NOV 2017
Out to expand with Nordea:
Fredrik Lager!
BUSINESS Cargotec’s MacGregor new Singapore head office
CULTURE
PEOPLE
TRAVEL
Singaporean exchange student in Denmark
H.E. Ambassador Anita Nergaard
Finland, Norway showcasing at ITB ASia
November 2017
Commmunity Stories 4 Finnish Film Festival 5 Norwegian Beach Party 2017 14 Nordic food recipes
Ms. Katherine Seow Wan Xuan
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Exchange student in Denmark
10 Out to expand with Nordea: Fredrik Lager!
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ScandAsia Business
8
3 ITB Asia travel show
70 Finnish exhibitors, 20+ Norwegian tourism repr.
H.E. Anita Nergaard
Norway’s new Singapore ambassador
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13 Cargotec’s MacGregors Set up Singapore head office
13 Volvo Buses
First hybrid order for Southeast Asia
14 Mr. Sam Tan
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Singapore’s Minister of State at Arctic Frontiers Abroad Forum
17 NOV 20
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ordea: with N expand Out to
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ESS BUSIN
’s Cargotecgor new MacGre e head office Singapor
RE CULTU
ean Singapor student exchange k in Denmar
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TRAVEL way Nor Finland, g at showcasin ITB ASia
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News Brief
70 Finnish exhibitors attended ITB Asia travel show Singapore
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TB Asia in Singapore took place during 25-27 October 2017, , with a record of 70 exhibitors from all over Finland promoting their services in Singapore. The Finland stand was bigger than ever to mark Finland’s 100’s birthday. “We thought we broke our exhibitors’ record last year with 60, but we managed to do even better this year, with 70”, said Heli Mende, Head of Global Sales for VisitFinland. The Finland pavilion was carried out, as in previous years, with Visit Finland identity. Par ticipation for the finnish companies was organized by Messuille oy in cooperation with Visit Finland. ITB ASIA is the most impor tant travel industry event in South-East Asia. The event has gained popularity among exhibitors, in particular with regard to hosted buyer program. During the previous event 900 buyers attended the hosted buyer program, states Visit Finland. The program allows exhibitors to negotiate directly with key players.There will be buyers participating into the program for example from Australia, New Zealand, China, India, Malaysia, Thailand and Indonesia. ITB Asia is the South-East Asia’s most international event as far as the exhibitor participation goes.The event showcases products
and services of about 850 exhibitors from over 100 countries. On top of the 900 hosted buyers more than 10 000 professionals attended the event as buyers. More than 70% of the visitors are from Asia and Oceania. Sources: Suomi Finland 100 Singapore, ITB Asia
Norway at ITB Asia
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s Norway attend the travel convention ITB-Asia is held in Singapore. On this occasion, H.E. Ambassador Anita Nergaard held a reception at the residence - in cooperation with Innovation Norway (Innovasjon Norge), Visit Norway and representatives from the Norwegian tourism industry. The increase in global tourism is noticeable in Norway, and more tourists are coming in from Asia. Mr Per Holte from Innovation Norway reminded the guests that the fjords are open all year round, and to set the right mood for the eventing, the guests were treated to Norwegian seafood from FiSK. Ambassador Nergaard also visited the Norwegian stand at ITB-Asia, where Innovation Norway (Innovasjon Norge) and Visit Norway were showcasing the best of Norway together with more than 20 representatives from the tourism industry. “Your number one reason to visit Norway? It’s not only fjords, glaciers and northern lights that are attracting tourists; our cities are filling up with high quality coffee, creative culinary creations and exciting cultural and architectural experiences,“ wrote the Norwegian Embassy in Singapore. Source: Royal Norwegian Embassy in Singapore
November 2017 • ScandAsia.Singapore 3
Community
Four Days with Finnish Films in Singapore By Eva Eriksen
Swedish Dads and Singaporean Dads expo
4 ScandAsia.Singapore • November 2017
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n mid October the Embassy of Sweden, Singapore in par tnership with the Swedish Institute and IKEA launched ‘Swedish Dads and Singaporean Dads’ a photo exhibition at the art gallery the DECK. The photo exhibition was inaugurated by HE Håkan Jevrell. A panel discussion was held in connection to the opening on the topic of ‘Parental Policies and its impact on business and the economy’. The discussions were lively and engaging with active audience participation. The panel included Dr. Mathew Mattews, Senior Research Fellow, Institute of Policy Studies, Lee Kuan Yew School of Public Policy, Ms. Anna-Karin Lindblom Deputy Director-General, Head of Gender Equality Division, Ministry for Health and Social Affairs, Government Offices of Sweden, Mr Lars Svensson,
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20-year-old dream came true on Thursday October 12 for the Finnish Ambassador as she welcomed people to the first Finnish Film Festival in Singapore. A whole week of Finnish films were lined up at The Projector, ready to bring some Finnish culture onto the Singaporean movie screen. “I already brought my down jacket,” H.E. Paula Parviainen said in her welcoming speech, excited to escape back to the Scandinavian home country for a couple of hours. The film of the evening, “Little wing” – or in Finnish “Tyttö Nimeltä Varpu,” did also show the Finnish weather from its gloomy side, where every breath is visible in the air; a tender-hear ted coming-of-age story shot in a low-key, realist style, by Selma Vilhunen. During the week, six new Finnish pictures were shown, three documentaries and three features. “They are all ver y different but all ver y Finnish,” the Ambassador said. The film festival is part of the big Finland 100-year celebration which purposes to build bridges between Finland and other countries, and an effective way of doing that is through films, according to Leena Hesselman, Executive Director, LapCI, Suomi Finland 100: “Films are a very powerful way of showing a culture. Within two hours you can fly with different wings. It is a window out into the world, through which your horizon is enlarging.” The audience of the evening did not only count Finnish people, also Singaporeans were present and the Nordic cinematic style were appreciated by locals, as well: “The style is very artistic. I sense a lot of cinematographic photography – similar to Woody Allen’s films. It is simple scenes, where the composition of the subjects, the conversation, and the nature are the special effects,” Jim Hu, nature photographer, said. Even though Finland only turns 100 this year, the film festival will hopefully return next year, Leena Hesselman, Executive Director, LapCI, Suomi Finland 100, said. In her speech, the Executive Director also gave thanks to the six sponsors of the festival, counting The Embassy of Finland Singapore, The Finnish Film Foundation, Suomi Finland 100,Tallink Silja Line, Abloy, and Laitilan in addition to The Projector for curating the films.
