Orient Issue 87

THE OFFICIAL MAGAZINE OF THE BRITISH CHAMBER OF COMMERCE SINGAPORE ISSUE 87 | JUNE 2022

BUILDING NETWORKS | CONNECTING BUSINESSES | CREATING OPPORTUNITIES

GROWTH THROUGH INNOVATION & TECH 41

This is how the metaverse might be monetized

34

Key Social Media insights for Generation Z

44

Winning innovation in a regulated industry

38

Getting ahead of Singapore's booming software engineering market

32

The metaverse: what are the legal implications?

46

Move Fast and Break Things: Where Regulation Struggles to Keep Pace with Innovation and the Way Forward

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CONTENTS 07

President's Message

09

Executive Director's Message

14

News

19

Welcoming New Members

22

Recent In-person events

25

Upcoming Events & Webinars

26

Latest from the BritCham Singapore Podcast

28-29

Featured Committee Podcasts

30

Net-zero doesn't have to be a zero sum

32

The Metaverse: What are the legal implications?

BOTOX & FILLERS!

34

Key Social Media Insights for Generation Z

KIDS’ PARTIES

38

Getting Ahead of SIngapore's Booming Software Engineering Market

41

This is how the Metaverse might be monetized

44

Winning Innovation in a regulated industry

46

Member Move FastDiscounts and Break Things: Where Regulation Struggles to Keep Pace with Innovation and the Way Forward

48

ChamberDiscounts Demographics Member

50

Chamber Demographics

June 2022 Issue 239

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Editor: Lucy Haydon lucy@britcham.org.sg

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

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

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OUR PARTNERS PLATINUM PARTNER

GOLD PARTNERS

SILVER PARTNERS

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OUR BOARD

COMMITTEE CHAIRPERSONS

MANAGEMENT TEAM

PRESIDENT:

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

Executive Director: David Kelly

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

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

Damian Adams, Watson Farley & Williams

VICE-PRESIDENTS:

Haslam Preeston, DFI Consulting

SECRETARY:

Nick Magnus, Dulwich College (Singapore)

TREASURER:

ENERGY & UTILITIES: Tim Rockell (Chairperson), Allard Nooy (Co-Chair), Mark Florance (Co-Chair)

BOARD MEMBERS:

FINANCIAL & FINTECH: Mike Rourke (Co-Chair),

Member Relations Administrator: Melissa Ng

HEALTHCARE & LIFE SCIENCES: Sigal Atzmon (Chairperson)

Head of Events: Helen Starr

ICT: Derek Murray (Chairperson), Penny Murphy (Co-Chair), James Price (Co-Chair)

Events Executive: Caitrin Moh

Christina Mason, PricewaterhouseCoopers LLP

Angel Cheung-Horenfeldt, Standard Chartered Bank James Nesbitt, Standard Chartered Bank Lorena Paglia, Microsoft Michael Yap, Coventry University Penny Murphy, Simon Bennet Swire Shipping Pte Ltd Simon Middlebrough, Singapore Aero Engine Services Pte Ltd Suzy Goulding, MullenLowe salt Singapore Pte Ltd Steve Firstbrook, Department for International Trade Lucy Watkins, British Council Andy Marr, 8Build Pte Ltd Andrew Clark, Asiaworks

LEADERSHIP, TALENT & PROFESSIONAL DEVELOPMENT: Don Rapley (Chairperson), Janelle Gavin (Co-Chair) MARKETING & COMMUNICATIONS: Suzy Goulding (Chairperson), Andrew Clark (Co-Chair) STARTUP, ENTREPRENEUR & SMALL BUSINESS: Vanessa Errington (Chairperson), James Price (Co-Chair) SUSTAINABILITY: Lorena Paglia (Chairperson), Mark Florance (Co-Chair) TRANSPORT, LOGISTICS & SUPPLY CHAIN: Simon Middlebrough (Chairperson), Nicholas Potter (Co-Chair) WOMEN IN BUSINESS: Bee Ling Lua (Chairperson), Liana Attard (Co-Chair)

Head Membership: Clare Hakes

Marketing & Communications Executive: Khairil Faisal Finance Manager: Radhika Chauhan Office Manager: Anna C Garciso

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Message from the President Dear Members, I am delighted to write my first Orient Magazine message to you as newly elected President of the British Chamber of Commerce Singapore, particularly as we focus on the post-Covid significance of the Chamber for our business and wider British community.

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

At the AGM in April, we were delighted not only to have welcomed Minister for Manpower, Dr Tan See Leng for a dialogue with our members, but also to have been able to report a solid trading performance during yet another challenging year. As we move forward into a more normal state of business activity, I am both pleased and proud to welcome the incoming elected Board of the Chamber, who will help to shape this post-pandemic growth. A very warm welcome to all new Board members, and a thank you to our continuing Board members. Congratulations to Haslam Preeston for being elected as Vice President, and to Nick Magnus for stepping up as Secretary.

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

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

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

My three priorities during my tenure as President build on the incredible work that the Chamber and the executive team have delivered over the last two years of Covid-constrained activity.

First, I want to continue to drive the financial sustainability of the Chamber and, in particular, to enable members to get back to as much in-person networking as possible. I am extremely excited to see the number of physical events going into the calendar, alongside a continued program of virtual events and webinars.

Second, is to champion our engagement with both the Singapore Government and the UK Government. The Chamber has in recent years made huge strides to develop this, which I intend to continue to evolve, to ensure that we have even more meaningful and effective conversations to represent your business in the community, and to continue to support the SG-UK Partnership For the Future.

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

Finally, as was mentioned at the AGM, our contract with the Department for International Trade to support new market entrants to Singapore came to an end in March of this year. I will be working with David, the Board and the executive team to build a new platform, to ensure that we can once again provide this important service as part of an integrated model to support UK companies' ambitions to do business in Singapore and the fastest growing middle-income market, ASEAN.

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

Thank you to out-going President, Richard Warburton, for his superb support, not only as President of the Chamber from 20192022, but also for his long-standing membership of the Chamber and nine years on the Board.

Visit www.tts.edu.sg

I look forward to seeing you all at a networking event in the near future.

Kind regards,

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

MESSAGE FROM THE PRESIDENT

INGENUITY IS WHAT DRIVES US AT STAMFORD Our future relies on ingenuity; the ability to solve problems and take on challenges in clever and inventive ways. At Stamford, every student is ingenious in their own way. We instill a growth mindset in our students by building their resilience, resourcefulness and creativity. We are Stamford – A unique community where our students discover their greatness and thrive.

Scan here to experience the magic of Stamford American International School

21/2/2020 – 20/2/2024

Stamford American International School CPE Registration Number: 200823594D Period of registration: August 10, 2018 to August 9, 2022

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Message from the Executive Director Dear Members, First, I would like to welcome and congratulate Damian Adams who in April took up the Presidency of the British Chamber of Commerce Singapore and the incoming Board. I have worked with Damian for the past few years in his capacity as a Board member and former Vice-President, and look forward to driving the future strategy of the Chamber with him and the Board.

As Damian mentioned in his introduction, it was both a pleasure and a privilege to welcome Minister for Manpower, Dr Tan See Leng for a dialogue prior to the AGM. This really did demonstrate the sound relationship that we share as a Chamber with the Singapore Government.

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

It has been a busy Q2 for our Chamber – we have seen an increase in events and have a healthy series of events in our calendar – dare I say, it’s starting to feel a lot more normal! At our next two dialogues, we look forward to welcoming Lawrence Wong, Deputy Prime Minister, Minister for Finance, co-chair of the MultiMinistry Taskforce on COVID-19, and Jacqueline Poh, Managing Director of the Economic Development Board of Singapore.

