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Mapping A Sustainable Path Forward

Posted on September 8, 2023 | by admin | Leave a Comment

The FedEx journey continues to be driven by innovation and digitally driven solutions to enhance the experience for customers. Fifty years on, FedEx is also leveraging technology to help solve the sustainability challenge. “In the words of our founder, we have always put sustainability at the center of our business because we know that the future of our business is tied to the climate, the environment and the future of our planet,” says Kawal Preet, President of the Asia Pacific, Middle East, and Africa (AMEA) region at FedEx Express.

“We view sustainability through the lens of opportunity, growth and profitability as well as a clear purpose to connect businesses and communities.”

FedEx has invested in digital solutions and EVs to power its business.

Continuous Tech Innovation

FedEx is embracing advanced technologies to explore new possibilities in operational efficiency. In markets like Singapore and China, FedEx introduced artificial intelligence-powered robotic sorting arms at sorting centers and hubs to drive overall operational efficiency. With machine learning, Estimated Delivery Time Window (EDTW) provides FedEx customers in Japan and Hong Kong with a target delivery time.

FedEx continues to roll out products and solutions for customers in a mobile-first world. For instance, Picture Proof of Delivery gives customers the assurance that their package has been delivered to their doorsteps. Through FedEx Ship Manager Lite, customers can arrange shipments on their mobile devices without having to print documents at home. WhatsApp notifications are integrated into its FedEx Delivery Manager International platform for customizable delivery options, with direct messaging and tracking for convenience.

Commitment to Sustainability

FedEx is making great strides in its journey toward carbon neutral operations—from vehicle electrification to energy-efficient facilities and infrastructure.

“We are creating a smarter network that is flexible and intelligent—not just for today but well into the future, enabling customers to compete and win,” says Preet. “This includes how we ensure sustainability is fully aligned with our business strategy.”

Digital technology is helping FedEx innovate to provide paperless solutions and more convenience to its customers. With millions of packages in FedEx’s system every day, minimizing paper usage makes a difference. For example, by using Electronic Trade Documents, customers can submit information essential for customs clearance electronically. This means there is no need to attach printed paperwork to each shipment and delays at customs can be avoided.

Electric vehicles (EVs) will make up 50% of the FedEx pick-up and delivery vehicle purchases by 2025, rising to 100% by 2030. More EVs are being deployed across the AMEA region including in South Africa, China, India, Thailand, Malaysia and Singapore.

FedEx’s new facilities across AMEA like in Johannesburg, South Africa, Clark in the Philippines, Adelaide gateway in Australia and the upcoming Dubai World Central Airport hub in the UAE, incorporate multiple layers of sustainability features, from construction materials to lighting, ventilation, insulation, water recycling and renewable power generation. FedEx Incheon gateway in South Korea, for example, boasts of 2,400 solar panels on its rooftop, which can generate 19% of the facility’s monthly energy needs.

Ultimately, through company-wide initiatives like these and more in the pipeline, FedEx is well on its way to achieving carbon-neutral operations by 2040.

Empowering Sustainable Business Practices

Recently, the company launched FedEx Sustainability Insights across AMEA markets to give customers better visibility of their carbon footprint within their supply chains, supporting reporting and strategic future planning.

Preet says, “We are living in a time when sustainability is a core strategic consideration for businesses and a driver of innovation and talent attraction. We are fortunate at FedEx that our leaders have always been fully engaged in setting and enabling sustainability goals. Addressing climate change is bigger than one business and we must all work together on sound policy and innovative solutions for our planet.

fedex.com/sg

A Trusted Adviser To Asia’s Wealthy Over Generations

Posted on September 8, 2023 | by admin | Leave a Comment

Rising prosperity in Asia is leading the region’s increasing number of wealthy families to seek new opportunities globally as they aim to diversify their wealth. Four of the world’s five largest economies are forecast to be in Asia by 2030, ensuring more ultra-high net worth (UHNW) individuals will be looking for trusted partners who can guide them on their increasingly complex wealth journeys, both across geographies and investment styles.

As a leading adviser to Asia’s UHNW individuals, HSBC Global Private Banking is leveraging Singapore’s status as a key international hub to help its clients protect, preserve and grow their wealth and legacies across generations. Indeed, the city-state plays an important role in HSBC’s ambition to become the leading global private bank for Asia’s entrepreneurs.

The bank has won numerous awards for its strategy in recent years, including Best Private Bank in Asia-Pacific at the Asian Private Banker Awards for Distinction for two consecutive years, and the Best Digital Private Bank at the Asiamoney Private Banking Awards 2023 for its outstanding digitalised client experience.

“UHNW clients are looking for a trusted partner who can provide a holistic approach to wealth and multi-generational planning,” says Annabel Spring, CEO, HSBC Global Private Banking and Wealth. “And as a universal bank with a global network, we are well-positioned to play that role,” she says.

A Shifting Wealth Landscape
Asia’s growing ranks of UHNW individuals are increasingly demanding wealth planning solutions aligned with their values. In addition, many are professionalising their wealth management activities by creating family offices with more sophisticated management and compliance processes.

**Annabel Spring**, CEO, HSBC Global Private Banking and Wealth

With an estimated US$15 trillion in wealth to be passed from one generation to the next by 2030, succession planning has also become a top priority for the wealthy in the region. HSBC Global Private Banking’s global client survey in 2022 revealed that 85% of families worldwide are already preparing the next generation to take over their businesses, with those in Greater China (90%) and the ASEAN region (86%) more active in planning for their succession compared with their peers elsewhere.