Sustainability and Communications Director, IKEA Southeast Asia and Ms. Jacquline Gwee, Director, aAdvantage Consulting. The panel debate was moderated by Mr. Augustine Anthuvan, Channel NewsAsia. “We also had the pleasure to announce the winners of our Singaporean Dads photo contest. Congratulations to Errol Tan, Imran Johri, Gathirvel Kanitha!” writes the Swedish embassy. The ‘Swedish Dads’ and ‘Singaporean Dads’ photo exhibition is showing at the DECK, 11- 20 Oct. Free admission. Source: Embassy of Sweden in Singapore
Norwegians’ Singapore Beach Party 2017
Community
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50 people attended the BBQ and Beach Par ty at Sentosa 22 September, hosted by Norwegian Business Association (Singapore) and the Norwegian Embassy in Singapore. The Party took place at Coastes (Sand Bar) with tickets including food and and free-flow drinks until 10.30 pm. Photos by Alex Janu Source: Norwegian Business Association (Singapore)
How can you make your money work while you enjoy life?
Michael Kaj Blom Michael.Blom@nordea.sg www.nordeaprivatebanking.com Nordea Bank S.A, Singapore Branch is part of Nordea Group, the leading financial services group in the Nordic and Baltic Sea regions. Some products and services may, due to local regulations, not be available to individuals resident in certain countries and their availability may depend, among other things, on the investment risk profile of persons in receipt of this publication or on any legislation to which they are subject. Nothing in this publication should be construed as an offer, or the solicitation of an offer, to purchase, subscribe to or sell any investment or product, or to engage in any other transaction or provide any kind of financial or banking service in any jurisdiction where Nordea Bank S.A., Singapore Branch or any of its affiliates do not have the necessary license. Published by Nordea Bank S.A., R.C.S. Luxembourg No. B 14.157 on behalf of Nordea Bank S.A., Singapore Branch, 138 Market street Capita Green #09-03 Singapore 048946. www.nordeaprivatebanking.com subject to the supervision of the Monetary Authority of Singapore (www.mas.gov.sg).
November 2017 • ScandAsia.Singapore 5
Community
Singaporean exchange student in Denmark: “I learned to question the norm”
Katherine was also one of the Singaporean students present at the Danish booth for the Study in Europe Fair 2017, where she enlighted other students about her experience in Denmark
In Singapore, a lot of students take a semester abroad to improve their resume and become more employable graduates. Katherine Seow Wan Xuan is no exception. She chose to go to Denmark for six months during her bachelor’s degree in Biological Sciences, wanting to add some engineering classes to the palette. In Denmark, she learned a lot from the new culture and study environment she met. However, she also learned a lot about her own culture while being there. By Eva Eriksen 6 ScandAsia.Singapore • November 2017
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atherine Seow Wan Xuan, 23, arrived in Denmark for her exchange in 2015. In January. “It was cold. There was snow, but it was beautiful. In Singapore, we don’t even have seasons, so it was refreshing. It was breathtaking,” she says. She had heard from friends that people were friendly in Denmark and that the culture was casual and open, and that is also what she met. “It’s a very nice culture, very inclusive and very open.You can question the norm.” Katherine says. Comparing, she explains how in a lecture hall in Singapore, even when the lector asks a question, no one will raise their hand – except for the international students in first row. “Singaporeans, we are not encouraged to question. It’s not normal for us. But in Denmark, I actually learned to question. I learned to be more curious, to be hungry for more information. So, in that way I feel it is more open, and I think that is the best way to learn.”
Miss Seow enjoyed the interactive learning format she encountered at DTU in Lyngby, where collaborate project work gave her new perspectives on education. Meeting up with other students to do group work was very given, she thinks, because people can discuss the matters with each other, and so you are not just learning on your own. Also, you meet more people this way, she explains.
In Denmark, you take it as it is. You do not rush,” she says, “that is something I think about now: how fast Singaporeans walk. We rush. You guys take your time, and you take time to chitchat. You also have more open spaces for chitchatting.