This edition of the Orient is all about Growth through Innovation and Tech. Following the signing of the Digital Economy Agreement earlier this year, we are also pleased to be hosting a session with HMTC for APAC, Natalie Black, to talk about the digitalisation of trade and how businesses can use and benefit from the DEA. We have seen a healthy increase in new member applications – a very warm welcome to all of our newest companies who have joined the network, and I look forward to seeing you soon and supporting your business.

My best,

MESSAGE FROM THE EXECUTIVE DIRECTOR

STERLING MEMBERS

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NEWS - AT THE CHAMBER

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Driving New Membership with the Support of our Committees

The UK's ambitions to become a global leader on Green Trade

The International Trade Secretary delivered a speech last month on the UK's ambitions to become a global leader on Green Trade.

The membership campaign puts the main focus on our members where we direct businesses and audiences to potential leads and opportunities.

London is one of the world’s greatest green financial centres. The greatest city on earth, as the Prime Minister always says – and one, of course, that is built on trade. The ancient temple below our feet, reminds us how the Romans sent goods to every part of their empire, from their warehouses along the Thames.

Over the past month, you will have seen our membership campaign running across our social media channels. This campaign was ideated and created with the support of four exceptional member companies from our Marketing and Communications committee, who we would like to recognise here.

In addition, if we are to together build a net zero world, we must share our ideas, our expertise and our innovations. The UK has all of these in abundance and we therefore have a responsibility and an opportunity that we must not miss.

To read the speech in full visit our website here.

Our contributing Members

1HQ Brand Agency

Asiaworks Television

Digital Business Lab

BritCham delivers Platinum Jubilee Commemorative Book of messages to the Foreign, Commonwealth and Development Office in London

Following the publication of our Platinum Jubilee Commemorative Book for Her Majesty The Queen, a special boxed edition has been hand-delivered to the FCDO office by our Deputy Executive Director, Lucy Haydon.

Lucy was received at the King Charles Street office, just off Whitehall, by Barrie Peach in the stunning Durbar Court, pictured right. Thank you to Kara Owen and the members who shared their well-wishes for Her Majesty; an additional copy is on display in our office.

Mullenlowe Salt

Dulwich Awarded as the Winner for Best Schools Award (Singapore) 2022 for the Arts

Arts in the curriculum: The school introduces the concept of performance in the early grades; there are specialist music lessons from the age of four and, in Junior School, every student is given an instrument to take home and is taught to read music. Specialist lessons in drama and dance start for Year 3 from August 2022.

Arts continue through the curriculum with options to study drama, dance, film and theatre at IGCSE and in the IBDP. In August 2022, Dulwich is introducing the IBCP in performing arts, in partnership with UAL (University Arts London), which will be a unique offering for Singapore’s international students.

Facilities: The school has some impressive arts facilities that reflect the high tuition fees charged here (fees range from $36,930 for Year 1 to $47,730 in Years 12-13, making it one of the most expensive schools in Singapore); these include a 740seat theatre, pipe organ and music technology suite.

The school’s commitment to incorporating the arts into its core curriculum is emphasised with its investment in the SE21 Hub (opening from 2023), which is dedicated to STEAM facilities and creative learning spaces, as well as film and media suites, black box theatres and a 400-seat multi-purpose auditorium.

NEWS - MEMBER UPDATES

NEWS - FROM THE UK

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Joint statement on UK-U.S. dialogue on future of Atlantic trade in Aberdeen

PM Lee: New Asia-Pacific Trade Framework has Strategic and Economic Significance

On April 25 and 26 United Kingdom Secretary of State for International Trade Anne-Marie Trevelyan and United States Trade Representative Ambassador Katherine Tai hosted the second UK-U.S. Dialogue on the Future of Atlantic Trade in Aberdeen, Scotland. The Dialogue follows Prime Minister Boris Johnson and President Biden’s announcement last year of a new ‘Atlantic Charter’ and builds on the successful inaugural Trade Dialogue in Baltimore earlier in March.

The Indo-Pacific Economic Framework (IPEF), which was launched on Monday (May 23) by US President Joe Biden, is "of both strategic and economic significance", said Singapore's Prime Minister Lee Hsien Loong.

Secretary of State Trevelyan and Ambassador Tai agreed to collaborate further on: delivering practical support for SMEs, digitising UK-U.S. trade in the modern economy, building resilience in critical supply chains, addressing the global trade impacts of Russia’s invasion of Ukraine, promoting environmental protection and the transition to net zero, supporting high labour and environmental standards, and promoting innovation and inclusive economic growth for workers and businesses on both sides of the Atlantic.

The US-led pact is an opportunity for the United States "to exercise economic diplomacy in the region", said Mr Lee in his intervention at the virtual launch of the IPEF.

Over the two days, Secretary of State Anne-Marie Trevelyan and Ambassador Katherine Tai hosted a series of roundtable discussions with a diverse group of stakeholders from the UK and U.S. business community, trade unions and civil society, in addition to bilateral discussions between UK and U.S. officials.

Drawing on the stakeholder discussions and bilateral talks in Aberdeen and Baltimore, Secretary of State AnneMarie Trevelyan and Ambassador Katherine Tai directed their teams to work at pace over the next several weeks to develop an ambitious roadmap with economically meaningful outcomes, including in the areas of: Supporting SMEs to trade - Support and enhance UK-U.S. SME trade, by collaborating to identify and overcome barriers to trade, focusing on trade facilitation for SMEs, sharing and promoting best practice, and working together on activities to promote and support SMEs, including those owned by under-represented groups and women entrepreneurs, and those in disadvantaged communities. We intend to harness the June UK-U.S. SME Dialogue in Boston to help achieve these objectives.

Harnessing the benefits of digital trade - Advance outcomes in digital trade that benefit businesses, including SMEs, workers and consumers by supporting the digitalisation of trading systems and transactions. The UK and U.S. will also seek to build on the G7 Digital Trade Principles.

Levelling up and worker-centric trade - Work to develop more durable and inclusive trade policies that demonstrate that trade can be a force for good and create more opportunities for people and gender equity across the UK and U.S. Support the protection of labour rights and tackle forced labour globally.

Supporting resilient supply chains - Collaborate on promoting critical supply chain resilience to help ensure strong and robust supply chains, bringing together expertise from both our nations.

Food security - Support open, predictable, rules-based agricultural trade to mitigate supply chain disruptions and restore global food security imperilled by Russian aggression in Ukraine. Continue to cooperate closely through the current crisis and other issues impacting agricultural supply chains, to help ensure more resilient, efficient and sustainable food systems against future shocks, and to promote the availability of safe, affordable foods for consumers worldwide.

Supporting the environment and climate action - Deepen cooperation on trade and the environment, with work to promote decarbonising our economies consistent with COP26 outcomes, exchanging information, and developing joint approaches to environment and trade, supporting businesses, green jobs and the growth of lowcarbon economies.

membership open to others to join when they are ready to do so.

In closing, Mr Lee said Singapore looks forward to working closely with the US and other partners to "flesh out" the IPEF. "We hope that in due course, it will lead on to even greater and more ambitious economic engagement between the United States and the region."

It also shows the US' continued commitment to engage with its Asian partners and deepen ties across the Pacific, Mr Lee added.