These families in Asia are investing in their businesses, health and sustainable future with broader horizons than ever. They increasingly look beyond the bottom line and seek to put purpose into their decision-making, and make philanthropy a notable tool for preparing the next generation to take over their businesses. The global growth in UHNW philanthropy reflects their desire to make a positive impact on issues like sustainability, gender parity, and equitable access to education and healthcare. The Asia-Pacific region is predicted to need US$1.5 trillion more each year to achieve the United Nations’ Sustainability Development Goals by 2030, which means global banks such as HSBC can help facilitate impactful partnerships.

Spring says: “As a leading wealth manager in Asia, we continue to advise and support our clients with solutions that fulfil their philanthropic goals to address societal needs.”

Meeting Sophisticated Needs
HSBC Global Private Banking is uniquely placed to meet the increasingly complex and evolving needs of its clients. With access to HSBC Group’s comprehensive offerings and global network, the global private bank offers clients a wide range of tailored solutions and services, encompassing wealth expertise, and access to HSBC’s services from its Commercial Banking and Global Banking and Markets arms. The Group has also recently launched HSBC Innovation Banking, following its acquisition of Silicon Valley Bank U.K. Limited, to improve how it serves entrepreneurs, as well as innovative and fast-growing firms.

Meanwhile, HSBC’s international presence, with Global Private Banking covering over 40 markets, enables its clients to explore opportunities around the world. Clients also benefit from exclusive insights and research from the Group’s investment analytics capabilities.

To provide expert advice and support across all its markets, HSBC Global Private Banking has assembled a team of dedicated relationship managers, investment counsellors and product specialists who assist with wealth planning for individuals and family offices. Meanwhile, the bank’s trust expertise garnered from over 75 years of experience working with families worldwide sets it apart from its competitors.

The bank’s deep understanding of Asia’s wealthy and the strength of its balance sheet enable it to provide bespoke financing solutions to lend against illiquid alternative assets, including substantial credit lines to family offices secured by private equity, hedge fund portfolios or trophy assets such as fine art collections.

“Our edge lies in our ability to leverage HSBC Group’s global connectivity and offerings. With deep local knowledge combined with dedicated Asia coverage teams in key wealth hubs around the world, the bank offers comprehensive services to address all aspects of our clients’ personal wealth and health journeys,” says Siew Meng Tan, Regional Head of HSBC Global Private Banking, Asia Pacific.

As UHNW clients become more tech savvy, they are increasingly looking for a digitalised, multi-channel customer experience. HSBC has made some of its innovative solutions from transaction banking available to its private banking clients, ranging from sharing investment insights through HSBC GPB Chat to eSignature, providing its clients with convenient access to their relationship managers wherever they are. HSBC is also expanding its online trading platform, which allows its private banking clients to connect with the latest market opportunities directly from their phones, including access to cash equities and exchange traded funds (ETFs) across 10 major financial markets, and foreign exchange spot and forward contracts in the 12 most active currency pairs. It is also the first in Asia to provide private banking clients with the ability to trade structured products via mobile devices.

Capturing Opportunities in ASEAN
With significant wealth and trade opportunities in the ASEAN region, Singapore is a critical part of HSBC’s strategy to become the leading wealth manager and international bank in the region. HSBC’s deep-rooted presence in six ASEAN markets puts it in a strong position to help clients capitalise on them.

“In Singapore, one of our key priorities is to help clients capture opportunities within the ASEAN region and beyond. We continue to see strong interest from across all corridors, including clients from Greater China with business interests in the region,” Tan says.

“Singapore is a natural destination for wealthy families given its multiple merits spanning strong rule of law, availability of professional talent, cultural similarities within a multi-ethnic society and a pro-business environment for many entrepreneurs,” she adds.

Reflecting its long-term commitment to the city-state, HSBC recently opened another new office in Singapore and aims to double its wealth business in the market by 2025. The bank will also continue to leverage Singapore’s unique position as a regional hub for wealth management, innovation and sustainability to meet its clients’ needs.

Growing Capabilities
As wealth creation in Asia outpaces other regions, HSBC Global Private Banking is focused on expanding its capabilities and offerings in key areas and markets. The recent launch of its global private bank in India and its growing presence in mainland China, Taiwan and Thailand demonstrate the bank’s commitment to serving clients in the region.

**Siew Meng Tan**, Regional Head of HSBC Global Private Banking, Asia Pacific

HSBC will also continue to enhance its Chief Investment Office and investment capabilities to ensure that its clients are advised to navigate market fluctuations amid an increasingly uncertain environment. For instance, the bank has introduced HSBC Prism Advisory, an investment advisory service that combines institutional-quality portfolio and risk analytics provided by BlackRock’s Aladdin Wealth™ technology with expert guidance from HSBC advisers to help clients navigate market complexity and make more informed investment decisions.

HSBC Global Private Banking’s extensive experience, broad range of tailored solutions and global network position it as the ideal partner for wealthy entrepreneurs seeking to build and preserve their legacies over generations. As the bank continues to invest in its people and platform in key markets, it remains committed to understanding the evolving needs of its clients and tailoring unparalleled support and advice in wealth planning, trust services, family governance and international banking.

