Orient Issue 75

Orient

THE OFFICIAL MAGAZINE OF THE BRITISH CHAMBER OF COMMERCE SINGAPORE ISSUE 75 | FEB 2020

BUILDING NETWORKS | CONNECTING BUSINESSES | CREATING OPPORTUNITIES

35

SPECIAL FEATURES

Ms Foo Chi Hsia, Singapore High Commissioner to the United Kingdom, on the Singapore-UK Partnership for the Future (P4F)

42

MCI (P) 067/04/2019

NatWest Markets investigates the “Coronavirus Currencies”

A legacy of learning.

Reinvented for today.

In changing times, our values define us.

When young people are empowered to be kind, they can change the world.

Open now for limited Pre-Prep and Prep applications. Call 6505 9790 or visit www.brightoncollege.sg to discover how 175 years of British heritage has made us a school of future shapers.

Brighton College (Singapore). One of a Kind.

Brighton College (Singapore) Pte Ltd is registered by the Committee for Private Education (CPE), part of SkillsFuture (SFSG) Registration Number: 201904884D Period of Registration : 14 October 2019 to 13 October 2023

03 07 09 16 20 29 30 35

38 42 45 50

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President's Message Executive Director's Message News New Members Upcoming Events Recent Events Special Feature: Singapore and the UK – Trusted and Innovative Partners for the Future Matters of Opinion: The Climate Crisis Special Feature: Analysing the “Coronavirus Currencies” Feature: Tax Planning and Moving Back to the UK Feature: How to Optimise and Maximise Your Employee Engagement Programme Feature: Singapore – Silicon Valley of the East?

Member Discounts

Editor: Lucy Haydon lucy@britcham.org.sg

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

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

© All rights reserved.

137 Telok Ayer Street, #06-03, Singapore 068602 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

Advertising Inquiries Lucy Haydon lucy@britcham.org.sg +65 6718-0535

CONTENTS

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OUR PARTNERS PLATINUM PARTNER

SILVER PARTNERS

GOLD PARTNERS

BRONZE PARTNERS

SUPPORTING PARTNERS

BRITCHAM BOARD

COMMITTEE CHAIRPERSONS

MANAGEMENT TEAM

PRESIDENT:

BUILT ENVIRONMENT: David Mackerness (Chairperson), Alisdair Gillies (Co-Chair), Patrick Gidney (Co-Chair)

Executive Director: David Kelly

Richard Warburton, Arcadis Asia

VICE-PRESIDENTS:

Michael Shearer OBE, McLaren Applied Technologies Fiona Carney, Microsoft

SECRETARY:

Haslam Preeston, Jardine Matheson

TREASURER:

David Fowler, Sanne Group

BOARD MEMBERS:

Damian Hills, The British Club Paul Kelleher, Diageo Singapore Pte Ltd Rosie Danyluk, BP Singapore James Nesbitt, Standard Chartered Bank Caroline Underhill, The Fry Group James Hennah, BT Singapore Pte Ltd Shivkumar Seerapu, Lloyds Bank Corporate Markets Plc Justinian Habner, Department for International Trade Lucy Watkins, British Council

DIVERSITY & INCLUSION: Andrew Ashman (Chairperson), Alexander Harrison (Co-Chair) ENERGY & UTILITIES: Tim Rockell (Chairperson), Bree Miechel (Co-Chair) FINANCIAL & FINTECH: Katharine Haggie (Chairperson), Francesca McKee (Co-Chair) HEALTHCARE & LIFE SCIENCES: Thalia Georgiou (Chairperson) INFOCOMM TECHNOLOGY: Magda Chelly (Chairperson), Hitan Mehta (Co-Chair), Faisal Parvez (Co-Chair) LEADERSHIP, TALENT & PROFESSIONAL DEVELOPMENT: Joe Tofield (Chairperson), Don Rapley (Co-Chair), David Gardner (Co-Chair) MARKETING & COMMUNICATIONS: Suzy Goulding (Chairperson), Andrew Clark (Co-Chair) STARTUP, ENTREPRENEUR & SMALL BUSINESS: Lara Quie (Chairperson), Mark Florance (Co-Chair), Kris Sasitharan (Co-Chair) SUSTAINABILITY: Sarah Cragg (Chairperson), Mark Florance (Co-Chair) TRANSPORT, LOGISTICS & SUPPLY CHAIN: Simon Petch (Chairperson), Nicholas Potter (Co-Chair)

Head of Marketing & Communications and Partnerships; Deputy Executive Director: Lucy Haydon Head of Member Relations: Nicole Wharfe Member Relations Administrator: Melissa Ng Head of Events: Helen Starr Events Executive: Safreen Anwardeen Events Executive: Sabeena Nayyar Senior Marketing & Communications Executive: Nicole Alison Lim Marketing & Communications and Events Executive: Samantha Nelson Senior Trade Services Advisor: Sachi Duggirala Trade Services Advisor: Aisyah Ariffin Finance Manager: Radhika Chauhan Office Manager: Anna C Garciso

WOMEN IN BUSINESS: Luciana Vichino (Chairperson), Wanying Lim (Co-Chair)

CHAMBER INFORMATION

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Message from the President

Dear Members, As I write this message to you, my first as the new President of the Chamber, we are all sharing the same collective experience and uncertainty arising due to the Coronavirus (COVID19) outbreak.

The ongoing response and communications from the Singapore Government, including the personal messages conveyed by Prime Minister Lee and the measures announced in the Budget, seek to provide reassurance and certainty during this dynamic situation.

Similarly, the Chamber team have been pro-actively liaising with both the Singapore and British Governments on your behalf to obtain the latest information and actively sharing this with both members and the wider business community. Please do continue Richard Warburton President, British Chamber Of Commerce, Singapore richard@britcham.org.sg

to monitor our website (www.britcham.org.sg) and social media feeds for the latest updates.

The ongoing health of our staff, our members, visitors and our event attendees is important and the Chamber team are following the recommended sensible precautions. We have, through necessity, had to postpone a number of events but we also looking to be agile and bring events to virtual platforms to ensure that we are able to continue delivering on our promises to the Chamber membership.

We will be reaching out to you this month to seek your feedback on how the virus has affected your business, with the aim of sharing this information back to the Government on behalf of our member companies.

This year has also borne witness to the withdrawal of the United Kingdom from the European Union. Whilst the outcomes of the withdrawal are not fully clear we do anticipate numerous bilateral trade negotiations to be taking place during the year. The Chamber remains in dialogue with the Department of International Trade to provide business feedback and will be reaching out again soon to the membership to gather further feedback on the impact of the withdrawal and more importantly the opportunities arising. Throughout the year we will continue to keep members appraised of the resulting announcements from the UK and their potential impact to your business.

The Chamber Trade Services team also continues to focus on providing a platform for UK based companies to consider Singapore as their next market for expansion, which will in turn provide new opportunities for business development and connections for those companies already here in-market. Find out more at www.britcham.org.sg/trade-services-support.

Whilst there may be uncertainty in a number of areas in the short term I am confident that the Chamber will be able to guide and support our members and the wider UK and SG business community through this period and onwards to future growth.

Please do reach out to myself or the team should you have any questions or suggestions.

MESSAGE FROM THE PRESIDENT

Financial planning for generations

www.thefrygroup.sg The Fry Group (Singapore) Pte Ltd is authorised to act as a financial adviser by the Monetary Authority of Singapore - licence number FA100057.

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Message from the Executive Director

Dear Members, 2019 saw a year of transformation for the Chamber with a change in leadership both within the executive team and the Board. We completed the year seeing fantastic growth of new members which has continued into 2020 with 26 new member companies joining us since the start of January.

David Kelly Executive Director, British Chamber Of Commerce, Singapore david@britcham.org.sg

I would like to take the opportunity to thank Dr Bicky Bhangu OBE for all his support and guidance during his tenure as President of the Chamber between 2016 and 2019. It was pleasing to see him recognised in the New Year's Honours list over the Christmas period for services to trade and British commercial interests. Of course, the team and I were also absolutely delighted to welcome in-coming President Richard Warburton, Executive Director of ARCADIS, in November. Richard has been hugely engaged with the Chamber for nearly a decade and has already been an incredible support to me and the Chamber team.

This year has started unexpectedly with a global health threat that has been the focus of everyone’s attention. As we all look to manage our way through the Coronavirus (COVID19), I would like to reassure you that the Chamber will continue to provide the latest guidance and updates to help with your planning and employee support. We are receiving direct daily updates from the Singapore Government which we are updating at www.britcham. org.sg/news/coronavirus-advisory and we will also provide updates on our own precautionary measures around events and other activities. While some of our typical activities are constrained by the virus, there is still plenty happening at the Chamber and where possible, we are exploring ways of getting great content to our members - look out for the introduction of webinars, our survey on the impacts of COVID19 to your business and reaction to the Singapore Budget 2020.

Furthermore, with the United Kingdom leaving the European Union at the end of January, the Chamber has been working hard to provide an online platform to promote Singapore and the wider ASEAN region to support UK companies who are keen to explore the market here. www.britcham.org.sg/trade-services-support.

Overall, 2020 has started strongly for the Chamber, and I look forward to seeing you all in the near future.

MESSAGE FROM THE EXECUTIVE DIRECTOR

STERLING MEMBERS

DETU R

P O N S M UN

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STERLING MEMBERS

LIFETIME MEMBERSHIP $4,280 Published Fee: $6,955

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EXCLUSIVELY FOR MEMBERS OF BRITISH CHAMBER OF COMMERCE

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Use of 4 tennis and squash courts

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Enjoy reciprocal arrangements with over 80 clubs worldwide including The Tower Club, Laguna National Golf and Country Club and ONE 15 Marina in Singapore

Call 6410 1100 or email membership@britishclub.org.sg to book a Club tour now!

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73 Bukit Tinggi Road Singapore 289761 www.britishclub.org.sg

TIMELESS CHARM ON BOARD AND OFF

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M A D E BY B R I TA I N B O O K N O W AT B A . C O M

Singapore Cricket Club Established 1852

Heritage. Sportsmanship. Camaraderie.

Established in 1852, the Singapore Cricket Club is the premier sports and lifestyle club housed in the heart of the city in a gazetted building framed by a breathtaking blend of historic and modern buildings, with the iconic Padang field at its doorstep.

A magnet for Singapore’s sporting fraternity, the Club has 13 sports sections including popular field and court sports, as well as indoor sports and games. Youth development programmes engage the young, while the Club’s four marquee tournaments attract reputable teams from around the globe.