Thirteen countries, including Singapore and the US, have signed up to the IPEF. Together, they represent 40 per cent of the world GDP, said the White House in a press release.

At a press conference on Monday alongside Japanese Prime Minister Fumio Kishida, Mr Biden said the framework was "a commitment to working with our close friends and partners in the region on challenges that matter most to ensuring economic competitiveness in the 21st century".

Unlike traditional trade blocs, there is no plan for IPEF members to negotiate tariffs and ease market access.

Instead, the programme will integrate partners though agreed standards in four main areas, including the digital economy, supply chains, clean energy infrastructure and anti-corruption measuresMr Lee said he is "happy that IPEF contains a forward-looking and positive agenda on economic cooperation".

The four pillars would also "resonate strongly in the region", said the prime minister.

"In particular, they will also cover cooperation in the digital economy and the green economy, which show promise of growth," he added.

Mr Lee also said it is important that the IPEF "remains open, inclusive and flexible", to allow members to continue working with other partners and leaving

NEWS - IN SINGAPORE

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CORPORATE PLUS MEMBERS COLLINSON Collinson is a global leader in the provision of traveller experiences including airport lounge access and medical and security assistance and travel medical services. Collinson’s traveller experiences include the world’s leading airport lounge and experiences programme, Priority Pass, as well as travel insurance, identity assistance, flight delay, international health and travel risk management solutions.

The Collinson Group has over 2,000 employees operating out of 17 locations globally, all working to deliver a broad range of traveller experiences that ensure the safety, welfare and comfort of 55 million people as they travel for business and leisure around the world. The Collinson Group responded to over 95,000 emergency calls, managed over 40,000 medical cases and conducted over 3,000 aero-medical evacuations across the 170 countries it serves. We work with clients including: American Express, Cathay Pacific, CBA, Mastercard, UnionPay and Visa.

Visit https://www.collinsongroup.com/en for more.

Representative Member: Attila Lau

ERM: ENVIRONMENTAL RESOURCES MANAGEMENT As the largest global pure play sustainability consultancy, ERM partners with the world’s leading organisations, creating innovative solutions to sustainability challenges and unlocking opportunities to address their environmental, health, safety, risk, and social issues.

ERM’s diverse team of 7,500+ world-class experts in over 150 offices across more than 40 countries supports clients across the breadth of their organisations to operationalise sustainability. Through ERM’s deep technical expertise and our “boots to boardroom” approach, we co-curate with our clients to advance their net zero journey with clarity, scale and speed.

Visit https://www.erm.com/ for more.

Representative Member: Mark Errington

CORPORATE MEMBERS CONRAD CENTENNIAL SINGAPORE Conrad Centennial Singapore Hotel, an award winning luxury hotel, located within business and shopping districts of Marina Bay, minutes from Marina Sands.

Visit https://www.hilton.com/en/hotels/sincici-conrad-centennial-singapore/ for more.

Representative Member: Mike Williamson

WELCOMING NEW MEMBERS

WELCOMING NEW MEMBERS

CLYDE & CO Clyde & Co is a dynamic, rapidly expanding global law firm focused on providing a complete legal service to clients in our core sectors. We advise businesses that are at the heart of worldwide commerce and trade. Our combination of sector expertise, commercial attitude and in-depth regional understanding provides a unique perspective.

Visit www.clydeco.com/locations/office/singapore Representative Member: Nick Mider

MCCORKELL & ASSOCIATES McCorkell is more than “just” an agency. We are a strategy and creative agency, a marketing and digital agency, and we are an events and content agency with one of Australia’s leading contact centres.

McCorkell is more than an agency; McCorkell is a solution. It is the premiere solution for your campaign, project, and client needs. With skills and resources encompassing every field, and a success story list that reads like a bestseller, McCorkell has your needs covered, and then some.

Visit https://www.mccorkell.com.au/ for more.

Representative Member: David Tay

RSK CENTRE FOR SUSTAINABILITY EXCELLENCE The centre is backed by the expertise of RSK group, comprising more than 130 environmental, engineering and technical services businesses. The centre is focused on four key themes, covering climate and sustainability strategy, renewable energy, sustainable agriculture and digital water and works alongside the newly established RSK Research Institute for Climate Strategy.

Visit https://rskgroup.com/centre-for-sustainability-excellence/ for more.

Representative Member: Lucy Thomas

TENEO Integrating the disciplines of strategic communications, investor relations, restructuring, management consulting, physical & cyber risk, financial advisory, corporate governance advisory, ESG, DE&I, political & policy risk, and talent advisory, Teneo solves for the most complex business challenges and opportunities.

Visit https://www.teneo.com/ for more.

Representative Member: Max Holdsworth

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RECENT IN-PERSON EVENTS

Recent In-person events 29 Apr 2022

On 28 April, the British Chamber of Commerce Singapore (BritCham) held our AGM where we presented the initiatives to support business and the community covering commerce, trade, people & talent, diversity & inclusion, education & future skills and sustainability. We also recognised a solid financial performance over a challenging year, our output to support member companies, and welcomed our new Board.

Thank you to our out-going Board for FY21/22 who have been an incredible support and champions of the Chamber. Damian Adams, Haslam Preeston, Fiona Carney, Angel CheungHorenfeldt, Christina Mason, Joe Tofield, Nick Magnus, Simon Bennett, Luciana Vichino, Steve Firstbrook, Lucy Watkins, James Nesbitt, Shivkumar Seerapu - your guidance, support, advice and direction has been simply incredible.

A special mention to Richard Warburton, who has been the President of the Chamber from 2019-2022 - his stewardship, commitment, dedication and direction has steered the Chamber, and our members, through two challenging but successful years. It has been an absolute pleasure working with you, Richard, and we look forward to engaging with you in a slightly different capacity going forward.

Thank you to Kara Owen, Patron of the Chamber, for addressing our members and for your continued support and to DFI Retail Group for sponsoring the event which was preceded by a Ministerial dialogue with Minister for Manpower, Dr Tan See Leng from the Ministry of Manpower.

Event Partner:

RECENT IN-PERSON EVENTS

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Recent In-person events 27 Apr 2022

In April 27, Peter Crowhurst, the current Chief Executive Officer of the British Chamber in Myanmar visited Singapore, from Yangon, and presented some updates to members of the British Chamber of Commerce Singapore who have an interest to know more on what is happening in the market covering topical issues that include, but not limited to: • Private sector business • UK trade with Myanmar • Key sectors that the Chamber is involved in • Financials • Sanctions • Power and renewables • Security • Covid • Chamber recommendations presented to HMG

9 Jun 2022

On 9 June, speakers discussed the role of leadership in driving sustainable change within organisations.

Our speakers discussed the role of leaders and the characteristics and skills they need to gain internal stakeholder buy-in around sustainability strategy, at every level within the business. Through this event, our attendees had an overview of how they can bring leaders together to make this transformation and align business objectives, what they do to engage staff and shift organisational culture and how to get started in the journey to become a sustainable organisation.

RECENT WEBINARS

Recent Webinars

Discover more webinars at britcham.org.sg/webinars

Event Partner:

26 Apr 2022:

Eight Wealth International shared the top 8 mistakes individuals make when it comes to financial, tax and legacy planning.

07 June 2022:

What can an organisation do to prevent and detect electronic fraud and what options are there when you are the victim? Our speakers and experts from the law enforcement, forensics and legal industries share more on this topic.

UPCOMING EVENTS & WEBINARS

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Upcoming Events & Webinars Bookmark our Upcoming Events page at www.britcham.org.sg/events to register for the latest events.