Spring says: “With our expertise and comprehensive range of solutions, entrepreneurial families can confidently navigate the changing wealth landscape and thrive with their values and purposes for generations to come.”

privatebanking.hsbc.com

Disclaimer

The information contained in this article has not been reviewed in the light of your individual circumstances and is for information purposes only. It does not purport to provide legal, taxation or other advice and should not be taken as such. No client or other reader should act or refrain from acting on the basis of the content of this article without seeking specific professional advice. Issued by The Hongkong and Shanghai Banking Corporation Limited.

The Mark Of Mystique And Allure

Posted on August 11, 2023 | by admin | Leave a Comment

Henry Jacques is a free-spirited creator that has constantly risen to the challenge of pushing haute parfumerie to the limits. This explains why the maison’s perfumes never fail to surprise, delight and innovate, year after year.

Nowhere is this legacy of a bespoke creator of olfactory dreams more evident than in Clic-Clac—the quintessential solid perfume—as interpreted and perfected by Henry Jacques.

Known since ancient times, solid perfume, similar in composition to balm, has been neglected over the centuries. This meant the joys and sense of well-being associated with its application were subsequently lost. Until now.

The desire to revive and celebrate the enchanting customs of the past was what inspired Henry Jacques CEO Anne-Lise Cremona and Artistic Director Christophe Tollemer to breathe new life into this lost art—a ritual that is simultaneously personal and intimate, yet social and bestowing.

“Our obsession was to create a fascinating object, resolutely masculine in its shape, material and mechanism, but hiding an intimate, more emotional side: the perfume,” Cremona says.

An Exceptional Case for an Amazing Perfume
Unlike more traditional perfume offerings, Henry Jacques had to overcome two distinct challenges in order to turn its concept for a solid perfume into reality. The first challenge was to ensure the essence and olfactory integrity of the maison’s 50 Classiques, a collection of 50 historic fragrances from its archive of over 3,000 scents, were preserved without compromise in solid form. The second challenge was to create a case worthy of the purpose and occasion.

Years of design, development and testing were needed before the optimal case was determined and agreed upon. With that, the Clic-Clac was born. In reviving the ancient ritual of solid perfumery, Henry Jacques succeeded not only in reintroducing a sense of allure and mystique so frequently missing in modern life, but also in creating an extraordinary artifact of precision and elegance.

A Treasure for All Seasons and Generations
Like an elegant lighter or an exquisite piece of jewelry, Clic-Clac is an heirloom-grade companion that marks its owner as an individual of taste, means and subtlety. Housed within each Clic-Clac are interchangeable fragrance capsules from the Classiques range. Much like the maison’s line of 50 Classiques, all of these capsules have been developed from an alcohol-free base that is virtually devoid of non-natural ingredients.

The irreverently playful name of Clic-Clac belies an extraordinary object that has been forged with engineering virtuosity and artistic ingenuity. The opening mechanism is derived from Swiss watchmaking, tested to the extremes to guarantee many years of smooth, flawless operation. The carefully considered proportions and weight cannot help but evoke presence, whether viewed from a distance or up close in the palm of the hand. The case is currently available in a variety of precious and avant-garde materials such as carbon or titanium. Bejeweled alternatives are expected to be available very soon.

“The creation of this object quickly transported us and overwhelmed us, surpassing all our expectations,” says Cremona. “Addictive for us, and fascinating for others, Clic-Clac responds to the needs of an era and a generation—a powerful response to something clearly lacking today.”

The small, infinitely portable form factor means that, unlike other perfumes, Clic-Clac was designed from the beginning to be an intimate and personal accessory—a talisman always held dear and kept close. Much more than an accessory, Clic-Clac is a symbol of daydreams, nonchalance and quiet individuality. A discreet objet d’art that takes on the aura of its owner over the years, as well as the patina of time, intimate encounters and memories.

For more information about Clic-Clac and the time-honored principles and craftsmanship that go into each Henry Jacques creation, visit

parfumshenryjacques.com.

New Ways To Explore Thailand, Responsibly

Posted on August 11, 2023 | by admin | Leave a Comment

Thailand’s Little Amazon, located in the town of Takua Pa in Phang Nga province

Thailand, a beloved destination renowned for its stunning beaches, majestic temples and delectable cuisine, has evolved beyond its sun-kissed coastal retreats and bustling cities. As sustainable tourism gains momentum with travelers now seeking immersive experiences that align with their environmental and social values, Thailand has taken a proactive approach to developing a sustainable tourism ecosystem.

Embracing the Bio-Circular-Green Economy Model, Thailand is promoting low-carbon tourism across its major and secondary cities, some of which were previously off the beaten path for tourists. Spearheaded by the Tourism Authority of Thailand (TAT), this movement focuses on five key areas of travel: adventure, gastronomy, slow life, history and wellness.

Low-Carbon Tourism Principle

Under the low-carbon tourism principle, activities are designed to limit the use of electrical and fossil fuel energy, prioritize renewable energy, employ products made from natural or biodegradable materials to reduce waste and encourage responsible food consumption to combat food waste. Ultimately, the aim is to curtail greenhouse gas emissions and minimize the ecological footprint. TAT has identified 20 low-carbon travel routes across the country and recommended activities catering to every traveler type.