The camaraderie built in sports extends to the Clubhouse where wining, dining and socializing facilities cater to a diverse and distinctive community of members. The Club is reputed for its fine dining and local fare options, topped with impeccable and personalised service. All this in venues that have been refurbished with great care to retain its architectural splendour dating back to the colonial era.

The Clubhouse’s compact size is played to advantage, closely integrating its members and allowing for social and business networking.

We welcome you to be a part of this unique lifetsyle today.

For membership enquires, please contact Membership at 6338 9271 or MembershipDept@scc.org.sg.

Connaught Drive, Singapore 179681.

“Amazing event, cannot wait for next year!”

“The best ball in town” Bring your colleagues, bring your friends, bring your neighbour, bring your partner…. bring your dancing shoes!

Back by popular demand, The Countdown Band, our sparkling pre-dinner reception, the Gurkha Pipes and Drums and a night of all things festive.

Book your tables at bit.ly/GBB2020

www.scc.org.sg

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GET IN TOUCH

137 Telok Ayer Street, #06-03, Singapore 068602 Tel: +65 6222-3552 Email: info@britcham.org.sg Website: www.britcham.org.sg

British Chamber of Commerce Singapore (BritCham)

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NEWS:

AROUND THE CHAMBER

Advice and Guidance for COVID-19 (Coronavirus Disease 2019) In light of increased precautionary measures from the Ministry of Health this month, we would like to reassure you of the steps the Chamber has put in place to protect the well being of our members, guests and staff. As a channel of communications trusted by the local authorities, we will continue to share the latest advice for businesses, including Business Continuity Plan recommendations.

Please monitor www.britcham.org.sg/news for the latest updates to assist you with your planning.

Our office and team Our office remains open for business, albeit we are being flexible with staff working from home where they need to. Given the number of visitors to the Chamber offices, we are also implementing a process for all staff, checking their temperature twice a day as directed by the MOH and monitoring any symptoms that require them to remain at home or visit a medical professional. Please do your part by not attending meetings at our office if any of the following applies to you.

Our team will be happy to provide conference call details as an alternative.

• you have travelled from China within the past month, • you have been in direct contact with anyone who has travelled from China in the same period, • you have any symptoms such as a runny nose, respiratory problems, a cough or you are feeling unwell.

Our events We are continually reviewing our plans and our team will be in contact should there be any changes to an event you have registered for. We will be taking the temperature of

attendees and providing hand sanitiser or alternatives. Again, please do your part by not attending an event if any of the above restrictions apply to you.

Manpower

Your input As COVID-19 continues to impact the operations of businesses, the Chamber is keen to hear about the effects on our members, what help and support you would find most useful, and what we should be saying to Government on your behalf. If you would like to share your experiences and

Guidance for cleaning and disinfecting workplace premises from NEA

feedback please respond to info@britcham. org.sg.

As we are all still learning about COVID-19, please remain vigilant and monitor your health closely. Per the general advice of international and local health authorities to the public, should you experience symptoms please seek the guidance of a medical professional. We care about your well being and appreciate any concerns you may have. We hope the above information helps to provide you with a better understanding of the situation. If you have any questions, please do not hesitate to contact our team.

Here's the latest advice, support and guidance from the Singapore Government on COVID-19 for your business and employees: Guidance on Stay-at-Home Notice (SHN) from Enterprise Singapore www.moh.gov.sg/news-highlights/details/ implementation-of-new-stay-home-notice (updated 19 February 2020)

www.mom.gov.sg/covid-19/general-advisory-forconfirmed-or-suspect-case (updated 19 February 2020)

www.nea.gov.sg/our-services/public-cleanliness/ environmental-cleaning-guidelines/guidelines/ guidelines-for-environmental-cleaning-anddisinfection (updated 19 February 2020)

Stabilisation and Support Package in the Singapore Budget 2020 from Ministry of Finance www.gov.sg/article/coping-with-covid-19economic-measures (updated 18 February 2020)

Guide on Business Continuity Planning for 2019 novel coronavirus from Enterprise Singapore and the Singapore Business Federation

www.enterprisesg.gov.sg/-/media/esg/files/mediacentre/media-releases/2020/jan-2020/guide-onbusiness-continuity-planning-for-2019-ncov_2ndedition_final_08022020.pdf?la=en (updated 7 February 2020)

Frequently asked questions on the 2019 Novel Coronavirus (2019-nCoV) from Enterprise Singapore

www.enterprisesg.gov.sg/-/media/esg/files/mediacentre/media-releases/2020/feb-2020/2019-ncovfaqs-for-businesses.pdf?la=en (updated 3 February 2020)

Shareable infographic/poster from the Ministry of Health and Enterprise Singapore

www.britcham.org.sg/sites/default/files/contentfiles/English_Infographic_Lets%20all%20do% 20our%20part(P)%20(002).jpg (download from this link, updated 13 February 2020)

Measures for confirmed or suspected cases at the workplace from Ministry of

Thank you to our former President, Bicky Bhangu We sat down with immediate past President, Dr Bicky Bhangu, to hear his experiences of the role, his highlights and his hopes for the Chamber.

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The Great British Ball Back by popular demand, the British Chamber of Commerce Singapore and The British Club presented the Great British Ball in the opulent surroundings of the Shangri-La Hotel on 7th December 2019. The Great British Ball continues to combine the rich history of both organisations to bring the British community together over the festive season to celebrate all things British. Guests also had the opportunity to partake in silent and live auctions and a live raffle with special prizes. Don't miss out on this year's edition, taking place on Saturday, 5th December. Book your tables at bit.ly/GBB2020

NEWS:

AROUND THE CHAMBER

NEWS:

MEMBER NEWS

A Message from Singapore Customs

If you are trading with China, are you leveraging the China Singapore Free Trade Agreement (CSFTA) to make your exports more price competitive? Did you know that the Preferential Certificate of Origin (PCO) and Certificate of NonManipulation (CNM) could now be electronically transmitted to the General Administration of Customs of the People’s Republic of China (GACC) through NTP? Besides being able to get preferential tariff rates for your exports to China, you can also improve your business process efficiency and enjoy cost savings with the electronic data exchange service with China. To find out how your business can enjoy this benefit, visit www.go.gov.sg/ntp-eods.

The Trade Finance Compliance (TFC) Service allows businesses to speed up trade finance applications by giving consent to Singapore Customs to share their permit data with financial institutions of their choice through the NTP. Businesses retain full control of their permit data at all times as they can give and withdraw consent at any time. To find out more about TFC Service, visit go.gov. sg/ntp-tfc.

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Meet the Eco-Business A-Listers: Simon Bennett, Shipping Decarboniser

Simon Bennett’s job is complex, but it is also the easiest job in the world, he says.

In addition to participating in multiple Chamber committees, he is general manager of sustainable development for The China Navigation Company (CNCo), the deep sea shipping arm of John Swire & Sons, the private arm of Hong Kong and London-headquartered conglomerate Swire Group. And he performs the same role for Swire Pacific Offshore, the offshore marine support division of Swire Pacific, the public part of Swire Group.

He has worked for these companies, both at sea and onshore, for more than 35 years, the last 11 running the company’s sustainability operations.

It was the vociferous Brit’s push for the decarbonisation of his company, and by turns the shipping industry as a whole, that qualified him for the inaugural Eco-Business A-List, a who’s who of the most influential corporate sustainability executives in Asia Pacific who have done the most to make business less harmful for people and planet over the last 12 months.

In an interview with Eco-Business,

Bennett talks about why he chose a career in sustainability, the hardest thing about this job, the question sustainability executives should be asking themselves this year, and whether he thinks he’ll ever be replaced by a robot.

So Simon, what sparked your interest in sustainability?

I’ve always believed in it. I ran away to sea at 17. Then I came back ashore at 21 and did a degree in environmental science at the University of Easy Access [the nickname for the University of East Anglia (UEA), so-called at the time because of a reputation for accepting students with low grades] in Norwich, where the Dean of the School of Environmental Science was the guy who discovered seafloor spreading; he showed that the earth’s tectonic plates beneath the sea are moving around.

UEA was one of the first universities that taught environmental science, and is a world-leading place of study in natural and anthropogenic climate change. It was a very varied degree— you could pick the modules you wanted, and I picked all the wet and windy stuff, oceanography,

meteorology, environmental hazards and the like.

Plus, I’ve always believed in doing the right thing, even when no-one’s looking. I guess that comes from my Christian upbringing.

What’s the hardest thing about your job?

There isn’t a hardest thing, because I love the job. I’m over retirement age but I’ve carried on. I’m 63, and people generally get put on the euthanasia bus at the age of 60 in our industry.

I was speaking to the chairman of CNCo the other day in Hong Kong and I told him that I had the best job in the world. Senior management believes we should be doing all this [sustainability] stuff, and millennials are joining us because of what we do. Everybody loves me, and everybody loves and supports what we do across the entire range of sustainability issues. Which is why it’s a really satisfying and easy job.

Read the full interview over at: www.eco-business.com/news/ meet-the-eco-business-alisters-simon-bennett-shippingdecarboniser/

NEWS:

MEMBER NEWS

NEW MEMBERS

STERLING MEMBERS BRIGHTON COLLEGE (SINGAPORE) A Brighton College education doesn’t just enable a child to comprehend the world around them. Our ambitious English curriculum promotes a problem solving, analytical approach, that alongside an outward looking perspective, encourages both social responsibility and engagement. It empowers our pupils to lead, shape and change their world. Brighton College (Singapore), enrolling now for August, offers an education that provides the best foundation for learning for children aged 18 months to 11 years, supported by its three key pillars of curiosity, confidence and kindness. Find out more at www.brightoncollege.sg Representative Member: Claire Ettinger, Head of Marketing and Admissions

FRANKLIN SHANKS Navigating varied commercial real estate markets and finding the right space can be complex and time consuming. As your outsourced Property Director, Franklin Shanks handles these matters on your behalf. We represent tenants and buyers, creating bespoke commercial real estate strategies focused on people, location, risk, flexibility, and cost savings. Find out more at www.franklinshanks.com Representative Member: James Shanks, Co-Founder

HFW We have more than 600 lawyers working across Asia Pacific, the Americas, Europe and the Middle East. As a sector-focussed law firm, we pride ourselves on our deep industry expertise across aerospace, commodities, construction, energy and resources, insurance and reinsurance, and shipping. One of the first UK-based law firms to expand internationally, we are committed to the APAC region, with seven offices and almost 220 lawyers to date. Find out more at www.hfw.com Representative Member: Nina Grayson, Marketing & BD Manager, SE Asia

CORPORATE PLUS MEMBERS WOOD MACKENZIE Wood Mackenzie is a global leader in commercial intelligence for the natural resources sector. We empower our clients to make informed strategic decisions, by arming them with objective analysis and advice on assets, companies and markets.

