Orient Issue 97

Issue 97 March 2024 orient-magazine.com

ORIENT MAGAZINE THE OFFICIAL MAGAZINE OF THE BRITISH CHAMBER OF COMMERCE SINGAPORE

THE GENDER EQUALITY SPECIAL ALSO IN THIS EDITION: LOOKING AHEAD TO UK - SINGAPORE TRADE IN 2024 AN EXCLUSIVE WITH HIS MAJESTY’S TRADE COMMISSIONER FOR ASIA PACIFIC

CONTENTS

Features

Issue 97 / March 2024

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COMMENTARY / LOOKING AHEAD TO UK-SINGAPORE TRADE IN 2024 CONTRIBUTED BY MARTIN KENT, HIS MAJESTY’S TRADE COMMISSIONER FOR ASIA PACIFIC

FUTURE OF WORK / IN FOCUS INTERVIEW WITH STEPHEN TJOA, GROUP CHIEF PEOPLE OFFICER, BOARDROOM GROUP

DIVERSITY & INCLUSION / GENDER EQUALITY: COMMENTARY FROM OUR MEMBERS

DIVERSITY & INCLUSION / CELEBRATING FEMALE TECHNOLOGISTS: PIONEERS WHO SHAPED THE DIGITAL LANDSAPE - CONTRIBUTED BY OUR TECHNOLOGY COMMITTEE

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DIVERSITY & INCLUSION / THE WOMEN ON A MISSION TO PROTECT OUR PLANET CONTRIBUTED BY LIGHTFOOT TRAVEL

DIVERSITY & INCLUSION/ THE PAY GAP: BRIDGING THE DISPARITIES IN INCOME - A STUDENT PERSPECTIVE FROM NORTH LONDON COLLEGIATE SCHOOL (SINGAPORE)

MEMBER SUPPORT/ HOW TO FUND YOUR CHILD’S UNIVERSITY EDUCATION CONTRIBUTED BY THE FRY GROUP

ROAD TO NET ZERO / BALANCING THE ENERGY DILEMMA: TOWARDS A JUST TRANSITION IN SOUTH EAST ASIA - CONTRIBUTED BY RSK

36 MEMBER SUPPORT / BRINGING YOUR FINANCIAL WELLNESS FRONT & CENTRE CONTRIBUTED BY EIGHT WEALTH INTERNATIONAL

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Issue 97 / March 2024

CONTENTS

In Every Issue 5

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PRESIDENT’S MESSAGE Hear from our President, Damian Adams, on our key priorities and support for members

NEWS & HIGHLIGHTS What’s been happening at the Chamber, at our member companies, in Singapore, in the UK and around the region

WELCOME TO OUR NEW MEMBERS Find out who has joined our network

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Issue 97 / March 2024

ORIENT MAGAZINE MARCH 2024 EDITOR / Lucy Haydon orient-magazine.com

HOW TO CONTACT US

THE BRITISH CHAMBER OF COMMERCE EXECUTIVE TEAM

Address: British Chamber of Commerce Singapore 137 Telok Ayer Street #06-03 Singapore 068602

EXECUTIVE DIRECTOR / David Kelly DEPUTY EXECUTIVE DIRECTOR / Lucy Haydon HEAD OF EVENTS / Ashni Degamia HEAD OF MEMBERSHIP / Natassia Johnson HEAD OF TRADE SERVICES / Louise Beazor EVENTS EXECUTIVE / Caitrin Moh SENIOR MARKETING & COMMUNICATIONS EXECUTIVE / Dominic Gabriel FINANCE MANAGER / Radhika Chauhan OFFICE MANAGER / Anna C Garciso

Web: britcham.org.sg Phone: +65 62223552

THE BRITISH CHAMBER OF COMMERCE BOARD

Email: General:

info@britcham.org.sg Editorial & Advertising:

marcoms@britcham.org.sg Social: LinkedIn Instagram Twitter Facebook YouTube Flickr Update your subscriptions: britcham.org.sg/newsletter

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PRESIDENT / Damian Adams, Watson Farley & Williams LLP VICE PRESIDENT / Simon Middlebrough, SAESL VICE PRESIDENT / Haslam Preeston SECRETARY / Nick Magnus, Dulwich College (Singapore) TREASURER / Christina Mason, PwC Andrew Clark, AsiaWorks Andy Marr, 8build Angel Cheung-Horenfeldt, Standard Chartered Bank David Haigh, EY Dr. Lissy Vadakel, British Council Lorena Paglia, Microsoft Michael Buchanan, Temasek International Michael Yap, Coventry University Penny Murphy, ERM Prakash Pinto, Standard Chartered Bank Simon Bennett, Swire Shipping Suzy Goulding, MSL Group Steve Firstbrook, Department for Business & Trade Issue 97 / March 2024

PRESIDENT’S MESSAGE

President’s Message This month we have been celebrating International Women’s Day. While this is an annual moment at which to pause, recognise and reflect on outstanding women in our communities, it is important to remember their contributions and achievements throughout the year. This discussion is illustrated in this month’s special focus on gender equality, which also features commentary from our members and future leaders of the next generation.

our partners in the ongoing Trade Digitalisation Project that we are delivering for the UK government, in conjunction with Chamber members and stakeholders.

Last month we hosted His Majesty’s Trade Commissioner for Asia Pacific, Martin Kent, at a dialogue over lunch, which provided our members with the opportunity to discuss trade opportunities for British businesses throughout the region, as well as learn more about ongoing initiatives being conducted under deals already concluded or under negotiation, such as the Digital Economy Agreement, the Green Economy Framework, the bilateral FTA and CPTPP. Earlier this month our leadership team supported a UK Government visit to Singapore in the legal sector, and continues to work alongside our Business Committee Chairs and Co-Chairs to ensure that we are at the leading edge of developments in industry.

Looking to the quarter ahead, I look forward to seeing members at our Community Tree Planting event on 22 April as part of the One Million Trees Movement, at which we will plant 70 trees to celebrate Earth Day and the Chamber’s 70th Anniversary.

Further ahead still, please join us at our upcoming flagship events, namely the Annual Economic Briefing on 16 April and, on 8 May, at our AGM, which will again be hosted at Eden Hall, the residence of the British High Commissioner to Singapore. Details of these, and all of our other events and activities, can be found on the Chamber website.

Outside of Singapore, but still in region, our Trade Services team supported the Department for Business and Trade at UK-SEA Tech Week 2024 in Bangkok, participating in the roadshow and moderating panel discussions and roundtables alongside

Damian Adams President British Chamber of Commerce Singapore

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Tickets for the ever-popular Great British Ball are now on sale, with the event taking place this year on 6 December, once again at the Shangri La Hotel.

My best,

Issue 97 / March 2024

ANNUAL BUSINESS AWARDS GALA CEREMONY OCTOBER 2024 ENTRIES OPEN 27TH MARCH

Established in 1925, Tanglin Trust School is the oldest British international school in South East Asia.

What motivated us then, motivates us now – to be the best school in the world.

Through our innovative approach to learning and dynamic teaching staff, Tanglin nurtures and inspires lifelong learners. Our students talk with passion about their school because they feel happy and valued. Tanglin is an environment where the desire to achieve grows.

As the only school in Singapore to offer A Levels and the IB Diploma in Sixth Form, students study a programme that suits them, ensuring they thrive and flourish. Our students consistently achieve exceptional results and go on to the world’s leading universities.

The community ethos we have built over the years enables every individual to fulfil their potential. At Tanglin we respect one another, celebrate successes at all levels and support each other to be the best we can be.

Find out more at www.tts.edu.sg

Providing a voice and sense of belonging for all.

At Dulwich College (Singapore) we believe in nurturing global citizens and well-rounded future leaders who are equipped to create solutions to the world’s challenges. Our goal is to encourage our students to Live Worldwise – to make informed choices, take inspired action and create positive impact. Our innovative and world-changing education is wellbeing-focused and balances academic excellence with a wealth of co-curricular opportunities that enable our students to discover their individual talents and passions.

To learn more visit Singapore.dulwich.org or call admissions at 6890 1003 Dulwich College (Singapore) CPE Registration Number: 201027137D. Period of Registration: 09 January 2024 to 08 January 2028. School Location: 71 Bukit Batok West Avenue 8, Singapore, 658966

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NEWS

NEWS /

AROUND THE CHAMBER NIKESH MEHTA OBE APPOINTED BRITISH HIGH COMMISSIONER TO THE REPUBLIC OF SINGAPORE EFFECTIVE JULY 2024 Mr Nikesh Mehta OBE has been appointed British High Commissioner to the Republic of Singapore, in succession to Ms Kara Owen CMG who will be transferring to another Diplomatic Service appointment. Mr Mehta will take up his appointment during July 2024.