Adventure-seeking travelers, for instance, can embark on an exhilarating journey through Thailand’s Little Amazon, located in the town of Takua Pa in Phang Nga province. Visitors can kayak through the thriving mangrove forest teeming with wildlife such as macaques, Oriental pied hornbills and kingfishers. For an awe-inspiring encounter, visitors can get up close with the elephants at Khao Lak Elephant Home, participating in activities such as feeding and bathing these majestic creatures.

For those desiring a slower pace of life, Koh Mak is a hidden gem treasured for its tranquility and natural beauty. Guests can cycle around the island, stroll along pristine beaches or snorkel among vibrant coral reefs—ensuring an eco-conscious vacation free of carbon emissions.

Sustainable Activities Catering to All

TAT’s low-carbon travel routes cater to history enthusiasts and food lovers, too. In the old city of Nan, located in northern Thailand, visitors can immerse themselves in the region’s rich cultural heritage. The charming old neighborhood can be explored on foot, but low-powered trams are available to ferry tourists to the main attractions such as the temples and a museum.

To savor the diverse flavors of Thailand, tourists are encouraged to taste locally made dishes that feature locally sourced ingredients. The Takian Tia community in Chonburi, just a short distance from Bangkok, offers an authentic village experience where coconuts take center stage. Locals ingeniously use every part of the coconut in their cooking as well as to create products such as soaps, coconut shells and coconut oil.

Visitors can paddleboard and harvest local produce in Koh Mak.

Tourists in the pursuit of wellness activities will not miss out. Thailand continues to entice visitors with luxurious spas and wellness centers as well as natural attractions such as hot springs. Krabi province, for instance, is home to a mineral-rich hot spring nestled within a pristine rainforest, providing a serene setting for visitors to unwind, soothe tired muscles and rejuvenate their spirits—without compromising the delicate natural environment.

TAT has demonstrated how sustainable practices can be seamlessly integrated into diverse travel experiences that are authentic, enjoyable and fun. By embracing these eco-friendly initiatives, travelers can enjoy a vacation in this Southeast Asian gem with a clear conscience.

www.tourismthailand.org

Thailand: Riding The Growth Momentum

Posted on July 7, 2023 | by admin | Leave a Comment

Thailand is well on the road to economic recovery after recording a GDP growth of 2.6% in 2022. The positive momentum has carried into the first quarter of 2023, surpassing expectations. In Q1 2023, the Thai economy expanded by 2.7% year-on-year, supported by the rebound in tourism and private consumption.

Traditionally reliant on tourism, Thailand has received a much-needed boost with the return of international visitors, especially from China, following the country’s reopening. In the first quarter of 2023 alone, approximately 6.5 million tourists visited Thailand, with the Tourism Authority of Thailand aiming to attract 25 million foreign tourists by year-end.

Taking Travel to Greater Heights

The country’s flagship carrier, Thai Airways (THAI), is well positioned to support this tourism revival. With a vast network spanning 47 international destinations, including prominent European cities such as London, Paris, Frankfurt, Munich, Zurich, Stockholm and Copenhagen, THAI is further expanding its reach by reintroducing direct flights from Milan and Oslo by early 2024, after a temporary suspension due to the pandemic. With more direct flights, travelers get to enjoy uninterrupted journeys to Bangkok, avoiding time-consuming and tiring layovers and connections.

Recent investments in new wide-body aircraft such as the Airbus A350-900 and Boeing 787 guarantee a comfortable and spacious onboard experience. From its roomy business class seats and personalized services to the extensive menu of high-quality Thai cuisine and a wide range of inflight entertainment options, THAI ensures that travelers have a seamless and enjoyable journey. This combination of comfort, convenience and true hospitality has contributed to its success as the choice airline for many discerning travelers.

Another local company looking to support the growth of the tourism sector is TRAViZGO, Thailand’s pioneering travel tech startup. After more than two decades in the travel market, TRAViZGO is ready to scale new heights with its recently launched TRAViZGO Super App. To cater to the needs of the modern consumer, the app offers a wide range of travel-related services from booking and managing flights, accommodation and transportation to package tours and travel insurance—all within a single platform.

TRAViZGO has also been working closely with the Tourism Authority of Thailand to further promote the country to international visitors. Last November, the company collaborated with the Digital Economy Promotion Agency (depa) to develop a business-to-business online platform that connects tourism service providers in Thailand with travel agents worldwide. The platform opens new opportunities for local players, especially small businesses, to expand their market reach by tapping into new customer segments and geographic markets.

Staying Committed to Sustainability Goals

Amid this economic expansion, Thailand remains committed to its sustainability goals. As the second-largest economy in Southeast Asia, Thailand has made significant strides in achieving the UN Sustainable Development Goals (SDGs). Furthermore, the country’s bio-circular green (BCG) economy model, developed in 2021 and aligned with the UN SDGs, has gained greater prominence as Thailand contributes to global efforts to address environmental challenges and promote sustainability.

Thai corporations and businesses actively support Thailand’s sustainability and net zero targets. Among them is Indorama Ventures, the world’s major polyethylene terephthalate (PET) resin producer and recycler, the plastic commonly used for beverage bottles. One of the largest petrochemical companies in the world, Indorama Ventures set up its Environmental, Social and Governance (ESG) Council to explore ways the company can implement sustainability initiatives across its business segments. Through its Vision 2030 plan, the company aims to achieve a 30% reduction in Scope 1 and 2 combined greenhouse gas (GHG) intensity, a 15% reduction in energy intensity, a 20% reduction in water intensity, 25% use of renewable electricity and more.