Find out more at www.woodmac.com Representative Member: Steven Blanchard, Vice President, Head of APAC Sales

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CORPORATE MEMBERS AGS FOUR WINDS INTERNATIONAL RELOCATIONS Providing Global Mobility solutions since 1974, the AGS Group is a reliable partner offering International Removals, Relocation and Records Management services around the world. AGS Group assists more than 75000 families with their relocation every year. With our own office and state of art warehouse facilities in London, AGS International Movers Singapore is delighted to assist on your corporate or personal relocation journey. Find out more at www.ags-globalsolutions.com Representative Member: Ilya Rokun, Sales & Marketing Manager

ARCTIC SHORES APAC Arctic Shores is an innovative and disruptive recruitment tech business. Our solutions combine neuroscience, artificial intelligence, and game technology to generate data-driven people insights for more predictive and less biased hiring.

Find out more at www.arcticshores.com Representative Member: Vj Posadas, General Manager

BRAND FINANCE ASIA PACIFIC Brand Finance is a specialist consultancy dedicated to the better understanding of marketing finances, offering a highly professional approach to marketing accountability and brand evaluation. Brand Finance has developed transparent and accessible brand evaluation and brand valuation methodologies grounded in marketing and investment practice. Find out more at www.brandfinance.com Representative Member: Samir Dixit, Managing Director

DWF LLP DWF is a global legal business, supplying services not only to the global legal market but also providing complementary connected services to our clients. Our purpose is to transform legal services through our people for our clients using our three principal strategic objectives: understanding our clients, engaging our people and doing things differently. Find out more at www.dwf.law Representative Member: Babita Ambekar, Partner

HERTZ ASIA PACIFIC The Hertz Corporation is one of the largest worldwide vehicle rental companies, and the Hertz brand is one of the most recognized in the world. Product and service initiatives such as Hertz Gold Plus Rewards, Ultimate Choice, Carfirmations, Mobile Wi-Fi and unique vehicles offered through the Adrenaline, Dream, Green and Prestige Collections set Hertz apart from the competition. Find out more at hertz. com.sg Representative Member: Brian Yeap, Business Development Manager, South Asia

NEW MEMBERS

NEW MEMBERS

LONDON METAL EXCHANGE The London Metal Exchange is the world centre for industrial metals trading. Most of the world’s non-ferrous metals business is conducted on our three trading platforms: LMEselect (electronic), the Ring (open outcry) and the 24-hour telephone market. Find out more at www.lme.com Representative Member: William Fyfe, Head of Singapore

MANZALAB Since 2010, Manzalab creates innovative digital experiences with two main verticals, Training and Product Communication, using mobile App for smartphones or tablets, serious games, role plays, virtual reality (VR), augmented reality (AR), collaborative VR. Manzalab uses neurosciences to ensure the efficiency of the experience it creates for its B-to-B partners. Find out more at www.manzalab.com Representative Member: Gildas Coldeboeuf, CEO

MILLENNIUM AND COPTHORNE INTERNATIONAL LIMITED Founded on the philosophy of genuine hospitality, Millennium Hotels and Resorts (MHR) has an outstanding reputation for excellence, taking pride in exceeding the needs of its business and leisure travellers. Find out more at www. millenniumhotels.com Representative Member: Reena Chand, Marketing Executive

NAUMI HOTELS Established in 2007, Naumi Hotels is a purveyor of exceptional hospitality experiences with its trend-setting concepts, design aesthetics and bespoke services.The Singapore-based private hotel owner and operator owns and/or manage seven properties in Singapore, New Zealand and Australia. Find out more at www.naumihotels.com Representative Member: Elaine Heng, Group Marketing Manager

ONE GLOBAL PROPERTY SERVICES (SINGAPORE) PTE LTD At One Global Property Services, we deliver a world of possibilities. Whether you're an individual looking for the perfect home or tenant or an investor or corporation looking to develop a property portfolio, you'll enjoy advice and service that is second-to-none. Find out more at www.ogpsglobal.com Representative Member: James Puddle, Managing Director

23 PALO IT PALO IT is a global technology innovation consultancy and an agile software development company dedicated to helping organisations embrace exponential change. We work with clients to rapidly launch products and services, create new business models and prepare leadership and culture for the future. Find out more at www.palo-it.com Representative Member: Adam Wood, Sales Manager

RESOURCE SOLUTIONS CONSULTING SINGAPORE Resource Solutions is a global leader and full-service provider of RPO (Recruitment Process Outsourcing) and MSP (Managed Service Provider) solutions. We offer a range of custom and personalized solutions for businesses, helping you hire better, innovate more, and benefit from best practices and emerging market trends. Find out more at www.resourcesolutions.com Representative Member: Cristina Concengco, Senior Marketing Executive

SUNWAY HOTELS & RESORTS Sunway Hotels & Resorts operates a portfolio of 11 hotels in Malaysia, Cambodia and Vietnam, representing over 3,000 guestrooms, suites and villas at its owned and managed properties. Each hotel stands apart for its individual charm and localised characteristics, with an unrelenting commitment and passion to offer guests a truly memorable experience. Find out more at www.sunwayhotels.com Representative Member: Decky Kwok, Sunway Hotels & Resorts

TADCASTER HOSPITALITY SINGAPORE Tadcaster Hospitality is an umbrella brand for unique restaurants, bars, and clubs in Singapore, Australia, and the Philippines. Despite being a relatively young company, there are seven Tadcaster Hospitality concepts in Singapore, with our most recent being Cafe Melba at Mediapolis, which opened in May of 2016.

Find out more at www.tadcaster.com.sg Representative Member: Hui Lin Goh, Creative & Marketing Manager

THE CARBON TRUST The Carbon Trust is an independent, expert partner of leading organisations around the world, helping them contribute to and benefit from a more sustainable future through carbon reduction, resource efficiency strategies and commercialising low carbon technologies. Find out more at www.carbontrust.com Representative Member: Kalyani Basu, Analyst

NEW MEMBERS

NEW MEMBERS

CORPORATE SME MEMBERS ALBIZIA CAPITAL Albizia Capital is an independent boutique fund management company based in Singapore, celebrating its 10th anniversary in 2019. We manage our portfolios using a disciplined, bottom-up value investing approach, with a very clear focus on the opportunity set created by the growth of incomes and consumption in ASEAN markets. Find out more at www.albiziacap.com Representative Member: Michael Gilmore, Director

ASIACITI TRUST SINGAPORE PTE LTD Asiaciti Trust is an international trust and corporate services provider. For 40 years we have delivered specialist fiduciary and administrative services to individuals, intermediaries and corporations. We are Asia Pacific focused with global reach, able to offer structures and solutions in almost any jurisdiction via our extensive international network. Find out more at www.asiacititrust.com Representative Member: Desiree Mikaela Lancaster, Director, Client Solutions

BOYD MARINE CONSULTANTS Boyd Marine Consultants “BMC”, is a new generation, marine services company who strive to deliver industry leading, professional and bespoke consultation services to the Marine industry. Our team boast a wealth of experience in the maritime industry where rigorous and demanding safety, quality and environmental standards are a prerequisite. Find out more at boydmarineconsultants.com Representative Member: Peter Ryan, Managing Director

COMPLETE RPI At Complete RPI, we provide a unique service for our investors in residential property. Whether you are an individual or organisation, UK-based or international, we take care of every step of the process. Find out more at www.completerpi.com Representative Member: Scott Mitchell, Senior Consultant

CRANE & LIFTING SOLUTIONS PTE LTD Crane & Lifting Solutions Pte Ltd (CLS) is a provider of Specialist Engineering Services to the Oil, Gas, Petrochemical and Renewable Energy sectors, serving the APAC/ME regions. From offshore/marine crane maintenance/repair, rigging/lifting advice/management, LOLER advice/integration to onshore, dock side and wharf cranes, CLS offer a full maintenance, repair and training service. Find out more at www.clsolutions.com.sg Representative Member: Duncan Fraser, Engineering Director

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INTERTRUST SINGAPORE CORPORATE SERVICES PTE LTD Intertrust delivers high-quality, tailored corporate, fund, capital market and private wealth services to its clients, with a view to building long-term relationships.

Intertrust works with global law firms and accountancy firms, multinational corporations, financial institutions, fund managers, high net worth individuals and family offices. Find out more at www.intertrustgroup.com Representative Member: Jon Barratt, Managing Director

INVISIBLE GRAIL Invisible Grail explores and creates approaches to team and individual development for people working in Higher Education. We’re alongside you as you discover how to tell the story of your institution at its best. Find out more at www. invisiblegrail.com Representative Member: Paul Gentle, Academic Director

OFFICESERV OfficeServ provide every conceivable service for the office. We focus on information technology & cyber security and are highly experienced in areas such as office build & project management, printing & photocopying and facilities solutions. Find out more at www.officeserv.com.sg Representative Member: Chris Pearson, Managing Director

TRISTAR CAPITAL PARTNERS Tristar is a hands-on provider of private equity with an experienced team that can get involved with a business and make a meaningful difference. In addition to providing capital, we work hand-in-hand with each company in which we invest to bring strategic and operational expertise to support management teams and drive growth. Find out more at www.tristarasia.com Representative Member: Damian Hills, Founder

X0PA AI PTE LTD X0PA AI is an artificial intelligence hiring platform that helps companies achieve their hiring with the highest level of objectivity. Making hiring a scientific and objective process, using deep tech tools and combining this with an efficient workflow platform to reduce hiring errors due to human subjectivity and make hiring a seamless, unbiased and agile process. Find out more at x0pa.com Representative Member: Nina Alag Suri, Founder and CEO

NEW MEMBERS

NEW MEMBERS

CORPORATE START-UP MEMBERS AZTEQ VENTURES Azteq Ventures is a small company with three core segments; Oil and Gas equipment trading, Wholesale Distribution and Management Consultancy. Find out more at www.azteq.org Representative Member: Edward Wharam, Managing Director