More alcohol – less stress
Something that was a bit of a cultural shock for Katherine was the amounts of alcohol, Danish people drink – and where they go to get it. “The most surprising thing about studying in Denmark is that every building – every faculty has a bar. No way can you find a bar at school in Singapore. And if you could, no one would dare to go in.” The alcohol prices were also very different than what she was used to back home. However, Katherine sees no problem with the alcohol culture she met in Denmark in terms of the study environment, because since the bars are located at the school, people can go straight after class and then be in bed by 9 pm, ready for class the next morning. Another thing she noticed about the culture is how people take good care of each other in situations where alcohol is involved. However, in terms of health, the vivid alcohol culture is not without problems. Nevertheless, that does not diminish the Danish study environment to be unhealthier than the Singaporean, she explains: “Yes, Singapore is healthier in the sense of the amount of alcohol we intake, but as in terms of stress, it’s another story.” Denmark is more chillaxed, she describes, a composition of ‘chill’ and ‘relax,’ which she does not find similar in the Singaporean study environment. “In Denmark, you take it as it is. You do not rush,” she says, “that is something I think about now: how fast Singaporeans walk. We rush. You guys take your time, and you take time to chitchat. You also have more open spaces for chitchatting.” That is a difference that Katherine also applies to the two educational systems. Where the Danish system is more project-based compared to the Singaporean, which is more lecture based. “In Singapore, you only get evaluated after the semester, when you have exams, so you chill through the first three months and then rush through the last two months. But in Denmark, because it is more project based, it forces you to improve very quickly. That is probably why you guys are more relaxed, cause you take things as they come.”
How to make friends with Danes
At DTU, Katherine met a lot of other international students, whom she quickly became friends with because as she says everyone arrived as strangers. Had she attended a local university, she is sure it had not been as easy to make friends so fast, because locals would click with each other. However, that did not keep her from making friends with the Danish students; on the contrary: “When you make friends with other international students you are also able to click better with the Danish people. You guys are also quiet and keep to yourself, but a lot of you dig down your fun – I
Katherine Seow Wan Xuan, 23, attended NTU in Singapore for her B.A. in Biological Sciences know some part of you is fun, and so you just need to dig it out of you.” When asked how to do that, she replied rapidly: “Get you guys drunk! That’s how you unlock an Asian person too. Booze is the way. Booze and project work!”
Get out of your comfort zone
Miss Seow would recommend Singaporean students to go on exchange and try studying somewhere else – and preferably out of the region because you can always go to Asia she argues. “When you go for education – go to a place where the culture is different. Give yourself a challenge. Aim higher! There is definitely going to be a culture shock, but you are going to learn a lot more.You are getting yourself out and away of you comfort zone.” Being at a distance from her own culture, Katherine Seow Wan Xuan suddenly understood some things about it, which she had never
thought of before. “We are afraid to show our vulnerable side,” she says. “Showing emotions is comprehended as weak. I didn’t realize this about my culture until I went to Europe.” Katherine thinks that is something that should change about the Singaporean mindset as she does not view it as healthy. Again, the ability to ask questions comes to mind:“For example, we do not question authorities because we don’t want to show that we don’t know.” Now, two years after Katherine has returned from her six months exchange program in Denmark, she has been trying to incorporate these new methods into the Singaporean way of doing things. However, not entirely: “I think a mixture of both cultures is the best way to do it. The key here is to ask with confidence. It is all about how you portray yourself because if you ask like you know that you should know, then people will not take you seriously. But I guess now I am not afraid to be criticised anymore.” November 2017 • ScandAsia.Singapore 7
Business
Anita Nergaard
the new Norwegian Ambassador in Singapore She comes with a strong message: that the Nordic countries ought to join their forces more in Singapore! H.E. Ambassador Anita Nergaard presented her credentials to the Singaporean President on 25. October 2017. Now she is the official Norwegian representative in a country popularly described as Norway’s gateway to Asia.
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By Eva Eriksen nter the Royal Norwegian Embassy in Singapore and the Scandinavian style immediately encaptivates you in all its lightness. White walls and air y rooms invites the sunlight in, as modern ar t and furniture makes you think for a second that you are back under the far nor thern hemisphere. “We redecorated. It hadn’t been changed since the 70’s,” the Ambassador says with a smile. Two months into her new posting Anita Nergaard’s job has mainly consisted of getting to know the Norwegian community that is here, the businesses and institutions. “It’s important to know what they are doing but also to know the persons a bit. Personally, it has also been important to me to signal that the Embassy is really here to work for them and to partner with them so that they feel that the threshold for approaching us is low.” Approachability is something that is close to Anita, who not only prefers the Embassy’s interior design to be of the Scandinavian style; it goes for the atmosphere, as well: “The work environment here is very dynamic and, Nordic-style, informal. Though we represent several institutions back home , we share the same goals, so in that way it’s not ver y hierarchical. We have to be quite flexible – we even have rather fluid responsibilities amongst the employees here.”
