion Both the UK and Singapore governments have shown plenty of support for fintech companies, theoretically including crypto firms, expanding from the UK to Singapore or vice versa. The comparable regulatory standards should make any expansion straightforward - at least, no more difficult than for traditional financial service providers, although firms will clearly have to be aware of nuances, such as the precise regulatory requirements for know-your customer programmes.

Despite the territory’s early-adopter position, Singapore has recently adopted a more cautious approach to the crypto sector. However, it is not unique in tightening up its regulations; the recent crypto market crash has created global resolve to address regulatory uncertainty and weak controls. Many in the crypto industry have in fact long been calling for stronger guidance from government regulators, seeing this as a prerequisite for greater stability and legitimacy. So, a stricter regime in Singapore could ultimately be a boon for companies not seeking to play regulatory arbitrage. However, most firms considering international expansion will likely decide to hold fire for now and see how the regulatory situation pans out into 2023.

About Maya Maya Braine is a Managing Director and the Head of Insights and Research at the financial crime consultancy FINTRAIL. She has managed the design and implementation of new anti-financial crime programmes and conducted investigations and training for a wide range of traditional banks, FinTechs, and other financial institutions. She has a background in business intelligence and corporate investigations and has led financial crime review programmes and money laundering and corruption investigations at some of the world’s largest banking groups.

About the Company FINTRAIL is a financial crime consultancy with expertise supporting the entire financial industry ecosystem, including FinTechs and the cryptocurrency sector. Its unique team of experts is drawn from the industries it supports and has deep hands-on experience in leadership roles with leading banks, FinTechs, technology vendors, and government agencies. Headquartered in London, it also has an office in Singapore. Find out more at www.fintrail.com.

FINTRAIL is an active member of the BritCham Financial & FinTech Committee.

THE UK-SINGAPORE CRYPTO MARKET

Business Exits Looking to exit a business, be it by sale, a management buyout or merely just a closure of the business, the key is taking early professional advice and understanding your options and the implications. Personal tax advice is often something that gets lost in the excitement of the sale and the corporate lawyers doing their stuff.

However, there are some vital planning opportunities that are lost after sale.

This article focuses on the sale of the business, rather than the closing down. There are many tax considerations for the business either way.

However, with a sale the personal tax implications need careful consideration.

KELLY GREIG, HEAD OF TAX AND ESTATE PLANNING, EIGHT INTERNATIONAL TAX & LEGACY EXPERTS

35 Do you know your residency status and is it going to change?

It is important to have taken advice on where you are deemed to be resident for tax purposes. Given each country has its own rules, it is possible to be resident in two countries at the same time.

Since the Covid restrictions being lifted, it is not surprising that British Expats have wanted to return to the UK to see family that they have not seen for many months. However, this has caused its own problems with some individuals overstaying, meaning that their income and gains are now subject to UK taxes. Even if you have not done this, if you have made a gain your business or been taking a salary up until sale, it is important that you understand the timing of returning to the UK (if that is your plan) to ensure the whole amount is not taxable in the UK. Sure, there is a double tax treaty with the UK and Singapore, but this just ensures that tax is not paid twice, it does not reduce the UK liability (which is often the highest) Deferred consideration or sale of business in chunks Have you given thought to how the deal will be structured? It is common for businesses to be sold now in a way in which you do not receive the total consideration up front, instead the business is sold in chunks, or the consideration is deferred. It is important to understand which way yours is structured as it will have quite different tax consequences. Although there is no capital gains tax in Singapore, if the business is sold in chunks with some of those payments being received when you are then resident back in the UK, there will be capital gains tax considerations to consider. It is a good idea to take tax advice at that point to ensure that the consideration is structured in the most tax efficient way.

Inheritance Tax for UK domiciled individuals Firstly, most expats I speak to assume that they are no longer UK domiciled because they have not been living in the country for a prolonged period. This is usually not the case. To lose your UK domicile, you need to have really cut all ties with the UK and made a permanent intention to live in another country and make your life there.

HMRC will start with a presumption of UK domicile and then this needs to be displaced. Most UK expats have not done enough to do this. This means that on death, your worldwide estate is subject to UK inheritance tax.

It also means that during your lifetime, the taxation of gifts made by you are determined using the UK inheritance tax rules other foreign rules may also apply.