DATE

NAME

TIME

06 Jul 2022

11:30 AM 2:00 PM

13 Jul 2022

7:00 PM 09:00 PM

30 Aug 2022

29 Sep 2022

4:00 PM 6:30 PM

13 Oct 2022

7:00 PM 11:00 PM

02 Dec 2022

7:00 PM 2:00 AM

THEME

TITLE EVENT PARTNERS

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COMMITTEE CONTENT: NET ZERO DOESN'T HAVE TO BE A ZERO SUM

Net Zero Doesn't Have to Be A Zero Sum Lia Borthwick

Head of Business Development, BT

Legislation, activist consumers, science-based targets, changes to the way we do things and a sense of running out of time. These are scary thoughts when it comes to how we make our organisations more sustainable. There is no instant panacea to saving the world but there are ways in which organisations can take a leap rather than a baby step.

At BT, we have brought forward our sustainability targets and are putting a lot more focus into our efforts to reach net zero

on carbon emissions. Our BT Group Manifesto outlines our commitment to be net zero by 2030, as well as committing to help our customers save 60m tCO2e (tonnes of carbon dioxide equivalent) by 2030. The biggest challenge to net zero is the business case; with every change comes a cost.

to be a zero sum scenario. But it doesn’t have to be. Organizations can banish the zero sum scenario by making smart choices on where to focus and the IT division can take the lead. How? By focusing in on the energy consumption of IT assets that are not in active use.

Cost benefit analysis, legislative drivers and stakeholder coordination can prove a daunting task. Investment is needed and so you win on achieving sustainability objectives but lose on the P&L in what can appear

Let’s take a closer look at the energy hungry data centre environment which in Singapore alone constitutes 7% of all electricity consumption a fact which has halted further data centres being created for now. Most of the focus to date has been on the physical environment: the cooling systems, the air-conditioning, lighting etc.

Recently we have been working with our partners Intel and QiO to reduce the energy consumption in our green data centres.

5-15% total energy reduction. Saving money by adding to the bottom line of an organisation’s financial health, and best of all with a potential ROI in as little as two months.

Our findings are too good to keep to ourselves and so, in line with our commitment to help others on their net zero journey, we are offering to help others take this leap on their journey too.

To find out more about BT’s net zero journey you can read this blog: The role of digitalisation in the race to net zero | BT's Global unit or contact the author at lia.borthwick@bt.com

The physical environment might be sustainable, but the racks of servers are still energy hungry. By their very nature, servers are connected so gathering the telemetry data from them and using AI to decide which cores can be powered down is achievable.

Energy savings can be identified in as little as six weeks and are typically in the range of COMMITTEE CONTENT: NET ZERO DOESN'T HAVE TO BE A ZERO SUM

THE THEMETAVERSE: ROAD TO NETWHAT ZERO:ARE SUSTAINABLE THE LEGAL AND IMPLICATIONS? RESPONSIBLE INVESTING

The Metaverse: What are the legal implications?

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behind avatars. Such uncertainty could also change courts' understanding of fair use. Meanwhile, trademark lawyers are focusing on questions such as how trademark dilution might occur in the metaverse, whether digital assets should qualify as "goods" for purposes of the trademark laws, and who should be held liable when the identity of the infringer is unclear.

Fintech

Paul Landless

Partner, Clifford Chance

As a growing number of tech companies invest heavily in the metaverse – which allows users to live, work and play in alternative virtual worlds – we explore the legal issues that it may give rise to, including data security and privacy, IP, copyright, and antitrust.

From Facebook's recent decision to rename itself "Meta" through to Epic Games' billion-dollar investment in metaverse technologies to Snap's continued development of a prototype for augmented-reality glasses, the metaverse has dominated the news and will likely continue to do so this year. But what is it?

There is no universally accepted definition for the term "metaverse," and, for many, it is simply an amorphous term used to refer to an as-yet-undeveloped future of the internet. Almost all conceptualizations of the metaverse include the use of virtual reality (VR), augmented reality (AR), and avatars, connected by a massive network. "The metaverse" is also often described as a singular, unitary entity, while others refer to "metaverses," presumably envisioning several sets of virtual spaces that are owned by distinct proprietors and which are not necessarily interconnected.

Adding to an already complex field of play, the metaverse is designed to be deeply interconnected, seamless, and ungrounded in physical space. Each of the legal issues discussed below will require practitioners to navigate questions of jurisdiction, territoriality, and conflicts of laws, none of which have been neatly resolved for even the current iteration of the internet, let alone fully realized virtual worlds with an even greater degree of interaction and user immersion.

Data security and privacy Digital security and privacy will be among the most significant legal issues facing platform owners. Major technology companies are already facing significant antitrust scrutiny and increasing regulation around the world, and the development of the metaverse may spur additional scrutiny and action from antitrust enforcers.

But data in the metaverse will become exponentially more valuable than it already is, and technologies will become increasingly integrated into multiple aspect of users' lives.

This developing technology will stress-test existing laws and put even greater pressure on regulators to match the sophistication of the technology. Further, a singular metaverse, if operated by multiple entities, will require interoperability standards that siloed, disparate metaverses will not. User information will be at particular risk of exploitation given the vulnerabilities involved when data is ported from one application to another, and platform operators will need extensive agreements to govern data transfers, information security standards, and responsibility for compliance (as well as data breaches, which could cause even more chaos than they do today).

In addition to concerns around a fair standard-setting process, cooperation agreements and industry standards risk restricting output and can violate the antitrust laws if not sufficiently tailored to their pro-competitive purpose. As major technology companies seek to build the infrastructure for the metaverse, they may encounter claims of antitrust violations and additional scrutiny from antitrust enforcers and legislators.

Intellectual property Questions of intellectual property are also highly relevant. For example, determining the identity of the creators of a given work in the metaverse may be more difficult when the work results from a decentralized collaborative process performed by users anonymized

Legal issues related to fintech will arise increasingly in the metaverse, especially as more companies offer digital assets and services for sale. Sales of virtual goods are already being made using cryptocurrencies and other digital assets, and they may ultimately be supported by the same blockchain technologies that allow for the metaverse's essential interoperability functions. Brands can distribute digital "goods" in the metaverse, either by selling identical goods to many users (like branded pairs of sneakers) or by selling rights or indicia of ownership to individual goods, such as a unique piece of art. Purchasers of the latter can acquire such goods as an investment or keep them for their own collection, even displaying them in a virtual environment (e.g., by "hanging" them in the living room of their virtual "summer home"). The art's authenticity may be verified on the blockchain through NFTs using a process similar to the verification of the value of the cryptocurrency itself.

Legal questions will surely arise regarding the proper verification of ownership and potential infringement or conversion of authentic and verified purchases. If cryptocurrency is treated like a financial instrument or security, which seems increasingly likely in certain jurisdictions, then consumers will experience hurdles using cryptocurrency as a currency for the purchase of digital goods. As more individuals acquire digital assets, operators of platforms where the digital assets exist will likely face a duty of care to ensure the safety of the digital assets.

Venture capital has poured into the sector, with more than $10 billion raised last year across gaming, augmented reality, and virtual worlds. An increase in cross-border deal-making means navigating the legal complexities highlighted above, while also facing increased scrutiny given the central role of tech companies in the digital economy and regulatory policies trending towards data controls and technological sovereignty.

What's next?