Mr Mehta, who has held positions with the FCDO since 2022, was most recently National Security Community, Director for Policy and Requirements, a post he has held since 2022, and formerly Deputy Head of Mission in Seoul from 2018-2022.

The British Chamber of Commerce looks forward to working closely with Mr Mehta upon the commencement of his new post, and in the meantime continues to support and collaborate with our Patron, Kara Owen CMG CVO, who continues to excel in serving the British community in Singapore.

THE DULWICH OLYMPIAD 2024 The Dulwich Olympiad 2024, a week-long celebration of sport, drama, music, and art and design events, was hosted by Dulwich College (Singapore) between 18-22 March.

The Olympiad was a vibrant tapestry of cultural exchange and youthful energy, encapsulating the essence of global unity. Over 891 students from 13 schools from across the Dulwich International community, including students from Dulwich College, the founding school in London and James Allen’s Girls’ School converged to showcase their athletic prowess in sports competitions, express creativity in art workshops, enchant audiences with musical renditions, and astound a packed-out theatre with a collaborative dramatic performance of a reimagined take of Homer’s classic tale, The Odyssey.

The event video can be watched here. You can learn about the Dulwich Olympiad and read a full recap of each day on their website here.

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REVOLUT LAUNCHES MOBILE WALLETS, EXPANDING GLOBAL REACH TO BANGLADESH AND KENYA Revolut, the global fintech with more than 40 million customers worldwide, today launches Mobile Wallets for its users in Singapore, a quick and easy option to send money abroad. Customers can now seamlessly send money to Bangladesh (bKash), and Kenya (M-Pesa) directly from their Revolut app, offering a handy mobile payment option for expats in Singapore.

Mobile Wallets redefine the remittance experience by offering a low-friction, intuitive process. Customers can send money abroad quickly using only recipient IDs such as their name alongside their phone number or email addresses.

There is a significant number of Bangladeshis living and working in Singapore, playing a crucial role in the development of Singapore’s infrastructure and contributing to many industries such as manufacturing, services and hospitality. Given this, there is a high demand for remittance services from Singapore to Bangladesh.

Issue 97 / March 2024

NEWS

LAUNCH OF THE 25TH ANNUAL BUSINESS AWARDS FOR ENTRIES Entries are officially open for this year’s 25th Annual Business Awards! Singapore’s business community is renowned for its excellence and innovation, and we want to celebrate the companies and individuals who are driving this forward. The Annual Business Awards are back for the 25th year, with categories covering standout employers, leading innovation, diversity, sustainability, small businesses, individual achievements, young professionals, the impact of UK businesses in Singapore and more, there’s an award for everyone.

We’re inviting companies of all sizes and industries to showcase their achievements and be recognised for their hard work. Whether you’re a startup that’s making waves in your industry, or an established organisation that’s pushing boundaries and driving change, the Annual Business Awards is the perfect platform to showcase your success.

Once again this year we’ll be recognising both the Winner and a Highly Commended entry in each category.

For more information and to enter, visit our website.

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Issue 97 / March 2024

NEWS

NEWS /

BEYOND THE CHAMBER MOM APPROVES OVER 4,000 ONE PASS APPLICATIONS The Ministry of Manpower (MOM) has approved nearly 4,200 Overseas Networks & Expertise Pass (ONE Pass) applications as of 1 January 2024, a year after its introduction. In a speech at the Parliament, Minister for Manpower Tan See Leng described ONE Pass holders as “proverbial rainmakers.”

“Whilst not large in numbers, they are the creators of opportunities and generate good jobs in their respective fields,” Tan said. ONE Pass, according to Tan, is “highly selective and aimed at facilitating the recruitment of top global talent who possess valuable networks, as well as deep skills and expertise. In an era where talent is scarce, businesses follow talent.” . Qualifications required for the work pass include a $30,000 monthly salary.

In a separate announcement, the qualifying monthly salary for Employment Pass applicants will go up from S$5,000 to S$5,600 in 2025. For those in the financial services sector, it will be raised to S$6,200.

PORTS OF SOUTHAMPTON AND SINGAPORE EXPLORE GREEN PARTNERSHIP

SWIFT TOUR PROMPTS ECONOMISTS TO UPGRADE SINGAPORE GDP FORECAST

Associated British Ports (ABP) in Southampton and the Maritime and Port Authority of Singapore (MPA) are to explore collaboration on green and digital shipping.

Economists upgraded the first-quarter growth forecast for Singapore’s economy, with some attributing the gains in part to Taylor Swift’s Eras tour concerts. GDP potentially expanded 2.9 per cent in the three months ending Mar 31, the quickest pace in six quarters, according to the median estimate in a Bloomberg survey.

The two ports discussed various areas of potential cooperation regarding sustainable maritime transport during the UK-Singapore Green Economy Framework (UKSGEF).

The meeting was seen as paving the way for further discussions on green and digital shipping cooperation between Singapore and Southampton.

MPA Singapore recently signed a Letter of Intent (LOI) with the International Association of Classification Societies (IACS) to collaborate on various maritime digitalisation and decarbonisation initiatives, aiming at developing technical standards and unified requirements to ensure that new maritime solutions are safely implemented.

The LOI will focus on key areas such as smart and autonomous ships, digitalization and cybersecurity, marine electrification, and the use of zero- and low-carbon fuels onboard vessels.

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They also raised the annual growth expectation to 2.5 per cent from 2.3 per cent seen previously – toward the upper end of the government’s 1 per cent-3 per cent forecast for 2024.

The Singapore leg of the Eras tour involved the singer performing six concerts, providing benefits to Singapore’s hospitality, food & beverage, and retail activities, according to DBS economist Han Teng Chua. “These would be mainly supported by higher foreign tourist spending, with a large number of overseas fans attending the Singapore concerts,” said Chua, who estimates the shows to add around S$300 million - S$400 million, or 0.2 percentage points of GDP, to the city-state’s economy in the first quarter.

Issue 97 / March 2024

It's our birthday! We'll be celebrating 70 years of supporting the British business community in Singapore throughout 2024. Stay tuned on our social media, news and events pages to get involved!

welcome to our 70th Anniversary Partners

INTERNATIONAL WOMEN’S DAY

RECAP /

INTERNATIONAL WOMEN’S DAY Our flagship diversity event of the year, the International Women’s Day Lunch, returned on 4th March 2024 with a 3-course lunch and a stellar line-up of speakers on this year’s theme - Future proofing for Inclusion and Equity - at the Shangri-La Hotel.

Our keynote this year was delivered by Mollie Rogers Jean De Dieu, General Manager, Longchamp & NGO Founder, Emotional Inclusion. Watch a replay of the keynote below:

The keynote presentation was followed by a panel discussion moderated by Emma Loynes, Chief Executive Officer, (Lloyd’s Asia) and Country Manager (Singapore) at Lloyd’s. Emma spoke with Georgette Tan, President at United Women Singapore (UWS), Leanne Robers, Co-Founder of She Loves Tech, Michele Lemmens, APAC CTO & Head of Business Sustainability at Tata Consultancy Services (TCS), and Toyin Ope, Head of Inclusion and Diversity, Asia Pacific at Visa This event is led by our Women in Business Committee, and supported by our Official Diversity & Inclusion Partner, Barclays, with whom we are celebrating 10 years in 2024 of our diversity partnership. Thank you also to our Supporting Partners, North London Collegiate School (Singapore) and Kennedys.

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Issue 97 / March 2024

Exclusive lunch for members with His Majesty’s Trade Commissioner for Asia Pacific, February 2024

Chinese New Year Networking Evening, February 2024

BritCham Presents: UK Property Market Updates with Select Property, February 2024

The Internationalisation of Talent, March 2024

Britcham Presents: Exploring International School Options in Singapore, March 2024

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Issue 97 / March 2024

MEMBER PROFILES

MEMBER PROFILES /

WELCOME TO OUR NEW MEMBERS ― The Chamber continues to welcome exciting new member companies to our

network. To contact them visit the Membership Directory on our website or reach out to our team.

WAVESTONE

SSTC INSTITUTE

Wavestone is an independent leading consulting pure-player. The firm combines seamlessly first-class sector expertise with a 360° transformation portfolio of high-value consulting services. operating industry-specific (e.g. banking, insurance, energy and manufacturing), technological (e.g. data, artificial intelligence, cybersecurity, SAP consulting) and cross-functional (e.g. business agility, supply chain, sustainability). Visit www.wavestone. com for more information.

Education Institute offering internationally recognised qualifications to learners at all stages of their learning journey including professionals wishing to upgrade their skills Visit www.sstc. edu.sg for more information.

RED ENGINEERING A global company of specialist building services and ICT engineers, RED uses its market leading technical expertise to enable the world’s digital infrastructure and helps clients realise ambitious plans for zero carbon built environments.