FUTURERIDGE PTE LTD FutureRidge Pte Ltd is a specialist consulting firm dedicated to helping companies grow through digital transformation. It provides business transformation and growth acceleration to clients through the introduction of technology, such as, but not limited to, Blockchain, Internet of Things, Robotic Process Automation, software and cyber security. Find out more at www.futureridge.com Representative Member: Adrian Guttridge, CEO

JURADO & ASSOCIATES PTE LTD Jurado & Associates is primarily an Executive Coaching organisation with operations in South East Asia and Europe. The company provides 1-1 Performance Coaching for Executives, Training Plans for Professional Development and Bespoke Facilitation Services. Find out more at www.juradoassociates.com Representative Member: Matthew Jurado, Managing Director

NUWA Nüwa is a professional membership organisation and jobs portal for creative professionals living and working in south east Asia. We aim to inspire and connect people in art, culture and design, as well as to provide opportunities within the sector and beyond. Find out more at www.nuwa.sg Representative Member: Elaine Friedlander, Founder

PITCH MEDIA ASIA Pitch Media Asia is a full-service communication agency and advisory platform. We believe that communication is everyone’s business and we help brands unlock their communication potential by giving their people a voice. Find out more at www.pitchmedia.asia Representative Member: Anne Morgan, Consultant

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SQREEM TECHNOLOGIES PTE LTD SQREEM technologies is currently one of the fastest growing, profitable A.I. companies in Asia, operating in over 40 markets and 12 industries. Our strongest verticals are fintech, media, and Pharmatech, where we have pioneered solutions that are currently being adopted at scale by over one hundred MNCs in APAC , Europe, Middle East & USA. Find out more at www.sqreem.com Representative Member: Ian Chapman-Banks, CEO

OVERSEAS CORPORATE MEMBERS AUTOCHAIR LTD Born from one man's desire for greater independence, Autochair is a world leading manufacturer and supplier of vehicle adaptation products which have been making a difference to the lives of tens of thousands of people for more than 30 years. It is our ambition to make car travel easy and accessible to all – whether as a driver or a passenger. Find out more at www.autochair.co.uk Representative Member: Nigel Wood, Export Sales Manager

CORE UK LTD CORE strives to be a leading supplier of both bespoke and packaged information systems for global interconnected companies and the supply chain Industry. Our solutions include; supply chain visibility, customs classification and sustainable supply chains. Find out more at www.core-business.com Representative Member: Darren Wareing, Head of Sales

MUNNYPOT ENTERPRISE Munnypot was created to make financial advice available to everyone. Not just the wealthy. Not just investors. People—from all walks of life, the world over—use our proprietary technology to buy the core financial products they need, via any device.

And as and when changes need making, Munnypot is there to facilitate the regulated financial advice, simple or complex, that your end client’s value. Find out more at www.munnypotenterprise.com Representative Member: Andrew Fay, CEO

NEW MEMBERS

NEW MEMBERS

NORTHROW LTD NorthRow was founded in 2010 to accelerate the digital transformation of regulated organisations whilst preventing financial crime. NorthRow’s technology solutions create friction-free client onboarding and monitoring experiences, whilst ensuring regulatory obligations are met. By automating and integrating a broad range of identity verification and managed services, NorthRow simplifies the complexity of compliance during the onboarding process, improving operational efficiency and customer experience, whilst reducing our client’s time to revenue.

Find out more at www.northrow.com Representative Member: Adrian Black, CEO

VERUM SOLUTIONS LTD Verum Solutions Ltd is a UK based company with representation in Monaco and Singapore. We provide project management consultancy services and a unique QA/ QC surveillance inspection management software solution Qvis to Operators and EPC contracting companies involved in the Upstream Oil & Gas industry. Find out more at www.verum-solutions.com Representative Member: Paul Milligan, Director / Owner

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

NAME

DATE

TIME

Annual General Meeting 2020

16 Apr 2020

6:30 PM 8:00 PM

The British Chamber of Commerce Annual General Meeting 2020 will be held on Thursday, April 16th, 2020 at 6.30pm (registration starts at 6.00pm).

The Annual General Meeting will receive the Annual Report of activities and present the 2019 Financial Statements for approval. The Chamber's progress and achievements during the past year will be reviewed and initiatives for the rest of the year will be presented. The audit of the Annual Accounts is underway and these will be available and communicated to you in early April.

All Primary Members are entitled to vote during the meeting. If you are unable to attend, you may wish to nominate a representative, or submit your vote by proxy by completing the Proxy Form before 15th April 2020 at britchamsingapore.eventbank.com/event/annual-general-meeting-2020-19793/download-proxy-form--boardnomination-form.html.

The Chamber's Board (also referred to as the Committee) is elected each year and will take office from the date of the AGM. All BritCham Members (except Individual Members) are eligible for election, with two current Primary Members required to support a nomination for election. Under the provisions of the Constitution, if more than twelve nominations for election are received, a ballot will be held.

All Members (except Individual members) are also welcome to put forward a Board Nomination for either themselves or any BritCham member. To do so, download the Board Nomination form at britchamsingapore.eventbank.com/event/ annual-general-meeting-2020-19793/download-proxy-form--board-nomination-form.html. The form requires the support from any 2 Primary Members or Additional Members as indicated. All nominations must be submitted to the Chamber Management Office, for the attention of the Secretary, no later than 2nd March 2020 to anna@britcham.org. sg.

If you are unsure of your membership type, please feel free to call the Chamber office at 6222-3552.

UPCOMING EVENTS

RECENT EVENTS 24 October 2019: Working Minds – Managing Stress Positively Diversity & Inclusion Partner:

Partner:

13 November 2019: 5G – How to Ensure New Opportunities for your Business!

Breakfast Club Series Partner:

14 November 2019: How Great Communicators Use Storytelling To Connect And Engage https://www.flickr.com/photos/britchamsingapore/ albums/72157711856454876 Future of Work Partner: Breakfast Club Series Partner:

15 November 2019: The Future of Power and Electrification https://www.flickr.com/photos/britchamsingapore/ albums/72157711857917673 Breakfast Club Series Partner:

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19 November 2019: Data-driven Marketing Trends - Personalisation, Privacy, Content & Branding https://www.flickr.com/photos/britchamsingapore/ albums/72157711857258173 Breakfast Club Series Partner:

20 November 2019: ASEAN In Focus: Expanding into Indonesia – How to navigate the process

ASEAN In Focus Series Partner:

21 November 2019: Attracting, Retaining and Engaging a Multi-Generational Workforce Future of Work Series Partner:

26 November 2019: Cyber Risks - Transport & Marine Sector Implications Breakfast Club Series Partner:

RECENT EVENTS

RECENT EVENTS

27 November 2019: Invitation-only lunch with the Rt Hon David Cameron Partner:

28 November 2019: Christmas Drinks Reception https://www.flickr.com/photos/britchamsingapore/ albums/72157711985018038 Food & Beverage and Prize Partners:

03 December 2019: A UK Outlook: Understanding the Residency Rules and Your Domicile Position Title Partner:

14 January 2020: ASEAN in Focus: Expanding into Malaysia ASEAN in Focus Series Partner:

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16 January 2020: Sterling Member VIP Dinner Drinks Partner:

22 January 2020: Leading a Culture of Innovation featuring Google https://www.flickr.com/photos/britchamsingapore/ albums/72157712796161492 Food & Beverage Partner:

30 January 2020: 2020 New Year's Networking Evening https://www.flickr.com/photos/britchamsingapore/ albums/72157712911540053 Title Partner:

TRADE SERVICES EVENTS

Expand your UK business into Singapore

Planning a trip to Singapore from the UK to review the market?

with the Chamber’s Trade Services support With a population of over 650 million people and an average growth rate of 5.1%, South East Asia sits at the heart of Asia Pacific, and with trade links to all of the world's major economies, is projected to be the world's 4th largest market by 2030. South East Asian countries already account for more than £32 billion of trade with the UK, 2016 figures show.

At this early stage of your journey in ASEAN, the Chamber can provide support through our Trade Services team, with market research, business matching, introductions and partner identification services readily available for British companies.

Our partner British Airways are supporting British business by offering you a 10% discount on your airfare. Contact trade@britcham.org.sg for more details.

Scan the QR code for more information:

Visit www.britcham.org.sg/trade-services-support if you are: • interested in how the Chamber can help you to export • interested in setting up a company in Singapore • looking for capital funding • looking for a local business partner • interested in the open market opportunities • searching for resources & links

Trusted Professionals

Services to Suit Your Needs

Bespoke Event Management

Our professionals are experienced, friendly, and ready to support you.

We provide a full suite of services to help you at every stage of your business.

We can support your event needs including sourcing appropriate guests.

137 Telok Ayer Street, #06-03, Singapore 068602 info@britcham.org.sg +65 62223552

To qualify for our Trade Services support, your business must: • Have an active UK trading address • Be able to demonstrate that any support they receive from the Chamber would help them deliver economic benefit to the UK through this trading address This includes both UK-based businesses investing, or looking to invest overseas and foreign-owned businesses based in the UK. Non-profit organisations and charities also qualify.

The British Chamber of Commerce retains discretion on who can use these services

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Singapore and the UK – Trusted and Innovative Partners for the Future

By Ms Foo Chi Hsia, Singapore High Commissioner to the United Kingdom The Singapore-UK Partnership for the Future (P4F) celebrated its first anniversary last month. In this article, Ms Foo Chi Hsia, Singapore High Commissioner to the United Kingdom, shares her thoughts on the collaboration.

SPECIAL FEATURE:

SINGAPORE AND THE UK – TRUSTED AND INNOVATIVE PARTNERS FOR THE FUTURE

SPECIAL FEATURE:

SINGAPORE AND THE UK – TRUSTED AND INNOVATIVE PARTNERS FOR THE FUTURE

Our Singapore-UK Partnership for the Future (P4F) celebrated its first anniversary last month. The Partnership is intended to strengthen our collaboration to deal with common challenges in a changing environment in key and fast-developing sectors. One year on, I am pleased that the Partnership has delivered 25 initiatives and MOUs, which will create new opportunities for the already strong contingent of more than 4,700 British firms in Singapore, in sectors from green finance to medical technologies, and in areas from data to cybersecurity.

