Orient Issue 67

Orient

THE OFFICIAL MAGAZINE OF THE BRITISH CHAMBER OF COMMERCE SINGAPORE ISSUE 67 | JULY 2018

BUILDING NETWORKS | CONNECTING BUSINESSES | CREATING OPPORTUNITIES

IN FOCUS INTERVIEW:

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Karen Loon, Partner & Asia Pacific & Singapore Diversity Lead, PwC

FEATURE:

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How a British Chamber Event Led to a Record Deal

MCI (P) 136/04/2018

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SPECIAL FEATURE:

The Future of Work in Insurance

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President's Message Executive Director's Message News Matters of Opinion: Facing up to the Cyber Security Challenge A Message from the British High Commission: Singapore Local Laws and Customs: Preventing Drunk and disorderly conduct New Members Upcoming Events Recent Events In Focus: Karen Loon, Partner and Asia Pacific and Singapore Diversity Lead, PwC Feature: Buying & Selling Art Online - The Challenges and Positive Impact of Technology Special Feature: The Future of Work in Insurance

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Feature: Asia’s Medical Inflation – Cause for Concern

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Feature: Blueprint to Smart Cities in Asia Pacific

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Feature: Education & STEM - Creating a Solid Foundation for Future Learning Feature: The Challenges of Complying with Conflicting Regulations: Reality versus Practicality Feature: Folkington’s premium Tonic Waters to provide a British twist to Singapore’s Gin & Tonic Revolution

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Feature: Creating M&A Value: Not a Done Deal

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Feature: How a British Chamber Event Led to a Record Deal

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Let's Discuss... Mental Health at Work

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Member Offers

Editor: Lucy Haydon lucy@britcham.org.sg

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

Co-Editor: Nicole Alison Lim alison@britcham.org.sg

© All rights reserved.

39 Robinson Road #11-03 Robinson Point Singapore 068911 Tel: +65 6222-3552 Fax: +65 6222-3556 Email: info@britcham.org.sg www.britcham.org.sg

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.

@britchamsg @bccsingapore @british-chamber-ofcommerce-singapore

CONTENTS

05

OUR SPONSORS PLATINUM SPONSOR

GOLD & DIVERSITY SPONSOR

GOLD SPONSORS

SILVER SPONSORS

SUPPORTING PARTNER

BRITCHAM BOARD

BUSINESS GROUP CHAIRPERSONS

MANAGEMENT TEAM

PRESIDENT:

BUILT ENVIRONMENT:

Executive Director: Olivia Widen

Bicky Bhangu, Rolls-Royce Singapore

VICE-PRESIDENTS:

Marius Toime (Chairperson), David Mackerness (Co-Chair)

Damian Adams, Simmons & Simmons Sian Brown, Barclays Bank PLC

DIVERSITY & INCLUSION:

SECRETARY:

ENERGY & UTILITIES:

Andrew Vine, The Insight Bureau

TREASURER:

David Fowler, PricewaterhouseCoopers

BOARD MEMBERS:

James Nesbitt, Standard Chartered Bank Richard Warburton, Arcadis Paul Kelleher, Diageo Singapore Pte Ltd Haslam Preeston, Jardine Cycle & Carriage Ltd Mark Chowdhry, Baxters International Andrew Pickup, Microsoft Asia Damian Hills, The British Club Rosie Danyluk, BP Singapore Pte Ltd Christopher Pook, Department for International Trade (Ex-Officio) Roland Davies, British Council (Ex-Officio)

COMMITTEE CHAIRS BUSINESS GROUPS: Richard Warburton

EVENTS:

Nella Goodarzi (Chairperson)

Tim Rockell (Chairperson), Bree Miechel (Co-Chair)

Head of Member Relations: Nicole Wharfe

ENTREPRENEUR & SMALL BUSINESS:

Head of Events: Zoe Fazan

Miles Gooseman (Chairperson), Mark Florance (Co-Chair)

FINANCIAL & FINTECH:

Ashley Jones (Chairperson), Francesca McKee (Co-Chair), Kalai Natarajan (Co-Chair)

INFOCOMM TECHNOLOGY: Andrew Pickup (Chairperson), Magda Chelly (Co-Chair), Hitan Mehta (Co-Chair)

LEADERSHIP, TALENT & PROFESSIONAL DEVELOPMENT: Joe Tofield (Chairperson), Mark Chowdhry (Co-Chair), David Gardner (Co-Chair)

MARKETING & CREATIVE:

Sian Brown

Suzy Goulding (Chairperson), Andrew Clark (Co-Chair)

EXTERNAL AFFAIRS:

SUSTAINABILITY & RESPONSIBILITY:

Bicky Bhangu

MEMBERSHIP: Damian Adams

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

Rosie Danyluk (Chairperson), Sarah Cragg (Co-Chair)

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

WOMEN IN BUSINESS:

Angel Cheung (Chairperson)

YOUNG PROFESSIONALS:

Events & Member Relations, Manager: Helen Starr Membership, Administrator: Sharmila Maniam Senior Marketing & Communications Executive: Nicole Alison Lim Marketing & Communications and Events, Executive: Samantha Nelson Head of Business Services: Carole McCarthy Business Services, Advisor: Arvind Jeyabalen Business Services, Events Executive: Charlyn Song Finance Manager: Pauline Yeo Office Manager: Anna C Garciso

Joe Tofield (Chairperson)

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07

Message from the President

It was little more than a month ago when the world’s eyes fell on Singapore as it hosted the historic US- North Korea summit.

Following a somewhat heated ending to the G7 Summit in the days before, the majority of world leaders expressed positive reactions to what appeared to be a successful meeting.

While it may be some time before the outcome of the summit is fully clear, there is no doubt we have witnessed a significant milestone in world history and hopefully a positive step towards the denuclearisation of the Korean peninsula.

As PM Lee highlighted ahead of the meeting, Singapore’s role in the summit certainly says something about the strong relations Singapore has been able to build and its standing in the international community.

Bicky Bhangu President, British Chamber Of Commerce, Singapore

Forging new relations certainly remains a priority for Britain as Brexit discussions continue. The next six months will see some critical decisions being made as the March 2019 exit deadline comes into view.

In Chamber news, I would like to thank those of you who have entered our 2018 Annual Business Awards. I encourage everyone to attend the Awards night on 27th September. It is always a lot of fun and a great opportunity to see some of the best examples of UK-Singapore collaboration, as well as the great work being done by our members.

As always, the BritCham calendar is full of events, including a number of other networking opportunities like our Summer Social event on 30th August and the F1 Networking Reception with Williams Martini Racing on 13th September.

One last event I would like to draw your attention to is a session being organised by our Diversity and Inclusion group on Mental Health later in the year. Employee wellbeing is a key responsibility of any employer and the more we do to raise the visibility of topics like mental health, the better equipped we can all be in terms of building better and more inclusive workplaces.

MESSAGE FROM THE PRESIDENT

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Whether you’ve just arrived or have been here a while, you’ll find loads of handy tips and advice on neighbouhoods to live in, property, education, health and more.

For a limited time only we’re giving away free copies.

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09

Message from the Executive Director

With the launch of the second edition of our digital Orient, it is exciting to see the continuing growing interest and readership of the magazine.

This year, we have made a commitment to transform the way we communicate with members and the platforms in which our members can engage with each other. Moving to an enhanced digital platform has allowed us to identify where your interests lie, thereby better equipping us to ensure we are curating and building an agenda of activities and events at the Chamber that more accurately reflects this.

Equally, now able to include much more interactive content, we hope this will not only allow members to absorb and experience knowledge sharing differently, but it will further provoke conversations beyond the pages of the magazine.

As part of the transformation of the Orient, we have also taken the opportunity to highlight what are Business Group committees are discussing and driving as topical issues within the Chamber. Under our

Olivia Widen Executive Director, British Chamber Of Commerce, Singapore

‘Lets Discuss’ section this month, the Diversity and Inclusion committee share their views on the importance of Mental Health in the workplace.

The topic of inclusivity in the workplace has also been the focus of our interview with Karen Loon, Partner and Asia Pacific and Singapore Diversity Lead for PwC. Specifically, the critical role inclusion should be playing in a company’s broader talent management agenda.

Talent management is in the minds of many members at the Chamber and at the forefront of our agenda this year with our Future of Work Campaign. During these past months we have been sharing thought leadership from members on the topic. Our Built Environment and ICT committees moreover jointly held an event on the future of work and living at the Funan show suite to explore the development of and thinking behind smart spaces. Watch this space for more on the Future of Work.

As always, our events calendar has been extremely busy. We have been fortunate enough to have a number of special guests to some of these events, including Mr. Ravi Menon, Managing Director at the Monetary Authority of Singapore, and the Lord Mayor of the City of London, Alderman Charles Bowman. Looking ahead, we are excited to have announced and launched our Great British Ball on the 30th November, partnering with the British Club to showcase British excellence against the backdrop of the festive season. Be sure to book your tables early!

Finally, I wish to end my message by welcoming the appointment of Ms. Natalie Black as Her Majesty’s Trade Commissioner for Asia Pacific who will be taking up her position in September. Based in Singapore, we look forward to working closely with her to continue to provide trade support and promote the ASEAN region to British companies

MESSAGE FROM THE EXECUTIVE DIRECTOR

STERLING MEMBERS

D E TU R

P O N S M UN

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STERLING MEMBERS

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39 Robinson Road, #11-03 Robinson Point, Singapore 068911 Tel: +65 6222-3552 Email: info@britcham.org.sg Newsletter: http://bit.ly/orientnews Website: www.britcham.org.sg Feedback: http://bit.ly/orientfeedback

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Meet New People With Howdy In line with the Chamber's mission of building networks, connecting businesses, and creating opportunities, and with a vision to incorporate more digital engagements for our members throughout this year, we are delighted to announce our partnership for 2018 with Howdy to help you meet the right people at our events and strengthen your connections in Singapore.

Founded in the UK and headquartered in Singapore, Howdy is a great networking tool that seeds and nurtures more meaningful connections to create opportunities and solve problems. With Howdy, you can plan your networking in advance by viewing profiles of attendees that have joined our event on Howdy.

Read the Orient Magazine on the go!

Available for mobile devices and tablets in the Google Play Store at bit.ly/orientplaystore, and coming soon in the iOS App Store.

Howdy’s mobile platform also facilitates in-event live polls and questions from attendees, which the Chamber will be using at key events throughout 2018 to enhance your event experiences. For events that are supported by Howdy, you will be able to connect and chat with attendees through the app. Visit http://bit.ly/howdybcc to download the Howdy app and login using your LinkedIn account. You may also find Howdy via an App store on your phone.

GET IN TOUCH

NEWS:

FROM THE CHAMBER

NEWS Roundtable Discussion with Lucy Knight, Global Head of Diversity, BP Seizing Commercial Opportunities at the Green Growth & Business Forum The 4th regional Green Growth and Business Forum (GGBF) took place on the 9th July, aligned with the World Cities Summit, Clean-Enviro Summit Singapore and Singapore International Water Week. As a platform to drive increased green growth leadership, the GGBF series has been a longstanding part of the UK and Singapore’s collaborative relationship on climate action. The British Chamber as a supporting partner was well represented across the agenda with members including Mott MacDonald, Rolls Royce and InfraCo Asia joining as speakers.

Over 140 attendees from across various industries and the startup space congregated to discuss decarbonisation across their operations.

Over the course of the afternoon, sessions addressed challenges such as developing practical approaches to climate risk, sustainability strategies, and growing green skill requirements as well as showcased game-changing technologies already impacting industries.

Nick Bridge, the UK Special Representative for Climate Change, reinforced the UK’s vision for the low carbon economy. As a fundamental threat to global prosperity, climate change is at the forefront of UK foreign policy. In his opening speech, Mr. Bridge highlighted that it was a higher-risk strategy for businesses not to invest in sustainable, low carbon or carbon neutral projects. This presented particularly significant opportunities for the SE Asia region, which has a lot to gain from the growth of the green economy.

Size of the Prize The UK’s low carbon transition can be traced to the UKs pivotal 2008 Climate Act – a legal commitment to 80% reduction of GHGs by 2050.

Working towards this goal, the 2017 Clean Growth Strategy laid out strong ambitions including improving the energy efficiency of homes; phasing out the sale of new conventional petrol and diesel cars/vans by 2040; and achieving 85% of UK electricity generation from low carbon sources by 2032. The 2017 Industrial Strategy also maps out the UK’s largest increase in public spending on science, research and innovation, including investment in low carbon innovation such as battery storage and CCUS. And progress is well underway: UK emissions have reduced by 42% since 1990 and GDP has risen by two-thirds. This proves that it is possible to reduce emissions while growing the economy. Currently in the UK, there are almost half a million people employed in the low carbon sector and associated supply chains – reflecting a 3.8% yearly growth since 2010. Future prospects are even more exciting with estimates indicating an 11% annual growth of the sector until 2030 (four times faster than the rest of the economy). This would mean four million more jobs and exports of GBP 170bn in low carbon goods/services from the UK over the next thirteen years. Platforms like the GGBF are reminders that the green economy presents one of the biggest commercial opportunities today.

Making D&I part of your business strategy In today’s volatile, uncertain, challenging and ambiguous world, companies of all sizes need to ensure they can adapt and be resilient. BP firmly believes that creating an inclusive culture is a key to modernising the firm and continuing our journey to ensuring safe, reliable and effective operations across our businesses. There are increasing expectations from governments, investors, the media and employees for greater transparency and open dialogue about D&I. On Wednesday, 27th June 2018, Lucy Knight, Global Head of Diversity and Inclusion for BP shared why D&I is critical to delivering business strategy. She also shared BP’s journey to building a compelling business case for diversity, setting tone from the top, and some of the other enablers and structures BP has in place to make it happen.