Currently, it is difficult to predict the extent to which the most far-reaching visions of a metaverse – a three- dimensional virtual world where millions or even billions of people shop, work, and interact – will materialize. Despite numerous advances, technological barriers still exist: supporting a virtual reality environment requires enormous amounts of energy and bandwidth, and VR hardware developers are still trying to improve their products' battery life, weight, and mobility. Finally, interconnected spaces have drawbacks along with benefits. With connectedness comes some degree of homogenization, and some users may not want to relinquish the ability to customize their own online environments in ways that are possible in contained and fragmented spaces but not in an open and universal metaverse.

It would be a difficult task to predict which of the many metaverse projects being developed by tech firms and non-tech firms alike will succeed, in terms of both technical outcomes and mass adoption. As companies innovate, these developments will foster disputes among businesses, governments, and consumers and give rise to novel legal questions for years to come.

M&A and other investment activity The metaverse as a whole is estimated to be an $8 trillion revenue opportunity. Investors have taken note of the "metaverse landgrab," and stockholders are increasingly asking companies to explain their metaverse strategy. The success of the metaverse, in whatever form it takes, will require massive investments of capital across digital content, digital assets, and hardware to generate virtual spaces, as well as the digital infrastructure to connect them.

Clifford Chance is one of the world's pre-eminent law firms with significant depth and range of resources across five continents. As a single, fully integrated, global partnership, we pride ourselves on our approachable, collegial and team-based way of working. We always strive to exceed the expectations of our clients, which include corporates from all the commercial and industrial sectors, governments, regulators, trade bodies and not for profit organisations. We provide them with the highest quality advice and legal insight, which combines the firm's global standards with in-depth local expertise. www.cliffordchance.com

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KEY SOCIAL MEDIA INSIGHTS FOR GENERATION Z

Key Social Media Insights for Generation Z Joyce Ko

Digital Content Manager, Digital Business Lab

By 2025, Generation Z will account for a quarter of the Asia–Pacific region's population, the same proportion as millennials. The rise of Generation Z is expected to emerge as one of the most important consumer segments soon, reshaping the future retail landscape with their increasing spending power and voices.

Are you prepared for the next generation of consumers, Generation Z?

Why should brands consider them in their social media strategy?

If you are interested in learning how to reach and cater to this mythical segment, this is the place to be. We will share some actionable insights on how to make the most of social media for your business goals. Let's dive into this growing demographic and examine Generation Z's distinct social media behaviour.

The younger generation of Asian consumers is gaining clout. By 2025, Generation Z will account for a quarter of the Asia–Pacific (APAC) region's population, the same proportion as millennials.

The rise of Generation Z is expected to dramatically impact Asia as one of the most important consumer segments soon, reshaping the future retail landscape with their increasing spending power and voices.

Facts about Generation Z in a Nutshell • Born between the mid-1990s and the early 2000s (aged 18-24) • The first generation to grow up immersed in technology, the internet, and social media, making them remarkable digital natives, hyperconnected, and informed.

• Across the Asia Pacific, nearly a third of Gen Zers spend 6 hours or more per day on their phones, a higher proportion than millennials (22%) and Gen Xers (10%).

• Members of Generation Z are innately talented and skilled at using social media platforms.

• Social media significantly impacts Generation Z members as individuals, organizations, and the contributions they make to society.

When it comes to reaching them, brands must select the appropriate platforms and deliver the proper content. According to a global survey, 73% of Generation Z expect brands and retailers to communicate with them about new products and promotions via social media.

The Best Platforms for Generation Z They express themselves through social media.

To connect with them, meet them where they are. Generation Z is undeniably more active and vocal than previous generations. They would like to share their thoughts and opinions on a brand, service, or product that they have used. Their

strong desire to communicate online extends beyond personal conversations.

1. Douyin (China) /TikTok (International): • Approximately 80% of its users being Gen Zs • The platform’s endless feed fits perfectly for Gen Zs who live in a “scroll culture.”

• Brands have just a few seconds to get audience’s attention.

• Penetration among Gen Z varies per continent and market: o European / North American countries – Strong penetration o APAC (excluding China) – Gen Z audience is still very active on other Social Media Channels such as Facebook or Instagram o China – Douyin has gained massive popularity (DAU: 600 million Douyin users in China) Brand’s implication: Awareness campaigns: fare better since time to develop interest is limited Conversion campaigns: drive impulsive purchase behavior 2. Facebook: • Passive consumption of content • Not for socializing as most Facebook friends are mere acquaintances • Prefer to be less visible on Facebook, commenting and sharing mechanisms would be less optimized Brand’s implication: Suitable for passively consuming inspiration and informational content Blog news and articles: develop confidence and creditability 3. Instagram: • Very active consumption of content • Save inspirations for future retrieval • Actively use the platform to socialize and express themselves • The channel to interact with celebrities, influencers, brands, friends, and family • In Southeast Asia, Instagram is the most prominent social media platform, followed by Twitter and YouTube, across Indonesia, Singapore, Malaysia, and the Philippines.

KEY SOCIAL MEDIA INSIGHTS FOR GENERATION Z

Brand’s implication: Engagement campaign: generate user-generated content, encourage share, like, and comment Deliver a worthwhile brand value or inspiration to the Gen Zs 4. YouTube: • Gen Z turns to YouTube to learn & become more knowledgeable about something • Longer form content with more time investment and deeper involvement Brand’s implication: Meaningful engagement, brand collaborations

The Right Content for Generation Z: Be Personable Brands who breakthrough with this important generation will be the ones that form smart partnerships. What are the contents that best resonate and penetrate with the Generation Z audience?

1. Ethical shoppers: Keep in mind that Generation Z is the most socially progressive generation of all. This group is deeply concerned about issues such as racial and gender equality, fair business practices, environmental conservation, animal welfare, and so on. They want to appear socially responsible and prefer brands that are socially ethical.

2.Seekers of authentic stories: They would rather follow digital influencers who are ordinary teenagers to whom they can relate than celebrities.

3. FOMO Fear of missing out: In the context of social media, young people see the highlights of their friends' lives and wish they could be there as well.

4. A deeper and more intimate level of engagement:

KEY SOCIAL MEDIA INSIGHTS FOR GENERATION Z When it comes to marketing, Gen Z audiences are far more astute than passive audiences. They want one that allows them to communicate with a real person. They are eager to initiate and cultivate experiences and relationships with brands that adhere to this model.

Brand’s implication: To gain the trust of Gen Zers, communicate genuine and convincing social media messages that align with their values and attitudes.

Relevance is more important now than ever before. Deliver valuable values through strategic influencer collaborations.

Engage Generation Z with messages that| celebrate diversity, inclusion, and fluid lifestyles.

Create an approachable and accommodating brand persona, and you will have a much easier time converting Gen Zers.

• • • • • • •

Live-stream event Microcontent In-feed videos Hashtag challenge AR content Influencer marketing Brand takeover

In conclusion, as the most video-centric demographic, they are heavily influenced by video content in their brand selection and strongly embrace various interactive experiences. Longform content is nearly useless to Generation Z, who prefers short, easily digestible information snippets. What are your thoughts on catching their focus?