For UK domiciled individuals, most shares in trading companies will qualify for 100% exemption from Inheritance tax (the rules are much more complex than this, so it is necessary for professional advice from an

inheritance tax advisor, either CTA or Solicitor to be taken. However, on sale of the shares (or other interest) the exemption is lost, and you could find yourself in a position where your potential inheritance tax liability has increased. There is an opportunity to reinvest these proceeds into other assets that qualify for the same relief, if you do not fancy running another business, a portfolio on the Alternative Investment Market will do the trick. However, there is always a possibility that this relief can be taken away, especially when the UK government are trying to make up funds.

If you were looking to gift property to children for example, from the proceeds, it is better that, that is structured prior to the sale. This allows some of the shares to be transferred (it can be structured so no physical transfer is required) prior to sale where the exemption can be claimed. Even better would be a transfer into trust or several trusts to ensure you can continue to control the assets and decide when the beneficiaries receive them. By structuring this way, you will have minimised your taxable estate on death.

These are just some of the considerations when dealing with Tax. It is important that you seek advice from a suitably qualified professional. For UK taxation, this would be in the form of a Chartered Tax Advisor or a Solicitor specialising in Taxation. Remember timing is key, do not leave it until too late.

About Kelly Kelly moved her family to Singapore to begin an incredible new venture, as the Head of Eight International Tax & Legacy Experts. She is an expert in her field, working holistically with her clients and their advisers to create long-term succession plans, ensuring their needs are met in a tax-efficient manner while providing them and their families with guaranteed protection. Kelly tailors every case to her clients’ needs to fulfil their requirements. Involving tax or trust advice for high-net-worth individuals or setting up and managing medical care.

About the Company Eight International Tax & Legacy Experts offer advice on a vast spectrum of legal services to individuals and business owners in Asia and the UK. Most importantly, our approach is to handle the most complex and involved cases, making them as straightforward as possible for you. Eight International Tax and Legacy Experts are associated with Eight Wealth International. In addition, we also work with partners across an extensive network. Through our partnership with Eight Wealth International, we provide our clients with a truly holistic blend of Tax Consulting, Wealth Management, and Estate Planning advice, offering a comprehensive and qualified Financial Planning approach and Private Banking to international clients. Find out more at https://eightinttaxandlegacy.asia/.

Eight International Tax & Legacy Experts are active members of the BritCham Financial & FinTech Committee.

Today, many of us may not realise that our daily activities are indirectly tied to the enormous growth of data centers and contribute to its carbon footprint.

At work, we collaborate with our teammates and clients, whenever and wherever they are, exchanging data or making multi-transactions every day. At play, we stream and watch online videos, or immerse into the gaming realm. The amount of data we produce and consume is extraordinary.

In fact, it is estimated that over 2.5 quintillion bytes of data are created each day globally. With our intensifying demand for smarter, faster data, alongside the surge of edge computing and artificial intelligence, there is an unprecedented growth of hyperscale data centers globally and in the Asia Pacific region. APAC hyperscale data center market is expected to grow at a CAGR of 7% during 2022 to 2027.

aviation sector in managing their carbon reduction journey.

Increasingly, data center operators need to align with the sustainability strategy and policies of both the owners as well as the potential tenants of the data center. The key environmental, social and governance (ESG) and environment, health, and safety (EHS) considerations include addressing the availability and use of renewable energy, sustainable water management, the possibility of current and future land contamination, and the well-being of the community and workers.

The asks are further compounded with limited suitable sites, changing regulations, controlled permits, and the demand for zero harm, sustainable development, and operations.

Yet against the backdrop of corporate sustainability and climate change, the pertinent question is how can we use technology advancement to develop and operate data centers in a safe and sustainable way?

It is vital to take on a smarter, collaborative, and integrated approach, from site selection to development and operation, to ensure time, cost, and energy efficiencies, while also enhance the company’s reputation and value.

Challenges faced by hyperscale data center operators, owners, and tenants

This can only be accelerated with deep expertise and digitalisation to provide clarity at speed and scale.

Data centers consume an estimate 2 to 3% of global electricity, which raises the concerns around their carbon emissions.

Addressing ESG and EHS blind spots at speed and scale

However, due to the classified nature of data centers, organisations must balance how they approach reporting locations and source of electricity to gauge its actual CO2 emissions. With the increasing demand for data, data centers face similar challenges as the

Apart from the air and liquid cooling technology (part of the HVAC suite of systems), AI-enabled analytics, geo-spatial imagery, and compliance related tools, can be a game changer to empower informed decisions and enable multiplying effects for a sustainable future.