The group discussed the most pressing D&I areas for Singapore and the region, which included greater focus on mental health and employee wellbeing, as well as how to engage and educate staff around LGBTQ+ matters in a way which is sensitive to local context.

“Diversity is perceiving difference; Inclusion is valuing it.”

In 2012, BP set its D&I Ambition; “to attract, motivate, develop and retain the world’s diversity of top talent in our industry”. This was supported by a clear governance structure where D&I plans are owned by the businesses and built into leadership reward packages, and progress is reviewed by the Board level “People Committee” quarterly; with a consistent framework of strategy, leadership, capability, culture & improvement.

However, there is no silver bullet. Companies need to work on multiple areas in parallel but if they can get ‘inclusion’ right, then greater diversity will follow.

Employee-led groups are a critical part of driving inclusion by providing local context and driving effective employee engagement. BP and many multinationals have multiple groups which support gender, age, (dis)ability, ethnicity and sexual orientation. However, with a shift of focus towards ‘inclusion’, there is greater collaboration across groups and a drive towards overall inclusion where everyone is accountable and can be a role-model.

15

FairPrice Dulwich College (Singapore) Dulwich College (Singapore) is proud to announce that the new Pipe Organ is fully commissioned, tuned and ready to play! The organ is the second largest in Singapore with three keyboards and 44 stops. The keys are composed of ebony and molave, and the hardwood frame is made of mahogany. There are 2,432 pipes, the largest of which weighs 40 kilograms. The six-tonne organ, a $1 million investment, will be the centrepiece of the College’s extensive music programme.

Dulwich College (Singapore) is also the first educational institution in Singapore to build a fully functional Pipe Organ which will give students many musical opportunities. “Music is very much a priority at our College, and while we’re only four years old, we see some wonderful musical growth and talent in our students. We have a range of unusual and varied instruments which students can choose to play and this includes instruments such as the viola, oboe, bassoon and harp and now, the Pipe Organ!

We're all really excited to see how one of the oldest pieces in classical music history can transform our musical and theatrical performances.” Director of Music, Malcolm Godsman shares. For more information, please visit www.singapore.dulwich.org

Introducing SCORE, a Subscription Programme brought to you by FairPrice and Grab. With SCORE, you can look forward to exclusive savings, rewards and benefits in Singapore for your everyday essentials.

Visit www.scoresg.com to view the benefits and find out more.

Alba 1836 ALBA 1836 is delighted to share that they've recently been inserted in the highly acclaimed & authoritative Gambero Rosso Guide as Top Italian Restaurants 2018 Singapore. They are also extremely pleased to have been awarded the Certificate of Excellence 2018 for the 3rd consecutive year

by TripAdvisor.

ALBA 1836 is an Italian Fine Dining Restaurant situated in the heart of the city, but nestled away in the charming oasis of Duxton Hill.

Expect to find authentic Italian Fares, including an Extensive Wine List, whilst relaxing in elegant surroundings. Find out more at www.alba1836.com.sg

NEWS:

MEMBER NEWS

NEWS:

MEMBER NEWS

Complete Healthcare International CHI family clinic is extending its opening hours Medical Clinic Complete Healthcare International (CHI) is your trusted family clinic offering everything from health screening to nutritional medicine, baby and child developmental checks and vaccination, well-women and men checks – and they now have later operating hours. You can take your child in (or pop in yourself), via appointment or simply walk-in.

The following are the new operating hours: Mon, Tue and Thu, 8.30am – 9pm Wed and Fri, 8.30am – 7.30pm Saturday 8.30am – 12.30pm They remain closed on Sundays and Public Holidays.

These new opening hours are there to serve you better and to avoid long waiting times at A&E departments for minor emergencies. Find out more at www.chi-health.com.sg

Hawksford Hawksford has acquired People & Projects Ltd (P&P), an acquisition which will significantly strengthen its current presence in Hong Kong and Singapore, and provide it with an extensive footprint across major cities in China.

The transaction demonstrates Hawksford’s commitment to the Asian market and takes the corporate, private client and fund administration company’s global headcount to over 400, with 200 now based in Asia. This is the sixth acquisition that Hawksford has made since it was backed by private equity house Dunedin.

Hawksford’s corporate clients will now have access to a greater depth of service across the major economies of Asia, while P&P clients will be able to utilise Hawksford’s wider services in other locations.

P&P’s Partners Stefano Passarello, Dario Acconci and Giacomo Stoppa will become shareholders in Hawksford and continue in senior management roles ensuring continuity for P&P’s longstanding client base.

Michel van Leeuwen, Group Chief Executive of Hawksford, said, “Hawksford’s acquisition of P&P fits our strategic aim of having a truly pan Asian services platform. Fifty percent of Hawksford’s employees are now based in Asia, demonstrating the importance of the region to our business. We are particularly pleased to have secured our own wholly owned operating capability in China and we believe this will be a major growth driver in coming years. Increasingly, corporate clients want to have access to our services across all of Asia as they look to expand their own businesses throughout the region.

“P&P is run by a team of entrepreneurs and professionals who share Hawksford’s values and strategic goals, and are passionately client-orientated. We look forward to integrating P&P’s staff and services into the Hawksford network. Clients of both Hawksford and P&P will see many benefits from this acquisition.”

P&P Partners Stefano Passarello, Dario Acconci and Giacomo Stoppa added, “This acquisition presents an exciting opportunity for P&P to gain increased access to the UK market and consolidate our European reach through the established and respected Hawksford brand, while P&P’s reach across key Asian countries was particularly attractive to Hawksford. Under the Hawksford brand, we welcome the chance to provide scalability and new services to our established client base."

17 • Tom Batchelor, General Manager, Disney Studios, Southeast Asia • Doreen Neo, Chief Content Officer, Mediacorp • Garon De Silva, Vice President, Original Productions, HBO Asia The Gala Screening was enjoyed by a live audience and those watching from home:

Tanglin Trust School Announcing the winners of the Across Asia Youth Film Festival 2018 Tanglin Trust School and the Festival Director are delighted to announce the winners of the Across Asia Youth Film Festival 2018 (AAYFF). On Friday, 4th May 2018, Tanglin Trust School laid out the red carpet to welcome shortlisted filmmakers to an Oscar-style Gala Screening. Close to 400 guests dressed up Hollywood-style to view the 33 shortlisted films adjudicated by media professionals from Disney, HBO and Mediacorp.

“While I couldn’t attend the Gala Screening, being able to watch the glamorous event via the live streaming was brilliant. It was wonderful to watch the films, and to feel part of this exciting event at my child’s school. The AAYFF made me realise what amazing facilities and courses my child has to look forward to as she moves through the years at Tanglin.”

Tanglin Trust School Parent “For me, the event was fabulous. I watched part of last year's online once we found out we were coming. This year was, in my opinion, much more glamorous, so it can only get bigger and better. Tanglin's hospitality were second to none.”

Mother of the Best AAYFF Film Winner

Now in its second year, the AAYFF 2018 attracted 309 film submissions from 62 schools and 14 countries in Asia.

Established in 2017 to help emerging filmmakers from schools and institutions across Asia reach the broadest possible audience and to generate international dialogue through their films, this year saw a heightened level of creativity and innovation from all entrants.

The AAYFF 2018 provided an inspiring opportunity for students aged 10 to 21 to not only showcase their visual story-telling, but to learn from industry experts. As an additional attraction this year, shortlisted filmmakers attended an exclusive ‘Industry Day’ on 3rd May 2018 , featuring workshops hosted by HBO Asia at Infinite Studios, a tour of the Tanglin set at Mediacorp, and presentations by Lucas Film and Disney at the Sandcrawler.

The AAYFF would not have been possible without the support of our Festival Partners and we would like to thank our panel of esteemed judges from Disney, HBO and Mediacorp:

BritCham Philippines, in partnership with British Embassy Manila and with the support of local government and business groups, organised a Trade Mission to Iloilo (in the Visayas region of the Philippines), last 8-9 March. Following last year’s successful mission to Davao City, the Chamber sought to further regional development by bringing foreign and local companies – a total 63 delegates from various industries – to another one of the country’s rapidly growing cities.

The Chamber continues to engage with local businesses, business groups, and key players from the public sector to strengthen UK-Philippine trade relations. For more information on upcoming events and business opportunities, please email cdlsantos@britcham.org.ph, call +63 2 556 5232 or visit the website www.britcham. org.ph/uksmesphilippines

NEWS:

AROUND THE CHAMBER

MATTERS OF OPINION:

FACING UP TO THE CYBER SECURITY CHALLENGE

Facing up to the Cyber Security Challenge Cyber security is back in the headlines this month with Singapore’s health system facing a breach of personal data in an attack on the SingHealth system affecting up to 1.5 million users. Ahead of September’s Singapore International Cyber Week, the British Chamber invited member companies to comment on the topic.

The need for government, policy makers, companies and individuals to consider cyber security in their strategic planning is steadily increasing. During September, Singapore will be hosting the Singapore International Cyber Week (SICW) to bring together industry experts and stakeholders. What are the key themes and recommendations that you believe need be addressed?

Reuben Sinclair Cyber Security Representative Singapore & SE Asia, Department for International Trade (DIT) Singapore As Singapore seeks to increase its resilience to cyber attacks, recent news indicates that even the most advanced and well protected systems can be vulnerable. The SingHealth attack represented the most serious personal data breach in Singapore’s history. In the UK there is still high awareness of the impact of the NHS WannaCry incident last year.

As technology rapidly evolves, the challenge of protecting technology and information increases with threats becoming increasingly complex. This means that the cyber security strategies of governments, public sector organisations and businesses need to evolve to keep pace. We are seeing: • More frequent and more sophisticated attacks • An increasing reliance on technology meaning higher impact of business interruptions – what was an annoyance twenty years ago can be catastrophic today • Substantial time and cost to resolve incidents – an average of 168 days to identify a data breach at an average cost of £2.48 million (SGD 4.5m).

• Cyber security costs escalating, and budgets being affected by an increasing skills shortage

What is the UK doing on the cyber security challenge?

Significant security benefits are being derived from emergent technologies such as artificial intelligence, machine learning and quantum cryptography.

Strong examples of this can be found at CSIT in Belfast, the UK’s Innovation and Knowledge Centre for Cyber Security, where research projects include; Device Authentication and IOT, Secure Ubiquitous Networking, Quantum Cryptography, Supply Chain Integrity and Operational Technology (OT) and Industrial Control Systems.

Additionally, the UK has opened two Cyber Innovation Centres in Cheltenham and London. These centres support companies developing the next generation of cyber technologies. The National Cyber Security Centre (NCSC) opened in London in February 2017 and works with both public and private sectors in building cyber security skills, developing innovative defences and helping to manage cyber incidents.

Together with the huge number of cyber innovators and start-ups and the assurance of services available via NCSC, this makes the UK a very compelling cyber security partner. With the adoption of GDPR we are going further to help organisations and citizens protect their information.

The Challenge extends beyond Technology But whilst technology can assist us,

organisations are realising that this is not simply a technical problem. Most cyber risks are not caused by technology - they are caused by the way that humans interact with technology (in the SingHealth attack, early reports suggest that attackers initially gained accessed through the breach of a front-end workstation). So we recognise that for a fuller cyber defence we must look beyond technical solutions. Here are some of the key behaviours that will help us succeed: • Educate staff, customers and citizens to be more aware of cyber threats • Focus on improving cyber hygiene (good practices and security procedures that keep systems and date safe) – 80% of incidents are caused by poor cyber hygiene • Create inventories of our systems and data - we cannot protect what we don’t fully understand • Separate critical or sensitive internal systems from public facing systems such as internet and email (or deploy solutions that render these safer from attacks such as phishing and other malware) • Accept that we will probably all experience a cyber security incident at some point – focus on building effective response capabilities and take advice from industry experts; • Consider the competitive advantages arising from cyber resilience • Look outwards at the threat landscape as well as inwards to our defences, consider security threat

19 intelligence solutions to better inform us of emerging threats • Start to think like the attacker - use security testing services that allow a vision of our vulnerabilities as the attacker sees them So, we see that whilst new technology presents some of the risks it can also contribute to the protective solutions.

It’s really a combination of people, process and technology working

together with good information sharing that will provide the answer.

The UK has developed a deep and productive dialogue with Singapore’s Cyber Security Agency and we share information and know-how across our governments. We also continue to work together in our shared pursuit of a free, well-regulated international cyberspace. The UK is also assisting other ASEAN States in increasing their cyber security capabilities.

Reuben Sinclair is a UK Government cyber security industry representative to Singapore and South East Asia. He advises public and private organisations on cyber security focusing on the strength of the UK cyber offer.

Reuben is pleased to be supporting UK cyber security firms exhibiting at Singapore International Cyber Week in September and encourages you to meet these with companies on the DIT Pavilion and hear how they are helping organisations with their cyber security challenges. You can contact him at reuben.sinclair@trade.gov.uk

Michael Montoya, Chief Cybersecurity Officer, Microsoft Asia “Organisations – from businesses to governments function best where there is trust. Our global economy is on the cusp of creating entirely new markets for driverless cars, commercial space exploration, artificial intelligence, green energy, etc.