Visit www.red-eng.com for more information.

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SIGNAL CONSULTING Signal’s mission is to help businesses find their signal in the noise, in order to communicate effectively.

Our service offering is based on four complementary modules. Narration helps businesses to find their strongest story. Composition helps business to create effective content. Amplification helps businesses to optimise the effectiveness of their media investment and Orchestration helps businesses to ensure that their various marketing functions and partners are working together to best effect.

Contact Rohan Lightfoot for more information.

ALEXANDER MANN BPO SOLUTIONS (SINGAPORE) AMS is a leading global provider of talent acquisition services, providing unrivalled experience, driven by technology and underpinned by innovation. We help our clients to attract, engage and retain the talent they need for business success. Visit www.weareams.com for more information.

SULNOX GROUP PLC SulNOx Group Plc is a greentech company which specialises in providing responsible solutions towards decarbonisation of liquid hydrocarbon fuels.. Visit www.sulnoxgroup.com for more information.

SINGAPORE THEATRE COMPANY Singapore Theatre Company (STC), formerly Singapore Repertory Theatre, just celebrated its 30th anniversary. STC is one of the leading English language theatre producers and presenters in Asia, including musicals, critically acclaimed plays, and innovative educational programmes.. Visit www. singaporetheatrecompany. sg for more information.

VELDHOEN & COMPANY SEA PTE LTD Workplace Strategy and Change Management ship. Visit www.veldhoencompany.com for more information.

Issue 97 / March 2024

NEW MEMBERS

ATOM GLOBAL CONSULTING PTE LTD Atom Global partners with organizations going through transformation by providing Coaching and Consulting solutions. We are a team of Coaches and Consultants with expertise in Organizational Transformation & Change through Executive Coaching, Leadership Development, Diversity & Inclusion, Facilitations and other areas within the employee lifecycle. Visit www.atomglobal. com for more information.

GROBRIX PTE LTD Grobrix is a subscription-based Lifestyle Farming as a Service company.

We are here to assist every step of the way, so more may take part in empowering sustainability, self-sufficiency and wellness.

Visit grobrix.com for more information.

CANVAS8

EVYD TECH

We’re a strategic insight practice that helps human-centered organizations unlock opportunities. We help brands and agencies succeed by grounding their work in real audience needs. Visit www.canvas8. com for more information.

Our proprietary, proven AI-powered platform enables the effective interpretation and analysis of massive and diverse data sets, delivering sharper insights for more optimum healthcare outcomes. Visit www.evydtech.com for more information.

ALTIOS SEA ALTIOS International is a Global Business Development Firm focused on helping businesses grow through international expansion and cross-border investments into the worlds’ leading markets.

We successfully combine a full range of market entry services and a powerful global and well-positioned network of 35 offices in the most attractive markets.

Visit https://altios.com/ sea/ for more information.

VENCAP INTERNATIONAL PLC VenCap was founded in 1987 by Michael Ashall and we are one of the longest-established investment management and advisory firms active in the VC industry today. Since inception, we have made over 300 commitments to venture capital funds in the US, Europe, China and India. Visit www.vencap.com for more information.

GUILD FINANCIAL ADVISORY We are an independent corporate finance advisory boutique focused on providing advice, and raising money, for fast growing companies and building long term relationships based on excellence of service and in-depth market knowledge.

We provide independent advice to fast growing companies and build long term relationships based on quality of service. Guild’s core service offering comprises: IPO Support (Main Market, AIM and Aquis Exchange); Fund Raisings (Public and Private); Transaction Project Management (Mergers, Acquisitions, Disposals and Restructurings); Corporate Governance Advice and provision of Non-Executive Director Services. Visit www.guildfin.co.uk for more information.

COMMENTARY

LOOKING AHEAD TO UK-SINGAPORE TRADE IN 2024 ― Martin Kent, His Majesty’s Trade Commissioner for Asia Pacific, sets out his priorities for the UK’s trade relationship with Singapore and the wider region

I still remember my first mouthful of nasi lemak just over ten years ago, when I lived in Singapore as a fresh-faced management consultant with the Boston Consulting Group (BCG). It was the perfect meal after an evening run in the Botanic Gardens, paired with a refreshing cup of sugar cane juice.

Fast forward and I am back – this time in government but in many ways working in the same way as I did in the BCG. I am focused on the data to promote trade and investment for the UK, and to build mutual prosperity between the UK and Asia Pacific.

The Asia Pacific region is the engine room of the global economy and is brimming with opportunity for UK businesses. As His Majesty’s Trade Commissioner (HMTC) for Asia Pacific, I will be focused on securing and implementing high-quality Free Trade Agreements, attracting investment to all parts of the UK, opening markets for and supporting UK exporters, and positioning the UK as a beacon for free trade in the region.

Before I started this role, I served as the Minister and Deputy Head of Mission in the British Embassy, Tokyo, and have been a Director in the UK’s Department for Business and Trade including leading our investment and exports work.

I am now around five months into the job, and I am keeping a close eye on the data to ensure my team and I are working to strengthen trade and investment links with the region.

I am based in Singapore, which is one of the UK’s closest and most dynamic partners in the

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region. Our £22.3 billion trade relationship accounts for more than 45% of the UK’s total trade with Southeast Asia.

I have three areas of strategic interest for the UK’s trade relationship with Singapore, and with Asia Pacific: The first is digital trade. The UK has signed one of the most innovative trade agreements with Singapore. Our Digital Economy Agreement (DEA) overhauls outdated trade rules that affect both goods and services exporters, making it easier for UK business to target new opportunities in both Singapore and lucrative Asian markets. The latest trade data from the Office for National Statistics shows that nearly 80% of UK services exports to Singapore were digitally delivered, and the DEA offers opportunities to build on this.

We have seen numerous trade missions of UK tech businesses visiting Singapore since the signing of the DEA, including missions focused specifically on LawTech, which has its own provisions in the agreement. In September 2023, we saw the world’s first fully digitalised movement of good between the UK and Singapore, inspired by the DEA, and demonstrating the great potential of trade digitalisation to deliver time and cost savings for businesses. The British Chamber of Commerce are supporting us to drive wider adoption of trade digitalisation in the region, including through a project to fully digitalise further shipments between the UK, Singapore and Thailand. This has included hosting workshops during the recent UK-SE Asia Tech Week held in Thailand, Vietnam and Singapore.

Issue 97 / March 2024

LOOKING AHEAD TO UK-SINGAPORE TRADE IN 2024

Second, decarbonisation. I am committed to maximising the economic value that the shift to net-zero can deliver for the UK, to accelerate the transition to a more sustainable global economy.

Revolut expanding into Singapore and the wider region. In Southeast Asia alone, digital payments now make up more than 50% of the region’s transactions.

The UK has plenty to offer as a global leader in clean and green technologies. We host the world’s largest offshore wind farm, and wind is now the country’s largest single source of installed power capacity.

We will continue to build on the UK-Singapore bilateral relationship through Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), which solidifies our commitment to Singapore. I was pleased that Singapore was the second country to ratify the UK’s accession to CPTPP, bringing us a step closer to becoming a fully-fledged member.

The UK-Singapore Green Economy Framework will enable both countries to achieve national decarbonisation targets in alignment with the Paris Agreement while enhancing energy security and promoting green growth through new investment, job creation and export opportunities.

Third is defence. The UK and Singapore have recently signed a new Strategic Partnership to grow our economy and enhance shared security. It will strengthen security cooperation, science and technology innovation, and research and development. This includes collaboration to counter new and emerging threats in domains like cyber, through a first of its kind partnership between Singapore’s new Digital and Intelligence Service and the UK. It’s crucial for us to tie in closely with industry on this and my team are working to ensure businesses can take full advantage of these new opportunities.

The Strategic Partnership builds on the agreements across the region, including the Global Combat Air Programme with Japan and Italy, and AUKUS with Australia and the US. These demonstrate the UK’s commitment to support peace and stability across the Indo-Pacific.

The Partnership also covers financial services, which is a key sector in Singapore along with many others including maritime, tech, infrastructure and life sciences and pharmaceutical products. My team and I are here to help financial services of all sizes to expand and prosper in the region. The digitalisation of financial services is a major area of opportunity with British companies including Wise and

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Accession will upgrade the UK-Singapore relationship, providing opportunities to deepen participation in each other’s supply chains, diversify trade, grow investment into our economies, and collaborate on shared priorities, all while supporting greater access and opportunities for business.

I had the privilege last month of attending a lunch with members of the Chamber, expertly hosted by Executive Director David Kelly, President Damian Adams and their team, and I look forward to working alongside them and other partners such as Britain in South East Asia and the UK-ASEAN Business Council.