Representing Norway
Mrs. Nergaard sees her role and the reasoning for the entire Embassy’s presence as a way to deepen the relationship between Norway and Singapore. Relations are not only managed by the Embassy itself, it stretches broadly to the functions of the many Norwegian businesses and institutions that are here, such as within education, research, and development. “We are really here to suppor t all these actors and to also conduct a direct dialog with the Singaporean government to increase the understanding between the two countries and to enhance the cooperation.” To be a great ambassador, the demands might vary depending on where you are serving. In a conflict or post conflict country the demands will be different than from Singapore where the work environment is very stable and secure, the ambassador explains. Although she does not believe that an 8 ScandAsia.Singapore • November 2017
Ambassador must have any particular personality traits, she does point to some aspects that are necessary in order to represent your country well: “Cer tainly, you should have a broad understanding of your own country. Who are we? You must have an interest in meeting people and looking for connections.” Additionally, one needs to be reasonably interested in societal questions: internationally, regionally and domestically. However, this is something that comes naturally for most diplomats, she thinks. Most ambassadors have worked for the government for a long time. Anita Nergaard has worked in the Norwegian Ministry of Foreign Affairs since 1995, focusing on security policy for more than a decade. Her latest posting was almost five years as Deputy Permanent Representative of Norway to NATO in Brussels. Becoming the ambassador to Singapore was certainly a goal for Mrs. Nergaard. Though far apart, Singapore is a country in which Norway has a great interest: “Singapore is often described as Norway’s gateway to Asia. With all the very exciting developments happening in the region, Singapore was on the top of my list!”
Singapore – a maritime mecca
Promoting Norwegian business and trade interests in Singapore, the ambassador points to one specific sector, which is big in both Norway and Singapore: the maritime and shipping industry. Even though, there are a lot of well-established Norwegian companies in Singapore, the industry is facing new challenges, with environmental regulations, digitalization and automation. “One of our most important tasks is to make sure that Norway and Norwegian companies play a leading role in this sector also in the future. We have great companies and institutions, and we want to make sure they par tner up with companies and research institutions here, because we think Singapore is one of the places where the future of the maritime industry will be shaped.” Two weeks ago, the conference Arctic Frontiers, which is held annually in Tromsø, visited Singapore. At first, it might not be obvious to everyone why the developments in the Arctic are relevant to a tropical state like Singapore.The answer is at least two-fold. First, climate change. As an island where most land is no more than 15 meters above sea level, any rise in sea level will be noticeable and potentially very problematic for Singapore. Additionally, because of melting ice in the Arctic, a new nor thern sea route stretching from Northern Europe, past Norway and Russia, to Korea, Japan, and beyond, would become a possibility. If this comes to fruition, it will have a direct impact on the shipping industry and therefore on Singapore. “So, there are both long-term potential effects and more immediate interests for a countr y like Singapore, which is a leading maritime hub. Like Norway, Singapore wants to be present where questions that could impact the maritime field are discussed,” Nergaard says. Singapore has been an observer in the Arctic Council since 2013. Other fields with a potential for increase
cooperation are clean energy, the smart nation initiative, and biotech. By now, Norway is working on several smart city initiatives, and according to the ambassador they want to match them with the ones of Singapore. “In Norway, there are already cities starting to offer smar ter ser vices, be more energy efficient and less congested. There are a lot of new areas where we see that we can work much closer with Singapore.”
“A country’s best resource is its people”
Singapore is an ideal country to be ambassador in because the countr y shares a lot of characteristics with Norway. “We are both rather small countries with big neighbours,” the ambassador says. “We are both high cost advanced economies. So, we will seldom compete on price, but rather on quality and innovation, and by having for example more advanced products,” the ambassador explains, stating that it makes a good foundation for cooperation. Being industrially and economically similar, the two countries are also facing similar challenges. With an increase in wealth, the populations in the two countries are becoming older, and initiatives like e-health, which is part of the smart city umbrella becomes a natural interest for both countries. Even though they are similar, differences are also key in collaboration. Thus, the two nations can share experiences and learn from each other. “From Singapore, I think you can learn that even without any particular natural resources or any particular natural advantages, you can reach the stars. If you really set your mind to it, you can go as far as you want to.” The secret to this success, is a combination of many things, Nergaard believes, mentioning both a good education system and good services for the entire population. Nevertheless, there is one thing, which over shines them all: “The most important resource a country has, is its people. That is true in Norway, as well. We are of course known for the wealth that we have gained from the oil and gas sector, but if you look at these statistics the Treasury from time to time publishes, it is the people that is the most valuable part of a country.”
When asked why that is, she states: “It’s the enormous amount of energy and creativity that people can have. If you manage to bring everyone with you, and focus on establishing a good foundation when it comes to for example education, and on avoiding social exclusion as far as possible - that makes it possible for a country to unlock the potential in its people.”