Without trust, we impose limits on what we’re comfortable allowing technology to do for us. Digital transformation has made the need for safe and trusted technology a front-and-center factor for business success. As companies embrace the opportunities presented by cloud and mobile computing to connect with customers and optimize operations, they take on new risks. To succeed and thrive as digital enterprises in the years to come, organizations must leverage cybersecurity as a business enabler – a critical part of the natural flow of their business processes and cycles. Microsoft is empowering businesses in Asia Pacific to take advantage of digital transformation by enabling them to embrace the technology that’s available to them, securely through its secure platform of products and services, combined with unique intelligence and broad industry partnerships.”

Henry Tan, Managing Director, NexiaTS Group "How can cyber security help us? With the ever-changing tug-of-war between cyber attacks and cyber security products, today’s game-changer can be obsolete tomorrow. As entities grow in size and expand overseas, the identification and management of cyber assets becomes a significant challenge to organisations. How are you going to stay ahead of the curve and ensure that you are making worthwhile investments to tackle your cyber security concerns? In addition, the human element is the linchpin in making or breaking a cyber security framework – have you ensured that your workforce are in the best position for your cyber security solution to succeed?"

John Bittleston, Founder & Chair, Terrific Mentors International Pte Ltd "Every consultant wakes up daily wondering if valuable data has been hacked. There are always some who find it is their turn for attention. Access to and interference with clients records is the greatest cyber worry. Intellectual property and development programmes also rank high on the list of cyber security needs. Protection of these should be first to attract attention in SICW. Stronger and less cumbersome methods of protecting data than passwords comes next in the need for better cyber security. All passwords can be broken, not all can be remembered. ‘Collective password’ programmes are vulnerable to decryption. A key issue for cyber security is the ability to edit lists of files that have been duplicated as part of a backup system. There also needs to be attention to the possibility of a one-system security token running several different and discreet access points and deactivated by an unexplained change in environment."

MATTERS OF OPINION:

FACING UP TO THE CYBER SECURITY CHALLENGE

MATTERS OF OPINION:

FACING UP TO THE CYBER SECURITY CHALLENGE

Steve Settle, Managing & Regional Director, CFO Centre "This is one of those issues that everyone knows a little about but not a lot. Unless they have been exposed to it, they can imagine certain things that might be damaging to their business (theft of customer details etc.) but have no comprehension as to the extent of what is actually happening out there and what people are doing to prevent it. To that end, I think it would be hugely beneficial to our business and the business of our clients (growing SME’s) to hear some practical examples of a) what damaging things have happened (no need to name names) and b) what can, was and should be done about it."

Stephen McNulty, President, Asia Pacific, Micro Focus "The incident on Singapore’s health system indicates that no industry is safe from the increasingly targeted nature of cyber attacks. There is no silver bullet that can mitigate all risks, but being able to detect threats in real-time through a ‘data-centric’ approach can boost an organisation’s defence. In a large and heterogeneous technology environment, finding a balance between data security and usability is complex. While information owners want to harness data, it requires end-to-end data security across the cloud and on-premise. It is important to build an overall cyber security strategy that spans across traditional IT environment, modern application workloads and smart devices. This strategy must encompass identity, data security, application security, advanced security monitoring and effective incident response. Increasing connectivity with smart devices, smart cities means that the data will be more vulnerable and protection is vital. Data-centric security is the enabler for unleashing the business potential of sensitive data."

Jim Fitzsimmons, Director of Cyber Security, Control Risks "Sophisticated cyber attackers understand the value of information. The recent attack on SingHealth’s database is a case in point, with over a million Singaporeans’ personal data stolen. Despite the growing focus on cyber security by governments, policy makers and organisations, the sophistication and, unfortunately, effectiveness of cyber attacks is still expected to increase in the months ahead. To build a more secure cyberspace, there firstly needs to be stronger mechanisms to address transnational cyber crime. This includes strengthening reporting channels and cooperation across countries and jurisdictions.

Secondly, more clarity on how, when and why information handling should be regulated is required. Governments should look closely at the balance between guidance and penalties for cyber security – getting the balance right is critical to ensuring accountability for securing citizen’s data without overly taxing organisations. Thirdly, we need more information on how past breaches occurred. While organisations that have been victimised generally feel that their situation is unique, the reality is most of these cyber attacks happen in similar ways. More sharing would raise the level of awareness and knowledge among the public and industry to help prevent future occurrences."

Prof. Alberto Sangiovanni Vincentelli, The Edgar L. and Harold H. Buttner Chair, Department of EECS, University of California, Berkeley, & Strategic Advisor to Alba 1836 Pte Ltd "While cyber attacks on the banking and financial systems are quite frequent and are provoking serious damages to citizens all over the world, cyber attacks on critical infrastructures could be much more devastating for human safety. The Electric Power Grid has been the target of incapacitating attacks in Ukraine in December 2015 and in Vermont in 2017. The WannaCry attack disrupted a third of the UK’s National Health Service organisations, resulting in cancelled appointments and operations. The Atlanta City System has been incapacitated in March 2018. Potentially crippling cyber attacks to automobiles and airplanes have been proven possible. Lloyd’s of London has estimated that the lasting damage from a major attack to critical infrastructures could exceed $1trillion in the most extreme case. A concerted effort from Governments, Industry and Academia is necessary to develop appropriate countermeasures."

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Gino Bello, Senior Director, Computer Forensics, Technology, FTI Consulting "Singapore has rightly invested in cyber security defences; establishing dedicated agencies to monitor and mitigate against recent threats, including the CSA and PDPC. Bad threat actors are sophisticated, well-funded, and highly motivated. There is much to be gained from attacks with little to no consequence. Threats of monetary loss, identity theft, privacy, the black market, human trafficking, and personal safety, are real. Global efforts need to combine and keep pace with the growing threat vectors, including a comprehensive approach covering: • investment in methods, intelligence, technology, and research and development into defence • ensuring a holistic, risk-based, proactive approach, including heavier investment in monitoring and detection, leveraging artificial intelligence • education and ensuring robust policies are in place and followed • people and talent development at grass roots level, harnessing the shortage of specialised skill-sets • collaboration between government, law enforcement, corporations, associations, and specialist groups • more investment in methods to trace offenders" The views expressed herein are those of the author(s) and not necessarily the views of FTI Consulting, Inc., its management, its subsidiaries, its affiliates, or its other professionals.

Barry Clarke, Managing Director, Taylor & Francis Asia Pacific "Whether you run your own business, work for a FTSE 100 multinational, or run a government department, Cyber Security is a daily concern: businesses and organizations can be compromised at the speed of light. The cost of securing your digital future is significant as the expertise and kit needed to anticipate cyber attacks, defend the systems and build robust responses do not come cheap. The cost of underestimating the threat is even greater. Under our CRC Press imprint, Taylor & Francis has been publishing books to help IT practitioners manage the technical aspects of assuring confidentiality, integrity and availability of information, as well as digital forensics. But to address the needs of digital natives and digitally native operations, something more engaging and accessible than a book is required. That is why we are developing a suite of training modules in the form of learning boot-camps on the data sciences that will include Cyber Security."

EASTWEST PR "As Singapore embarks on its Smart Nation initiative to move the nation’s economy digital, ensuring security, privacy and compliance remains the biggest challenge.

The recent Singapore Cyber Landscape Report 2017 highlighted certain cyber security risks that the nation faced last year. Recently, SingHealth, the largest healthcare group in Singapore, suffered the worst cyber attack in Singapore, affecting 1.5 million users. This attack highlighted the need for more best practices for cyber security. While organisations operating in Singapore emerged mostly unaffected from major cyber security incidents, NotPetya and WannaCry, there is still much work to be done. There is a growing cyber threat as the number of connected devices continue to increase.

This is exacerbated by an increase in state-linked cyber actors, weak links being targeted, and the use of artificial intelligence enabled cyber threats and solutions used this year. Some key themes to be addressed include: boosting cyber hygiene for businesses and individuals, understanding how your IoT devices could be leveraged as part of a cyber attack and the potential security threats from the adoption of new technologies like blockchain, Internet of Things, and identity recognition."

The British Chamber of Commerce regularly hosts events related to this topic and the wider issues and opportunities around technology. For more information check our upcoming events or refer to our ICT Committee.

MATTERS OF OPINION: FACING TO THE SECURITY CYBER SECURITY CHALLENGE FACING UP TO THEUP CYBER CHALLENGE

A MESSAGE FROM THE BRITISH HIGH COMMISSION:

SINGAPORE LOCAL LAWS AND CUSTOMS: PREVENTING DRUNK AND DISORDERLY CONDUCT

Singapore Local Laws and Customs: Preventing Drunk and disorderly conduct

By The British High Commission

If waking up in a police cell after a big night out in Singapore seems like a funny story, think again.

When Paul woke up in Tanglin Police Station and remembered what had happened the night before with the taxi driver, it wasn’t just the hangover that made him feel anxious. By the time Paul left the police station later that day, he understood he was under investigation for ‘voluntarily causing hurt’ to a taxi driver. He was bailed and his passport taken from him.

Paul had to wait weeks for the investigation to be completed by the police and reviewed by the Attorney Generals Chambers before he was charged. Once charged, it was another seven months before Paul pleaded guilty in court. He was sentenced to four weeks in Changi Prison and his name and photograph were in the media. At the end of

the sentence, his employment pass was cancelled and he was deported from Singapore with a travel ban in place.

In 2017, the British High Commission Singapore Consular Section saw a marked rise in arrest cases of British nationals relating to drunk and disorderly behavior.

Those arrested were exclusively male, both long term residents and tourists, aged from their late twenties to mid-forties and in managerial roles. Cases involved punching taxi drivers, swearing and physical violence towards police officers, fighting with bouncers and non-consensual touching, amongst others. Most incidents happened after large quantities of alcohol were consumed.

This year, the Consular Section is committed to reducing the number of such incidents in the British community in Singapore. What makes this such an important issue

for British nationals is how the farreaching consequences, arrest and subsequent conviction can impact their future in Singapore. There is a targeted social media campaign and close collaboration with British community groups such as the British Chamber of Commerce to share that a drunken night in Singapore can lead to devastating consequences for careers, families and finances.

The most common statement by men who are arrested and charged for drunk and disorderly conduct is “this would never have happened to me if I was in the UK”. Whether this is true or not, the fact of the matter is that the incident took place in Singapore, where drunk and disorderly conduct is a serious crime. The British High Commission cannot interfere with the Singapore legal system and get charges dropped. However, they can provide information on the legal process and encourage people to obtain

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impending investigation can, in the least, mean an uncomfortable conversation with employers or at the worst, employment termination. While there is the ability to travel, it is at the discretion of the police and permission needs to be granted for the retrieval and return of your passport for each trip. This is difficult when work trips can be at short notice. If a job involves travel, which most do in this region, the ability to carry out that role is impaired.

Following a court appearance and conviction, it is common to have the nationality, name, age, job title and employer mentioned in the press, sometimes accompanied by a photograph. This type of article has a direct effect on careers and reputation. The article often attracts vitriolic comments on social media by the public.

legal representation. The progress of the case is monitored and support is provided.

It is the removal of the passport following arrest and the length of time the legal process takes which causes the most anxiety. This is especially true for visitors to Singapore. A short holiday to watch the Formula 1 Singapore Grand Prix can turn into months of being stranded in Singapore. This puts a strain on finances from legal fees, accommodation and living costs during this indeterminate time. Family life is disrupted if the family resides in another country. Employment is interrupted, sometimes leading to termination. It can be long drawn even if only a stern warning is administered at the conclusion of the case.

For those residing in Singapore, having charges or an

A conviction may lead to incarceration and sentences are usually around one to three months depending on charges and circumstances. Spending any length of time in Changi prison is very hard and will take a psychological toll. Inmates are expected to spend 23 hours a day in a shared cell and will eat, sleep, shower and use the toilet in the cell. Consular representatives will undertake prison visits to check on the physical and mental wellbeing of British nationals.

After incarceration, an Employment Pass holder can expect to be deported and a travel ban will usually be imposed. Consular representatives will assist in organising (but not pay) for deportation.

The far reaching consequences of arrests for drunk and disorderly behaviour is why the British High Commission Consular Section is undertaking a sustained campaign at both community level and through social media in hopes of reducing the number of incidents for the coming year and beyond.

The British High Commission in Singapore maintains and develops relations between the UK and Singapore. Find out more on the UK and Singapore news page: www.gov.uk/world/singapore/news. They provide services to British nationals living in and visiting Singapore. You can access UK government services while in Singapore at www.gov.uk/world/singapore.

Please visit www.gov.uk/foreign-travel-advice/singapore to stay informed about local do's and don'ts. Visit www.travelaware.campaign.gov.uk for further information on the Travel Aware campaign.

A MESSAGE FROM THE BRITISH HIGH COMMISSION:

SINGAPORE LOCAL LAWS AND CUSTOMS: PREVENTING DRUNK AND DISORDERLY CONDUCT

NEW MEMBERS

CORPORATE PLUS MEMBERS RAWLINSON & HUNTER Rawlinson & Hunter Singapore is the network's Asian headquarters and is uniquely placed to service clients with multi-jurisdictional interests.