This June, I am running an exports roadshow together with my counterpart for South Asia, Harjinder Kang, across all nations of the UK. This will be a two-week series of events to showcase how our department supports businesses to unlock the opportunities of our world-class Free Trade Agreements and expand into the thriving Indo-Pacific region. If you are looking to grow your business in the Indo-Pacific, I warmly welcome you to join us.

Please reach out to me if you are looking to explore business opportunities in Singapore or the wider Asia Pacific region. I’m always open to a chat, especially if it’s over teh tarik and a plate of nasi lemak.

Follow us on LinkedIn for more updates on Singapore and Asia Pacific.

Issue 97 / March 2024

IN FOCUS INTERVIEW

IN FOCUS INTERVIEW: STEPHEN TJOA, GROUP CHIEF PEOPLE OFFICER, BOARDROOM GROUP ― By Lucy Haydon, Editor

L

et’s start with the initiatives and programmes that your People team use to support the business.

I’ve been working in the human capital space for over 30 years now, having previously been a partner at KPMG. When I was approached with the opportunity to join BoardRoom, the objectives were clear – establish a consistent set of guiding principles, a coherent people philosophy, and help to align strategies across our five geographies.

It was a priority for me to ensure that we had the right sort of developmental and engagement programs in place, and in January 2023 we started with establishing the Boardroom Academy. This was a game changing initiative, providing a structured learning and professional pathway for our people.

We had to create leadership learning milestone programs and supercharged our learning ambitions to ensure we have a consistent and meaningful way to develop our people. We also focused a lot on our staff engagement as retention was a priority. A lot went into revisiting our own values, our behaviours, our purpose, and our mission as an organisation.

Through change management we upscaled our business partnering capabilities and invested time in listening to our people throughout the year as part of our overall engagement and retention strategy.

HR professionals tell us that attraction and retention of talent are critical in Singapore’s competitive, smaller, talent pool. What strategies are you leveraging to gain an edge in the market?

I think that the war for talent is not just a Singapore phenomenon, it’s a global one. Yes, we have a much smaller talent pool and with the tightening up

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Issue 97 / March 2024

STEPHEN TJOA, GROUP CHIEF PEOPLE OFFICER, BOARDROOM GROUP

of foreign talent policies a lot of these complexities have added to the talent woes. Attracting, developing, and retaining talent will remain critical for any organisation.

The talent crunch is felt everywhere, and at the same time, there are also enormous pressures on businesses to continually reinvent ourselves; how we can provide a compelling value proposition to our existing employees and to people who are interested to join the business.

We needed to look after professional development. First and foremost, through learning, but also through exposure and because we have a young staff population on average, we have to understand that there are certain factors that needs to be there, for instance flexibility, meaningfulness in their work and the opportunities to grow professionally.

In this International Women’s Month, what is Boardroom Group’s approach to gender equality, particularly at senior management levels where issues of inequality tend to be most apparent?

Well, I’m firstly very proud to tell you that our female participation at BoardRoom is 67%, and at the senior leadership level, our participation level is at 35%. That’s a pretty healthy status given that the overall global share of women in leadership roles illustrated by the global gender report from the World Economic Forum was around 31%.

We can always do better. At BoardRoom, we practice a very clear policy on workplace equity and equal opportunity. There are, for instance, no pay inequality issues or lack of developmental or promotional opportunities for females. We support working mothers and we extend the need for flexibility as and when the cases requires it. We provide ample opportunities for individuals to take on leadership roles when their performance and contributions support their individual business cases - the sky’s the limit for everyone.

mance. I engage with our people team leaders on a weekly basis, we do frequent check ins, monthly team huddles, and depending on the season, there are a lot more specific interactions on the priorities of certain parts of the people teams. I also talk to our rewards team around getting the formula right to reward people meaningfully.

The company recently won a Bronze award for Best HR Team (SME) at the HR Excellence Awards, congratulations. What are the highlights from this particular achievement, and goals for the future?

I’ve always believed that it’s important for us to have external validation because it helps us to benchmark ourselves against the best, and in the process of doing so you learn best practices and understand what it means to be a good HR team.

But I think more importantly, there are gaps, and so we need to know where the gaps are realistically and where we could do better. I’m delighted for the recognition and this is really a good start for us, building on our value proposition as an employer, but we know that the journey is long. It has motivated us to do better and to achieve excellence in every aspect of our commitment, and how we can support our people agenda. Ultimately, whether we win an award or not, the main beneficiaries should be our people and the focus should be on them.

If we want to continue to build ourselves as a human-centred organisation, which really puts people right at the centre of our success, we need to do better today and for the future.

Are you a supporter of goals and targets within the HR and People function, or do you prefer other forms of measuring success within a business?

I am a clear supporter of targets. I think it’s important to be very transparent and clear on expectations. I practice an open and honest communication culture, having introduced the idea o a balance scorecard, which looks both at the qualitative and the quantitative aspects and matrices to set goals, and measure the achievement of these KPIs. The key is having these KPIs transparent and open to people, so that they can engage and have meaningful dialogue when they talk about perfor-

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Issue 97 / March 2024

DIVERSITY & INCLUSION

GENDER EQUALITY: COMMENTARY FROM OUR MEMBERS ― We asked our member companies to share their progress and perspectives during International Women’s Month

“This Women’s History Month encourages reflection on the ongoing efforts towards equality, diversity, and inclusion (EDI) led by women in the past and present. So, does this suggest that the EDI work has been done? Awarding gaps between racialised, disabled and working class students and those who are white, middle-class and non-disabled, the low number of professors who represent black and global majority backgrounds, disability or LGBTQ+ identities and precarious work contracts tell a different story. They rather speak of continuing institutional sexism, racism, heterosexualism, classism and sexism within Higher Education. The sector has come so far, but more is needed to create an inclusive, diverse and equitable HE sector.

Royal Holloway boasts a history shaped by inspiring women who championed social justice. Today’s Royal Holloway is formed from two colleges, and they were among the first places in Britain where women could access higher education. Notable alumni like suffragette Emily Wilding Davison and equal pay advocate Hilda Martindale exemplify a legacy of impactful contributions. The achievements of women such as Ethal Watts, the first female chartered accountant, and Kerstin Hesselgren, the first female delegate in the Swedish Parliament, further reinforce this legacy. In the School of Business and Management, our future focus embraces intersectionality and complex personhood. In a world grappling with rising costs, climate crises, and political unrest, we believe that embracing EDI is crucial. Our commitment involves cultivating inclusive educational environments, fostering research with societal impact, and nurturing a staff culture rooted in respect and belonging where everyone has a voice. These efforts aim to empower students and staff with the necessary tools to address complex challenges facing our society.”

- Professor Anica Zeyen (Vice Dean Equality, Diversity and Inclusion) & Dr. Lucy Gill-Simmen (Vice Dean Education and Student Experience), School of Business and Management, Royal Holloway University of London

“The path to gender equality is a collaborative journey that requires commitment, education, and continuous action. Let us use this International Women’s Day as a moment to inspire change, break barriers, and foster an environment where every individual, regardless of gender, can thrive and contribute meaningfully.

Together, we can create a future where equality is not just an aspiration but a reality, driving the prosperity and resilience of our businesses and communities alike.”

- Ann Swain, Global CEO, APSCo

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Issue 97 / March 2024

GENDER EQUALITY: COMMENTARY FROM OUR MEMBERS

“Gender equality is not just a moral imperative, it is a key strategic priority. Research has shown organisations that focus on gender equity are 21% more likely to have above-average profitability (McKinsey), while those with diverse management teams generate 19% more revenue from innovation (BCG), fostering innovation, creativity, and sustainable growth. At AMS, gender diversity and inclusion are fundamental values that permeate every aspect of our business. We understand the importance of representation at all levels of the organisation and actively work to create pathways for women to advance into leadership roles. This commitment is reflected in the composition our global Executive Committee where 50% of us are female leaders, demonstrating our dedication to fostering a balanced and inclusive leadership structure. Additionally, we offer mentorship programs, leadership development initiatives, and flexible work arrangements to further support gender equality in our workplace. In addition to our internal initiatives, AMS actively engages with clients and partners to promote gender diversity in their organisations. Through the sharing of best practices, collaborative diversity initiatives, and advocacy for change, we collectively work towards driving meaningful progress in advancing gender equality within the broader business community. On this International Women’s Day, I urge all organisations to prioritise gender equality and take concrete actions to create more inclusive workplaces. Together, we can build a future where gender equality is not merely an aspiration but a tangible reality for all.”