The UK and Singapore have much more in common than a shared heritage in common law and language. Our two economies are dynamic and innovative; our people skilled, creative and forwardlooking. The Partnership for the Future encompasses this spirit of entrepreneurship and openness, and delivers a blueprint of how we can work together on current as well as new and emerging industries. In July 2019, Rolls Royce and A*STAR invested a further $8 million in the joint Advanced Remanufacturing and Technology Centre with Singapore Aero Engine Services, bringing Rolls Royce’s total investment to $70 million, while pharmaceutical giant GSK unveiled its new $130 million manufacturing facility in Jurong which serves as a testbed for advanced technologies as part of Singapore’s 10-year Manufacturing

Roadmap.

Singapore is the UK’s top goods and services trading partner in ASEAN, making up almost a third of the total UK-ASEAN trade in goods and more than half of trade in services.

Following the UK’s withdrawal from the EU, we look forward to the expeditious conclusion of our bilateral continuity agreement to rollover the EUSingapore Free Trade Agreement which entered into force last November. This will serve as the foundation for us to embark on an even more ambitious trade deal of the future, including the UK’s interest in joining the Comprehensive and Progressive TransPacific Partnership. In the meantime, the rollover will help preserve the tariff elimination on beer and stout; enhance protection under our new Geographical Indicator Registry including Scotch Whisky; reduce non-tariff barriers in electronics, motor vehicles and vehicle parts, pharmaceutical products and medical devices, and renewable energy generation; improve access to government procurement including infrastructure projects; as well as enhance market access for services.

Together with an updated Investment Protection Agreement and Singapore’s ongoing work in Digital Economy

Partnership Agreements and the WTO Joint Inititive on e-Commerce, we can collectively harness the transformative potential of the digital economy, and spur new business opportunities in areas like Artificial Intelligence, smart mobility, decarbonisation, agritechnology, Fintech, and urban solutions. With the rising numbers of UK innovators in Singapore, such as data insights firm Geospock and mobility start-up Splyt, and presence of more UK venture capital and private equity firms, Singapore’s start-up ecosystem will remain the premier platform for British firms making inroads into Asia.

In the other direction, Enterprise Singapore launched its Global Innovation Alliance node in London in November 2019, and has partnered with IoT Tribe in the UK to establish an accelerator programme for Singaporean firms aiming to scale up operations in the UK. We look forward to Innovate UK also setting up its launchpad in Singapore. On smart mobility, the Land Transport Authority (LTA) has teamed up with the UK’s Centre for Connected and Autonomous Vehicles to conduct pioneering research and development of new standards for self-driving vehicles.

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15th October 2019: High Commissioner Ms Foo Chi Hsia with our Executive Director, David Kelly

Our collaboration also includes advancing sustainable practices to address and mitigate climate change, and encourage financial flows that support a pathway towards climateresilient development. As financial hubs, we joined hands to promote and apply the principles of green and sustainable finance through the Green Finance Partnership Agreement, concluded between the Monetary Authority of Singapore (MAS) and the City of London Corporation in June 2019. This agreement seeks to harmonise standards, enhance environmental and climate risk disclosures, and strengthen green finance collaboration. There are also emerging opportunities for British firms specialising in decarbonisation

technologies to contribute to Singapore’s climate action goals.

Singapore is the UK’s top goods and services trading partner in the Association of Southeast Asian Nations (ASEAN), making up almost a third of the total UK-ASEAN trade in goods and more than half of trade in services. We are also the UK’s top ASEAN investment destination, and third largest in Asia. As the UK deepens its own institutional engagement with ASEAN independent of the EU, British businesses find Singapore their partner of choice to access the wider ASEAN economy, home to a young and upwardly mobile population of more than 630 million and due to become the 4th largest

market in the world by 2050. I was delighted to meet with Chief Executive of BritCham Singapore David Kelly, during UK-ASEAN Business Council’s “Sizzling Southeast Asia” roadshow in the UK last October.

Trade in the future will no longer be solely quantified by crates and containers, but in bytes and blockchains too. Singapore and the UK have forged an innovative partnership to adapt to technological developments and digital disruptions, by bringing together our businesses and people to find joint solutions. As trusted partners, we are well-positioned to seize the myriad opportunities ahead.

ABOUT THE AUTHOR Ms Foo Chi Hsia is High Commissioner of the Republic of Singapore to the United Kingdom. Ms Foo graduated with a Bachelor of Law, and obtained a Master in Public Management, both from the National University of Singapore. Ms Foo served at the Singapore Permanent Mission to the United Nations in New York from 1997 to 2003, during Singapore’s only term as a non-permanent member of the United Nations Security Council from 2001 to 2002. At the Ministry HQ, her various appointments include being responsible for Americas, Southeast Asia, South Asia, Middle East, Africa, Singapore’s only case before the International Court of Justice, as well as APEC and WTO matters. Ms Foo was conferred the Public Administration Medal by the Government of Singapore in 2008, and the Dame Commander of the Victorian Order (DCVO) by Her Majesty The Queen Elizabeth II in 2014.

SPECIAL FEATURE:

SINGAPORE AND THE UK – TRUSTED AND INNOVATIVE PARTNERS FOR THE FUTURE

MATTERS OF OPINION: THE CLIMATE CRISIS

Matters of Opinion: The Climate Crisis The global UN Climate Talks (COP26) will take place in November under a joint United Kingdom – Italy Presidency. The gap between what the public/science demands and what countries are delivering is widening. Will the Parties come together and provide meaningful outputs to address the climate crisis through a radical and transformational global approach? 2020 marks a milestone for the Sustainable Development Goals (SDGs), leaving us a decade to deliver to our pledge; to transform the word and rescue the planet. A truly ambitious global effort is needed, encompassing all parts of society, in order to avoid the catastrophic effects of climate and environmental degradation.

What should policymakers, regulators, NGOs, financiers, business leaders, and climate-change advocators do this year to raise ambition in Asia and ensure the success of COP26 in Glasgow?

Malaysia Airlines "Malaysia Airlines supports Malaysia's stand on the climate change crisis in line with UN SDG 17. The airline has been actively engaging with the Government of Malaysia to support CORSIA before it was voted by ICAO Council States in 2016. As a result of our engagement, Malaysia is amongst the initial countries to volunteer in the CORSIA programme before it becomes mandatory in 2027. This has also led Malaysia Airlines to be an airline member of the Goverment led initiative for Sustainable Alternative Fuel. Besides that, Malaysia Airlines, and its sister companies under the Malaysia Aviation Group (MAG), is also looking at several options to reduce its carbon footprint. This includes new aircraft technology (with its A350-900 and ATR72), improved operating processes, sustainable alternative fuels or through carbon offsetting.

The airline has already begun conducting studies to reduce fuel consumption in its operations, for cost effectiveness as well as to protect the environment. It has also implemented the SkyBreathe innovative fuel savings solution, which was introduced in 2018. This system assists the airline in analysing its flight data recorders to assess a flight’s efficiency which allows the airline to save fuel. This year, the airline will be practicing a lot more green initiatives by ensuring future procurements considers aircraft that are fuel efficient and has low emission of CO2. Operationally, we will be focusing on the many ways and means to reduce Green House Gas emissions by being mindful in our daily tasks.”

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Frances Chen, Head of Corporate Sustainability, HSBC Singapore

James Hennah, Managing Director South East Asia (ASEAN), BT

"The depletion of natural resources and changes to our environment are having a profound and exacerbating impact on Asia, and particularly Southeast Asia. The global business, finance and regulatory community is waking up to these threats. Sustainable financing is an important vehicle for realising a low-carbon economy. Despite greater awareness, not enough capital is finding its way to the end goal. Singapore’s open economy, proactive regulator and headway in implementing global frameworks and best practices is opening up the capital markets to sustainable finance. Banks need to continue to mobilise finance to power the transition our planet needs. We do this by providing easily accessible solutions to businesses that enable them to contribute to mitigation and adaptation efforts. The challenge for COP26 will be to take these local and regional successes and standardise them for markets worldwide, so a truly global and ambitious effort can be taken.”

"2020 is a year of climate action. We need bolder action from both businesses and governments around the world. BT led the way by setting a science-based carbon reduction target in 2008 and we’ve since reduced our carbon emissions by 80%. We have a commitment to be a net zero carbon emissions business by 2045. We are part of a small but fast-growing group of companies that have pledged to set climate targets that align with limiting global temperature rise to 1.5°C and reaching net-zero emissions by no later than 2050. That’s progress, but it’s not enough. As a technology company, we have a huge role to play in enabling innovative solutions and the exponential change needed to make this transition happen.”

Robert Shwed, Account Leader, East Asia Climate Resilience, Mott MacDonald Simon Petch, Partner, Watson Farley & Williams LLP & Chair, BritCham’s Transport, Logistics & Supply Chain Committee “Polluting industries exist because they are demanded. There is a desire to improve: see initiatives like the Getting to Zero Coalition and the Poseidon Principles, but the cost of sustainability is immense, and these are businesses. If an organisation invests in sustainable technology but its business includes the transportation of hydrocarbons, should its efforts not be applauded instead of it being chastised for 'greenwashing'? And what is the point of incurring the expense to improve your business if the customer goes elsewhere for the cheaper option? When one considers the human resources, technology and logistics involved in shipping a 40ft container halfway around the world, is a price tag of less than US$5,000 truly conducive to sustainability? The UN must learn the lessons of IMO 2020, set the agenda and steer the debate. Regulation needs to create a level playing field. Public opinion needs informing as to the cost.”

“We at Mott MacDonald believe the keys to advancing this critical transformation lie in connected thinking and coordinated action – linking mitigation with adaptation; national and international planning with local investment; and business cases for industry with benefits to communities – to drive successes and enable further progress. There is good work being done already across Southeast Asia. We are honored to be playing a part: leading a regional social development initiative across six countries; helping governments develop and buy in to achievable emissions reductions pathways; developing GHG accounting methodologies to help a global network of cities understand the carbon reduction potential of specific actions; and crafting resilience strategies for individual infrastructure assets, among others. Every step forward builds confidence and capability. By continuing to take those steps here, linking them together and sharing and scaling what we learn, we build the foundations for more – both here and at COP.”

MATTERS OF OPINION:

THE CLIMATE CRISIS

MATTERS OF OPINION: THE CLIMATE CRISIS

Cecilia Leong-Faulkner, Founder & Managing Director, British Theatre Playhouse “If we want to live in harmony with nature, then we need to look after it. We have only one planet, and without doubt, it is ruled by Mother Nature - a mighty force that governs our environment such as our blue skies, forests, mountains, rivers, oceans and soils indeed our very own existence! Global warming and climate change are vital signs of our planet. We see the effects of climate change and fortunately, we know what causes it. There are solutions, and we must pay attention to them. Governments are working together with businesses to tap on the technology available to reduce carbon emissions and incentivise renewable energy.