The Right Format for Generation Z: Use Multimedia With an average attention span of just over eight seconds, Gen Zers have the shortest attention spans (In contrary to millennials with a full 12 seconds). Here are some examples of social media content formats that brands should consider using to engage Generation Z:

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Digital Business Lab is a performance-driven and creative social media agency. Based in Hong Kong & Singapore, we promise to increase brand desirability and engagement using meaningful content produced by our multicultural team of 12 different nationalities. We have been specializing in social media for over nine years, running localized tactics and people-centric campaigns across Asia (including in and out of China) to upgrade businesses' social media experiences and elevate their performance to new height with the best ingredients Social Media has to offer. Core service offerings, social media strategy, influencer marketing, video production, creative storytelling, data listening, web3.0 – 2021 New. https://digital-business-lab.com/

GETTING AHEAD OF SINGAPORE’S BOOMING SOFTWARE ENGINEERING MARKET

Getting ahead of Singapore’s booming software engineering market Yvonne Loh Manager, Hays Singapore

Mon Fei Chow Senior Consultant, Hays Singapore

Thinking of expanding your tech team? Dive into key market trends to better strategise and plan for your next tech hire amidst a tech talent crunch.

While Covid-19 has been disruptive for many industries, it surfaced numerous opportunities for technology companies in Singapore.

The necessity of contact tracing and remote working accelerated the adoption and normalisation of technology that enabled both, and as a result, triggered significant digital transformation and growth in specialist technology areas like cloud computing, data analytics, and cyber security.

In particular, the software engineering market is seeing growing volumes of front-end, back-end, full-stack, and mobile developer jobs that are getting increasingly challenging to fill. If you’re thinking of hiring a developer for your tech team, here are four market trends you need to know: 1. More jobs, but fewer qualified candidates Now that most of the market is shifting out of recovery and into growth mode, hiring is in full force for software engineers this year. The bulk of the jobs are coming from emerging fintech companies as well as American and Chinese tech companies, many of which have been setting up their operations in Singapore in recent years.

Most of these jobs are for back-end, full-stack, and mobile developers.

Yet, this increase in demand is stretching

Singapore’s technology talent pool to the limit. Talent shortage is typical of the technology market in Singapore, and with the rising demand, competition for software engineers is fast climbing to new heights. Consequently, employers are reassessing their talent attraction strategies to ensure they are well-positioned to hire the best candidates in the market for their tech teams.

2. When it comes to skills, focus on versatility and well-roundedness As much of the demand is concentrated on mid-senior developers and beyond, many companies are finding it increasingly challenging to get candidates who are skilled and experienced.

Technical skills, such as proficiency in commonly used programming languages are definitely a key thing to assess for, although the specific assessment will depend on the type of developer you need on your team. More critical for employers is the proven ability to communicate with, and influence or manage stakeholders from both technical and non-technical business teams.

Given the challenge in hiring skilled and experienced candidates, some organisations are hiring fresh technology graduates in bulk with

COMMITTEE CONTENT: WHAT ARE THE BUSINESS OPPORTUNITIES IN ICT ENABLED WATER RESILIENCY FOR SMES IN SINGAPORE?

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37 dedicated plans and programmes to train and develop their skills while on the job.

3. Focus on flexibility and employee wellness Since the pandemic, employee wellness has been at the top of every employer’s mind, and for good reason – it’s one of the biggest factors motivating employees to stay at their jobs.

After all, it’s no secret that the way we work has changed immensely since 2020, and with it, so have people’s priorities. High on that list? Work flexibility. Candidates we talk to are increasingly vocal about their preference on how they work and where they work.

make sure there are tactics in place to measure progress and course correct in the event of setbacks or challenges.

Want to discuss your tech recruitment plans?

Email us at yvonne.loh@hays.com.sg or monfei. chow@hays.com.sg For an in-depth analysis of the market, compensation information, and talent attraction and retention advice, download the Inside Story of Technology: Key Developments in Software Engineering

In response to this, tech companies have been leading the charge in providing alternative work patterns including hybrid or remote working in a bid to improve work-life balance at their organisations. Some even go the extra mile to provide work from home and food delivery allowance as part of their benefits package!

4. Enhance brand reputation with diversity and inclusion strategies A diverse workforce brings people of different experiences and backgrounds together, creating a high-performance and innovative environment.

With the recognition of the economic advantages of a diverse and inclusive staff roster growing, technology companies in Singapore have stepped up efforts to increase the diversity of their teams. After screening for merit, employers are striving towards building more gender balanced teams as much as possible.

However, the work doesn’t stop there. Providing mentoring for female talent and leadership, offering inclusivity training, and creating a supportive culture are some of the ways company leaders can strengthen diversity and inclusion. Finally, but no less important, is to

Hays Singapore is one of Singapore's leading recruitment companies in recruiting qualified, professional and skilled people across a wide range of industries and professions.

Hays has been in Singapore for over a decade and boasts a track record of success and growth. We operate across the private and public sector, dealing in permanent, temporary and contracting positions in more than 15 different specialisms, including Accountancy & Finance, Banking & Financial Services, Digital Technology, Engineering, Finance Technology, Human Resources, Information Technology, Legal Life Sciences, Marketing & Digital, Office Professionals, Procurement, Supply Chain and Sales. Hays Singapore was named the “Best Small Workplace” in Singapore in 2019 and 2018, and was ranked fourth “Best Multinational Workplace” in Asia 2020 by Great Place to Work.

GETTING AHEAD OF SINGAPORE’S BOOMING SOFTWARE ENGINEERING MARKET

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Discover the Difference

DE T U

DO R P UN ONS M

DUCKS EARLY YEARS PROGRAMME

This is how the metaverse might be monetized This article was originally published by World Economic Forum

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

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

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

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

If the metaverse is less of a product and more of a framework for human interaction, it is practical to look at metaverse monetization Experts believe the metaverse will signify the next step in our digital evolution, bringing new risks and opportunities alongside new soft- and hardware.

Experiences instead of technology will play a huge role in how we understand the metaverse and what business models can be created within it.

But doing business in the metaverse won't be simple – questions of how to regulate it are already arising today.

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

LIVE

When Meta Platforms announced its rebranding and repositioning towards the metaverse, in October 2021, the reaction in the business community was confusing. Interest in ‘metaverse’ – a term limited to tech circles for the best part of the year – exploded, with executives at dating companies, cryptocurrency exchanges and a professional wrestling brand among the many claiming to be building the metaverse, have a strategy for engaging with it – or, in some cases, both.

is also illuminating. First, because it tells us something about what metaverse evangelists think it represents. To this group, the belief that the metaverse will become a significant part of the world economy – transforming business and social life on a level comparable to the internet – is only strengthened by the diverse range of companies rushing to be part of the clamour.

At the same time, it highlights the influence that major technology companies have on the internet today, and how that influence could transpose itself to the metaverse. Critics of these companies argue that they are responsible for “walled gardens” distinct, closed ecosystems that shape the content and business models around online behaviour – which must avoid being replicated or reinforced in the metaverse.

The fact that so many companies felt

Given that the metaverse is still mostly conceptual, this is forgivable, but the lack of clarity

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

THIS IS HOW THE METAVERSE MIGHT BE MONETIZED

it necessary to explain their relevance to Meta’s new corporate strategy suggests that, for better or worse, the influence is more than a subjective perception.

Regardless, contextualizing the opportunities and risks with reference to the internet is no coincidence. Experts believe that the metaverse will become the next major computing platform, causing an evolutionary stepchange in hardware, software and experiences.

XR will create the metaverse – but can’t sustain it This is the incentive for so many companies to build the virtual environments that the metaverse will depend on.

They are likely to be based in “extended reality” (XR) – the combination of augmented, virtual and mixed reality technologies. Universal access is essential if the

THIS IS HOW THE METAVERSE MIGHT BE MONETIZED

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marketplaces. Creators of metaverses could charge commission fees on transactions, like how app stores function today. This model provides developers with a global audience, and consumers with a common experience.