- Roop Kaistha, Regional Managing Director, APAC, AMS

“Unlike many STEM careers, the medical sector attracts a lot of women. 64% of people accepted on to medicine and dentistry degree courses in the UK were women (2020 data). This seems positive from afar, however when you dig a little deeper the numbers look less rosy. Women are still in the minority in senior roles in the NHS, with only 36 per cent of all consultants being held by women. Clearly, there are many factors that account for this diminution of women as they climb the career ladder that are universal to all business sectors. As co-founder of Osler Health (along with two other women!), we felt it was imperative to offer working women flexible working hours and part-time options so we could attract the best talent. This has proven a sound approach. We have found that this flexibility pays back manifold through staff retention and staff satisfaction. If, as employers, as managers, as parents and as partners we can be compassionate to individual needs, we can certainly build a more stable, happier place to work!”

- Dr Tsin Uin Foong, Co-Founder & Chief Medical Officer, Osler Health International, MBBS (London, UK), MRCGP (UK), Dip Pract Derm (UK)

“Competitive markets can increase gender equality by enabling women equal access and participation in markets as buyers and sellers. As entrepreneurs, women often face barriers in gaining access to finance. As consumers, women may face unnecessary higher prices or poor quality of service due to gender biases. Making markets inclusive has the potential to increase competition especially in industries like health, finance and technology where women are at risk of being unserved or underserved. For businesses this an opportunity to serve a key customer group. E-nomics discussed the role of competition and gender in a webinar with experts from the Asia-Pacific. You can read more about the key issues discussed here.”

- Nimisha Tailor, Founder and Competition and Regulation Specialist, E-nomics

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DIVERSITY & INCLUSION

“Gender equality is not a ‘women’s issue’. Gender equality is essential to company growth. Everyone benefits from gender equality! I personally benefit from gender equity in ESC when being recognised for my capability and contribution, rewarded for my hard work and achievements, and promoted for my leadership to uplift me to a New Me - a senior manager and one of the key personnel in ESC. Gender equity at the ESC workplace also eliminates discrimination on the basis of gender particularly about family and caring responsibilities. Working here gives me the opportunity to be flexible at work while taking care of my family and have a worklife balance. With the diversity of ESC in terms of gender, nationality, and culture, everyone is given a fair opportunity to grow. Let’s stand up for a wonderful workplace by breaking down any barriers!”

- Jessie Nguyen, Country Manager, ESC

“We see concerted efforts across our clients’ various industry sectors to increase gender diversity of their companies across their leadership teams. This includes both internal mobility and external hiring, thinking more elastically across the roles and functions to achieve diversity and make bolder ‘outside the box’ appointments of high potential females. In Financial Services, gender diversity in APAC and Singapore specifically is a bit higher than in other jurisdictions, making up approximately 40% of our placements, against other sectors where it is closer to 30%. There is still room for improvement, and this is recognized across financial services firms in Singapore who are always asking us to think laterally and ensure we have a diverse slate of candidates with compatible skills and experiences. The female talent pool in Singapore Financial Services is deep, especially when one considers talent across a wide spectrum of financial services namely insurance, wealth and asset management, corporate and investment banking, FinTech, etc. On Singapore Boards, there is still some work to be done to achieve the 25% target by 2025 and 30% target by 2030 as set out by the Council for Board Diversity. We find that the flexible and lateral thinking that our financial services clients display in executive hires is what will set companies apart when it comes to Board hiring, giving credible, experienced female senior executives a seat at the table and the opportunity to break into their first non-executive role.”

- Jessica Torres Underwood, Head of Financial Services and Fintech Practice, Southeast Asia, Odgers Berndtson

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Issue 97 / March 2024

GENDER EQUALITY: COMMENTARY FROM OUR MEMBERS

“More than 26 years ago, when I began my professional journey, female leadership was notably absent in both corporate and governmental spheres, reflecting entrenched gender stereotypes globally. Now, I am heartened by the significant shifts towards greater awareness, equality, and opportunities for women. Despite ongoing disparities in workplace dynamics and societal norms, advocating for gender equality remains crucial. As a leader, I urge peers to actively mentor competent female colleagues into leadership roles. Additionally, I prioritize being a role model for my teenage daughters, nurturing their interests and leadership abilities, ensuring they are confident and are proud to be themselves. Globally, leaders must champion gender equality, leveraging education and technology to empower women, including recognizing the contributions of stay-at-home mothers. Confronting workplace inequalities requires courage, support for colleagues, and advocacy for fair policies. In addressing gender disparities, maintaining composure, and using official channels are essential for effective advocacy and meaningful change. Let us continue our effort together towards achieving gender equality and building a better future for our future generations.”

- Koh Siew Yin, ASEAN Marketing Director, BSI

“At Eight Wealth International, our team, which spans Singapore, Hong Kong, and the Middle East stands out against industry norms for its gender diversity, employing more women than men. We proudly recognise the immense value this diversity brings, fostering innovation and enriching our company culture across all departments. Our commitment to gender equality not only reflects in our internal composition but also amplifies the impact of the financial education initiatives that we lead in the community, promoting inclusivity and empowerment at every level. The financial education programmes aim to empower individuals of all ages and genders, to take charge of their financial well-being, particularly addressing habits in younger participants, enabling them to understand and take charge of their tendencies as they mature. Furthermore, these skills build understanding and independence for all, allowing them to manage their finances more independently and effectively in the future, irrespective of external pressures and beliefs.”

- Thomas Streatfeild-James, Associate Partner, Eight Wealth International

“At Colliers, we firmly believe that cultivating an environment where each person feels respected and enabled is crucial for our success. We are all in consensus that gender equality, whether in the boardroom or in entry-level roles, is a fundamental driver for sustainable progress and creativity. Diversity enhances performance – diverse teams bring a range of perspectives and experiences to the table, allowing us to tap the full breadth of talent and knowledge, leading more effective problem-solving and decision-making.

Inclusive environments drive diversity and gender equality. We have committed to this by implementing various initiatives in our workplace, like flexible work arrangements, mentorship sessions, a fair and unbiased hiring framework, and leadership development opportunities to empower individuals of all genders. Notably, we have successfully achieved 50:50 gender diversity in employment in an industry that has traditionally been more male-dominated, and our Women-in-Business committee is also actively supported by members of all genders in their initiatives. By amplifying diverse voices, we break down barriers, pave the way for equal opportunities, and effect meaningful change – change we see appreciated in our corporate culture, and that builds into our future successes. I am confident that not only are we creating a fairer workplace today, but we’re also laying the groundwork for a stronger and more empowered workforce of the future.”

- Jaya Singh, Senior Director, People & Performance, Colliers 25 / orient-magazine.com

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DIVERSITY & INCLUSION

CELEBRATING FEMALE TECHNOLOGISTS: PIONEERS WHO SHAPED THE DIGITAL LANDSCAPE ― Our Technology Committee introduce you to the women who have led the way in the technological revolution.

I

n the ever-evolving realm of technology, the contributions of women have been profound, yet often overlooked. As we delve into the annals of digital history, it becomes evident that female technologists have played pivotal roles in shaping the landscape we navigate today. From programming pioneers to groundbreaking innovators, their stories illuminate the path for future generations.

One of the earliest trailblazers in computing was Ada Lovelace, whose visionary insights laid the groundwork for modern-day programming.

Recognised as the world’s first computer programmer, Lovelace’s conceptualisation of algorithmic thinking paved the way for the digital revolution we witness today.

Grace Hopper working on the Bureau of Ordnance Computation Project at Harvard University, 1946 (credit: Britannica)

In the realm of video game development, Carol Shaw shattered stereotypes as one of the industry’s first female game designers. Shaw’s groundbreaking work on classics like “River Raid” showcased her exceptional talent and creativity, challenging the prevailing notion that gaming was a male-dominated domain.

Portrait of Ada Lovelace by Margaret Carpenter, 1836 (credit: Britannica)

Grace Hopper, affectionately known as “Amazing Grace,” revolutionized the field of computer science with her pioneering work on the development of programming languages. Her creation of the compiler laid the foundation for high-level programming languages and transformed the landscape of software development.

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Carol Shaw with the River Raid game, 1982 (credit: Centre for Computing History)

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CELEBRATING FEMALE TECHNOLOGISTS: PIONEERS WHO SHAPED THE DIGITAL LANDSCAPE

The advent of the internet ushered in a new era of connectivity, and women played instrumental roles in its expansion. Radia Perlman, often hailed as the “Mother of the Internet,” devised the spanning tree algorithm, a fundamental component of network routing protocols. Her contributions laid the groundwork for the seamless communication networks we rely on today.

As we celebrate the achievements of these pioneering women, it is essential to recognise the systemic barriers they confronted and continue to confront in male-dominated industries. Despite facing entrenched biases and systemic obstacles, these women persevered, leaving an indelible mark on the digital landscape.

By celebrating the achievements of female technologists and amplifying their voices, we can inspire future generations of women to pursue careers in STEM and challenge the status quo.