We offer a full range of accountancy and tax services to a wide variety of clients and our dedicated licensed trust company is uniquely placed to assist private clients in their legacy planning, structuring and administration. For more information visit www.rawlinson-hunter.com.sg Representative Member: Katharine Haggie, Tax Manager

CORPORATE MEMBERS KNOLSKAPE SOLUTIONS PTE LTD KNOLSKAPE is an end-to-end learning and assessment platform for “accelerated employee development". By leveraging experiential technologies, industry and business contextualization, and rich talent analytics, KNOLSKAPE can accelerate learning and development in an engaging manner to help improve business performance. More than 300 clients in twenty countries have benefited from KNOLSKAPE's award-winning experiential solutions. Using artificial intelligence, business simulations, gamification, machines learning, mobile, videos and virtual reality, KNOLSKAPE delivers transformative experiences for the modern learner and the modern workplace. For more information visit www.knolskape.com Representative Member: Marieke Van Raaij, Director Solutions

RCL PARTNERS RCL Partners are management advisors to a single family office and their associated business interests.

RCL manage existing business interests in the UK and Asia and are continually seeking further investment opportunities. Our client is much more dynamic than typical institutional investors and are able to consider investments below a typical Private Equity value threshold. Our clients are also able to make quick decisions based on the advice and guidance of our experts. RCL Partners was formed in 2013 but has highly experienced partners and personnel. Our team has experts in corporate finance, accountancy, real estate and strategic advisory. For more information visit www.rclpartners.co.uk Representative Member: Anthony Stiefel, Head of Direct Investments - Asia

SMART RELOCATORS PTE LTD SMART Relocators has been operating in Singapore since 2011 and has gained the trust & confidence of many prestigious institutions such as government offices and international corporations. These clients have faithfully worked with us on a recurring basis. Being a preferred One-Stop Service provider in Singapore, covering all moving, storage and relocation services. Managed by its founders who together have more than 50 years of experience in the logistics , moving and relocation industry. Smart Relocators is also an association member of IAM, PAIMA and accredited workplace safety and health council (WSH) Bizsafe 3 partner provider. For more information visit www.smartrelocators.sg Representative Member: Kenneth Cheong, Director - Corporate Sales

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TENANT CS Tenant CS is an Asia-Pacific-based, conflict-free tenant representation services company, independent of third parties such as landlords and real estate agents. Sourcing the perfect office, industrial, warehouse or retail space to suit your business needs, and negotiating the best commercial lease terms on your behalf is what we do best. We come to work every day because we’re passionate about providing expert, independent advice to people who may not have the time or experience to navigate the complexities of Commercial real estate. For more information visit www.tenantcs.com Representative Member: Wallace Yeo, Principal Realtor

WALTON INTERNATIONAL GROUP PTE LTD The Walton Group of Companies is a real estate investment and development group concentrating on the research, acquisition, administration, planning and development of strategically located land in major North American growth corridors. With over 106,000 acres of land under administration, the scope of Walton's operations is second to none. For more information visit sg.waltoninternational.com Representative Member: Jebie Kananggar Ganda, Account Manager

CORPORATE SME MEMBERS BUNKER GROUP PTE LTD Bunker Group is a private company allowing individuals to invest in precious metals in a simple, innovative and secure way. Bunker Group's employees are former Finance professionals who have understood the challenges of accessing and holding precious metals in an political and economic instability environment. In this way, experts in Market Finance, Wealth Management and Corporate Finance put their expertise together to offer the best solutions enabling everyone to build and preserve their financial assets. Thanks to a revolutionary concept and professional services, Bunker Group has become a market leader for gold, silver and platinum bars at real market price and without hidden costs.

For more information visit www.bunker-group.com Representative Member: Anthony Stiefel, Head of Direct Investments - Asia

CEVA LOGISTICS As one of the world’s leading non-asset- based supply chain management companies, we design and implement industry-leading solutions in both freight management and contract logistics. Over 50,000 dedicated employees, working in 17 regional clusters around the globe, deliver operational excellence - to provide viable answers to the most challenging supply chain questions. CEVA applies its renowned operational expertise to provide best-in-class services across its integrated worldwide network, where our focus is equally on general business and the specialist needs of the automotive, consumer & retail, energy, healthcare, industrial & aerospace and technology sectors. For more information visit www.cevalogistics.com Representative Member: Darren Paul Wareing, Vice President, Regional Head of Global Sales

NEW MEMBERS

NEW MEMBERS THE CHARTERED INSTITUTE OF ARBITRATORS (CIARB) The Chartered Institute of Arbitrators (CIArb) is an international centre of excellence for the practice and profession of alternative dispute resolution (ADR). Our growing membership of nearly 16,000 is based across 133 countries and supported by an international network of 39 branches. Membership of the Institute can be gained through qualification or experience routes. CIArb provides education and training for arbitrators, mediators and adjudicators. It also acts as a global hub for practitioners, policy makers, academics and those in business, supporting the global promotion, facilitation and development of all ADR methods. CIArb offers a range of resources including guidance, support, advice, networking and promotional opportunities. For more information visit www.ciarb.org Representative Member: Camilla Godman, Director of Asia Pacific

INTEGRAL MEDITATION ASIA Based in Singapore, the Mission of Integral Meditation Asia (IMA) is to help people to live more integral, fulfilling, harmonious and dynamic lives by providing high quality meditation courses, coaching and training to both groups and individuals. Integral meditation provides people with simple daily practices that will give them a grounded, peaceful and centred experience of their inner being or self, and the ability to exert benevolent and integrated control over their mind and emotions. For more information visit www.integralmeditationasia.com Representative Member: Toby MD Ouvry, Coach

LEVITISE We’re a holistic lifestyle centre that helps people achieve peak health and happiness with exercise, nutrition plans, stress management and by optimising other lifestyle factors. We specialise in helping people with weight management, back, neck and shoulder pain, sleep disorders, hormonal imbalances, stress, fertility issues, digestive issues, fatigue and diabetes. For more information visit www.levitise.com.sg Representative Member: Alexander Mearns, Owner

MHP COMMUNICATIONS MHP Communications Asia Pacific is a full-service communications consultancy advising leading businesses and brands across Asia Pacific. Our team of senior communications experts help our clients drive their business strategy amidst an increasingly complex and rapidly changing geopolitical and technological environment. We deliver award-winning, impactful and highly effective communication programmes that solve business issues by combining insight with sector expertise and a deep understanding of the media and business landscape. For more information visit www.mhpc.com Representative Member: Kelly Johnston, General Manager

TAYLOR VINTERS Taylor Vinters is an international law firm supporting the businesses which drive the innovation economy, and the entrepreneurs and private wealth that underpin them. Our practice is global, operating from innovation clusters in the UK and Asia. For more information visit www.taylorvinters.com Representative Member: Dominic Wrench, Associate

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UPCOMING EVENTS Visit our Upcoming Events page at http://bit.ly/showmeevents to find out more about the following events, or contact the events team at events@britcham.org.sg

NAME

TIME

VENUE

16 Aug 2018

E-commerce Trends in China: How to Drive Online Sales

8:00 AM 10:00 AM

British Chamber of Commerce, 39 Robinson Road, #11-03 Robinson Point, S 068911

30 Aug 2018

Back to Work: Summer Social

6:30 PM 9:30 PM

Treetops Terrace, The British Club, 73 Bukit Tinggi Road, S 289761

06 Sept 2018

Fintech Networking Evening

6:30 PM 8:30 PM

Ginett Restaurant & Wine Bar, Mezzanine Level, 200 Middle Road, S 188980

13 Sept 2018

F1 Networking Reception with Williams Martini Racing

6:30 PM 9:30 PM

Hogan Lovells Lee & Lee, 50 Collyer Quay, #10-01 OUE Bayfront, S 049321

27 Sept 2018

19th Annual Business Awards: Future of Work Awards Presentation & Gala Dinner

7:00 PM 10:30 PM

Tower Ballroom, Shangri-La Hotel, Singapore, 22 Orange Grove Road, S 258350

DATE

EVENT SPONSOR

UPCOMING EVENTS

BREAKFAST CLUB EVENTS

RECENT EVENTS

Bringing Mindfulness into the Workplace 8 June 2018 Visit www.britcham.org.sg/events/past-events/2715 to find out more about this event.

Cyber Security: Protecting What Matters Most to Your Business 17 July 2018 Visit www.britcham.org.sg/events/past-events/2731 to find out more about this event.

THE BREAKFAST CLUB SERIES IS SPONSORED BY:

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Insights into Paya Lebar Quarter – A Progressive and Sustainable New City Precinct 6 June 2018 Visit www.britcham.org.sg/events/past-events/2722 Venue Sponsor

ICT Joint Networking Evening with AmCham and FrenCham 19 June 2018 Visit www.britcham.org.sg/events/past-events/2721 to find out more about this event.

Partners

Young Professionals Networking Evening 3 July 2018 Visit www.britcham.org.sg/events/past-events/2724 to find out more about this event.

Event Sponsor

Venue Sponsor

Partner

Whisky Tasting Experience with William Grant & Sons 11 July 2018 Visit www.britcham.org.sg/events/past-events/2725 to find out more about this event.

Venue Sponsor

Partner

Watch the video at www.youtube.com/watch?v=dz0u1lk_VFk&t=10s

EVENING EVENTS

SPECIAL EVENTS

Singapore’s Financial Ecosystem ft. Mr. Ravi Menon, Managing Director, MAS 22 May 2018 Visit www.britcham.org.sg/events/past-events/2716 to find out more about this event.

Event Sponsor

The Race Towards Smart Spaces: The Future of Working and Living 23 May 2018 Visit www.britcham.org.sg/events/past-events/2712 to find out more about this event.

Event Sponsor

Venue Sponsor

START-UP SERIES: Life Cycle of an Employee 12 June 2018 Visit www.britcham.org.sg/events/past-events/2717 to find out more about this event.

A UK Outlook: Optimising the Residential Property Market 13 June 2018 Visit www.britcham.org.sg/events/past-events/2714 to find out more about this event.

Event Sponsor

31

In Focus:

Karen Loon, Partner and Asia Pacific and Singapore Diversity Lead, PwC

By Lucy Haydon PwC’s diversity and inclusion policy is defined as “Bringing together the perspectives of individuals of all backgrounds, life experiences, preferences and beliefs to create better outcomes for our clients, our people, and our communities.” I met with Karen to discuss the company’s approach to inclusion and her personal passion behind the issues.

IN FOCUS INTERVIEW WITH THE EDITOR:

KAREN LOON, PARTNER AND ASIA PACIFIC AND SINGAPORE DIVERSITY LEAD, PWC

IN FOCUS:

KAREN LOON, PARTNER AND ASIA PACIFIC AND SINGAPORE DIVERSITY LEAD, PWC

Watch the video at https://www.youtube.com/watch?v=fv_6fe-NVOo

Where does your passion for diversity and inclusion come from?

My family has been in Australia for three generations, so I always considered myself as Australian rather than focusing on my family’s Chinese heritage. I found it interesting when I first came to Singapore, as people’s values really draw from their childhood. In Western countries, as a child your nationality takes centre stage and the ethnicity can become secondary, whereas here ethnicity is much more focused. After returning to Australia for a few years in my career, it was an eyeopener as I was considered a minority both for my nationality and my ethnicity, and it was clear that people of some backgrounds were struggling to reach the top levels of management in major companies.

In that period in Australia, there

were no female partners in the business, thankfully time has moved things along now. These experiences have helped to open my mind and drive that passion to help others to open doors. People are shaped by their demographics, their experiences and the culture around them, they do not fit into neat categories.

As the Singapore and Asia Pacific Diversity Lead for PwC, how do you drive inclusion and acceptance at all levels?

For PwC, we have a 2+1 strategy – all markets drive gender initiatives, valuing the difference between people. Each market also focuses on one other area, and for our ffice this would be ethnicity and culture. Many other markets focus on generational and culture issues.

We still have a lot of work to do, focusing on proportionate promotion for example, and we use

a lot of data to help us understand where we need to focus our energies rather than making assumptions. We survey our people regularly to understand the working environment and how we can help our employees for a more inclusive workplace. Inclusion leaders across the markets work separately from Human Resources and are completely more of an independent perspective, not becoming part of the process and working with the business leaders to assist them using the data we have compiled.

How can companies in our network make changes for the better without simply paying lip service to the issues?

It will be ineffective to approach diversity and inclusion with the mind-set of “my company requires us to do this” or “the new legislation requires us to make these changes on paper”. If initiatives are coming to you from

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Karen and colleagues collecting the Diversity & Inclusion Award at last year's British Chamber of Commerce 18th Annual Business Awards

a global HQ, look to localise them and make them relevant within your company culture. Gather as much data as you can to understand the working environment, and where the pain points and drop-offs in career paths are, to avoid making assumptions or letting unconscious bias lead you to the wrong decisions.

In a Singapore context, bringing different cultures and ethnicities to work together can be more of an effective driver than focusing all of your attention on just the gender statistics of your company.

Inclusion is a 360 degree issue and your employees will not provide honest feedback without having confidence in speaking up first. We launched the “Lunch with a Stranger” programme to encourage employees to learn from each other, mixing cultures, seniority levels and business sectors to break down barriers. This has

proved especially popular among our new employees.

People are shaped by their demographics, their experiences and the culture around them, they do not fit into neat categories What are your hopes for the next generations and how they approach these sensitive issues?

Over 80% of PwC employees are millennials and we find that there are increasing expectations that companies should have demonstrable purpose, and understanding this is important to attracting and retaining talent.

People want to add value in their work and organisations need to align this with their corporate objectives to find a balance that retains talent. Corporates need to decide their future strategy and recruit accordingly.

There is a risk of focusing the purpose message on one or two individuals within the company who passionately drive diversity and inclusion but without fully embedding the message at all levels of the company. If those people move on, the good intentions can leave with them if the senior management structure has not “bought into” the value that inclusion can bring at a business level.