In 2022, the company established Indorama Ventures Investments & Holdings as a startup business incubator to identify and invest in projects with advanced technologies and innovations, including bio-based materials. The company plans to invest more than US$7 billion to increase recycling capacity, decarbonization and bio-based feedstock to 2.4 million tons by 2030. These targets are aligned with Thailand’s BCG economy model and the UN SDGs.

Another industry leader, Thai Beverage Public Company Limited (ThaiBev), the largest beverage company in Thailand and one of the largest in Southeast Asia, is also leading the charge in the sustainability journey. The company’s ESG commitment is largely inspired by the late Thai King Bhumibol Adulyadej’s Sufficiency Economy Philosophy, a principles-based framework that promotes balanced development with respect to the environment, economy, community and local culture.

As clean water is the most important natural resource for the beverage manufacturing industry, ThaiBev is committed to water conservation initiatives and aims to achieve 100% water replenishment by 2040. In the area of packaging, the company ensures that its products create minimal carbon footprints. It also aims to achieve packaging circularity and has been active in reusing and recycling its bottles. These are just some of the company’s efforts that are part of its “Enabling Sustainable Growth” strategy, designed to drive resilience across its business, while protecting the environment, supporting local communities and practicing good corporate governance.

Positive Outlook

Looking ahead, the Office of the National Economic and Social Development Council (NESDC) forecasts that the Thai economy will expand between 2.7% and 3.7% in 2023, driven largely by the ongoing recovery of the tourism sector, rising private consumption and expansion in both private and public investments.

Thailand’s economic priorities for the remainder of the year include fostering the export sector, stimulating private investment, catalyzing the recovery in tourism and related service sectors, supporting agricultural production, and advancing initiatives in the Eastern Economic Corridor and other special zones, among others.

On The Razor’s Edge Of Time

Posted on July 7, 2023 | by admin | Leave a Comment

Richard Mille and Ferrari—two brands synonymous with pushing technical limits while simultaneously honoring the traditions of their respective fields. While the marque with the prancing horse has been a dominating force on racetracks since the early 1950s, Richard Mille has been developing watches with unheard technology and trend-redefining aesthetics from Les Breleux in the Swiss Jura—albeit since the turn of this millennium.

While the industries are distinct, both brands are united by a single-minded obsession with technical innovation, breaking records, and above all, winning hearts and minds.

The Beating Hearts of Mechanical Miracles
As a watchmaker, Richard Mille has never been one to shy away from contrarian engineering or rest on its laurels. In the 18.83-gram RM 27-01, a watch developed in collaboration with Rafael Nadal, the company showcased in 2013 the lightest tourbillon in the world. This was followed two years later by the extraordinary RM 67-01 and its 3.6-mm thick inhouse caliber. Now, eight years on, Richard Mille has delivered on the impossible—an ultra-flat watch that is 1.75mm thick—the RM UP-01 Ferrari.

In developing this astoundingly slender watch, Richard Mille collaborated with fellow Swiss watchmaking powerhouse, Audemars Piguet. To bring this concept to life, however, engineers on both teams realized very quickly they had to unlearn everything they thought they knew about watchmaking. Just as Ferrari engineers continuously seek to gain thousandths of a second while racing, the engineers working on the RM UP-01 Ferrari labored to shave off hundredths of a millimeter.

“The joint endeavor with Audemars Piguet made it possible for us to reach the desired thickness,” says Yves Mathys, Head of Production at Richard Mille. “But reaching this degree of flatness requires that you break with tradition.”

To put things in perspective, 1.75mm is the thickness of the entire watch. The movement itself is an astonishing 1.18mm thick, boast a 45-hour power reserve, and weighs all of 2.82 grams.

“It is worth pointing out that the movement’s depth of 1.18mm is thinner than a compact disc,” adds Salvador Arbona, Technical Director for Movements at Richard Mille. “This precluded a traditional movement with superimposed gears and hands.”

“Such a project requires that all the knowledge accumulated over years of practice and every rule of watchmaking is therefore suspended,” says Julien Boillat, Technical Director for Cases at Richard Mille. “Eliminating those last few millimeters was a long and arduous process.”

Tested to the Limits
The RM UP-01 Ferrari is, not surprisingly, the culmination of over 6,000 hours of development and testing. Given the slender proportions, engineers were adamant about ensuring the watch was fit for the purpose of daily wear and not merely a showpiece of technical mastery.

Countless hours were therefore spent on shock-resistance testing, where prototypes were subject to the notorious pendulum test (or Charpy impact test)—which measures resistance to acceleration forces in excess of 5,000 g’s.

Among the multiple innovations engineered into the RM UP-01 Ferrari are two new patents—an extra-flat barrel less than 1.18mm thick with an extremely fine-gauge spring and an ultra-flat escapement. Engineers also had to rethink the traditional winding mechanism—a feature that would have looked completely out of place on a watch so thin. In its place, two crowns have been cleverly integrated in the case as movement wheels and ringed with black ceramic inserts to protect the bezel from wear.

Titanium was a natural choice of material for the baseplate and the bridges, thanks to its combination of strength, lightness and corrosion-resistance. Structural rigidity is critical when developing a watch case where the wall thickness can drop to 0.18mm. Even the sapphire crystals have been reduced to a thickness of 0.20mm.