The Scandinavian way
In terms of what Singapore can learn from Norway, it is the social values that come to her mind. Family policy and gender equality are two areas in which Norway is rather advanced. Especially family policy is an area, which Anita Nergaard thinks that Norway, together with the other Nordic countries, should do more to promote. “For governments to help promote an environment where parents, both women and men, can combine an active working life and career with raising a family, this is key to a society’s well-being – and to the economy over the longer term.” Nergaard believes. “Affordable and high-quality child-care, combined with a business culture which values flexibility and awareness of the fact that your employees also have other obligations, of equal value to the society at large. This is the key”. The private sector also plays a big role: “I think we see that the Nordic companies established here, whether consciously or not, bring the Nordic management style with them to Singapore and to wherever they go. They leave an impression. So, they are a huge part of it.” In general, the Norwegian ambassador wants to work for an increase in collaborations between the Nordic countries, because in a place like Singapore there are many actors all trying to promote their values. Globally, there is a competition of ideas, and all the Nordic countries represent the idea of an open society, equal opportunities, free and fair trade, international cooperation, sustainable development, and advanced technical solutions. “The Nordic countries are not identical - we do have our differences to a certain extent. We also have different strengths. Even so, out here we are more similar than different. And I really think we can have a much more visible presence if we can manage to do more together.” November 2017 • ScandAsia.Singapore 9
N Fredrik Lager! Business
Out to expand with Nordea:
o doubt, Fredrik and his team will be busy going forward. In order to cater to a growing customer base in Asia he expects to be recruiting more private bankers and back office support staff. ”Nordea Private Banking in Singapore is a branch of our international private banking head office in Luxembourg and the strategy we have been tasked to follow is clear : grow the business in Asia! We want to be the private bank of choice for Nordic clients in Asia and the way to get there is to be pro-active and to have a sufficient number of high quality bankers to look after the clients´ best interests. Nordea has identified several strategic markets in Southeast Asia where we will work extra hard to attract new business. In my view, Nordea´s go-tomarket-model is strategically sound, both for us as a bank, and for our clients,” begins the Swedish banker/lawyer. “Singapore remains our core market, but Thailand, Malaysia, the Philippines, Hong Kong and China are all considered important markets where we want to expand our business coverage. Whilst focus is on attracting Nordic clients we are able to take on-board clients of other nationalities as well.”
Compliance and CRS
As Nordea Private Banking is setting in motion its Asian expansion, Fredrik Lager was recruited in April as the new General Manager. Wellknown to the Nordic community in Southeast Asia, Mr Lager is upbeat as he talks to ScandAsia about his new career challenge. Text and photos: Joakim Persson 10 ScandAsia.Singapore • November 2017
“Compliance is becoming an increasingly important aspect of private banking these days. To ensure that they are not being used as a platform for financial crime, all banks need to collect detailed information about their clients and continuously keep that information up to date. The regulatory authorities have definitely increased the pressure on banks in the last couple of years and KYC (“Know Your Client) documentation must be thoroughly scrutinized and reviewed to ensure that all clients comply with global anti-money laundering and antiterrorist financing rules. Transparency is really the key word in international private banking today and we are all subject to ever changing international standards,” he adds. One of these new standards is the OECD´s “Common Repor ting Standard” or CRS for short. Under CRS banks all over the world must report account activities to their local regulators, who in turn will share the information with the tax authorities in the client´s countries of tax residence. CRS will be implemented in Singapore and Hong Kong in 2018. In addition to CRS, the EU is introducing an update to the Markets in Financial Instruments Directive, better known as MiFID II, aimed at giving clients better protection and more transparency when dealing with banks. Nordea Private Banking in Singapore will apply MiFID II for the benefit of its clients in Asia. “Extending the MiFID II regulation to our clients in Asia will set us apart from most local and international banks in the region. I believe clients will truly appreciate the transparency in terms of fees, as well as the enhanced client investor protection. My hope is that banks and independent financial advisors outside the EU, including those in Asia, will introduce similar rules on pre/post trade transparency and best execution in due course.”
Expanding the wealth partners team
At the Singapore office, the former GM, Kim Osborg Nielsen, is still very much involved in the expansion strategy. Reporting to Fredrik Lager, he heads up the Private Banking team and leads the day-to-day business of serving clients. His current team consists of Swedish and Danish wealth par tners. In addition, the front office team employs an international strategic advisor, focusing on cross-border and related tax issues, as well as an investment counsellor with strong knowledge of the Asian markets. “To have an investment counsellor in Singapore is a great benefit for our clients. As a complement to our dedicated wealth partners, clients can call him during office hours and discuss what is happening in the markets, get updates on company reports and execute orders. When the markets close in Singapore, clients can continue to call the dedicated Singapore trading number and be passed straight through to the trading execution desk in Luxembourg. In Luxembourg we have traders who are licensed by MAS to trade on Singapore accounts. As a result our clients in Asia have support and trading access to the world markets from opening in Asia to closing in the US,” Fredrik Lager explains. “We are here to serve clients from all of Nordea´s home markets.We want to hire another senior Swedish banker to look after the Swedish business that we have recently won. Depending on how the business develops we will be looking to attract senior Finnish and Norwegian bankers as well. Like any growing business, we are always on the lookout for competent bankers to join our team,” Fredrik concludes.
Regional expansion
As for regional offices he comments: “China and Hong Kong are rapidly expanding markets. Depending on the continued development and in order to serve clients in the North Eastern part of Asia even better, we will evaluate the potential for establishing a local branch to Singapore in Hong Kong.” “One strong reason for having our Asian private banking hub in Singapore is because the corporate banking arm of Nordea is established there as well. Another reason for having chosen
Singapore is the island state´s political stability and strong banking heritage.” “Hong Kong is an important market for us, mainly due to the large number of wealthy Nordic entrepreneurs living there. They can be active in anything from shipping to textiles to logistics industries.”