37

Always On Yet Green: Leveraging Technology to Advance Safe & Sustainable Hyperscale Data Centers REBECCA GREEN, REGIONAL CLIENT & MARKET LEADER, TECHNOLOGY MEDIA & TELECOM, ASIA PACIFIC, ERM

PENNY MURPHY, PARTNER, DIGITAL SOLUTIONS, ASIA PACIFIC, ERM

Today, prior to developing and operating a data center, it is vital to conduct a comprehensive site due diligence, rigorous impact, and social risks assessment, optimise with renewable energy, obtain timely approvals for safe and seamless development, and practise compliant operations and execution.

•

Smarter site selection and collaboration with Geospatial technology

For many data center owners, the ability to utilise data and technology to make robust decisions at early stages of site selection is crucial. Using the geospatial imagery captured through satellite and unmanned aerial vehicles (UAV), owners can assess the environmental landscape to support site selection. In addition, the insights obtained from geospatial imagery provide the ability to integrate these data points into a digital twin model - creating a collaboration platform as data centers move through the plan, design, construct and operate phases. Through Digital Twin, one can also promote sustainable development through better site expansion planning.

•

Understanding impact through a data-driven approach

Through crunching of past complex data sets, coupled with the inputs from the on-site technical assessments, we can call out anomalies on possible risk factors such as floods, seismic hazards, and other natural disasters, and identify underlying hazardous materials and payload. At ERM, we have developed a Climate Risk, Impacts and Solutions Platform (CRISP), to support the understanding of physical risks to assets.

This can be undertaken for a wide range of contexts.

From providing early insights such as risks to assets

during the due diligence process, responding to risk requests required by regulators and other bodies to supporting disclosures, CRISP enables organisations to plan for their future, i.e., financial, operational and supply chain. A site feasibility study with predictive analysis, will enable a better assessment of the cost of assets conversion and its access to both energy and water, and impact to its community.

•

Eco-friendly site development and timely permitting with regulatory compliance systems

There is a need to ensure that timely licensing and permitting are obtained for the development and construction of the data centers, adhering to both the regional and local regulatory requirements. The need to understand the investors or banks global standards are also of paramount to obtain financing. As the regulatory landscape evolves rapidly across APAC, the need to understand the impact of national, federal, and municipal regulations in real-time is key. Through a smart regulatory monitoring and compliance system, data centers can consolidate the required regulatory and eliminate much time to obtain approvals. At ERM, we have developed a service THEMIS and have strategic partners that allows for notifications of regulatory changes, the applicability of these regulations and associated actions, and tasks to support a compliant data center.

•

EHS information systems to optimise operations and emergency planning

The needs to establish clear EHS policy, strategy and processes are significant and involve a very broad

ALWAYS ON YET GREEN: LEVERAGING TECHNOLOGY TO ADVANCE SAFE & SUSTAINABLE HYPERSCALE DATA CENTERS range of decisions and actions. EHS information systems can be used to provide an integrated up-to-date operational EHS Standards and Performance, including the site risk profiling, horizon scanning, benchmarking as well as impact and gap analysis. This also facilitates the management of the EHS processes to sustainably operate to mitigate e-waste, and emergency planning.

•

Energy efficiency through smart monitoring

It is vital to monitor the data center power usage pattern and effectiveness, to best configure the optimal use of resources, and to maximise utilisation, to achieve low carbon economy. The lifecycle of the data center assets including waste heat and recovery of materials managed can also be considered.

Advancing with new technologies and mindset shifts As we look towards a future where data centers can adopt a safer and more sustainable outcome-based approach – new technologies can affect lasting positive outcomes. All these will be catalysed further with the development of 5G, geospatial communications, as well as hydrogen and energy storage solutions.

For a sustainable-first approach to be truly successful, there is also a need for mindset shifts for the employees to embrace ESG and EHS to operationalise sustainability and safe practices.

Only then will digital and data mastery lead to an even safer, and a more efficient and sustainable future.

About the Company As the largest global pure play sustainability consultancy, ERM partner with the world’s leading organizations, creating innovative solutions to sustainability challenges and unlocking commercial opportunities that meet the needs of today while preserving opportunity for future generations. Our diverse team of world-class experts supports clients across the breadth of their organizations to operationalize sustainability, underpinned by our deep technical expertise in addressing their environmental, health, safety, risk and social issues. Find out more at www.erm.com.

ERM are an active member of the BritCham ICT Committee.

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