“The extremely low tolerance for error of each part placed exceptionally high demands during production,” says Mathys, “often requiring meticulous checks at almost every stage of machining.” Naturally, the ultra-slim package also needed to be water-resistant to 10 meters.

Only 150 units of this distinct yet elegant technological tour de force have been made.

www.richardmille.com

Standing Out From The Competition

Posted on July 7, 2023 | by admin | Leave a Comment

Wyndham Hotels & Resorts is the world’s largest hotel franchising group. The Group is experiencing robust growth in key Asia-Pacific markets as it leverages its long-standing expertise in franchising to capitalize on fast-growing demand for travel.

These factors contributed to the Group’s sterling performance in 2022, which featured 169 new hotel signings, 132 hotel openings and the addition of more than 18,000 new rooms. The expansion included new brands in existing markets, such as the La Quinta by Wyndham in Greater China, Microtel by Wyndham in New Zealand and Trademark Collection by Wyndham in Vietnam. Wyndham Hotels & Resorts also established its presence in 19 new cities in Asia-Pacific in 2022, including 13 cities in Greater China.

“We tapped on the resurgent demand for business and leisure travel, reinforced our leadership position in Asia-Pacific last year by introducing new brands in our existing core markets, as well as entering new cities. As Greater China reopened their borders in early 2023, we expected this momentum to carry on in 2023 and beyond as we continue to execute our growth strategies for Asia-Pacific,” says Joon Aun Ooi, President, Asia Pacific, Wyndham Hotels & Resorts.

Indeed, Wyndham’s strong growth trajectory continues to garner momentum in 2023. In the first quarter of the year, the Group signed 27 deals and unveiled 15 new hotels in Greater China, while the South East Asia and Pacific Rim region saw 6 new deals secured and 5 hotels opened.

Most recently, the Group announced the signing of its first Wyndham hotel in Singapore. The hotel is set to debut as Peninsula Excelsior Singapore, a Wyndham Hotel during its soft opening in early July 2023. Following a multimillion-dollar refurbishment, the hotel will be officially launched as the Wyndham Singapore in 2024. With this flagship property, Wyndham Hotels & Resorts maintains its strategic and operational presence in Singapore while debuting an upscale hospitality brand.

Peninsula Excelsior Singapore, a Wyndham Hotel

Across South East Asia and the Pacific Rim, the Group opened the Wyndham Grand Phu Quoc and Wyndham Garden Phu Quoc in Vietnam, as well as TRYP by Wyndham properties in Adelaide, Australia and Wellington, New Zealand between February and April this year.

Moving to Greater China, the Group’s on-ground satellite development teams continued to engage owners to identify suitable opportunities and that attributed to its growth plans in 2023. The Group opened three hotels in Shanxi with over 1,000 rooms, as well as a new Wyndham property in Shanghai, the Group’s 32nd in the city. Wyndham also signed more than 20 new deals on the sidelines of the Hotel Franchising Expo in Shanghai, China. These deals will be based in popular tourist spots such as Kunming, Haikou, Dali and Xishuangbanna.

Earning the Loyalty of Owners and Guests
By putting owners at the heart of everything they do, Wyndham has earned a high level of trust and loyalty among its partners. This approach goes beyond supporting day-to-day operations and is designed to ensure mutually beneficial outcomes for all parties.

“When we work and negotiate with an owner or solve a problem at a hotel, it’s always with the mentality of putting the owner first, of putting ourselves in their shoes. And if I were an owner, I would get a lot of comfort knowing that. It means that Wyndham is not thinking just for themselves, but thinking of us as well,” says Ooi.

In 2023, the Group has strengthened its hospitality franchising leadership position in the region through various strategic agreements with industry partners. For instance, its recent partnership with Alliga Eternity to launch the first and all-inclusive Wyndham Alltra in the region—a 300-cabin superyacht resort in Vietnam’s Halong Bay—is a testament to this strategy.

The Group has also joined hands with Sun Motor Group in Indonesia, Hospitality360 in Malaysia, Safari Group and Marsden Group in New Zealand to introduce new brands or enhance existing ones in their respective markets. These collaborations not only add to Wyndham’s room count, but also provide opportunities to introduce novel hotel concepts.

This OwnerFirst engagement strategy continues to bear fruit. Having witnessed first-hand the benefits of partnering with Wyndham, approximately 25% of the Group’s new signings for 2022 came from existing owners, reflecting Wyndham’s solid reputation and high level of trust with owners in the industry.

In addition, the Group’s global portfolio of 24 brands empowers it to meet every owner’s aspiration, after understanding their requirements, making it possible for partners to identify the right brand for their target guest segment in their markets of choice.

For Wyndham’s guests, they continue to enjoy the perks of seasonal offers and benefits of being a Wyndham Rewards member. Owing to its high popularity, Wyndham Rewards, the Group’s loyalty rewards program, has doubled its membership base in the last six years, crossing the 100-million-member milestone on March 15, 2023, as its reputation for being one of the most generous hospitality programs in the world continues to grow.

The success of Wyndham Rewards, which was honored at the USA TODAY 10Best Readers’ Choice Awards for the fifth consecutive year in 2022, is significant, as studies show that members drive 79% higher revenue, and stay 62% more often, at the Group’s properties.