Cross-border investments market leader
“There are also hedge fund managers and senior banking executives with a Nordic background who like to keep at least part of their wealth with a Nordic bank. They often have a preference for Nordic investments and appreciate the value a bank like Nordea can offer. Local banks or large Swiss banks are often more expensive when it comes to investing on the Nordic stock markets and they do not have as extensive research on Nordic stocks and shares.” Nordea claims to be mar ket leader s when it comes to cross-border investments and international wealth planning for Nordic individuals abroad. This private bank’s strong inhouse competence for investment management includes over 300 multilingual employees in the Luxembourg headquarters. “A great benefit of Nordea internationally is that the private banking machinery is a lot bigger
The Philippines is another strategic market for Nordea, not least because of the level of entrepreneurship among Scandinavians who have settled there in recent years
than our Scandinavian competitors, including very strong investment strategy and in-house fund teams.” Nordea is the largest bank in the Nordic region and among the ten largest financial groups in Europe in terms of market capitalization with around 11 million customers, 31,500 employees and 600 branch office locations.
Thailand always important
As for other countries in Southeast Asia, Fredrik Lager comments: “Thailand has always been an important market for Nordea. As a Nordic bank, we are keen to suppor t the various business associations in Thailand and we frequently host and sponsor client events. A substantial part of our client portfolio comprises of Scandinavian residents in Thailand.This includes wealthy retirees in Phuket and Pattaya as well as senior managers at Scandinavian companies based in Bangkok and entrepreneurs, our fastest growing segment of clients in Thailand, many of whom are involved in various IT-related businesses.” Nordea´s aim is to initiate a banking relationship with the entrepreneur as early as possible and offer expertise in terms of corporate structuring and investment solutions. If and when there is an exit or if the business is generating substantial profits, Nordea Private Banking will of course be there to offer its portfolio management services as well. “You can´t just sit around and wait for wealth to be created and then simply expect the entrepreneur to open an account – it is important to be supportive throughout the whole life-cycle to secure long-term relationships,” Mr Lager elaborates. “The Philippines is another strategic market for Nordea, not least because of the level of entrepreneurship among Scandinavians who have settled there in recent years. Gaming, IT and customer suppor t service businesses are really taking off and we have seen substantial wealth being created by Nordic entrepreneurs. Clearly the high level of English speaking proficiency among students and professionals in the Philippines has contributed to the country´s success in attracting international businesses.”
“Asia most interesting business region”
In the Southeast Asian markets as a whole, Fredrik Lager has noticed increasing activity when it comes to mergers and acquisitions between Nordic and local companies. “We’re seeing that quite a lot of European companies, including companies of a Nordic origin, access the Asian market by acquiring smaller players locally. Buying or merging with a local business is often the key to successfully entering the Asian market, since the business culture in many ways differs from what the business owners in Europe are accustomed to. It’s difficult to come out here and just start something so the M&A segment is developing for sure.” Looking forward Fredrik Lager is certain that more and more Nordic entrepreneurs and senior executives will establish themselves in Asia. “The markets are developing at a tremendous pace and with an expected middle-class boom in the next 5-10 years, I believe Asia is the most interesting business region globally”, Fredrik concludes. November 2017 • ScandAsia.Singapore 11
Business
First ‘Arctic Frontiers Abroad Forum’ in Singapore Singapore can further contribute to the development of maritime infrastructure to help facilitate safe shipping in the Arctic region
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he Arctic Frontiers Abroad Forum was held in Singapore for the first time on 29 September 2017. Mr Sam Tan, Singapore’s Minister of State in the Prime Minister’s Office, Ministry of Foreign Affairs and Ministry of Manpower, delivered opening remarks at the forum titled ‘The Future of the Arctic: Geopolitical, Environmental and Business Perspectives’. Launched in 2007, the Arctic Frontiers Conference is held annually in Tromsø, Norway. It brings together policy makers and scientists to discuss Arctic issues and oppor tunities. Representing Singapore Mr Tan has participated in the Arctic Frontiers Conferences since 2015. The Singapore edition was the first Arctic Frontiers Abroad Forum held in Asia, and was suppor ted by the Royal Norwegian Embassy in Singapore, the Singapore Ministry of Foreign Affairs and the National University of Singapore. Other Arctic Frontiers Abroad Forums have been held in Denmark, Canada and Germany among others. “The Arctic is changing. Arctic ice is melting twice as fast and at an alarming rate since 2010. In August, Russian LNG tanker, Christophe de Margerie, made the journey along the Northern Sea Route from Norway to South Korea in just 19 days, 30 percent faster than the traditional route through the Suez Canal. These developments indicate the significant changes that the Arctic is undergoing. We need to have more exchanges and dialogue to understand the situation and prepare for such changes that are coming our way,” said Minister Sam Tan. As an Arctic Council observer, Singapore has played its part to contribute to the sustainable 12 ScandAsia.Singapore • November 2017