It takes time for these initiatives to make a difference and to change a corporate culture, so patience and commitment will be vital until inclusion becomes the norm within the company.

IN FOCUS:

KAREN LOON, PARTNER AND ASIA PACIFIC AND SINGAPORE DIVERSITY LEAD, PWC

IN FOCUS:

IN FOCUS WITH KAREN LOON, PARTNER AND ASIA PACIFIC AND SINGAPORE DIVERSITY LEAD, PWC

You have been in Singapore since 1994. Have you seen genuine shifts in actionable diversity policies during this time?

We have definitely seen a lot of progress in the past few years. Within the financial services industry, just 15 years ago we started to see groups forming of individuals speaking up - for example the Financial Women’s Association of Singapore. Today, if you don’t have some kind of working group addressing inclusion issues as a big company, you are outside of the norm.

Talent is so tight in Singapore and skill requirements are changing that we cannot recruit from the same pool continually and need to look for those able to provide solutions and think differently. Inclusion should be more of the broader talent management agenda, which is Singapore’s future. We use targets in some markets, but more commonly utilise measures such as our Inclusion Index which takes into account our people scores, gender progress, etc.

ABOUT THE COMPANY To solve important problems we need diverse talent. So at PwC, we employ people with a vast array of backgrounds and experiences – meaning they think differently from one another and apply varying approaches to problem-solving. And we’re committed to helping every one of them build a rewarding career and achieve their full potential. Our global diversity journey began ten years ago, when the PwC network of firms first began to focus on a globally consistent approach to diversity as a business imperative and enabler to our international business strategy. Initially, gender diversity was the priority, however this focus was later expanded, putting inclusion front of mind and expanding our dimensions of difference beyond just gender. Our diversity journey was further accelerated as we reframed our strategy including our network diversity priorities, governance and leadership structure. For more information visit www.pwc.com.

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Buying & Selling Art Online The Challenges and Positive Impact of Technology

By Clare Westmore, Business Development Manager, BAM! (Baxters International (Art) Limited) How can artists showcase their work to a global audience simply and cost effectively? In this article, we will look at art-buying platforms, the challenges this developing retail market faces and how advancing technology is helping to address these challenges.

FEATURE:

BUYING & SELLING ART ONLINE - THE CHALLENGES AND POSITIVE IMPACT OF TECHNOLOGY

FEATURE:

BUYING & SELLING ART ONLINE - THE CHALLENGES AND POSITIVE IMPACT OF TECHNOLOGY

Online shopping has become a part of our everyday lives, with people becoming increasingly happy to buy more – and spend more – at the click of a button. The online art market is predicted to grow by 8.4% in 2018 to approximately US$4.9B. More and more people are visiting art-buying platforms and are spending more time browsing these sites, but some buyers remain hesitant to buy art over the Internet. As a visual medium, buyers are concerned that what you see isn’t necessarily what you get, and the possibility that the art you buy may not meet your expectations when you come to see it up close remains a barrier.

Augmented Reality (AR) technology is expected to become more sophisticated in the future and is

set to transform the art market. At the touch of an icon, buyers can see what artwork will look like on any wall in real time, along with exact sizes and dimensions. This will help to reduce buyer’s remorse and as technology advances, it is expected that buyer’s expectations will not only be met but even exceeded.

Further challenges present themselves to the online art market with the fear of buying a fake. This fear factor remains a big hurdle because most online art purchases cost between £1,000 and £5,000 - a real financial consequence if you make a mistake.

However, with technological advances, issues of provenance and authentication may soon become a thing of the past if a

potentially revolutionary solution is adopted as quickly by the art world as it has been by the financial sector. Blockchain is fast emerging as the technology is expected to have the most significant impact on online sales.

Blockchain can help keep track of an artwork’s movements without relying on a paper-based system of recording provenance. With a networked digital ledger, all purchases will be logged with the information becoming decentralised and therefore not open to contest. No matter how many times a piece of artwork is bought and sold, all purchases are documented and unalterable, creating a trusted provenance. For buyers, this means the entire history of a piece of art would be accessible to view in a secure

37 environment, similar to what we see in the UK with house purchases, i.e. UK’s land registry.

In 2018, the eldest millenials will turn 37 and their purchasing powers are just beginning to peak.

However, these modern consumers also place great value on the ease of the online shopping experience, so retailers will have to keep adapting fast to keep up with millennial preferences. Delivery options, transparency of final price, the point at which a login must be created, faceted navigation and filtering are all functions which can have a detrimental effect on online sales if they do not meet customer expectations.

Great customer experiences are created by removing purchasing barriers; anything that may lead to ‘cart abandonment’. One of the biggest frustrations for shoppers is the inability to carry out crossdevice sales, i.e. beginning a purchase on a laptop and being able to finish it later on another device.

The phenomenon that is social media means that advertising costs have never been lower and, because of its power, independent

retailers can develop a following at a relatively low cost if they have a product or service that people are passionate about. When it comes to art, Instagram Stories, Facebook Live, and other messenger apps have radically changed how artists can interact with consumers and these platforms have facilitated a means by which the two sides can interact in real time. The best way to attract buyers and artists to your site is by cultivating a fun and exciting community.

Data’s role in retail decisionmaking will grow and forwardthinking retailers will have to keep exploring ways to collect and leverage data in their operations.

By monitoring retail analytics, online platforms can connect with their customers in a meaningful way. By becoming aware of the tastes and preferences of their shoppers using Artificial Intelligence (AI), retailers can use this information to make recommendations for future purchases. This is particularly important for art sales where the demographic is made up of people from many different backgrounds, with many different art preferences and a varying range of buying power.

ABOUT THE AUTHOR Clare Westmore works within the Baxters-International (Art) Ltd team assisting with brand content and researching industry related topics.

Clare is a dedicated and organised business manager, committed to building strong and lasting relationships with all of the Artists, recognising that the content is key to the BAM!’s success. Clare has previously worked in several diverse industries, often in challenging environments, across the UK, Myanmar and Singapore.

The best way to attract buyers and artists to your site is by cultivating a fun and exciting community.

Buying and selling art online is fun; it makes the world of art available to everyone and overcomes the fear many of us have of visiting what we perceive to be as elite galleries. And whist there are still further challenges ahead, with the advancement of technology and the willingness of retailers to adopt it, smart operators should be set to see their share of this lucrative market grow at a rapid pace. For start-ups though, keeping pace with all the features and functionalities that are developing brings its own challenges when a sharp eye has to be maintained on keeping return on investment (ROI) under control.

ABOUT THE COMPANY BAM! is a part of Baxters International (Art) Limited, based in London, England.

We are a mobile and online market place for buying and selling art pieces from all over the world. Born out of a desire to support and promote Global Art Entrepreneurs, our sole objective is to provide a forum that truly supports both the artist and the buyer. With no expensive gallery fees to pay, artwork can be valued fairly and realistically, making it accessible and affordable to a much wider audience. In just a few simple steps, artists can upload their work and start connecting with art lovers right around the world.

To find out more about BAM!, please visit www.baxters-art.com

FEATURE:

BUYING & SELLING ART ONLINE - THE CHALLENGES AND POSITIVE IMPACT OF TECHNOLOGY

HOW CAN YOUR BUSINESS GAIN FROM THE OPPORTUNITIES THAT WORKFORCE, WORKPLACE AND DIGITAL REVOLUTION OFFER? Look out for events and activities in our Future of Work series

39

The Future of Work in Insurance

By Prudential Sheela Parakkal, Chief Human Resources Officer of Prudential Singapore, shares the company’s workplace transformation journey

SPECIAL FEATURE:

THE FUTURE OF WORK IN INSURANCE

SPECIAL FEATURE:

THE FUTURE OF WORK IN INSURANCE

At Prudential Singapore, the CEO doesn’t have his own desk. In fact, no one in the company sits at designated seats. It’s a deliberate move to break down silos and to get people to collaborate.

“Our work environment is not organised by departments. It's really designed to get the right teams to sit together to get things done quickly,” says Sheela Parakkal, Chief Human Resources Officer, a champion of activityased working at the insurer’s new open-concept office, PRU Workplayce.

Getting people out of their comfort zone and into a more dynamic environment is just one of the ways Prudential is preparing its people for the future of work. The company is also investing heavily in training and in building the right work culture for success.

Over the past year, the company has been transforming its work culture into one where teamwork, creativity, self-initiative and ownership are encouraged and recognised. In 2017, employees spent an average of three days each on improving leadership skills, strategic thinking, design thinking

and technical capabilities. The change continues to be reinforced through new programmes and the strong encouragement and support of senior management.

“We are nurturing a future-ready workforce that is equipped with the right mindset and skillset to drive our business in the digital economy,” says Parakkal.

A work space for greater collaboration To compete in a highly competitive industry, Prudential has to be “customer obsessed”, Parakkal says. A year ago, the company began to evaluate its business approach and the way its employees functioned as part of its longer-term roadmap to creating awesome experiences for its customers.

“You’ve really got to change the way that you operate and the way that you respond to customers’ requirements in order to stand out and capture the imagination of customers,” she says.

One of the crucial steps was to get people from across teams collaborating and working together

towards a common cause. With activity-based working, employees at Prudential sit with different teams day-to-day, depending on the projects they’re working on. All of their personal items go into lockers, which are arranged by their birth months, so they meet new colleagues at the locker zones.

“We’ve created a workspace which encourages curiosity and conversation,” Parakkal says.

To truly be distinctive in providing the customer experience, you need many perspectives It’s the same arrangement for everyone, from the CEO to the newest hire. Everyone gathers for stand-up meetings at the many open collaboration spaces dotted around the office. Social spaces like the café encourage exchanges of ideas over a coffee. “It’s not just about open spaces; it’s about breaking down hierarchy,” she says.

“It’s about leading by example and it has to start from the top.”

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Igniting new ideas The company has also launched a platform called Ignited to crowdsource ideas from all 1,000 of its employees. “The best ideas can come from anyone in the organisation,” Parakkal says.

More than 300 enthusiastic employees responded to the call suggesting solutions ranging from how Prudential can differentiate itself in the market, how it can make its business processes more efficient, and how it can create a better employee experience.

The winning idea came from one of the youngest employees. Nicholas Chiang, a fresh graduate who joined the company several months ago, who impressed with his idea of a one-stop mobile app to house all

of Prudential’s employee benefits under one roof. This is now a live project that Nicholas is leading.

We’ve created a workspace which encourages curiosity and conversation Broadening skills and deepening the pool of expertise “Employees also need to broaden their skills, to complement the deep knowledge they have in their area of expertise,” Parakkal says.

To enable this, Prudential is sponsoring part-time education for employees to train in new areas and is creating awareness of other jobs in the company through its

internal mobility programme. Last year, around 100 people moved to new roles across the organisation.

“By facilitating mobility, people have actually come forward and started having conversations about ‘what's my career going to be like’ and taking ownership,” Parakkal explains.

The company is also recruiting actively from outside the insurance industry to bring in fresh ideas. “To truly be distinctive in providing the customer experience, you need many perspectives,” she says.

The insurance industry, like many others, in Singapore will begin to work in new ways to take on the challenges of the future. Prudential is working to ensure that its employees are way ahead of the curve.

ABOUT THE COMPANY Prudential Assurance Company Singapore (Pte) Ltd is one of the top life insurance companies in Singapore, serving the financial and protection needs of the country’s citizens for 87 years. The company has an AA Financial Strength Rating from leading credit rating agency Standard & Poor’s, with S$35.4 billion funds under management as at 31 December 2017. It delivers a suite of well-rounded product offerings in Protection, Savings and Investment through multiple distribution channels including a network of more than 4,500 financial consultants. Visit www.prudential.com.sg for more information.

SPECIAL FEATURE:

THE FUTURE OF WORK IN INSURANCE

FEATURE:

ASIA’S MEDICAL INFLATION – CAUSE FOR CONCERN

Asia’s Medical Inflation – Cause for Concern

By Tim Dwyer, Chief Executive Officer, Asia Pacific, Health & Benefits, Aon In this article, Tim discusses medical inflation in the region, the forces that are driving up the cost of healthcare and what remedial actions are being taken to mitigate its impact.

Aon’s inaugural report on medical inflation in the region ‘Asia Healthcare Trends 2017/18 – In Pursuit of Equitable, Affordable Healthcare’ provides a compelling narrative on the forces that are driving up the cost of healthcare and, importantly, what remedial actions are being taken to mitigate its impact.

The report identifies that Asia is in the eye of a ‘perfect storm’ characterised by: • Looming demonullgraphic crisis • Growing burden of chronic or Non-Communicable Diseases (NCDs) • Contributory sedentary lifestyles

Based upon the input of Asia’s leading medical plan insurers, the report identifies that across the eleven inscope markets, regional medical inflation for 2017 averaged 9.6 percent and in 2018 is forecast to rise to 10.7 percent. This trend of rising inflation in the employer sponsored medical plan market is not expected to decline any time soon, with 79% of insurers predicting that it will increase further in the next three years.

In eight of the eleven markets, cancer related illnesses and cardiovascular diseases were rated as the top two inpatient costs. In the space of one-to-two generations, there has been a remarkable transformation in the mortality and disability profiles of most Asian markets from communicable to non-communicable in nature.

This has contributed to the premature deaths of millions and is the primary reason why seven of the markets nominated inpatient costs as the main driver of medical inflation.

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Top Two Inpatient Costs:

Source: Aon Asia Healthcare Trends 2017/18

NCDs have earned the moniker of ‘diseases of affluence’ given the linkage between rising standards of living and the sedentary lifestyles which are contributing to the rise in chronic illnesses.