“Wyndham Rewards continues to enjoy the reputation as the world’s most generous loyalty program. Beyond that, the high usability of Wyndham Rewards genuinely enhances the guest experience as they can redeem their points with three simple free night tiers–7,500, 15,000 and 30,000 points per bedroom,” says Ooi.

Resilience in the Face of Competition
Following an impressive performance in the first quarter of 2023, the Group is confident that it will continue to exceed expectations even as hotel franchising competition in the region intensifies. This optimism is partly fueled by the travel sector’s rapid recovery from the pandemic, which has been boosted by the reopening of borders in Asia-Pacific, particularly in Greater China.

During the 40-day Spring Festival travel rush, which lasted from early January to the middle of February 2023, a total of 4.73 billion passenger trips were made in China. Chinese domestic tourism alone is projected to grow 73% year-on-year in 2023.

Elsewhere in the region, Southeast Asia has also benefited from the unleashing of pentup demand. Thailand saw 11.15 million foreign visitors arriving in 2022, up from just 428,000 the previous year. Meanwhile, Indonesia has set an ambitious goal of attracting up to 7.4 million foreign tourists in 2023. This impressive rebound is the latest example of the hospitality and travel industry’s resilience and can only bode well for Wyndham’s continued success in the coming years.

“In my 20 years of being in the hospitality industry, I have seen it being hit by shock after shock, and it has been encouraging to see how it can pick itself up very quickly after each crisis. It’s no different this time. Many markets in the region are already ahead of their pre-pandemic 2019 numbers,” says Ooi.

He adds: “As we celebrated our 5th anniversary as a publicly traded, pure-play hotel company on June 1, 2023, we are confident that we will continue to grow our strategic and operational presence in Asia-Pacific by remaining steadfast and diligent in executing the owner-centric strategies that have served us and our partners so well up to now.”

www.wyndhamhotels.com

Building Wealth Capabilities In One Of Asean’s Most Dynamic Economies

Posted on July 7, 2023 | by admin | Leave a Comment

Thailand has emerged as one of Southeast Asia’s key markets, offering significant wealth and trade opportunities for businesses and investors alike. The Thai economy is expected to expand by up to 3.8% in 2023, up from 2.6% the previous year, according to HSBC Global Research. With a robust economy situated in the heart of one of the world’s most dynamic regions, the country is poised for further success in the coming years.

Recognising its huge potential, HSBC is strategically positioning itself to become a trusted partner to Thai customers across the entire spectrum of financial services. In particular, the bank aims to establish itself as the number one bank in Thailand for international inbound business, and the top international bank for outbound Thai corporates.

In the wealth space, HSBC Global Private Banking (HSBC GPB) has been actively enhancing its capabilities in Thailand to better serve the country’s swelling ranks of high net worth (HNW) and ultra-high net worth (UHNW) individuals and their families.

According to HSBC Global Research, wealth in Thailand is expected to grow by close to 60% in less than a decade, with the number of millionaires also expected to double within the same period. This growth represents the second-highest rate in the Asia-Pacific region, and is driving demand for wealth planning, investment diversification and international banking services.

To stand out from the competition, HSBC GPB is capitalising on its investment capabilities, international connectivity and universal banking model to cater to the needs of clients across their entire wealth journeys.

“As the first commercial bank in Thailand and one of the country’s leading international banks, HSBC has always been at the heart of financial innovation. HSBC GPB offers bespoke services, tailored to fit each client’s unique needs,” says Giorgio Gamba, CEO of HSBC Thailand.

“We are partnering with our clients to connect them to new opportunities within ASEAN and across our wealth hubs around the world. We uniquely combine deep local understanding, specialist investment expertise and unparalleled global presence to bring the best of all of HSBC to their families and businesses.”

Supporting Entrepreneurial Families
HSBC GPB is strategically positioned for success in Thailand. The establishment of HSBC Thailand’s Global Private Banking business in 2021 marks the bank’s second onshore business in Southeast Asia, following its first in Singapore. This expansion enables clients to access international capital markets by leveraging HSBC’s existing infrastructure, including its robust advisory services and investment methodologies in Asia.

**Giorgio Gamba**, CEO of HSBC Thailand and **Saranya Arunsilp**, Country Head of Global Private Banking, HSBC Thailand

This expansion of HSBC’s global private banking business in Thailand aligns with the bank’s broader strategy to become the world’s leading private bank for Asian and international clients. In particular, HSBC GPB aims to support entrepreneurial families in the region and beyond, partnering them to navigate international boundaries, embrace new ventures and plan for their future generations. This is especially relevant in markets like Thailand, where the majority of the country’s wealth is generated from family-run businesses.

Recognising the global nature of its clients’ endeavours, the bank taps on HSBC Group’s truly global connectivity that spans 62 countries and territories to meet their business, investment and family needs, while also attending to their lifestyle aspirations.

Furthermore, HSBC GPB understands that life is a journey marked by different chapters. The bank guides its clients as they transition or exit their businesses and embark on their next adventure, helping them shape a successful future that stretches beyond their entrepreneurial pursuits.

Another cornerstone of HSBC GPB’s approach is its focus on multigenerational wealth. The bank recognises the importance of preserving and transferring wealth across multiple generations, and equips all entrepreneurial families with the necessary tools and knowledge to facilitate a smooth transition of wealth. Whether it’s providing financial education to younger family members or devising robust wealth transfer strategies, HSBC GPB is here to help our clients to preserve and grow their legacies.