A lot of countries have banned one-time-use plastic. As individuals, we can start somewhere and make changes to our lifestyles, e.g. reduce meat intake, reuse, recycle and reduce where possible, etc. Let's do our best to create awareness of climate change and lower our carbon footprint.”

Graham Silverthorne, Head of UWCSEA “Perhaps the most important thing to be done this year is not an action by any of the organisations or entities listed. Perhaps the most important thing to be done is by individual changemakers. Change has always happened in history when stasis is no longer sustainable or tolerable - that change can be a catalyst for great good or great harm to befall the world. People want peace and to be safe and they also want the world to be a place of beauty and opportunity for their children.

Leaders, businesses, regulators and policy makers have failed to give us a vista where either of these things seem possible for many because they are diverted by self-interest. As educators, we must redouble our efforts to try to equip our learners with the understanding, the skills, the beliefs and a confident disposition to take action for themselves, not to leave action to other people. 2019 showed us the power of that possibility - perhaps 2020 is the year that the second, the third and the fourth young geese will take flight to follow the first.”

Amir Sethu, CEO, Lendurance “Companies, funds and their investors have the capital needed to deal with climate issues – as they have increasing influence, their actions shape the future. ‘Bringing them to the table’ is a start, although they will not prioritise climate, unless there is a tangible and measurable financial benefit. Penalising polluting countries / companies is an option, but what happens when there isn’t enough lithium to go around, nickel ore extraction has destroyed communities and polluted waterways, and the shelf life of food products is days rather than months because long life packaging is no longer available? Climate is integral to acceptable global corporate behaviour and a reminder of a key risk that should be on all risk registers – the matter of obsolescence. We need to understand how to manage climate issues globally through coordinated, improved approaches and modified behaviours that focus on creating value, not by shifting one problem to another.”

Dulwich College (Singapore) “At DCSG we work together to foster a proactive community of compassionate individuals who take responsibility for the impact their actions have on the world. When discussing world news, and events such as COP26, children can feel overwhelmed with the facts around Climate Change and the challenges facing the world today. As a College we aim to support our students in understanding that small yet significant ideas and actions can have a positive impact on people and the planet, particularly when we combine our efforts. The Sustainability Development Goals help shape curriculum planning, extra-curricular activities and waste saving initiatives across the College allowing students to be part of initiatives that contribute to world efforts in delivering the pledges set out by the SDGs. Our students today are a bridge to the older generations and a bridge to the local community. They are our future, the policymakers, regulators, NGOs leaders, financiers, business leaders, and climatechange advocates. We believe our task is to help shift mind-sets, support personal growth and engage every member of our community in becoming global citizens who actively seek to make a positive difference in the world.”

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June Cheah, Co-Owner, Medical Guardian Pte Ltd “In the late 1980’s when scientists first warned about issues of rising sea levels and sub-Sahara migration, there were louder voices dismissing it as scare mongering. As a native of the region, I remember when the rains came, when it was unsafe to swim in the sea, when harvest began but something has changed. It was hot at around 28 °C back then. Today, temperatures are fast rising. Seas are no longer predictable noting when currents are deadly. Humanity has many competing interests; survival, social economics, politics or simply, ignorance. One thing is for sure, our planet requires us to see issues from a holistic viewpoint because as we vie for dominance, we still need each other for survival. We are products of this same earth we call home. Destroy an eco-system is tantamount to destroying a cog in the wheel of life. As advanced as we get, there remains a force that we cannot control; Mother Nature.”

Coventry University (Singapore Branch) “Universities play a significant role in positively influencing the public discourse on Climate Change, specifically in contributing intellectual resources to support the scientific argument of its urgency. Coventry University is committed to be a key contributor to the United Nations Sustainable Development Goals (SDG) through our status as a signatory on the SDG Accord.

Being at the forefront of global thinking and innovative solutions, the university has proactively delivered research, enhanced teaching and learning and supported businesses in line with relevant SDGs. As a leading educational institution with a presence in Asia, Coventry University is in the position to influence policy designs and business environmental regulation through academic collaboration with the private and public sectors. The COP26 in Glasgow serves as a pivotal ground for an international response to Climate Change and only through an evidencebased, science-backed argument can we convince countries to increase their commitment in the Paris Agreement under the United Nations Framework Convention on Climate Change.”

Tanguy Pellen, Partner & Operations Director, Skarbek Associates “The global climate crisis brings new challenges and a pressing imperative to face head on a fast-changing business context involving new market drivers, a tightening regulatory context, and increased public scrutiny into corporate practices. This is both a threat to those who stay still, and a great opportunity to the actors that anticipate and adapt to new ways of working, become more productive and deliver new consumer value. Among other tools, designing for organisational agility, helped by an empowering suite of digital tools will enable public and private enterprises to increase organisational interdependence, respond to new needs and opportunities with agility, and drive employee engagement and satisfaction. No better time to transform to stay ahead!”

Huw Wedlock, Director & CEO, The Fry Group Singapore “The Financial Services Industry, in particular, anyone who manages client money, needs to be aware that Economic, Social and Governance (ESG) factors are already affecting asset prices and they need to embed socially responsible policy into the way in which they manage money. We can expect to see significant shifts in the allocation of capital away from dirty industries or companies with poor social and governance policies. Companies that do not meet baseline ESG ratings will find themselves increasingly struggling to get access to funding at a reasonable cost.

At The Fry Group, we need to understand and react to our clients Socially Responsible Investing (SRI) and ESG concerns and influence the behaviours of investment managers and the wider investment industry, in order to raise awareness and ambition around climatechange.”

MATTERS OF OPINION:

THE CLIMATE CRISIS

SPECIAL FEATURE:

ANALYSING THE “CORONAVIRUS CURRENCIES”

Analysing the “Coronavirus Currencies”

By Max Lin, Emerging Markets Asia Strategist, NatWest Markets Asian economies continue to be affected by COVID-19 (Coronavirus Disease 2019). Previous Asian epidemics have resulted in currency weakness of 2-4% but NatWest Markets thinks a large devaluation of Asian currencies is unlikely.

The 2003 episode of Severe Acute Respiratory Syndrome (SARS) is the default case study for Asian stock markets, which mostly underperformed in the wake of the virus. For Asian currencies however, SARS is less relevant. The currency reaction to SARS in the most heavily affected economies is almost impossible to measure, since at the time China’s yuan was pegged against the US dollar, while the exchange rate of the Taiwan dollar was tightly managed. Likewise in early 2003, the Hong Kong’s currency was pegged at 7.80 Hong Kong dollars per US dollar.

impact on South Korea was much higher; 186 cases and 36 fatalities, a 19% fatality rate, according to WHO data. The first MERS case was reported in May 2015, and by mid-June 2015 South Korea had placed 6,700 residents under quarantine.

Amongst North Asian currencies, the Korean won has the historically highest volatility. The won’s performance during SARS is also less relevant however, since the actual impact of SARS on South Korea in 2003 was not large, with three cases and no fatalities according to data from the World Health Organisation (WHO). We think the South Korean outbreak of Middle East Respiratory Syndrome (MERS) coronavirus in 2015 is the more relevant comparison from an economic perspective.

MERS was less global than SARS, but its

However, much of this move in the Korean won exchange rate was due to a broad rise in the value of the US dollar.

By early July 2015, nine weeks after the first MERS case, the outbreak in South Korea had stabilised, and new MERS cases dropped to zero. By this time, the Korean won had lost 5% of its value against the dollar over the nine weeks since MERS was first reported.

The “US Dollar Index,” a popular measure of dollar performance over a basket of major currencies such as the Euro, the Japanese yen and pound sterling, also rose by 3% during this nine-week period. At the time, the Euro was still weakening on a subdued European economic outlook, and the yen was also weakening in anticipation of additional monetary easing by the Bank of Japan. When adjusting for this

broad dollar strength, the underperformance in the Korean won from MERS was relatively minor at 2%.

The Chinese yuan is now a more flexible and market-driven currency after significant reforms during the last decade. As a result, the prospect of slower economic growth from COVID-19 has led the yuan weaker by 2%. The example of the South Korean won during MERS in 2015 suggests that the yuan may have already “weakened enough,” and that future yuan devaluation is unlikely.

The Singapore dollar is one Asian currency where the SARS example bears more relevance. The 2003 impact of SARS in Singapore was high, with 238 cases and 33 fatalities (a 14% fatality rate). As a result of SARS, economic activity in Singapore slowed significantly. The Singapore dollar did weaken as a result of SARS but the extent of weakness was limited by policies set by the Monetary Authority of Singapore (MAS).

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In contrast to pegged currencies, which are set in a tight trading range against one benchmark currency, the MAS sets the Singapore dollar on a stable / appreciating trading range against a basket of multiple currencies. The basket composition and weights represent the countries with which Singapore has the most trading links (USA, China, Malaysia, etc.). The trading range set by the MAS is relatively wide; we estimate 4% from top-to-bottom.

From March through June 2003, the Singapore dollar traded from the top end of the range to the bottom as SARS hit the economy, weakening by a total of 4% against its peer currencies. Once it reached the bottom of the trading range, the MAS was obligated to limit further weakness by selling the US dollar and buying the Singapore dollar on the open market.

Chart: New MERS cases and USD performance vs Korean won (May-Jul 2015) Source: World Health Organisation, Bloomberg, NWM Strategy

SPECIAL FEATURE:

ANALYSING THE “CORONAVIRUS CURRENCIES”

SPECIAL FEATURE:

ANALYSING THE “CORONAVIRUS CURRENCIES”

Chart: Singapore Dollar vs Peers and MAS Policy Band (Oct 2002-2003) Source: World Health Organisation, Bloomberg, NWM Strategy

At its policy review in July 2003, the MAS responded to SARS by adjusting the limits at which it intervenes. We estimate the change would have allowed an additional 2% of Singapore dollar weakness. However, the new “space for currency weakness” was not utilised after the MAS policy change, and the Singapore dollar continued to trade steadily against peers.

We suspect similar stability in 2020. If the impact of COVID-19 is high, the MAS

could move the currency band limits 2% lower in October 2020. In that scenario, we think history would repeat and the new “space for currency weakness” would again not be utilised. That implies just 4% room for total Singapore dollar weakness. Since COVID-19 fears began, the Singapore dollar has already weakened 2%. As such, there is only scope for 2% of additional weakness against peer currencies. Though meaningful, 2% is by no means a large devaluation.