And that need to challenge is still very much needed. The World Economic Forum’s 2023 Gender Gap Report projects that achieving parity will require 131 years. In STEM fields particularly, significant underrepresentation perpetuates societal gender gaps and impedes the realisation of efficiencies and global economic potential. It is imperative that equity is understood, the feasibility of achieving meritocracy is given real-world context, and actions are taken.

Radia Perlman (credit: Centre for Computing History)

In the realm of cybersecurity, Susan Landau emerged as a prominent figure, advocating for privacy and encryption in the digital age. Her tireless efforts to safeguard civil liberties in the face of technological advancements underscore the critical intersection of technology and ethics.

Susan Landau (credit: Tufts University)

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As we navigate the complexities of the digital age, let us heed the lessons of the past and champion the contributions of female technologists who have shaped our world. Their legacy serves as a beacon of inspiration and lessons for improvement, guiding us towards a future inclusive innovation will thrive.

The Technology Committee’s mission is to inspire, educate and engage Chamber members and non-members on the transformative capabilities of Information Technology to their business. The goal of the Committee is to add value to the Chamber and its members through activities that demonstrate the value of technological solutions to their business; educate them on future tech trends that will impact their business; offer member networking opportunities to better enable business across the region; share knowledge and insights, and attract new members to the Chamber.

Find out more on our website.

Issue 97 / March 2024

DIVERSITY & INCLUSION

THE WOMEN ON A MISSION TO PROTECT OUR PLANET ― From conservation to activism, women are leading the charge in protecting our planet and creating a more sustainable future.

Lightfoot Travel shines a spotlight on six remarkable women and female-led groups who are making a difference in global environmental conservation and advocacy.

By Lucy Jackson Walsh, Co-founder, Lightfoot Travel

A

t Lightfoot Travel we understand that pristine environments and natural wonders often form the backdrop for authentic travel experiences for our clients. Preserving these ecosystems ensures that all of us can continue to enjoy breathtaking landscapes and unique experiences for generations to come.

The Black Mambas, an all-female anti-poaching unit in South Africa established in 2013, are pioneers in wildlife conservation. Choosing education over guns, this team of around 30 women patrols several reserves and national parks in South Africa, working tirelessly to remove poaching snares and traps in their quest to protect endangered rhinos, pangolins and elephants. Through close monitoring, community building, and education initiatives, they are making a significant impact in the fight against poaching.

Dr. Jane Goodall is a household name in the world of conservation. As the foremost expert on chimpanzees, she has dedicated her life to studying and protecting these intelligent creatures. Through the Jane Goodall Institute and Roots and Shoots program, which she founded in 1991, she continues to 28 / orient-magazine.com

inspire and empower the next generation of environmental leaders in over 140 countries worldwide.

Credit: Jane Goodall Institute

Sylvia Earle, also known as ‘Her Deepness’, is a trailblazing marine biologist and conservationist, named as a ‘Hero for the Planet’ by Time Magazine.

As the first female chief scientist of the US National Oceanic and Atmospheric Administration, she has dedicated her career to exploring and protecting the earth’s oceans. Through Mission Blue, her nonprofit foundation, she advocates for marine conservation and the preservation of marine ecosystems, in alliance with more than 200 ocean conservation groups and like-minded organisations.

Credit: OnBeing

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THE WOMEN ON A MISSION TO PROTECT OUR PLANET

Beverly Joubert, a National Geographic Explorer-in-Residence, has spent over 30 years photographing and researching wildlife. Alongside her husband, filmmaker Dereck Joubert, she co-founded the Big Cat Initiative and Rhinos Without Borders, working to protect endangered species and their habitats. The husband-and-wife duo are also the founders of Great Plains an organisation that uses ‘Conservation Tourism’ as a tool to sustain conservation programs with beautiful lodges and camps throughout Zimbabwe, Botswana and Kenya. Beverley and Dereck’s work raises awareness about the importance of conservation and the plight of animals in the wild.

Canadian scientist Dr. Birute Galdikas is a pioneer in orangutan research and conservation.

Inspired by the work of Dian Fossey and Jane Goodall, she founded the Orangutan Foundation International in 1986, an orangutan research facility in Borneo, and has dedicated her life to studying and protecting these endangered primates. As President of the OFI, she continues to be a leading voice for orangutan conservation.

Credit: Orangutan Foundation International

Enjoy a BCC x Lightfoot Travel Special Offer – a SGD$500 voucher to spend on your next holiday, exclusive to BritCham members (excludes flight-only requests, T&Cs apply)

As the co-founder of Women on a Mission and the Founder of Her Planet Earth, Christine Amour-Levar leads a diverse group of women dedicated to empowering the underprivileged and protecting the environment. Through partnerships with organisations focused on climate change and women’s rights, they are making a tangible difference in communities around the world. Recent self-funded expeditions have included a Knuckles expedition in Sri Lanka, a 200km cycle in Greenland, a desert crossing in Namibia and a triple-challenge expedition in the Swiss Alps. With over 2.5 million dollars raised to support meaningful initiatives to support women, these organisations are proving that women have the power to drive positive, transformational change.

Cristine speaking at the Chamber’s International Women’s Day Lunch, 2023

At Lightfoot Travel we are advocates for sustainable tourism practices that not only contribute to the preservation of the destinations we sell but also enhance the overall luxury travel experience through cultural and environmental preservation and responsible tourism practices. Reach out to one of our expert travel consultants if you would like to organise a tailor-made holiday with conservation and sustainable practices at the forefront.

Lightfoot Travel is an Asia-based luxury tour operator specialising in tailor-made holidays throughout the world. The company was founded in Singapore over a decade ago by industry experts - Nico Heath, Simon Cameron and Lucy Jackson - to offer guests a more exclusive way to discover the world, with insider advice to enhance every trip. Today Lightfoot Travel has offices in Singapore, Hong Kong, Dubai, London and New York, with a cosmopolitan team who have all lived and worked around the globe - giving them the edge in creating highly personalised itineraries for their guests. Visit www.lightfoottravel.com for more information.

DIVERSITY & INCLUSION

THE PAY GAP: BRIDGING THE DISPARITIES IN INCOME ― From an early age, girls are programmed to prioritise caregiving and subservient qualities that confine and deprive them of the opportunity to become unique, confident individuals. Simultaneously, boys are pushed into taking on opportunities that allow them to be independent, nurturing their confidence and leadership.

In this unique article, we hear a student’s perspective. These are the author’s personal views/perspectives.

By Ananya Srikant, Grade 11, North London Collegiate School (Singapore)

I

n the realm of employment, the pay gap is a persistent and pervasive issue that is the result of broader societal norms and expectations that surround gender roles and capabilities pushed from a young age. While progress has been made in combating gender inequality, the gap in compensation still persists across numerous industries and professions. This disparity is extremely pronounced in the medical profession, where women earn approximately 69 cents for each dollar earned by their male counterparts. While there is no definitive answer as to why this is the case, several factors contribute to the pay gap, some of which start in childhood.

Social influences, particularly in the medical field, are at the forefront of contributors to the pay gap. The wage difference is magnified in higher income specialties, where men are over-represented, while women continue to specialise in lower wage specialties. Considering women make up 64% of medical students and account for two-thirds of the global healthcare force, it is clear that they are being underrepresented and undervalued in the workforce. This is largely due to the roles that society assigns to women. Women are expected to be “natural caregivers”, which, ironically, goes against the ideology of an “archetypal” physician, i.e someone who is assertive, confident, head-strong and competitive. It comes as no surprise, then, that specialties that are often associated with caregiving and empathy, such as paediatrics and family medicine, are often dominated by women, which also tend to receive lower salaries in comparison to specialties seen as more technical and prestigious,

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like surgery and radiology, which are dominated by men. The devaluation of women’s contributions to the medical field only reinforces the hierarchical structures already prevalent in the workforce and further diminishes their contributions and earning potential.

These gender roles can cause women to encounter implicit biases that can undermine their professional credibility and negotiating power in the professional world. According to research done

by Harvard Kennedy School (2019), women are less likely to negotiate wages when it is not explicitly stated in the job advert that they can do so. However, this gap seems to close when negotiations are explicitly mentioned and are, in fact, equally hesitant to work at lower wages when compared to men in the same position. The gender roles that have been imposed on women by society have lasting effects that restrain them from progressing in their careers and being considered as equals. By constantly being expected to “just deal with it” they are not given the space to express their opinion on things that matter, which, in this case, ends up being appropriate remuneration for their labour.

Another issue that contributes to this disparity is the lack of women in leadership or high-ranking positions. According to Arya et al (2021), only 14.7% of surgeons in the UK today are female, with the numbers dropping as we look at specialty surgeons.