Organisation for Economic Co-operation and Development’s (OECD) data from the early part of this millennium reveals that NCDs were responsible for 40 percent of deaths in low income countries, rising to 87 percent in high income countries. In 2009, Asia’s middle class (525 million) represented 28 percent of the global total (1.8 billion) and is forecast by 2020 to reach 3.2 billion. By 2030, it is estimated that the global middle-class population will have swollen to 4.9 billion, with Asia contributing 66 percent of this total.

public to the private system. Indeed, most markets profiled in this study including China, Hong Kong, Taiwan, Singapore, South Korea and Thailand have vibrant and well-functioning public health systems with Indonesia, Malaysia and the Philippines moving firmly down this path. There is evidence to suggest that healthcare access, clinical outcomes and sustainable financing are enhanced through the public and private systems working in tandem.

Several regional markets, notably Singapore, Thailand and Malaysia have well-developed strategies supported by government agencies to promote inbound medical tourism with China and Vietnam now entering the race.

Whilst on the plus side, it has made a significant contribution to the development of private health infrastructure, particularly hospitals, and boosted national income. It has also come at the cost of distorting medical labour markets. The Philippines has been negatively affected in this regard as both regional competitors and those in the Middle East have used this market as a talent pool to be trawled commensurate with supply side growth. This manipulation of labour markets is undoubtedly a factor in fuelling medical inflation.

The Aon report debunks the popular myth that governments across the region are attempting to shift the responsibility for financing healthcare from the

FEATURE:

ASIA’S MEDICAL INFLATION – CAUSE FOR CONCERN

FEATURE:

ASIA’S MEDICAL INFLATION – CAUSE FOR CONCERN

The obvious impact of medical inflation is that it flows through to the financing cost of medical plans in the form of higher premiums.

Consequently, organisations may seek to limit their exposure to increased funding costs through restricting the scope of medical benefits provided to their employees. This has genuine capacity to increase out-of-pocket costs to employees and their dependents. OECD data from 2014 shows that this is a real concern with several markets recording high numbers including China (32 percent), the Philippines (53.7 percent) and Singapore (54.8 percent).

So, what are insurers and employers doing to manage the impact of medical inflation?

There are nascent signs that medical insurers are making some inroads into managing the cost of the chronic illnesses which dominate their claims registers. However, whilst most insurers state that they provide claims reporting to clients this either lacks the necessary granularity to be effective in developing risk and cost management strategies or clients are failing to use the data to positive effect. Similarly, only a minority of insurers are tracking inpatient readmission rates on chronic illness or working with healthcare providers on chronic disease management programmes.

Outlook

Regarding organisations implementing wellness programmes to encourage employees to adopt healthy lifestyles that would reduce the demand for medical services, insurers observed that a largely superficial approach is being taken.

The two most popular initiatives are health screening and health promotion. The former is often driven by either external or internal compliance requirements whilst the latter too often fails to match up with prevailing health trends or risk factors to be regarded as successful.

With the incontrovertible evidence that modifiable lifestyle behaviours are driving the NCD epidemic, a rethink on this subject is clearly required.

ABOUT THE AUTHOR Tim was appointed CEO Asia Pacific of Health & Benefits in 2011, having previously been Executive Director of Aon Hewitt Asia Pacific. With considerable experience in domestic and international compensation, employee benefits and employee risk management, Tim has led many of Aon’s initiatives for domestic and multinational clients in Asia Pacific.

Tim is a member of the Aon Asia Pacific Talent, Rewards and Performance Leadership Team and Aon Risk Solutions Asia Leadership Team. Tim also chairs Aon’s Health & Benefits Practice Council in Asia Pacific, and is a member of Aon’s Global Health Practice Council.

Clients for whom Tim has acted include AMP, Boeing, Cadbury Schweppes, Kraft

Looking to the future, the report identifies the critical role that technology will increasingly play.

Already, healthcare has been a major beneficiary of technological innovation in the development of diagnostic equipment, pharmaceuticals and in the operating theatre. As the primary focus of public and private healthcare systems transitions from reactive to preventive care, the revolution that is already under way in wearables technology, telehealth, eHealth apps, hospital information systems and wellness portals is set to experience explosive growth.

Stakeholders across the health spectrum including providers, funders and consumers are on the cusp of witnessing a major change in healthcare delivery.

Foods, Macquarie Bank, McDonalds, Microsoft, Morgan Stanley and Motorola.

ABOUT THE COMPANY Aon plc (NYSE:AON) is a leading global professional services firm providing a broad range of risk, retirement and health solutions. Our 50,000 colleagues in 120 countries empower results for clients by using proprietary data and analytics to deliver insights that reduce volatility and improve performance. For further information on our capabilities and to learn how we empower results for clients, please visit aon.mediaroom.com

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Blueprint to Smart Cities in Asia Pacific

By Stephen McNulty, President, Asia Pacific & Japan, Micro Focus Governments are harnessing data-driven intelligence to prioritise citizen demands and improve living standards. This is the driving force for governments embracing smart city initiatives. Smart city innovations are presenting ample business opportunities for companies looking to tap into areas of digital government nd infrastructure services. For governments to partner with proven technology practices would be essential here.

FEATURE:

BLUEPRINT TO SMART CITIES IN ASIA PACIFIC

FEATURE:

BLUEPRINT TO SMART CITIES IN ASIA PACIFIC

Today, over half of the world's population live in urban areas and that number is expected to continue growing. The United Nations predicts that over two-thirds of populations will live in cities by 2050.

In Asia Pacific, 90 percent of the population is expected to move to cities by 2050. This will generate social and economic opportunities for sustainable living, while putting significant pressure on infrastructure and resources.

With cities around the world competing for investment to further social and economic development, harnessing the true potential of urbanisation to create efficiencies and boost growth depends on a solid long-term vision – a vision that has been embodied in “smart city” initiatives.

Smart cities take off To address a range of challenges in today’s urbanisation, governments are harnessing data-driven intelligence to prioritise citizen demands and improve living standards. This is the driving force for governments embracing smart city initiatives.

Smart city initiatives are wide-ranging, depending on these government priorities. This could be using

technology to improve citizen convenience, while others could be making city infrastructure more flexible and practical.

According to IDC, Asia-Pacific (excluding Japan) spending on the technologies that enable smart cities is expected to reach USD28.3 billion in 2018. As these initiatives gain traction, IDC expects spending to accelerate over the 016-2021 forecast period, reaching to USD45.3 billion in 2021.

Some progressive economies are already leveraging digital connectivity to monitor city infrastructures, tracking everything from traffic patterns to street lighting. The data results are extrapolated to make smarter decisions for citizen convenience and environmental sustainability. In other economies, the focus is on digital initiatives for more efficient business transformation.

While smart city initiatives may differ from country to country, the guiding principles are common across these initiatives: • Ensure that people and processes are harmonised through technology that will lead to long-term citizen advantage • Develop a responsive city infrastructure that is economically and

environmentally sustainable, and • Drive business efficiency and improve employee productivity that will result in cost or labour savings.

Singapore’s Smart Nation succinctly sums up the smart city initiative as it aims to “empower people through technology to lead meaningful lives.

Through harnessing the power of networks, data and info-communication technologies, the government seeks to improve living, create economic opportunity and build a closer community.”

The focus is on initiating digital initiatives for more efficient business transformation Outside of Singapore, many countries have varying degrees of progress in their smart city initiatives. For example, the Tokyo Metropolitan Government has embarked on the Tokyo Emergency Power Saving Program, which promotes energy-saving initiatives to conserve energy.

47 Asia Pacific’s burgeoning smart city technologies Smart city innovations are presenting ample business opportunities for companies looking to tap into areas of digital government services, water and waste recycling, renewable energy, green transportation, online education and connected healthcare.

Asia Pacific has been looking at ways to implement technologies to fast-track cities towards a more energy-efficient and connected future.

For governments to partner with proven private practices would be essential here. Not only will a private practice share global best practices to jump start smart city initiatives, this also mitigates any risk for initial projects as the cost of failure can be substantial.

It is not uncommon to find similarities in smart city initiatives from cities around the world. This is why it is imperative for a technology partner to have the global scale and resources to support any local smart city project.

Many interesting smart city cases can be leveraged and customised for other regional requirements.

Take, for example, the Dubai Police.

Prior to a new mobile automatic number-plate recognition (ANPR) solution, an officer with a printed list of wanted license plates would comb through parking lots and garages full of cars and occasionally find a match.

Now, through a smart city initiative, they have instant access to the latest data.

Due to the success of ANPR, the Dubai Police has since expanded their capability of the system, which offers an even wider range of detection for wanted license plates and incorporates 360 degree video surveillance, all embedded discreetly in the patrol car’s roof-mounted light bar.

To significantly improve effectiveness in this new version, the Dubai Police needed to automate the identification process through the use of technology.

The system needed to work day and night and read a wide range of number plate styles within the seven Emirates of the UAE, which incorporate both English and Arabic lettering and different color codes.

The vision of the smart city needs to address the concerns of citizens, business and government to improve transparency, communication and partnerships

Prior to joining Micro Focus, Stephen held roles as the managing director, Asia Pacific for Progress Software; president, Asia Pacific for JDA Software; and various senior management positions at Oracle Corporation.

With advanced cameras, facial recognition has become a new area of interest for this system—through given real-time data analytics to connect to video and other visual data systems on a large scale, and to deliver high performance video and image analytics, an expanded phase which the Dubai Police is beginning to explore.

The role of public and private sectors Looking beyond the technology, the vision of the smart city needs to address the concerns of citizens, business and government to improve transparency, communication and partnerships.

As cities look towards technology and innovative ways to address urbanisation challenges and reduce environmental impact, the public and private sectors will both have important parts to play in ensuring smart city projects are powerful and executable ideas for transformation.

They also needed the ability to find and track wanted vehicles in moving traffic, but ensure up-to-the-minute data updates so only those still wanted could be easily identified.

ABOUT THE AUTHOR As president, Asia Pacific & Japan at Micro Focus, Stephen McNulty is responsible for managing Micro Focus’ business and setting the company’s strategy for growth, performance and profitability across the region.

Leveraging technology and high-end cameras, the solution is able to capture an enormous amount of raw data rapidly and making sense of it almost instantly through real-time analytics.

However, the success of the model will depend on how risk and reward are reallocated between public and private entities. Some novel approaches already underway can provide a path forward and Asia Pacific is fast becoming a blueprint of success for the rest of the world.

ABOUT THE COMPANY Micro Focus is a leading global enterprise software company uniquely positioned to help customers extend existing investments while embracing new technologies in a world of Hybrid IT. Providing customers with a world-class portfolio of enterprise-grade scalable solutions with analytics built-in, Micro Focus delivers customer-centered innovation across DevOps, Hybrid IT Management, Security & Data Management, and Predictive Analytics. Visit www.microfocus.com to find out more.

FEATURE:

BLUEPRINT TO SMART CITIES IN ASIA PACIFIC

FEATURE:

EDUCATION & STEM - CREATING A SOLID FOUNDATION FOR FUTURE LEARNING

Education & STEM Creating a Solid Foundation for Future Learning

By Sebastien Barnard, Head of Marketing Communications & Admissions, GEMS World Academy (Singapore) Learning within the STEM or STEAM fields has become an integral part of many education institutions teaching philosophy. However, how can schools bring these four or five separate and disparate learning areas together into an interdisciplinary unit built into the curriculum and why is it important for future learning?

For some time now, the acronym STEM, (Science Technology Engineering and Math) also known as STEAM, (the A was added to represent the integration of Art) has been bouncing around the corridors of educational institutions.

However, STEM has long been an area of some consternation for some educators. Focused on how the content and processes of four disparate and yet integrated learning areas can be taught at the same time, today educators are looking at project-based learning that can increase student interest in science, technology, engineering, and math because they involve students in solving authentic problems, working with others, and building real solutions.

It is through integrated STEM projects that this type of learning can occur.

We know that students learn by taking what they know and then building on it. We know that the holy grail of education—the ability to transfer understanding from one experience or domain to another— is facilitated by discussions around concepts. We have cellular evidence that we build memories by making connections and building rich networks of associations and multiple pathways for access. Concepts help this happen; they are the superhighways of learning. An integrated STEM project approach provides the backdrop for this style of teaching and learning.

What we are discussing here is a teaching approach that allows students to apply their skills and knowledge to solve problems in contexts that are relevant to them.

It answers the age-old question from school kids: “Why do I need to learn this?”

A crucial component of learning, for all children in school, into university and beyond, is providing inter-disciplinary integration of subjects to solve real-world problems. This means students need to access knowledge and skills from two or more disciplines to complete a task. At leading international schools, the integration into the curriculum of a STEM or STEAM, approach is clearly identified and encouraged.

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STEM itself should not be viewed as a new subject in an already crowded curriculum, or purely for those students who need to be extended. Teachers build upon the learning taking place in the classroom. STEM is about giving students opportunities to apply the skills and knowledge they have learned in different contexts, enhanced with a STEM focus.

Students are given open-ended tasks that can be solved using cross-curricular skills that they have been learning in regular classes. Students make connections between subjects using this interdisciplinary and transdisciplinary learning approach, grasping and appreciating why they are learning.

It is vitally important for schools to have skilled and knowledgeable teachers who can address the needs of all students in a supportive and resource-rich environment For example, primary years students can use mini-robots to complete a golf-course challenge.