development of the Arctic.We participate actively in the Emergency Prevention Preparedness and Response (EPPR) and Conser vation of Arctic Flora and Fauna (CAFF) Working Groups where we share Singapore’s best practices and knowledge in preventing oil spill and conserving biodiversity. Earlier this year, I had the privilege of opening the Arctic Migratory Bird Initiative (AMBI) Workshop at Sungei Buloh Wetland Reserve. I understand some of you made a visit there yesterday. Sungei Buloh Wetland Reserve is indeed part of our efforts to conserve Mother Nature. It is impor tant to have these forums where stakeholders and experts can exchange information and forge a common vision for the future of the Arctic. We hope to organise similar forums in future to continue the conversation on the Arctic in Singapore, as well as raise awareness of the changes in the Arctic in our region.” The minister continued to point out that the future of the Arctic’s environmental wellbeing is critical also for Singapore and Southeast Asia, being concerned about rising sea levels as Singapore is a low-lying island with almost 30 percent of the land less than 5m above the mean sea level. “In fact, our National Climate Change Secretariat, which develops and implements Singapore’s domestic and international policies to tackle climate change, has predicted that sea levels will rise between 0.25-0.76m towards the end of the century due to climate change and global warming. The Arctic is a globally significant barometer of the impending changes in our world. In my travels to countries such as Canada and Norway, it is often said that
whatever happens in the Arctic does not stay in the Arctic. Vice versa however, whatever happens outside the Arctic does not stay outside the Arctic as well.” Minister Tan also brought to attention other oppor tunities and challenges: “The changes also bring. In par ticular, the opening of new Arctic water channels, such as the Nor thern Sea Route, could significantly reduce shipping travel time between Asia and Europe. This could give a boost to the maritime industry although the full cost of commercial transpor tation in the new shipping lanes is still not fully known. A new shipping route could also complement Singapore, which has one of the world’s busiest por ts, receiving about 120,000 vessels each year. This translates to 300 ships ever y day and 12 ships every hour. As a seafaring nation, our marine industry has developed decades of experience and strong credentials in shipbuilding and repair, offshore engineering, port operation and marine support services.” “Singapore can fur ther contribute to the development of maritime infrastructure to help facilitate safe shipping in the Arctic region. In fact, several shipping companies from Singapore such as Keppel Offshore & Marine develop icebreakers and offshore rigs that operate in the Arctic, while ST Marine and SembCorp have the required competency to construct ice-class vessels. Keppel was also the ver y first Asian shipyard to build icebreakers,” he added.
Breakthrough for Volvo hybrid buses Southeast Asia
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olvo Buses has announced receiving an order for 50 Volvo hybrid buses to Singapore. The Land Transport Authority of Singapore (LTA) has awarded Volvo Buses an order for 50 Volvo 7900 Hybrids in continuation of its efforts to build a more environmentally friendly public bus fleet. “Not only can commuters expect quieter and smoother rides, bus captains can also enjoy a more comfortable working environment .To prepare our bus workforce for this change, LTA
will work with industry partners to help upgrade our bus professionals through the Singapore Bus Academy,” representatives from the LTA said. Volvo 7900 Hybrid uses 30 per cent less fuel and has a correspondingly lower climate impact than a diesel bus, and just half the nitrogen oxide and particle emissions. In total, Volvo Buses has now sold more than 3,000 hybrids worldwide. Singapore is considered one of the leaders in public transportation in the Asia Pacific region. Many countries look to learn from the Singapore
Business
experience and enhance their public transport offerings. Volvo Buses are a well-respected and strong partner of the public transport operators and Transport Authorities in Singapore, writes Volvo Buses. “The order for the hybrid buses from the Singapore Land Transpor t Authority (LTA) is a major breakthrough and re-emphasises the technology leadership and commercial value delivered byVolvo Buses in Singapore”, said Manish Sahi, Head of Volvo Buses, Region Singapore. “These buses will provide stakeholders from across the region the oppor tunity to experience and understand these technologies and will support Singapore as a ‘must visit’ item on the agenda of public transport regulators and operators in the region,” said Akash Passey, Senior Vice President, Volvo Buses Region International. The 50 buses - which are powered by a diesel engine as well as battery power - will be rolled out gradually for service by the second half of 2018. Volvo Buses is one of the world’s leading bus manufacturers, with a strong focus on vehicles and systems for long-term sustainable public transport. The product range includes complete transport solutions, city buses, intercity buses and tourist coaches, as well as services in financing, vehicle servicing, vehicle diagnostics and traffic information.