Only 9% of neurosurgeons are female, with the number dropping down to 8% in thoracic surgery and 6% in orthopaedic surgery and only 19% of key

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leadership roles in hospitals, both physicians and non-physicians, are held by women today. This occupational segregation, which is perpetuated by biased hiring practices, lack of mentorship and differential access to resources, is another reason why women are underrepresented. The lack of female role models in higher, more respected roles inhibits women from being able to advance into these roles due to the lack of mentorship provided for them, among other factors.

The “Penalty of Parenthood” further stalls their career advancements. The incompatibility of a work-life balance and parenthood in high-demanding jobs only serves to compound the disparity in pay. Women are more likely to put their careers on hold to fulfil the caregiving responsibilities imposed on them by society, like raising children or looking after old relatives, which disrupts not only their professional development but also reduces their earnings in the long-run. Women are disproportionately affected by the “Penalty of Parenthood” as being a mother is, more often than not, seen as being incompatible with the rigour of high-demanding careers like medicine. Women who request maternity leave or more flexible work arrangements also often encounter stigma or career repercussions, only further reinforcing the idea that familial responsibilities are a woman’s domain. This bias enforced by society not only punishes women for exercising their bodily autonomy but also feeds into the disparities in compensation and leadership opportunities against women, which turns into a vicious cycle.

Established in the UK in 1850, the North London Collegiate School has upheld a legacy of academic excellence, ambition and aspiration.

NLCS (Singapore) draws on that rich history and tradition to provide students with an inspirational and life-changing education to ensure they develop into accomplished, well-rounded, compassionate individuals. The curriculum is based on the NLCS UK curriculum and sets students on one continuous path to the IB Diploma.

A wide range of academic, sporting and artistic enrichment activities allow all to pursue their interests beyond the scope of the curriculum, and a unique pastoral care provision commits that no child will ever feel unsupported in school. Learn more at https://nlcssingapore.sg/

There are, of course, ways to combat this. Policy reforms that introduce family-friendly policies, such as paid parental leave and flexible work arrangements, are at the forefront of combatting the pay gap, making it easier for parents to juggle familial responsibilities with work and allowing for a better work-life balance. Leadership and mentoring programs aimed at women also encourage them to take on more leadership opportunities, reducing the overwhelming disparity in their representation in high-profile jobs and motivating them to take on more senior roles. Training hiring managers and other decision-makers to recognise unconscious biases can help control any implicit biases affecting the decision-making process, fostering a more supportive work environment for women. Furthermore, educating the public on the harmful effects of gender biases and gender roles can empower men and women to embrace their individuality and help us cultivate a culture of inclusivity and diversity in a society that values, supports, and provides equitable opportunities for growth and recognition.

Awareness is the first step to combatting the disparity, setting society in motion to create a more understanding attitude in and outside the workplace.

The gender pay gap is a deeply rooted issue reflecting the broader norms and expectations of society that hinder women’s professional advancement and diminish their professional value. It is our duty to address and break the barriers preserving the gender pay gap and pave the way towards a more equitable and inclusive society because a woman’s place can be in the house and in the senate.

North London Collegiate School (Singapore) supported the next generation of leaders by sponsoring a table of students at this year’s International Women’s Day Lunch, inviting students from across our membership network of international schools.

MEMBER SUPPORT

HOW TO FUND YOUR CHILD’S UNIVERSITY EDUCATION ― University is still an important rite of passage for many young people, and a prerequisite for many career paths. But the cost of tuition fees and living expenses means that funding your child’s university education can result in a substantial financial outlay, with added complexity if your family are expats. This article explores what you might need to consider when supporting your children financially through university.

By Huw Wedlock, The Fry Group

I

t’s no surprise to learn that obtaining a university education is now more expensive than ever.

Gone are the days when classes were tuition-free for UK residents and means tested grants could be used to cover some or all living expenses. Today the average student can expect to leave university with exceptional levels of debt; accumulated by the combination of tuition fees together with costs associated with rent, food and other bills. The cost-of-living crisis and soaring inflation has also played a part in pushing up the cost of university life more recently.

Although more UK students are choosing to live at home and attend a local university, the cost of tuition can still bite. And if your child is keen to head further afield, it’s useful to consider the options when it comes to funding their degree.

Covering tuition fees Tuition fees typically form a large part of any university education. UK fees are capped at £9,250 a year for students who are UK residents (www. gov.uk). But if you’re an expat, and your children have lived overseas with you, they might not qualify for ‘home fee status’ and could face overseas student rates. There are concessions if you live in the EEA or Switzerland, but if your home is elsewhere in the world the general rule is that they must have been ‘ordinarily resident’ in the UK for three years before the course begins. If your child has been living overseas with you it’s worth checking the rules with their preferred university, and noting that international tuition fees can be substantially more; overseas students at Oxford will pay between £33,050 and £48,620 in the 2024/25 academic year (www.ox.ac.uk).

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If you’re in the position to cover tuition fees and wish to make the payments out of your normal monthly income, there may be tax advantages; it’s a useful way of reducing your own Inheritance Tax liability down the line. You’ll also save your child from having to face repaying a loan at the start of their career.

For those who need a different means of funding tuition fees, student loans are available to undergraduates – again with the caveat that your child must have ‘home’ status. Student loans don’t have to be repaid until the April after graduation and only when your child earns at least a threshold salary (currently upwards of £25,000). These loans don’t affect credit scores but may be taken into account for mortgage applications. It’s also worth noting that they accrue interest in line with the Retail Price Index.

Student living costs As well as tuition fees, general living costs for food and bills can soon add up. Another form of funding which can help with this area is a maintenance loan which can provide up to £ 9,978 for students living away from home outside of London and £13,002 for those living in the city. However, these loans are means tested based on your income, with households earning more than £58,291 entitled only to the minimum loan allowance of £3,597 based on 2023/24 rates (www.gov.uk).

Do also bear in mind that encouraging your child to chip-in for their day-to-day living expenses may also be a good life lesson. If they’re able to take a part-time job to help cover their socialising or food

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costs it could help reduce the contributions you need to make or loans required, whilst also helping them to develop their own financial literacy and budgeting skills.

Is buying a student house a good investment?

Accommodation can total a significant portion of your child’s university expenses. With average rents topping £535 a month (www.moneysupermarket.com) you might feel that investing in property which they can live in, alongside other students, could be a sensible option. UK property has generally proved a worthwhile investment and over time has delivered good returns for many people.

But there are some considerations: • Check whether the income you receive from the property changes your tax position, moving you into a different bracket, or forces you to start completing Tax Returns.

• If you’re an expat seek advice about whether having a UK foothold could affect your resident status.

• Selling the property after three or four years could leave you with a profit – which might attract Capital Gains Tax of up to 28% if you’re a higher rate taxpayer.

• The UK housing market has slowed in recent years and you may need to consider a longer timeframe before selling the property on.

• Remember that you may need to pay a Stamp Duty surcharge when buying a buy-to-let property and, if you are an expat, you may have to pay a non-resident Stamp Duty surcharge as well.

Finally, from a purely practical point of view, don’t forget to budget for the costs of running another house, the “hassle factor” of managing a property and whether your child will be comfortable acting as ‘landlord’ to their friends or other students.

When and how to start saving As with many aspects of finance if you are planning to fund your child’s university education it’s never too early to start to save. University costs are rising; students leaving in 2000 had average student loans of £4,150 – last year that figure hit almost £45,000 (www.wordsrated.com) Junior ISAs can be a tax-efficient way of saving for a university fund from an early age. They can’t be accessed during childhood and mature into an ISA at age 18 – exactly the same age when universi-

ty plans might kick in. JISAs allow you to save up to £9,000 tax free each year, and compounding returns can help boost the funds over time. Even setting aside £100 a month from your child’s birth would build a pot of just over £35,000 if the JISA returned an average of 5% a year. Do bear in mind that JISAs and ISAs aren’t an option if you live overseas and aren’t tax resident in the UK. Another option is to begin saving and investing on your child’s behalf to build a fund for the future. Again, even small monthly sums can add up helping pay for tuition fees or living costs when the time comes. Saving, even whilst they study, could help build a nest egg which they could use for a house deposit or to pay off a chunk of debt at the end of their degree.

Consider your own living expenses If you are planning to support your children with their tuition and living expenses whilst they’re at university, make sure you factor the costs into your own monthly budget. The financial commitment could soon mount up!

It might also be useful to involve your child in discussions about funding university. Even younger teens who are starting to think about career choices may benefit from being included. Planning how to cover the financial aspect of a degree can be a useful step in helping your child understand the commitment you’re making in their future. They can also pick up good tips on how to budget and begin to appreciate how sensible planning – especially around money – needs to be factored into any decision.

To discuss any aspect of your financial planning, including long-term saving and investing, please do get in touch.