Students utilise their mathematical skills by counting shots on each hole and working out averages for their game. They use ICT skills to connect and control the robots and present their work. Their mathematical skills are required again to present data in tables and graphs. All the while, they are further developing key attributes,

such as being an inquirer, communicator and through reflection.

Rarely outside of schools do we simply calculate averages from a random set of numbers; why would we? However, by using an integrated STEM project approach to learning, it provides purpose and context and is more likely to reinforce a concept.

For this approach to be successfully implemented, it is vitally important for schools to have skilled and knowledgeable teachers who can address the needs of all students in a supportive and resource-rich environment. Solving problems that are relevant to them.

FEATURE:

EDUCATION & STEM - CREATING A SOLID FOUNDATION FOR FUTURE LEARNING

FEATURE:

EDUCATION & STEM - CREATING A SOLID FOUNDATION FOR FUTURE LEARNING

Students are encouraged to apply skills they learned in all their classes to the open-ended, creative exercises they are given. This interdisciplinary approach to education allows students to hone their analytical thinking skills, while simultaneously providing them with the resources needed to develop creative reasoning. Not only will they learn the “traditional” skills they’ll need to thrive in their careers, but they’ll also enjoy learning and finding creative solutions for pressing real-world problems.

Most importantly, the best schools are those that allow students to make a mess and make mistakes throughout the learning process.

After all, students need to explore their creativity to discover hidden talents. That creativity is also vital for students’ future careers – even leaders in STEM career fields require creative thinkers to provide new perspectives and approaches to solving problems. Finally, to achieve all these things, schools must provide a learning environment that makes students feel comfortable and confident.

The integration of STEM based project learning into a curriculum based on student led, inquiry and concept-driven education helps students develop structured inquiry into big ideas that matter and then help them assess how much they really understand

ABOUT THE AUTHOR Sebastien Barnard has over 20 years of experience as a sales, marketing communications, media, public relations and brand reputation management professional.

Sebastien’s experience includes B2B, B2C and Public Sector marketing & sales; understanding and working with the marketing, sales and communication needs of leading MNCs' and Government organisations.

Prior to joining GEMS World Academy (Singapore) Sebastien worked 6 years for The International Baccalaureate, Asia Pacific office as the Regional Marketing & Communications Manager APAC. ABOUT THE COMPANY GEMS World Academy (Singapore) is a truly international school with over 60 nationalities, delivering an IB

Students need to explore their creativity to discover hidden talents. That creativity is also vital for students’ future careers through a rich and varied programme of assessment—some of it potentially highly digital—that allows flexible choice of content that supports conceptual learning.

These are 21st Century requirements for teachers engaged with future students being born now, who will probably live into the 22nd Century.

continuum of education (PYP, MYP, DP) from Kindergarten to Grade 12.

Part of the GEMS Education group of schools, world leaders in K-12 education for over 60 years, GEMS (Singapore) offers an environment where creative, entrepreneurial and innovation skills are at the foundation of the taught curriculum.

Blending a caring, child-focused environment, cutting-edge facilities, low student-teacher ratio and globally experienced and passionate teaching faculty, GEMS (Singapore) provides diverse extracurricular activities and outstanding learning opportunities for the international student community in Singapore. Visit www.gwa.edu.sg for more information

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The Challenges of Complying with Conflicting Regulations: Reality versus Practicality

By Stuart McClymont, Managing Director, JDX Following the publication of the Markets in Financial Instruments Directive (MiFID) II on 3rd January 2018, arguably the greatest shake up of Financial Services regulation, and GDPR on its way, we look at the challenges financial services firms will face when complying with conflicting regulations.

FEATURE:

THE CHALLENGES OF COMPLYING WITH CONFLICTING REGULATIONS: REALITY VERSUS PRACTICALITY

SPECIAL FEATURE:

THE CHALLENGES OF COMPLYING WITH CONFLICTING REGULATIONS: REALITY VERSUS PRACTICALITY

We are all familiar with silo-orientated organisations having a right hand that never quite knows what the left hand is up to. While large organisations are addressing this challenge internally in a continuing efficiency drive, the problem is in a different league altogether when poor communication between regulatory bodies results in conflicting requirements. This can lead to an organisation complying with one regulatory requirement while falling foul of another. This conflict is a significant problem to market participants on both a national and international scale.

Regulators need to talk The issue is that regulatory bodies act independently. They have different objectives and often make different interpretations of international guidelines. Regulators are understandably keen on market transparency, protection and confidentiality. However, transparency and confidentiality are often mutually exclusive.

MiFID and GDPR conflict The MiFID II transparency requirements around transaction reporting require personal information about the actual individual person executing a transaction. This collides with the General Data Protection Regulation

(GDPR) around individuals’ personal information. Fraud and identity theft is increasing at a time when transaction reporting involves a large amount of personal information required to be captured across multiple industry infrastructures. This surely increases the risk of personal data not being protected. It would have made sense for the regulators to have asked market participants how they keep individuals’ personal data confidential, and, in parallel elicit suggestions from market participants as to how they could increase the transparency of individuals’ transactions. Armed with this knowledge, the regulators could have improved the legislative and regulatory requirements around transparency and confidentiality with all players on board from the beginning.

How it started Back in 2004/05, it was apparent that the Federal Reserve System (Fed) was uncomfortable with the level of outstanding unsigned confirmations for Credit Default Swaps (CDS) across the global CDS market. The major market participants, who accounted for most of the transaction volume, worked together to address the issue. Known as the G14 Dealers, they agreed amongst themselves a set of selfregulated targets to reduce this backlog, and to track and report

progress against these targets to the FED on a regular basis. These became known as the ‘FED Targets’. Through working collaboratively together, the G14 market participants not only reduced the backlog and average time confirmations that remained unsigned, but also Federal developed an industry standard electronic confirmation messaging language, the Financial products Markup Language (FpML).

Participants of trades then used technology to electronically match confirmations and eliminate the manual, lengthy and time-consuming process around paper confirmation.

This electronic matching not only eliminated the back log of paper confirmations but was also scalable to support increased trading volumes across the global markets. This is a great example of market participants, who understand their products and processes, introducing changes to increase control in a self-regulated environment and providing ongoing transparency to the regulatory community.

It is in times of stress that we need global collaboration and harmonisation across regulators and not local protectionism by local regulators

53 four high-level commitments differently but they also implemented different regulatory requirements Dodd-Frank (US), ESMA (Europe) and JFSA (Japan) – and had different compliance timeframes. Depending on the location of their primary regulatory supervisor, market participants were then faced with the challenge of having to comply with the different requirements when products were being traded between market participants across national borders.

It is understandable that each country wanted to assume control of implementing the changes, given that most countries had to bail out organisations domiciled in their countries using taxpayers’ money. But it is in times of stress that we need global collaboration and harmonisation across regulators and not local protectionism by local regulators.

Market impact Independent interpretation of 2009 commitments In 2009, the G20 summit in Pittsburgh agreed to four commitments around global over-the-counter (OTC) Derivatives: • Reporting OTC Derivatives to Trade Repositories • Increased use of central counterparties for OTC Derivatives • Execution of OTC Derivatives on electronic trading platforms • Increased use of collateral and risk mitigation techniques.

Each G20 country then independently interpreted the global Pittsburgh OTC Derivatives commitments and developed them into local legislation.

Not only did each country interpret the

Fast forward to 2014/15 and many market participants had to implement bespoke tactical solutions to comply with the differing regulatory requirements across the globe.

Moreover, it is doubtful that any regulator has a full and accurate transparency over the global OTC Derivative market place.

The solution – a collaborative approach A small group of the G14 Dealers (albeit a few names have disappeared due to the bankruptcies in 2008) again started working together to understand how they could simplify and automate this complex, costly and fragmented infrastructure. They identified opportunities to optimise collective investment in technology and

ABOUT THE AUTHOR Stuart specialises in industry and market-driven initiatives. He is currently engaged in major programmes and initiatives that embrace new design principles and technologies to create and transform financial market infrastructure including CCPs, Trade Repositories and a number of other vital central services. Stuart is a co-founder of base60 Consulting, part of the JDX Consulting Group.

resources to increase control, capacity and client service, while delivering against regulatory requirements, through collaboration, innovation and market participation.

There is little doubt that a collaborative approach in bringing market practitioners together is logical for matters of regulation and market safety. The Financial Conduct Authority (FCA) is sensibly using the sandbox approach to provide an environment where participants can collectively design, develop and test solutions to meet regulatory objectives. The Monetary Authority of Singapore (MAS) adopts a similar approach.

What regulators should do On the basis that regulators have access to everything, and don’t like surprises, there are three broad processes that would assist regulators when formulating regulations: 1. Consult with market participants who have a deep understanding of the market, its processes and have the expertise to suggest workable solutions to meet multiple regulatory objectives in a sustainable and efficient manner 2. Harmonise interpretations and regulations through cross-border regulatory conversations and work with the global international governance bodies 3. If looking at a market that is subject to other regulations (e.g.

GDPR), consult with the other regulator(s) (e.g. MiFID II) to resolve conflicting requirements. Regulatory bodies have differing objectives, this is understood. But all large organisations have different objectives across departments and require communication to ensure all objectives are achieved

ABOUT THE COMPANY JDX is an independent consulting company, created in 2012, with more than 500 employees globally, inspired by entrepreneurship and underpinned by our unique culture. JDX provides its clients with flexible, bespoke resourcing solutions in the areas of operational and regulatory remediation. The JDX Strategy is to do the right thing by clients with energy, enthusiasm, integrity and knowledge.

Visit jdxconsulting.com to find out more.

SPECIAL FEATURE:

THE CHALLENGES OF COMPLYING WITH CONFLICTING REGULATIONS: REALITY VERSUS PRACTICALITY

FEATURE:

FOLKINGTON’S PREMIUM TONIC WATERS TO PROVIDE A BRITISH TWIST TO SINGAPORE’S GIN & TONIC REVOLUTION

Folkington’s Premium Tonic Waters to Provide a British Twist to Singapore’s Gin & Tonic Revolution

By Paul Bendit, Founding Director, Folkington’s The global renaissance of gin & tonic, the quintessentially British cocktail has come of age in Singapore. With many bars now serving upwards of 25 gin brands, gin & tonic is now a big feature of Singapore bar life and British drinks brand Folkington’s provide a classic British twist.

Gin & Tonic traces its origins back to the 19th Century when the British in India needed to find a more palatable way of taking their daily malaria-busting quinine. And so was born one of the most popular and enduring cocktails of all time. Some would say that, as contributions to world happiness, the creation of the G & T is up there with the invention of cricket, soccer, tennis, the cork-screw and even the rubber band.

Go to any bar in Singapore today and you’ll find that three quarters of the leading gin brands are either English or Scottish. And with 315 distilleries now registered in Britain at the start of 2018 (up 5-fold since 2013), Britain is certainly reasserting its gin-making skills that were last portrayed rather less

flatteringly in 1751 in Hogarth’s “Gin Lane”.

When it comes to the other essential ingredient of a G & T, the tonic water, Britain is not just leading the charge but raising the bar in terms of quality to levels not seen before. Having been, for so many years, the poor relation in this iconic cocktail, tonic waters have gained an equal footing in making that “perfect serve” bar tenders are so keen to create.

Folkington’s, one of Britain’s independent premium nonalcoholic drinks brands, launched their new range of tonic waters and other mixers at this year’s Food&HotelAsia (FHA). Since the original launch of the brand in 2012, the Folkington’s approach has

consistently been to make drinks with only a small number of superpremium natural ingredients. This is the brand’s DNA that has evolved from its original range of fruit juices, where provenance and sustainability are still core to Folkington’s brand values.

We set out to craft a range of tonic waters that would complement the gin without over-powering it, and at the same time could stand on their own as delicious drinks. So we’ve used carefully selected natural floral, citrus and herbal botanicals which we’ve made from the simple green chemistry principles of distillation and infusion.

Our tonic water range comprises the classic “Indian” tonic water and a lighter alternative with less sugar.

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Go to any bar in Singapore today and you’ll find that three quarters of the leading gin brands are either English or Scottish

FEATURE:

FOLKINGTON’S PREMIUM TONIC WATERS TO PROVIDE A BRITISH TWIST TO SINGAPORE’S GIN & TONIC REVOLUTION

FEATURE:

FOLKINGTON’S PREMIUM TONIC WATERS TO PROVIDE A BRITISH TWIST TO SINGAPORE’S GIN & TONIC REVOLUTION

But the signature tonic water that has created even more interest is our “English Garden” tonic water.

While still containing the essential bitter taste of quinine, we have used a fusion of English-grown cucumber, mint and rosemary to make a tonic water which sums up the flavours and aromas that you’d come across on a sunny day in a typical English garden.

An ice cold Gin served with Folkington’s English Garden tonic water. How quintessentially British is that?

As well as tonic waters, Folkington’s range of mixers also extends to other classics such as Club Soda,

Ginger Ale, Bitter Lemon and Sicilian lemonade. Back in the UK, they are served on board airlines and trains, in airport lounges and in some of the country’s leading bars; and are even enjoyed at 450ft on Brighton’s new British Airways i360.

Having launched in Singapore, Folkington’s has been one of the sponsoring brands at this year’s Queen’s Birthday Party celebration hosted by the British High Commission. Guests were able to enjoy the range of Folkington’s tonic waters perfectly paired with Scotland’s NB Gin, as well as enjoy the remainder of Folkington’s premium fruit juices and sparkling

ABOUT THE AUTHOR Paul Bendit founded the Folkington’s brand in 2012 after 12 years developing premium and innovative soft drinks for leaders in the catering sector and for stand-alone brands.