ABOUT THE AUTHOR Max Lin is a NatWest Markets Strategist based in Singapore with coverage responsibility for EM Asian currencies and interest rates. In this capacity, he works in collaboration with the global sales and trading desks to develop market insights, trade ideas and analytical models to assist clients with macroeconomic investment decisions.

ABOUT THE COMPANY NatWest Markets helps global financial institutions and corporates manage their financial risks and achieve their short-and long-term

financial goals while navigating changing markets and regulation, built around rates, currencies and financing products. We offer our clients an integrated delivery model with the RBS Group to deliver a wholesale banking proposition. We provide our clients with global market access and proven distribution capability through our sales and trading hubs in London, Amsterdam, Stamford and Singapore, as well as sales offices across key locations in the UK, Europe, the US and Asia. Find out more at www.nwm.com

This article has been prepared for information purposes only and does not constitute an analysis of all potentially material issues. This article has been prepared on the basis of publicly available information believed to be reliable but NatWest Markets does not make any representation or warranty as to the adequacy, accuracy, completeness or reasonableness of the information in this article, nor accept any obligation to update or correct any information.

The information is not an investment recommendation and it is not investment, legal or tax advice or an offer or solicitation to purchase or sell any financial instrument.

NatWest Markets accepts no liability whatsoever for any direct, indirect or consequential losses arising from the use of this article.

45

Tax Planning and Moving Back to the UK

By Martin Rimmer, Head of Tax for Select Investors, a division of St. James’s Place (Singapore) Private Limited Moving back to the UK is a major life-event and it isn’t always easy getting used to a country which is very different to the one you left. Amidst all the practicalities, the financial aspects can end up being overlooked.

In the following article, Martin shares some insights on how to plan from a UK tax perspective.

FEATURE:

TAX PLANNING AND MOVING BACK TO THE UK

FEATURE:

TAX PLANNING AND MOVING BACK TO THE UK

Tell us about the transition. Can you put this in context for us?

Singapore’s highest rate of tax is 22%. It doesn’t have National Insurance. It doesn’t tax foreign income or investment income and gains, and it doesn’t have Inheritance Tax. By contrast, the UK’s highest rate of tax is 45%. It has National Insurance and Inheritance Tax and it will tax most world-wide sources of incomes and gains.

It is important to plan ahead. It isn’t all doom and gloom though, and you would be surprised at how tax-efficient the UK can be.

There is a lot that you have control over, such as when to take advice, buy/sell decisions on assets, when to become resident, who should own assets and how much you want to plan for tax.

When you move back to the UK, can the UK tax your employment earnings from Singapore?

In most cases the answer is ‘no’. That said, it isn’t uncommon for someone to leave Singapore and still be entitled to

receive earnings from their former employment – perhaps in the form of on-schedule vesting of deferred remuneration and share options.

Equally, that person might have a large amount of unpaid leave, some sort of restrictive covenant or redundancy payment.

The rules are complicated. However, generally speaking, if there is a vesting period for earnings which encompasses a period of non-UK resident status, that proportion of earnings will escape UK taxation, even if everything is paid after you move back to the UK. Where a payment relates to time after you have become resident in the UK, UK tax will arise on that part of the payment. The situation with share options is different and it is generally advisable to encash vested options before you become resident in the UK. Redundancy payments and restrictive covenants also ‘enjoy’ different rules.

It is imperative that you receive such payments before you become resident and even then, provisions can bring part of that into UK tax.

Are there any ‘one size fits all’ pieces of advice which apply to everyone moving back to the UK? Yes, there are. Always take advice but generally speaking, you should: • Sell assets which have latent gains before you become resident in the UK • Sell assets which have latent losses only after you become resident • Take account of exchange rates It is important to understand the UK tax treatment of your assets. Certain nonUK fund holdings and life assurance wrappers can have a particularly nasty tax treatment in the UK. If you hold assets which fall into these categories, it is important to take advice about what to do.

It makes sense to ‘take gains’ from profitable assets whilst you are nonresident. As Singapore doesn’t tax investment returns, taking gains and dealing with punitively taxed assets should be fairly painless.

47

Finally, be careful with assets which are denominated other than in GBP. Exchange rates will have fluctuated since purchase and this will tend to distort the book gain or loss. As GBP has weakened over the last few years, it isn’t unusual for foreign currency assets which look loss-making to actually be profitable in GBP terms.

So, how and when do you become resident in the UK? The UK tax year runs from 6th April to 5th April. Where someone ‘tests positive’ for resident status for that year – perhaps because they have moved back to live or work – the default is that they are taxable in the UK for the whole year.

This is obviously unfair. Imagine becoming resident when you move back in January, only to find that you are taxed all the way back to the prior April!

Happily, the law allows us to ‘split’ the tax year into a non-resident part and resident part, if certain conditions are met. Most people qualify for Split Year Treatment by default. However, it is tremendously important to understand how and when you will become resident as well as the conditions you

must meet in the non-resident and resident parts of the tax year any other conditions which apply.

With a little planning, you can effectively choose the date on which you become resident. Where that is the case, we have a more clearly defined period in which tax planning steps can be taken whilst non-resident.

The rules around Split Year Treatment are complex so, as with all applied tax planning, you should take professional advice to be sure that your opportunities are maximised.

Certain non-UK fund holdings and life assurance wrappers can have a particularly nasty tax treatment in the UK. If you hold assets which fall into these categories, it is important to take advice about what to do.

investors. Do you have any tips for them?

Where it is easy to sell investment assets whilst non-resident, the same is not as true for properties and land assets. It is important to identify any latent gains and any Capital Gains Tax reliefs (such as main home relief) which apply. We can also make calculations of the likely change in CGT liabilities under different scenarios.

It is important to identify these latent gains nice and early, so you have ample time to sell property, if that is what you decide. For our non-resident clients, we keep latent property gains under regular review, even if there are no plans to move back to the UK. You mentioned that the UK can be surprisingly tax-efficient. With a highest rate of 45% that seems unlikely. Can you tell us more?

In a presentation we regularly give, we illustrate how a couple can enjoy up to GBP 55,000 of income and gains completely free of tax each year just by using all their tax allowances.

Most of our readers are avid property

FEATURE:

TAX PLANNING AND MOVING BACK TO THE UK

FEATURE:

TAX PLANNING AND MOVING BACK TO THE UK

Using that as a base line, it is then often possible to get your effective rate of tax down to a single digit figure.

Tax-efficiency tends to be driven by how your investment assets are held and the type of income they generate.

We work to a few basic principles: • Generate sufficient income and gains to use your tax allowances • Generate additional income from dividends and capital gains • Leave a fair proportion of your Basic Rate of Tax to accommodate future income growth • Hold remaining capital in an International Investment Account for further tax efficiency • Consider broader tax planning strategies such as pension saving, charitable giving, tax-favoured investment schemes and other taxefficient sources

These are established and acceptable means of tax planning, which do not involve complicated or costly structures. The potential tax savings they generate accumulate over the years and make for simpler annual tax returns.

The answer to the first of these is ‘no’. If you qualify for ‘Split Year Treatment’ you can effectively choose when you become resident. Later in the tax year is often better but apart from that, there isn’t a single time or date when it is better to become resident.

Everyone’s situation is different of course, so a personal plan of action is needed.

As to the second of these, two things.

First, keep real estate gains under review. Secondly, the longer a nonresident holds an International investment Account, the more taxefficient it is after you move back. It makes sense to get such a plan underway sooner rather than later, either by making regular contributions or with an initial investment.

What are the most common questions you are asked by people moving back to the UK? The three questions I am asked most often are: • Is there a best time in the year to move back?

• Is there anything I should do as a non-resident which would help my planning as a resident?

• When should I take advice about moving back?

Thirdly, it makes sense to be aware of the key issues which apply at all stages.

However, precise advice and action is needed in the UK tax year before you become resident. We normally recommend that you have taken advice by 31st December in the UK tax year before the year you become resident.

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Are there any other things you would advise our readers to think about?

Firstly, you are probably going to have to file a tax return when you move back to the UK. At the very least you will need to tell HM Revenue & Customs that you have returned. Be sure to identify a person or a firm which can deal with cross-border issues or educate yourself about what is needed.

HMRC’s website is a brilliant source of easy to understand information.

Moving back to the UK also gives a great opportunity to think about Inheritance Tax planning as well. There is a range of solutions which allow for the tax-efficient production of retirement income from arrangements which are also Inheritance Tax efficient.

Finally, and of course I would say this, do consult! It might be your first time moving back to the UK. For me, it is probably something like a thousand times over the course of my career. Tax planning can make a real difference to

Finally, be careful with assets which are denominated other than in GBP. Exchange rates will have fluctuated since purchase and this will tend to distort the book gain or loss.

ABOUT THE COMPANY Select Investors provides first-class holistic tax, wealth and succession advice, which is tailored for British, Australian and Singaporean clients. Visit www.selectinvestors.asia for more information.

your financial position, so it is vital to stay close to your local tax professional and seek the right advice before moving back.

The levels and bases of taxation, and relief from taxation, can change at any time. The value of any tax relief depends on individuals’ circumstances.

FEATURE:

TAX PLANNING AND MOVING BACK TO THE UK

FEATURE:

HOW TO OPTIMISE AND MAXIMISE YOUR EMPLOYEE ENGAGEMENT PROGRAMME

How to Optimise and Maximise Your Employee Engagement Programme

By Andy Davies, Vice President of Asia Pacific Region, People First Is your engagement programme modelled on an Ox Cart or Ducati?

There is a disconnect we live with in Human Resources on a daily basis that we need to discuss. Our HR leaders (Gartner, 2019) talk of their top five business objectives as growing the business, operational excellence, transformation, innovation and optimising costs. Yet, the same leaders give their time to Gallup (2017) surveys which expose that “85% of employees worldwide are not engaged or actively disengaged in their job”.

Employee engagement often features as a side note in company reports even though truly engaged people are 17% more productive and 21% more profitable. So why isn’t engagement in the top five business objectives of every HR leader as a stated aim? It’s insufficient to list it as a side note within a strategy document and where this does happen, perhaps it’s a willingness to ‘stick to the norm’ and stay away from some difficult challenges. Why don’t businesses see engagement as important? Are they fearful of difficult challenges that this may uncover?