The information in this article aims to provide information. However, this is not intended to form professional advice nor should it be relied upon as such and before taking any particular action, specific and personal advice should be obtained. All levels and basis of, and relief from taxation illustrated here are subject to change. The Fry Group (Singapore) Pte Ltd is authorised to act as a financial adviser by the Monetary Authority of Singapore - licence number FA100057.

ROAD TO NET ZERO

BALANCING THE ENERGY DILEMMA: TOWARDS A JUST TRANSITION IN SOUTH EAST ASIA ― The South East Asia region faces a complex dilemma in transitioning to a low-carbon economy while supporting economic growth and considering social vulnerabilities. This article examines the need for a just transition – an equitable shift to a low-carbon economy that considers socioeconomic impacts and vulnerable populations.

By Ayushi Bhatnagar, Graduate Climate Consultant, RSK Centre for Sustainability Excellence

T

he South East Asia (SEA) region is at a critical crossroads in the battle against climate change.

SEA faces the challenge of limiting greenhouse gas emissions while simultaneously expanding energy supply to meet the needs of its rapidly developing economies (Hiebert, 2022). Structural and private inadequacies significantly impede and complicate progress but also clarify why the just transition is paramount in the region.

transition. But what does this mean? How should SEA tackle climate change in a way that is just and equitable for all?

I spoke to United Nations Development Programme sustainability expert Sean Lees about SEA’s just transition, highlighting the challenges in ensuring sustainability appropriately considers and addresses socio-political vulnerabilities. He advises governments and companies on how to mitigate and address environmental and human rights risks and impacts in operations and supply chains in Asia. Mr Lees also supports governments in developing policy and building partnerships to facilitate dialogue with business and civil society.

In the context of SEA, climate justice is closely linked to human rights, as vulnerable communities, including indigenous peoples, women and marginalised groups, are disproportionately affected and may face additional challenges during the transition to a net-zero economy (Office of the United Nations High Commissioner for Human Rights, 2023).

A just transition invokes an approach to shifting from a high-carbon to a net-zero economy that is holistic, implying careful consideration of social, economic and environmental factors (United Nations Development Programme, 2022). Mr Lees adds that SEA struggles with its voice on this issue. Greater engagement with the larger business community is required, and civil society must be heard more broadly as part of a more clearly defined process that is inclusive of all stakeholders.

We talked about how climate change remains a relentless and multifaceted phenomenon and how SEA must now consider its commitments within the Paris Agreement to reduce greenhouse gas emissions, with added consideration for a just

There are a wide variety of solutions that can be designed around a just transition, but there needs to be a comprehensive policy framework to support this. For instance, there can be increased meaningful mandates for public consultation and

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consent processes for all new renewable projects to ensure local communities and marginalised groups are heard and can voice concerns. This would help address issues such as forced land acquisition. There is also a need to create stronger accountability and transparency mechanisms for corporations around stakeholder management that more proactively penalise human rights violations. Furthermore, governments should strengthen social protection policies and insurance to provide for the economic and social stability of vulnerable populations amidst malpractice (Martinez, 2021).

Noticeably, there are sensitivities and vulnerabilities in balancing climate action and social wellbeing, with great trade-offs among profitability, equity and sustainability. Mr Lees notes the notion that, ultimately, the most vulnerable groups – Indigenous Peoples, women, children, the poor – will also be the most sensitive to the transition. Therefore, it is pivotal to approach the challenge of halting climate change from multiple perspectives to ensure solutions to climate change are solutions for all.

RSK is a global leader in the delivery of sustainable solutions. Founded in 1989 and now working in more than 40 countries across six continents, our family of environmental, engineering and technical services businesses works together to provide practical solutions to some of the greatest challenges societies have ever faced. For more information visit www.rskgroup.com.

1.

United Nations Environment Programme (2022). Emissions Gap Report 2022: The Closing Window – Climate crisis calls for rapid transformation of societies. Nairobi.

2. IPBES (2019). Summary for Policymakers of the global assessment report on biodiversity and ecosystem services of the Intergovernmental Science-Policy Platform on Biodiversity and Ecosystem Services.

3. Swiss Re Institute (2021). The economics of climate change: no action is not an option.

4. World Economic Forum (2020). Nature Risk Rising: What the Crisis Engulfing Nature Matters for Business and the Economy.

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MEMBER SUPPORT

BRINGING YOUR FINANCIAL WELLBEING FRONT AND CENTRE ― With the excitement and adventure that becoming an expat can bring, there are often new levels of personal and professional pressures that appear and escalate overnight. Housing, travel, education, and finances are thrown into the unknown and not everything can be addressed at once.

By Alexis Livanes, Partner, Eight Wealth International

W

hen it comes to finance, often the immediate priority is ensuring an income, with many people putting investment and savings on the back bench. A lack of time, confidence, and knowledge can mean that opportunities are missed and plans not as well considered as they could be.

Regaining a sense of financial control is important, particularly when there are circumstantial unknowns whilst living abroad. Tax, guardianship, and estate planning as examples, differ slightly for expats and should be considered as part of your planning process. It’s a good idea to talk with friends about their experiences, as well as to seek professional support from an independent financial adviser who can help guide you through these changes.

As we celebrate International Women’s Day, I am particularly focused on supporting those who wish to prioritise their financial independence and security.

How would you describe your relationship with money, the habits that determine the ways you spend or save your cash? Some choose to lavish it on family and friends, others love a luxury travel experience, while a good number prefer to save it, safe in the knowledge that if disaster strikes, there’s always money in the bank. Our decisions are fuelled by a host of emotions – guilt, fear, boredom, or simply keeping up with our social circle.

I talk to a lot of women in my work, and irrespective of household budgets managed, insurance policies purchased, or savings plans contributed to, few describe themselves as financially confi-

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dent and informed. A lack of financial education is, of course, a significant cause of this crisis in confidence and can often prevent financial independence, ultimately hindering your ability to plan for the future.

As with everything else in life, many of our traits are heavily influenced by our own upbringing, meaning we can inherit a view of money from our parents. It’s an important thought to keep in mind when raising your own family.

In the UK, women were, after all, only allowed to open their own bank accounts in 1975 after the introduction of the Sex Discrimination Act. When I was growing up, my father was always the money man in the house; I know that I have to be better with finances than my mother was, but subconsciously, we often carry on these traditions down through the generations.

Our response to money can be wrapped up in emotion, too. But for all these negative responses, financial security – rather than wealth and the accrual of money per se – can also bring about much more positive feelings of wellbeing, independence, freedom and control.

How can you improve your financial confidence?

To get this sense of control and to find more financial confidence, it’s vital that we understand our current position and the opportunities available to us.

You can also improve your confidence by talking; park the embarrassment and start having

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frank and open conversations with your friends about money. What are they doing with their savings? Are they putting money into a pension? You will probably find the conversation, however uncomfortable it might initially feel, empowers and inspires you both.

Talking to an independent financial adviser can also help. Sometimes it might feel too awkward to speak to a friend. Our own research shows that people – irrespective of gender – felt that taking financial advice made them more confident about their finances and better prepared, with women in particular saying that it improved their financial literacy and made them feel more empowered to make informed decisions.

Many women tell us that they are too ashamed to admit that they have not made good financial plans; they want to ask lots of questions and really need to understand the pros and cons before making decisions.

A good adviser will be non-judgemental and prepared to answer any question you can throw at them, creating the perfect environment for you to learn and gain confidence.

To find out more about how to boost your financial confidence, please contact Alexis Livanes, Partner Eight Wealth International +65 8161 9426, or at alexis.livanes@sjpp.asia.

The levels and bases of taxation and reliefs from taxation can change at any time. The value of any tax relief depends on individual circumstances. You are advised to seek independent tax advice from suitably qualified professionals before making any decision as to the tax implications of any investment.

Advice relating to a will, matters of guardianship, trust, or/and Lasting Power of Attorney involve(s) the referral to a service that is separate and distinct to those offered by St. James’s Place.

The ‘St. James’s Place Partnership’ and the titles ‘Partner’ and ‘Partner Practice’ are marketing terms used to describe St. James’s Place representatives. Members of the St. James’s Place Partnership in Singapore represent St. James’s Place (Singapore) Private Limited, which is part of the St. James’s Place Wealth Management Group, and it is regulated by the Monetary Authority of Singapore and is a member of the Investment Management Association of Singapore and Association of Financial Advisers (Singapore). Company Registration No. 200406398R. Capital Markets Services Licence No. CMS100851. St. James’s Place Wealth Management Group Ltd Registered Office: St. James’s Place House, 1 Tetbury Road, Cirencester, Gloucestershire, GL7 1FP, United Kingdom. Registered in England Number 02627518.

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Member Discounts ENJOY DISCOUNTS ON TRAVEL, F&B, RETAIL, SERVICES & TRAINING britcham.org.sg/member-discounts