The ambition in creating Folkington’s was to replicate the authenticity and provenance that stand behind fine wines (“terroir”) into a range of fruit juices and soft drinks.

ABOUT THE COMPANY Folkington’s, originally founded in 2012, is one or Britain’s independent premium non-alcoholic brands. From

drinks, many of which are made only from British-grown fruit varieties.

At FHA, we met a wide selection of Singapore bar owners and managers and the reception to our tonic waters was better than we’d dared to think. This is a city that takes its G&Ts very seriously and the professionals in the trade are well informed about the essential characteristics of a good gin and a good tonic. So we now expect to build on our current brand presence with our local distribution partners, Foodxervices, and continue developing Folkington’s as a highly respected brand in Singapore.

humble origins of pure English Apple juice and Valencia orange juice the brand has now grown to 13 varieties of natural fruit juices and soft drinks plus 7 varieties of tonics and other mixers. Originally introduced into Singapore in 2016, beyond Britain the brand is also sold in five star hotels S.E Asia, the Middle East and in Continental Europe. Famous for its resistance to becoming a mass market brand, Folkington’s is fiercely proud of its core values of quality, provenance and sustainability. Visit www.folkingtons.com for more information.

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Creating M&A Value: Not a Done Deal By Karambir Anand, Partner and Asean Strategy & Transformation Leader, Transaction Advisory Services & Mehul Kain, Associate Director, Transaction Advisory Services Ernst & Young Solutions LLP Creating value from deals does not happen by chance. Coordinated efforts – both strategically and operationally – across the deal process are needed in order to succeed.

FEATURE:

CREATING M&A VALUE: NOT A DONE DEAL

FEATURE:

CREATING M&A VALUE: NOT A DONE DEAL

Deal making looks set to become a permanent feature of corporate growth strategy for Asia-Pacific companies, judging from the EY 17th Global Capital Confidence Barometer.

The half-yearly survey of nearly 3,000 senior corporate executives globally revealed that companies are encouraged by growth prospects in Asia-Pacific and greater access to capital, with more than half of those surveyed in Asia-Pacific intending to actively pursue deals within the next twelve months.

For many, if not all, of these companies that enter into deals, the hope is to realise the synergies between the two parties once they integrate. Synergies typically relate to cost and revenue, where the deal will allow the two companies to reduce cost or increase revenue.

Yet, against the expectations of access to new markets and capabilities, improving performance and generating higher shareholder value, many deals do not deliver on their expected value.

The main reason: failure in integration.

Barriers to integration Across the deal process, there are several points for potential inefficiencies or failure.

For a start, a key stumbling block is the lack of clear leadership. During mergers & acquisitions (M&A), it is natural that the two companies will

bring forth its respective leader for each function. Placating both companies with a dual-head organisational structure or delay in selecting a strong and inspirational leader to rally the new organisation can be confounding and counterproductive.

Another issue is cultural differences.

Even within the same organisation, the ways of working among different teams can differ. Cultural differences are particularly pronounced and relevant in cross-border acquisitions. Companies need to be careful not to impose their “normal” on an acquired company without understanding the dynamics and operating environment. Pushing to replace, rather than integrate, can lead to unforeseen challenges.

Another stumbling block is to operate the business as-usual, without a focus on integration. While it is necessary to continue running the business, it is equally important to drive effective integration. For companies that do not set up dedicated in-house integration teams and expect employees to stretch beyond their day jobs to work on integration activities, the result is often a delay in integration as individuals get caught up with daily activities.

The absence of material incentives to motivate teams can also curtail effective integration. When companies do not outline the real incentives for achieving the synergistic goals, which should be aligned with the organisation’s key performance

indicators and synergy parameters, they are missing the opportunity to motivate teams to work together.

Boosting the chances of success Coordinated efforts – both strategically and operationally – in following a structured approach across the deal process are needed in order to succeed.

To do so, companies need to plan early, align on strategic rationale and decide the order of importance of integration activities.

At the pre-deal stage, companies should identify, validate and quantify synergies. This includes getting a clear understanding of where to play, how to win and the numbers that signal deal success. Translating the high-level deal strategy to actual success parameters helps to set expectations and rhythm for early integration.

Subsequently, companies need to obtain buy-in from internal teams.

While it is important to get business teams aligned and on board with numbers, it is also necessary to have internal audit teams agree with the baseline and synergy calculation methodology adopted. This helps to bring a unified view on size of the prize.

Companies also need to identify integration leaders early. Strong management push and a shared and consistent vision cascaded from

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respected leaders play a significant part in motivating employees. At the same time, it is important to secure the commitment of the leader so that they are actively involved.

Post-deal, the integration process does not stop. Instead, it is critical at this point to create dedicated integration teams, made up of high-potential cross-functional individuals who focus on developing a momentum for integration and synergy.

Companies must have a robust synergy tracking mechanism and communicate success

At this stage, companies should also seek to align incentives with outcomes. These incentives, consistent with the organisation’s strategy, must reinforce the desired objectives. Sometimes, a simple initiative like moving annual incentive payouts to a quarterly frequency, or after achieving a milestone, can energize teams.

Specifically, incentives should not be perceived as inadequate – generous incentives that significantly reward top performers are effective.

Even as immediate synergy targets – potentially with a plethora of associated incentives – are top of mind in the short term, to unlock long-term value, teams need to maintain momentum even after incentives are withdrawn. This requires long-term focus on everyone’s part.

To that end, companies must have a robust synergy tracking mechanism and communicate success. It is important to track, measure and report progress

ABOUT THE AUTHORS Karambir leads the capital strategy and transformation practice in Singapore. He works with clients to plan and develop their growth strategy, merger integration, commercial due diligence and operational improvements. Karambir has in-depth knowledge and experience in the oil and gas and energy sectors.

Mehul is part of the strategy and transformation practice in Singapore. He has led and delivered projects across strategy, merger integration and operational improvements. He has extensive experience working with clients in multiple industrial products segments.

regularly, so as to identify pain-points early and quickly resolve the barriers to realising synergy. Yet, companies should acknowledge that revenue and cost-tracking systems are heavily customised for business as-usual, which makes the capturing of disparate information and validating synergy to report progress to management complicated, time-consuming and errorprone. astly, companies must strive for speedy execution. Most synergies are realised within three years of the deal – or not at all.

Swift execution with the aim to normalise synergy initiatives into business as-usual as soon as possible is key.

Creating value from deals does not happen by chance. By having a robust implementation framework while keep an eye on common stumbling blocks, companies can take some randomness out of achieving deal synergies and create the value that an M&A promises.

ABOUT THE COMPANY EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities. For more information about our organisation, please visit ey.com

FEATURE:

CREATING M&A VALUE: NOT A DONE DEAL

FEATURE:

HOW A BRITISH CHAMBER EVENT LED TO A RECORD DEAL

How a British Chamber Event Led to a Record Deal

By Samantha Ege Back in December 2016, our Women in Business committee partnered with Anne Wightman, wife of the British High Commissioner H.E Scott Wightman, to bring an evening of classical music to our members.

Samantha Ege (then Holland) performed music by female composers at the beautiful Eden Hall residence. What followed this event is an extraordinary tale of success. Here, Samantha tells us the story in her own words.

A few years prior to my event at Eden Hall, my awareness of gender inequality had begun to extend to my male-dominated repertoire as a pianist. I had started to reassess the ways in which I engaged with classical music.

"A Celebration of Women in Music" with the British Chamber gave me the opportunity to share my realisations with a wider audience.

The event combined performance and presentation and fed into wider conversations around women's achievement, agency and representation.

I performed music by five women composers: Florence Price (the subject of my PhD at the University of York), Margaret Bonds, Zenobia Powell Perry, Cecile Chaminade and Vítězslava Kaprálová.

A few months later, I recorded these performances at York and uploaded them to YouTube. The recordings were heard by a UKased label called Wave Theory Records, owned by BAFTA and Ivor Novello award winning composer Dan Jones. Within a few days of uploading the videos I had a record deal, which led to my debut album Four Women: Music for Solo Piano by Price, Kaprálová, Bilsland and Bonds. Ethel Bilsland is Anne Wightman's grandmother; it was a real honour to be able to record her compositions.

Since "A Celebration of Women," I've given further performances and lectures in Singapore, as well as in the UK and the US. One of my most recent lecture-recitals was at the Chicago Symphony Center.

I could never have envisioned that my event back in December 2016 would have led to all of this and so much more. My work has become a truly empowering force, but I am thankful to the British Chamber of Commerce for empowering me right at the beginning of this journey and giving me the platform to share my passion.

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Watch the video at https://www.youtube.com/watch?v=Ei6XLs-7_-g

Listen to Samantha Ege perform Vítězslava Kaprálová's 'Sonata Appassionata Mvt 2':

Find out more about Samantha Ege and her performances at www.musicherstories.com

FEATURE:

HOW A BRITISH CHAMBER EVENT LED TO A RECORD DEAL

EXPERT OPINION FROM OUR BUSINESS GROUPS

location offices in an effort to make

Let's Discuss...

Mental Health at Work Contributed by the Diversity & Inclusion Committee

According to a report by the Mental Health Foundation in 2016, the value added to the UK economy by people who are at work and have/have previously had mental health problems is as high as £225 billion per year, which represents 12.1% of the UK’s total GDP. There is strong evidence that workplaces with high levels of mental wellbeing are more productive. Addressing wellbeing at work increases productivity by as much as 12% (Oswald, A.J., Proto, E., & Sgroi, D. (2015) “Happiness and Productivity”, Journal of Labor Economics).

For the purposes of simplicity, mental health describes the way we think, feel, and our ability to react to and process life’s ups and downs. In good mental health, we can act with purpose, direction, energy and resilience. However, mental health issues, which cover a full spectrum of symptoms such as depression, stress, fear, anxiety, medical conditions and trauma, can affect anyone at any stage in their life or career. It can be triggered by a multitude of underlying reasons and should not be underestimated or ignored by management.

As part of the Chamber’s ongoing recognition of the importance of diversity and inclusion in the workplace, we have been addressing these issues in a variety of ways - through content such as our publications: “The Pillars of Diversity” and “Getting Started in D&I”; events such as “Raising Awareness of Mental Health Issues in the Workplace”, held in October 2017; asking the wider public to consider the topic through initiatives such as our Celebrating Diversity Photography Competition, and by sharing the continued efforts of our member companies, relevant associations and Government.

Here are some examples of the latest initiatives from our corporate members, represented by individuals in our Diversity and Inclusion Committee: Anil Scott, Associate Partner, St. James's Place Wealth Management During National Mental Health awareness week in the UK from 14th – 20th May 2018, St James’s Place engaged with all of its

the St James’s Place community aware of the benefits already available in our organisation for those who may need support.

Activities throughout the week included talks from mental health charities and encouragement for various initiatives to promote ‘clear minds’. Feedback within St James’s Place has been very positive and we are actively looking to role a number of initiatives out in Asia.

St James’s Place was proud to be the main sponsor for former UK Special Forces soldier Dean Stott’s gruelling cycle ride across North and South America which commenced on 1st February this year. Dean pedalled over 13,400 miles, climbed 166,000 metres, burned 900,000 calories and smashed a Guinness World record raising money for Heads Together, a St James’s Place Charitable Foundation partner, and mental health initiative spearheaded by The Duke and Duchess of Cambridge and Prince Harry.

The charity aims to tackle the stigma associated with mental health and change the conversation on it through fundraising for a series of innovative new mental health services.

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Collaboration – building support networks and relationships.

The company runs training programmes that help employees to understand themselves, focus on strengths, developing a sense of purpose, collaboration and reasoning. Further work needs to occur in the areas of health and composure development. The content and delivery of these areas is under development but tools do exist to measure resilience, which will create a dialogue with employees so that a journey to strengthen the elements can begin.

The brain is a complex electrochemical organ that has amazing capacity to change. It is “plastic” and all that is needed is a compelling narrative to change and a committed company and employee to make it happen.

Swire Pacific Offshore

meaning, purpose and goals;

Wellness is a popular term today and can generally be thought of as a state of happiness and contentment but this can be viewed very differently from individual to individual. In Swire Pacific Offshore (“SPO”,) we see wellness in its broadest sense as the “What” and the term resilience as the “How”. In other words, we need to build resilience so that wellness can occur. Resilience can be developed by focusing on 6 pillars that are backed up by neuroscience. These are:

Composure – assisting with understanding and developing stress management and emotion regulation;

Vision – helping to build a sense of

Reasoning – building skills in problem solving, anticipation and preparation; Health – helping people understand the importance of nutrition, sleep, exercise and its effect on brain health; Tenacity – building persistence and optimism through adversity, and lastly

In the coming months, we will be reaching out to our members to continue the Mental Health conversation.

If your company is interested in getting involved in our planned mental health event or in simply sharing your stories, please contact Lucy Haydon at lucy@britcham.org.sg.

The goal of the Chamber's Diversity and Inclusion Business Group is to provide a forum for members to promote D&I in the workplace by: • Raising awareness and sharing best practice around the various challenges and opportunities; • Building relationships with and providing inspiration, encouragement and support to members; • Engaging with and empowering local business leaders, employees and other communities; influencing relevant stakeholders; and • Generally contributing towards enhancing the reputation of BritCham as an organisation committed to D&I. For more information visit www.britcham.org.sg/business-group-details/diversity-inclusion

LET'S DISCUSS...

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