However, it is subject to intense debate across the technology ecosystem. App store “transaction taxes” are a contrast to the future envisaged by “web3” advocates, who see the metaverse as one of several counterweights against the power held by large technology companies, and an opportunity to decentralize the experience, control and monetization of the internet in favour of users, content creators and asset owners.

metaverse is to bridge our physical and virtual lives to the same, or greater, extent that smartphones and the mobile web do today.

Unlike the web, however, which nobody owns and is paid for by everyone who uses it, the basic infrastructure for accessing the metaverse is largely being developed by private enterprise.

As recently as 2019, more than 80% of the VR headset market was controlled by four companies, each of which used proprietary software.

Even if – as some argue – the route to the metaverse is via AR, it is unlikely to be financed by the free and open-source model that gave us the internet. Either way, without reasons to accelerate adoption, sceptics say the metaverse will never be anything more than a subset of gaming.

This may be why alternative framings, that imply that the metaverse is a point in time, are being popularized. Specifically, the metaverse represents the moment at which our digital lives – our online identities, social and professional relationships, and assets – become more important than their physical counterparts.

Experiences, not technology, will

be the bedrock of the metaverse If the metaverse is less of a product and more of a framework for human interaction, it is practical to look at metaverse monetization through the lens of experiences, rather than technology. This widens the range of business models that support individuals and companies in creating, marketing and selling new products, goods and services.

Some are already experimenting with the most obvious of these – advertising. Reports of brands using video games, AR features and digital replicas provide early use cases of how they could build recognition and engagement among consumers on metaverselike platforms. Patents filed by Meta indicate that advertising and sponsored content will form a significant part of its metaverse strategy.

Although advertising is anathema to many technologists, it funds the internet as we know it. It produces high margins and allows content creators to drive discovery and engagement with their work, making it attractive – and, importantly, feasible – to anyone exploring the metaverse as a business opportunity.

But advertising today is dominated by the private sector and tied to products that predominantly hold real-world value. This doesn’t really support the argument that the metaverse will create a new digital economy, different from the one we know today.

Perhaps paradoxically, the push toward decentralization may end up producing more gatekeepers. Critics argue that if the metaverse is to have real products with real users, it must favour uniform, centralized experiences. These can never be truly open, and there’s a certain irony in seeing large companies declare their intentions for defining and building the metaverse in this way, considering the history of how platforms, experiences and products have developed in the technology industry in recent decades. The power dynamics that aggregators exert on the internet today may be hard to avoid replicating.

Regulating the metaverse Regulation will also play a role in the development of the metaverse. Many web3 start-ups are still flying under the regulatory radar, and the list of hacks, scams and simple errors they are subject to is growing.

Questions of how to prevent fraud, eliminate copyright infringement and guarantee the integrity of digital environments are yet to be answered in detail, just as there will be debates over how to make the metaverse a safe place that accounts for the human rights that have been developed and enforced, to varying extents, in the real world.

Given that all these issues that exist in the real world today, it only emphasises their complexity and the trade-offs required to resolve them. Doing business in the metaverse won’t be simple – but then again, what is?

This is why non-fungible tokens (NFTs) are being watched with interest. Fashion houses, auctioneers and sports properties are among the businesses selling NFTs, which enable individuals to own digital assets. People have long built communities based on things they own, and the technology behind NFTs – blockchain – theoretically can create incentives for these communities to form and strengthen.

For example, a feature where the creator of an NFT is paid a percentage each time their NFT is traded could be used to support artists financially. The important role that the creative industries play in shaping culture and identities could normalise NFTs among a wider audience.

The two sides of the NFT coin NFTs could also boost development of the metaverse by encouraging the development of digital

THIS IS HOW THE METAVERSE MIGHT BE MONETIZED

WINNING INNOVATION IN A REGULATED INDUSTRY

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Winning innovation in a regulated industry William Dew

Managing Director Markets, Zühlke Asia

From innovation labs to corporate incubators and new venture builders, a startup innovation culture is igniting in Asia and accelerating the development of disruptive ideas in this global competition.

From innovation labs to corporate incubators and new venture builders, a startup innovation culture is igniting in Asia and accelerating the development of disruptive ideas in this global competition.

Many think regulation inhibits innovation. Yet the world continues to see some of the most impactful innovations — such as digital banks, AI-enabled healthcare and digital therapeutics, coming from some of the most regulated industries.

These organisations have found ways to harness agility, not only to drive innovation but also to transform their approach to security and compliance.

So, what success patterns do we see for innovation to flourish?

Speed & compliance can co-exist with agile ways of working Even in less regulated industries, innovation is often a challenging and messy process. Highly-regulated industries have the added challenge of well-meaning yet sometimes misguided processes adding red tape and drawing out timelines — a serious impediment when successful innovation depends so much on

moving quickly.

Innovation in these industries is as much about finding ways to move fast without sacrificing security or compliance as it is about developing new products, services and solutions.

The NHS COVID App is a prime example of such an approach.

Innovation & digital transformation in UK's National Health Service (NHS) Developed as a vital part of the pandemic response in 2021, the test and trace solution illustrates how major policy changes and health requirements can be embedded into patient-centric digital solutions within a short timeframe.

Designed and built with a secure, privacy-first approach, the digital service monitors possible exposure to COVID-19. It is estimated to have prevented up to 600,000 infections and accelerated medical app innovation in the country.

The digital service also brought about a culture change within the Department of Health and Social Care (DHSC) — a ministerial department that aims to lead the nation's health

and social care. A way for them to transform into an agile organisation leading public health through digital innovation.

As the delivery partner working with DHSC, Zuhlke established a multi-disciplinary working group including policymakers, researchers, designers, engineers, and experts in security, ethics, accessibility and other areas, collaborating closely to launch the app in 12 weeks to serve over 22 million users.

The joint team operated in a highly incremental, agile way. Policy, compliance, user research and design were embedded in the weekly development build cycle. In addition, the use of native cloud services and automation of every aspect of the build, test and deployment process enabled the delivery of this class-1 medical device.

The Zuhlke team was named "Development Team of the Year", receiving the UK IT Industry Award 2021 for its delivery of the COVID-19 app.

A culture of innovation driven by talents

45 A culture conducive to innovation does not happen overnight. When asked to describe such cultures, employees often named expressions like willingness to experiment, psychological safety, open collaboration and communication.

Culture is only as strong as the people who bring it to life.

Beyond hiring diverse talents, flexible-enough structures in organisations can help to bridge silos and create open lines of communication and collaboration between teams.

One simple yet powerful approach is to speak a shared, inclusive language. This can be in the way team goals are defined and communicated, with the goal of bringing people together and aligning their objectives.

Heavily regulated companies like banks spend millions of dollars on maintaining their core systems, which usually interface with hundreds of other systems and handle a massive amount of secured data. Core banking systems, for example, are designed to handle a high volume of transactions, be available 24x7 for customers worldwide, and be scalable to support the bank's strategy.

As digital banks take flight in Asia, they boast the advantages of their technology-first approach, with the ability to go lean and deliver features aimed at better customer experience.

Here is where streamlining back-end systems and data strategies can make a real difference down the line as these digital banks enter new markets. A modern data-driven approach that can scale dynamically to meet performance or regulatory requirements.

"A common challenge regulated industries face is becoming more innovative while moving fast. Enterprises collaborate with ecosystem partners like us to ideate, develop, and scale innovation initiatives in less time. We bring together a strong culture of innovation, proficient technical know-how, and skilled talents to drive this innovation agenda."