I recently read The Second Machine Age, where the authors discussed the transformation the Waze app has brought to the traditional GPS navigation system. They discovered Waze after a colleague advised that as technologists, they should see the app.

Upon their initial disinterest, their colleague pointed out that Waze was like “bringing a Ducati to a drag race against an oxcart”. No longer would they need to use an app that gave them general directions, they could find the directions that were right now, with all the contributions of the Waze community.

Informed CHROs & CEOs are recognising that their historical engagement efforts are like the oxcart and are moving to a Ducati to deliver employee engagement of the future.

Imagine how your business would be transformed with Ducati-like engagement. What does this look like?

Let’s take a look at the Oxcart versus the Ducati in relation to employee engagement.

Oxcart: Yearly performance discussions

grading people on past performance adding stress to managers and employees alike and the burden on HR to process the information.

Ducati: Yearly performance discussions grading people on past performance adding stress to managers and employees alike and the burden on HR to process the information.

Ongoing discussions between a manager and their people about all aspects of their work. The Manager’s role being that of a coach and not a school teacher. But most importantly, the ending of the power imbalance at yearly appraisals so both a manager and their people can start a check-in whenever they need it.

Oxcart: Noticeboards with information, often out of date, torn and dull, consisting of compliance of information.

Ducati: Interactive online board where anyone can post without the need for authorisation. Attach pictures, videos and URLs and free discussion on posts between everyone.

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Oxcart: Mass emails, used to communicate with all staff including those working away from the main workplace – often irrelevant, timed poorly and boring.

Ducati: Social and project groups created by anyone in the business, where relevant information and documents can be shared and discussed. Private groups are available for those working on sensitive projects or information.

Oxcart: Unloved intranets which are outdated and lack relevant content, disorganised, bad design and hard to navigate, causing users to drop off over time.

Ducati: A social media type design and layout which is easy to use and familiar so no need for training. All employees are able to contribute to the content and access to the latest company information, including benefits and critical documents.

Oxcart: Spreadsheets with employee details and contact information, out of date

phone lists and organisation charts.

Ducati: Personal profiles giving everyone the power to keep their own contact details, such as phone number, email address and social media addresses, up to date. A real time organisation chart which matches up to the profiles means everyone has access to the right information.

Oxcart: Committees to award letters of appreciation, traditional manager recognition schemes Ducati: In the moment recognition by peers without the need for authorisation or review by a business leader, which is available for everyone to see and celebrate. Making recognition even stronger by including people across business units and then providing the social engagement statistics for each user/department/company.

Oxcart: Paper-based newsletters Ducati: An e-digest sent to everyone’s email

for anyone who has missed critical messages during the week. For the administrator, the ability to point and click to add articles, without the need for further editing.

Imagine how your business would be transformed with Ducati-like engagement!

I speak with many leaders who are trying to deal with the need to improve engagement as they are the enlightened ones who can see the real business benefit. They are torn between the riches of an engaged workforce but at a cost of creating the system and content to deliver the engagement.

CEOs/CHROs are often unsure of what tools and software to use given the wealth of options now available. Often, I hear “but my staff already use Facebook and WhatsApp groups”. If this is you, here are some questions to ask yourself: • How secure is our company data on these platforms?

FEATURE:

HOW TO OPTIMISE AND MAXIMISE YOUR EMPLOYEE ENGAGEMENT PROGRAMME

FEATURE:

HOW TO OPTIMISE AND MAXIMISE YOUR EMPLOYEE ENGAGEMENT PROGRAMME

• Do people automatically leave the group when someone leaves the company?

• Can we access what’s being said?

• If there’s a breach of data in this group, what are the consequences?

Informal systems of communication have been easy to build up by employees but lack the governance required when sensitive data is at risk.

They also need to make sure that they don’t overwhelm employees with

numerous apps and programs that fail to talk to each other – that will only compound the problem. Companies now have the ability to build their own employee engagement platform and give a richer employee experience.

Employees and candidates look at the feedback on Glassdoor for insights into a company and many businesses celebrate their inclusion in the top 10 Glassdoor employers list. Glassdoor is full of examples where companies have failed on the very basics of

ABOUT THE AUTHOR As an expert in human resources and a member of the CIPD, Andy is responsible for delivering the best possible experience to our customers in Singapore. Passionate about the future of HR, employee engagement and performance management, Andy often writes and offers best practice advice on the need for archaic HR practices to evolve for organisations to stay relevant within the ever-changing world of work. You can connect with Andy on LinkedIn: www.linkedin.com/ in/andydavieshr/

engagement and this feedback is a contributing factor for people deciding on where they wish to work.

The world has moved on, but too many HR leaders wish to keep the oxcarts and aren’t prepared to ride the Ducati. To start on the journey to a more engaged workforce, ask yourself one question – “What am I going to do today to make this a more engaged workforce?”

ABOUT THE COMPANY People First is the most human-centric HR solution on the market. It provides businesses with the tools and thinking to nurture and engage talent while increasing retention and driving productivity, promoting the workplace of the future – today. The software contains all the functionality for teams to thrive, including social collaboration tools, team management, working patterns, benefits management, time and attendance, automated recruitment and pragmatic people analytics. Find

53

Singapore – Silicon Valley of the East?

By Russell Toop, Managing Director, Cheshire Consultancy With Goldman Sachs recently moving $4billion out of Hong Kong due to unrest and Brexit focusing companies’ minds on geography, Singapore is well-placed to benefit from these volatile times.

FEATURE:

SINGAPORE – SILICON VALLEY OF THE EAST?

FEATURE:

SINGAPORE – SILICON VALLEY OF THE EAST?

Singapore is the gateway to Southeast Asia, the world’s third-largest economy with 600 million people across 10 countries, and sits at the hub of global trading network that positions the citystate at the crossroads between East and West.

Singapore’s central bank, the Monetary Authority of Singapore (MAS), has in recent years helped establish Singapore’s global fin tech hub status through initiatives such as the annual Singapore Fintech Festival which took place over five days in November and is the largest of its kind, with over 60,000 participants from over 127 countries.

There were five key takeaways: • The focus remains on people • Blockchain & Tokenisation are still pivoting on the best use-case • AI industry applications are omnipresent • Sustainable finance is about real business not just greenwashing • Cybersecurity is on every regulator’s agenda (and so is Libra!)

Blockchain is currently facing increased scrutiny by regulators amid post-bubble market dynamics that should give blockchain greater clarity and a more solid footing.

In this climate, several projects and companies have shown flashes of great things to come. Some blockchain

ventures are a safer bet than others simply due to their association with established, successful companies.

Yet regulatory clarity, increased awareness and adoption by market incumbents have helped to mature the products which has, in turn, further increased their uptake. The most popular advantage of security tokens, as indicated by respondents to Greenwich Associates, is the ability to trace transaction history which is key to many businesses. With the introduction of digital assets, risks of transaction history fraud and operational errors are expected to be significantly reduced.

A survey by the World Economic Forum stated that: 10% of global GDP may be stored with blockchain technology by 2027 currently it sits at about 0.025% of a global GDP of $80 trillion.

MAS was also one of the earliest central banks to adopt “regulatory sandboxes” for fintech companies.

This allows firms with new ideas to test their products and services in a controlled environment before fully launching them.

And the efforts of MAS are bearing fruit as various new digital projects come to market. Sygnum, the digital asset technology group based in Singapore and Switzerland, announced

recently that it has successfully obtained a capital markets services (CMS) licence from the Monetary Authority of Singapore (MAS) (1). The company also holds its banking and securities dealer licence from the Swiss Financial Market Supervisory Authority (FINMA). With the CMS licence, Sygnum can now conduct asset management activities in Singapore, and will focus primarily on digital asset investment strategies for institutional and private qualified investors.

Project Ubin is a collaborative project with the industry to explore the use of Blockchain and Distributed Ledger Technology (DLT) for clearing and settlement of payments and securities.

The project aims to help MAS and the industry better understand the technology and the potential benefits it may bring through practical experimentation. This is with the eventual goal of developing simpler to use and more efficient alternatives to today’s systems based on central bank issued digital tokens.

Project Ubin is a multi-year multi-phase project, with each phase aimed at solving the pressing challenges faced by the financial industry and the blockchain ecosystem. The project is now in its fifth phase, and has since published 5 project reports.

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1. Tokenised SGD 2. Re-imagining RTGS 3. Delivering Vs Payment (DvP) 4. Cross-border Payment versus Payment (PvP) 5. Enabling Broad Ecosystem Collaboration Hashstacs Singapore-based blockchain firm developed by the, the Securities Trading Asset Clearing and Settlement (STACS) Project can list digital representations of funds and debts on blockchain.

Earlier in the year Hashstacs’ live client Gibraltar Stock Exchange successfully deployed a GSX Digital Stock Exchange Prototype on STACS blockchain, and

issued a demo bond on its basis. As a recognised stock exchange regulated in the European Economic Area (EEA), the new GSX listings would be cover a wide range of asset classes for issuers and investors.

The Singapore stock exchange (SGX) has announced partnering with the Monetary Authority of Singapore (MAS), the city-state's de facto central bank, to explore utilization of blockchain for improving the speed and efficiency of the securities settlement process. The initiative is getting technical support from three established technology partners: Nasdaq, Deloitte, and blockchain startup Anquan.

ABOUT THE AUTHOR Russell Toop has over 20 years’ experience working with Investment Banks, Brokers, Hedge Funds, Alternative Asset Managers, Exchanges and Software vendors. He has a deep understanding of pioneering trading software, infrastructure and data solutions, having worked closely with the most discriminating capital markets professionals.

HSBC Singapore recently announced a partnership with Singapore Exchange (SGX) and state-owned Temasek for a blockchain trial for servicing fixed income securities. The project will focus on end-to-end digitalisation of the Asian bond markets. This joint evaluation is reviewing whether smart contracts and DLT can solve some of the long-standing challenges in the fixed income issuance ecosystem.

As the UK government looks to boost exports outside the EU in response to Brexit and UK firms eye more keenly non-EU markets for growth, Singapore’s growing fintech sector is an attractive prospect.

ABOUT THE COMPANY Cheshire Consultancy is an independent business development, financial markets and technology consulting specialist helping companies internationalize west to east and vice versa. We offer a wide range of consulting services with regional and global expertise to help companies launch and accelerate their Asia Pacific business ventures. Find out more at www.cheshireconsultancy.com

FEATURE:

SINGAPORE – SILICON VALLEY OF THE EAST?

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