Cargotec’s MacGregor sets up Singapore head office
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argotec Corporation (listed on Nasdaq Helsinki, Finland) announced on 29 September that its subsidiary MacGregor is establishing its Head office in Singapore. This ends a period of more than three years where MacGregor has operated with a virtual head office. In line with MacGregor’s strategy execution the company wants to strengthen its local presence in Asia and Mr Michel van Roozendaal, President, MacGregor will relocate to Singapore as of 1 October 2017. In addition Finance and Sourcing operations will be led from Singapore. Therefore, Mr Jani Oksanen, Vice President, Finance, MacGregor, will as of 1 October also be based in Singapore. With a global customer base and large geographic span of operations, MacGregor continues to have a strong leadership presence in Europe, where a majority of the company’s competence centres are located. “As a global market leader in cargo and load handling serving our customers globally, a head office in Singapore is a natural fit for MacGregor as the majority of shipbuilding takes place in Asia. Fur thermore, close to 70% of MacGregor’s Sourcing volume is purchased from Asian vendors,” states Michel van Roozendaal, President, MacGregor. The new Head office will be established in the company’s existing premises in Singapore, where MacGregor shares an office with its sister companies Hiab and Kalmar. Cargotec is a leading provider of cargo and
load handling solutions with the goal of becoming the leader in intelligent cargo handling. Cargo traffic is one of the vital services that help keep our global society up and running. Millions of items, from raw materials to consumer products, are transported locally and between countries. Cargotec’s global presence allows us to serve our customers both in mature markets and in growing economic areas. Cargotec is a leading provider of cargo and load handling solutions with the goal of becoming the leader in intelligent cargo handling. In its business areas MacGregor is among its recognised leaders in cargo and load handling solutions
around the world. Cargotec’s global network is positioned close to customers, offering extensive ser vices to ensure continuous, reliable and sustainable performance according to customer needs. MacGregor’s engineering solutions and ser vices for marine cargo and offshore load handling are designed to perform with the sea. MacGregor aims to make the sea more accessible, safe and reliable for its customers. Cargotec’s corporate headquarters is located in Helsinki, Finland, while the business areas’ production facilities are located in, among other countries, China, Finland, India and Malaysia. November 2017 • ScandAsia.Singapore 13
Food recipe
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s the winter festive season is fast approaching we present recipes of two awesome Nordic dishes, and based on classic ingredients like beetroot, potatoes and salmon, that there is no reason to delay having on your dinner tables well before Christmas… It’s even described in the name of one of the dishes how irresistible it is: ‘temptation’! Jansson’s Temptation: the dish you nearly can’t stop eating once you have started – as long as it lasts, that is…
Beetroot-stained smoked salmon with beetroot and walnuts Ingredients:
• 1x250g pack of vacuum packed beetroot, drained • 12 chives • 8-12 walnut halves • 1tbsp walnut oil • ½ tsp sherry vinegar • sea salt flakes and freshly ground pepper • 120g smoked salmon • 2 tsp crème fraîche • 2 sprigs of dill
Directions:
Take one beetroot and slice it into thin rounds. Put the salmon on a plate (if it is already sliced, then remove the plastic sheets interleaving the pieces, but arrange the slices so that they are evenly overlapping). Grind over a little pepper and lay the beetroot over the top. Cover tightly with clingfilm and put a second plate on top to
weigh it down. Refrigerate for up to 24 hours (at least 4 hours). Cut the rest of the beetroot in half, then slice into half circles about as thick as a pound coin. Slice the chives finely on the diagonal. Break the walnuts into three or four pieces each. Mix the sliced beetroot halves, chives, walnuts, walnut oil and sherry vinegar. Season well with salt flakes and pepper. (Up to this point can be prepared 6 hours ahead). Just before serving, peel the beetroot circles off the salmon. Arrange the salmon, crumpling it slightly into a nest, on one large or 2 individual plates. Spoon the salad in a pile on top. Drop a dollop of crème fraîche on top. Break off tiny fronds of dill and scatter over the salad. Source: xanthe clays beetroot stained smoked salmon with beetroot and walnuts, lovebeetroot. co.uk
Jansson’s temptation Most Swedish families serve Jansson’s temptation as part of their Christmas Day dinner. It also typically appears on a smorgasbord. This delicious casserole is a blend of julienned potatoes, thinly sliced onions and authentically made not with salted anchovies. Here is an alternative “take” with Swedish sweet pickled anchovy fillets, all bathed in cream and topped with breadcrumbs. As the dish bakes, the flavours of the anchovies and their pickling spices get succulently tempered by the cream, so the dish may even appeal to those who don’t profess to like anchovies. Here a few fresh herbs were also added to the recipe, but feel free to omit them if you prefer the classic dish!
Ingredients:
• 2 ¼ pounds russet (Idaho) potatoes • 1 tablespoon salt • 2 onions, peeled and thinly sliced • 5 tablespoons butter, divided • 2 (4.1-ounce) tins (or to taste) Swedish sweet 14 ScandAsia.Singapore • November 2017
pickled anchovy fillets, not drained* – buy them from Amazon Abba Anchovy Fillets Tins 6-Pack. The real Swedish pickled anchovy is also sometimes found in Ikea stores (you can also use regular anchovy fillets, preferably from a glass jar.) • Freshly ground black pepper, to taste • 1 ¼ cups heavy cream • About 3 tablespoons fine dry breadcrumbs • 3 tablespoons minced curly parsley (optional) • 1 tablespoon minced thyme (optional) • 1 tablespoon minced tarragon (optional)
Directions:
Preheat oven to 375 degrees. Peel potatoes and cut them into 2-inch-by- ¼-inch julienne strips. Place in a large bowl of water along with the salt. In a large skillet, saute onions and herbs (if using) in two tablespoons butter until soft but not brown, six to eight minutes over medium-high heat. Grease bottom and sides of a 13-inch-by-9-inch glass baking dish with one tablespoon butter. Drain potatoes very well. Spread one third of the potatoes in the baking dish, and layer over top half the anchovies (reserve juices) and half
Photo: www.scandikitchen.co.uk
the onions; season with pepper. Add remaining potatoes, anchovies and onions; pour cream and reserved anchovy juice over all, and season with more pepper. Cut remaining two tablespoons butter into bits and dot dish with butter. Sprinkle breadcrumbs on top. Bake uncovered until potatoes are tender and top is well browned, about one hour; near the end of cooking time, cover dish with aluminum foil if top is starting to over-brown. Serve warm.
November 2017 • ScandAsia.Singapore 15