Commented, William Dew, Managing Director Markets, Zühlke Asia

Balancing a 'just right' approach for radical and incremental innovation.

Radical innovation — in the form of large, ambitious projects, often takes time to build momentum and deliver value in the regulated sectors.

Investing in future-forward sustainable technologies Most breakthrough innovations are, in some ways, driven by new technology. Businesses are always on the search for the next big technology that can help them move ahead of the competition.

In doing so, these organisations must be well-equipped to operate in any regulatory environment. This means that the systems powering a company should be flexible and adaptable enough to scale such changes.

Think of data and the way organisations use it. Enterprise data tends to reflect the organisational structure that created it. In many highly-regulated sectors, it is often siloed, internally focused and structured to report based on the current regulatory landscape. As a result, organisations often find themselves at a disadvantage when forces outside the business require them to make changes rapidly.

Incremental innovations in the form of tactical projects or pilots mostly build on existing and well-understood products or services and improve on them incrementally. But they sometimes never take off or take too long to scale.

A lean project team working on an innovation initiative with executive sponsorship is one of the most effective setups for innovation to flourish. A single lighthouse project can pave the way for large-scale innovation to happen, while reassuring those responsible for complicated processes like legal and regulatory to understand both risks and benefits for the organisation

Digital banks are an excellent example of this dynamic, where regulatory requirements vary by region.

Zühlke is a global innovation and technology service provider with over 50 years of leading expertise in digital strategy and business innovation, and quality software solutions and application services.

Founded in Switzerland in 1968, Zühlke operates in 16 locations worldwide, supported by a talent pool of over 1,600 technologists and innovation experts. Groupwide, we support businesses on over 10,000 successful projects, working with clients from large Forbes 100 companies to innovative start-ups across diverse industries: from financial services, healthcare and medtech, enterprise and public sector and more.

WINNING INNOVATION IN A REGULATED INDUSTRY

MOVE FAST AND BREAK THINGS: WHERE REGULATION STRUGGLES TO KEEP PACE WITH INNOVATION AND THE WAY FORWARD

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Move Fast and Break Things: Where Regulation Struggles to Keep Pace with Innovation and the Way Forward Yee Chuin Lim

Royston Wah

Head of Public Policy, Speyside Group

Consultant, Speyside Group

Technological advancements across various sectors from IT, telecommunications, finance, and FMCG are driving and forcing waves of changes in today's policy and regulatory landscape. Often, these create significant challenges for policymakers, who try to balance support for innovative practices with a sense of regulatory caution to protect consumers and businesses. In Southeast Asia where most are playing catch-up in the regulatory space, recent and ongoing examples of policymaking have shown that it is crucial for both industry and government to work together to find the right balance, allowing new technologies the latitude to ‘move fast and break things’ while setting mutually agreed boundaries to ensure a wider societal acceptability.

Blockchain & Cryptocurrencies Within the past decade, we saw the emergence of new technologies made possible by blockchain. Cryptocurrencies have been particularly tricky for regulators with their simultaneous roles as a mode of payment and speculative asset. In countries like India, Indonesia and Thailand, the authorities have banned it as a payment tool, citing money laundering, severe market volatility and speculation, and irrevocable transactions as harmful for consumers and the growth of the countries' financial systems. On the other hand, there are countries like El Salvador and Central African Republic which have accepted Bitcoin as legal tender, partly to address weak currency and runaway inflation issues.

For now, most of the world prefer to err on the side of caution by adopting the former position, a reasonable one until concerns around fiscal and monetary stability can be addressed.

However, limiting cryptocurrencies’ application in payments does not mean the same for other applications of the underlying technology. In Vietnam, Decision No 2117 was issued in 2021, listing blockchain as a priority for R&D. Its Finance Ministry has also set up a research team studying virtual assets and money. Likewise, in Singapore, the central bank has very recently announced Project Guardian to

study DeFi applications in collaboration with the financial industry. The evolving discussions around Central Bank Digital Currencies, such as Indonesia’s ambitions to develop their own and Brazil's roll out of the Digital Real in 2023, also highlight that policymakers are careful not to throw the baby out with the bathwater. The key here is to understand how to better regulate and protect the financial systems and consumers alongside these innovations, through national governments and international bodies.

FinTech Beyond cryptocurrencies, financial technology (fintech) has rapidly matured in the 21st century, alongside ancillary developments such as rising internet and mobile penetration rates, and faster computing speeds.

Policymakers welcome fintech’s potential to improve financial inclusion and make financial regulation itself more efficient. Many governments in Southeast Asia are implementing long-term roadmaps to support the growth of fintech with favourable regulatory treatment. In Thailand, this is underpinned by the multi-phase Financial Sector Master Plan and the setting up of a Financial Technology Group under the central bank.

However, we also see instances where regulation is

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playing catch-up to these innovations. Despite having a high level of awareness locally of gold as a store of value, Thailand's policy environment had slightly lagged in terms of supporting gold investment as an alternative form of financial management. Only recently have small scale retail investors been able to trade gold easily with the launch of the Krungthai Gold Wallet in November 2021, the first endto-end online gold trading service in Thailand.

There is also the possibility of regulation stepping too far ahead of innovation, which may end up stifling it. There are legitimate concerns around the risks of fintech, such as data security and individual privacy. Additionally, a 2022 IMF report identifies several vulnerabilities posed by neobanks that threaten financial system stability, including higher risk-taking in retail loans originations and in securities portfolios, and inadequate liquidity management frameworks. However, the case of Singapore showcases a regulatory approach that can balance both innovation and risk, relying on the use of regulatory sandboxes to test new technologies in well-defined spaces and durations.

The fruition of years of regulatory process to finetune the eligibility criteria for digital bank candidates and the commencement of operations of the four approved digital banks this year is also a testament of a possible coexistence of innovation and regulation.

around single-use plastics should be carefully considered as different products. For example, Malaysia, in its plastic sustainability roadmap, has included standards such as BSI PAS 9017 (the first standard to measure the biodegradability of polyolefins published by BSI) and ASTM D6400-05 (required specification for the labelling of plastics designed to be aerobically composted). These can help clarify new product categories and finetune regulation to cushion the impact on industry and consumers.

Conclusion The way forward is most definitely, continued publicprivate partnerships, whereby regulation gets shaped by an iterative and collaborative process between the public and private sectors towards win-win scenarios. Fundamentally, there is a need to ‘de-risk’ technology in the view of individual users, which can happen by creating space for government and industry to explain policy and commercial considerations respectively. Crucially, it is also on the onus of both government and industry to survey the existing landscape, keep their finger on the pulse of developments, and pre-empt potential concerns to avoid a stranglehold of innovation by regulation, which can be further mired by existing legislative frameworks that may take significant time to change.

Plastics Another interesting phenomenon is the emergence of mixed materials packaging as well as biodegradable plastic, which has exposed limitations on current regulations.

Policymakers remain cautious in the definition of such materials and tend to regulate them as plastic, imposing sanctions or bans on innovators who want to be exempt from these measures. Across Southeast Asia, several countries have recently enacted or are in the process of enacting Enhanced Producer Responsibility (EPR) policies. Defining EPR coverage becomes tricky in the face of new technologies, particularly around how governments regard mixed materials. For instance, multi-layer paper-based packaging with a minor component of plastic tend to still be regarded as plastic, despite there being the sorting and technological capabilities to separate the layers. Meanwhile, new biodegradable alternatives or substitutes that address problems

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