“In Thailand, succession is a significant factor related to wealth as the country has always seen a culture wherein wealth is passed from one generation to the next. For over 75 years, HSBC Trustee has been the partner in sustaining clients’ family wealth and legacy in Asia. We can support families to build bespoke wealth planning, trust and family governance solutions that extend across several generations,” says Saranya Arunsilp, Country Head of Global Private Banking, HSBC Thailand.

Growing Ambitions
Looking ahead, HSBC GPB has ambitious plans for its wealth business in Thailand. The bank aims to further strengthen its capabilities in the market to meet the growing and diverse needs of the HNW and UHNW segment.

“We continue to invest in Thailand where we are strongly positioned to meet the increasingly sophisticated wealth and international needs of our clients by delivering bespoke innovative wealth solutions, investing in our people and leveraging HSBC’s extensive network globally,” says Arunsilp.

As Thailand continues to prosper and attract global investors, HSBC’s dedication to building wealth capabilities in the country positions it as a prominent player in the region’s dynamic economy. With its global expertise and local insights, HSBC GPB is poised to capture the opportunities presented by ASEAN’s growth and emerge as the go-to partner for Thailand’s wealthy.

“In the two years since we set up our onshore business in Thailand, we have witnessed rising demand for sophisticated wealth planning and investment advisory solutions as our clients’ needs become more complex and global in nature,” says Gamba. He adds: “We are committed to helping clients, families and businesses grow, manage and preserve wealth, not only for this generation but for generations to come.”

privatebanking.hsbc.com

Disclaimer

Investments in emerging markets may be extremely volatile and subject to sudden fluctuations of varying magnitude due to a wide range of direct and indirect influences. Such characteristics can lead to considerable losses being incurred by those exposed to such markets. This article is not a personalized communication from HSBC to you and does not constitute and should not be construed as legal, tax or investment advice or a solicitation of the sale or recommendation of any product or service. You should not make any investment decisions based mainly or solely on this article. All investments involve risks and may experience upward or downward movements and may even become valueless. Issued by The Hongkong and Shanghai Banking Corporation Limited

Leading The Sustainability Transformation

Posted on June 2, 2023 | by admin | Leave a Comment

Kongkrapan Intarajang, CEO and President of PTT Global Chemical (GC), has been at the forefront of the company’s sustainability journey, focused on demonstrating that petrochemical companies can contribute positively to the environment with the right direction in place.

Over the last 10 years, GC has been operating its business with sustainability in mind. Moreover, the company is a pioneer in applying the circular economy to its business operations, a crucial foundation for its journey toward achieving its net zero goal. GC has shown its commitment to building a sustainable business by incorporating Environmental, Social and Governance (ESG) principles into its operations. Driven by its “Chemistry for Better Living” vision, the company has continued its decades-long endeavor to create sustainable solutions for all, says Intarajang.

Sustainability in Business

To transform the business sustainably in response to the rapidly changing world, GC has integrated 3-step strategies into its business operations. The strategies comprise of: Step Change—actively strengthen the business competitiveness by enhancing resilience and creating future growth; Step Out—move toward High Value Businesses (HVB) focusing on growth products and superior profitability that meets consumer needs and megatrends, for example GC’s acquisition of allnex, a global leader in specialty coating resins that provides high performance and environmentally friendly solutions; and Step Up—elevate its sustainability operations for business connectivity in response to industrial trends, while striking the ESG balance.

Working Together to Net Zero

As one of the global sustainability leaders, GC aims to reduce its greenhouse gas emissions by 20% by 2030 and achieve net zero emissions by 2050, in line with the Paris Agreement.

Its “Together to Net Zero” roadmap, drawn up in 2021, comprises three core pillars: efficiency-driven, which involves increasing operational efficiency and reducing waste emissions; portfolio-driven, which involves transitioning its portfolio to low-carbon businesses while maintaining corporate growth and integrating circularity to solve issues of limited resources and waste management; and compensation-driven, which utilizes nature-based solutions and explores technology to drive decarbonization.

GC started a closed-loop plastic waste management project called YOUTURN, which is one of the driving forces to net zero that aims to instill proper knowledge of plastic recycling and sustainability in local communities and encourage circular living. YOUTURN focuses on transforming plastic waste into valuable products such as fashionable items and construction materials, among others. The waste collected from the YOUTURN drop-off points is also transported to GC’s plastic recycling plant ENVICCO, where it is turned into high-quality, food-grade PCR PET approved by the Food and Drug Administrations in Thailand and the U.S.

Helping the Society

One of GC’s main missions is to assist society by elevating the quality of people’s lives. This is achieved through promoting community development (since 2011), engaging in community procurement of goods and services and creating employment opportunities that generate income for the community, which has amounted to 2.45 billion Thai baht (US$72 million). These efforts are also carried out in conjunction with environmental
conservation initiatives.

Intarajang says, “Sustainability starts with ourselves. Then, we collaborate and take a dedicated, hands-on approach not only within the company but also across all sectors throughout the supply chain. These actions have led us to receive international recognition, such as being ranked consecutively for four years in the chemical sector by the Dow Jones Sustainability Indices. We feel proud and grateful to all our partners who have contributed to our sustainability efforts, and we remain committed to continuing these efforts for the benefit of ourselves and future generations.”

www.pttgcgroup.com/en

The Rise Of Asia’s Tigers

Posted on June 2, 2023 | by admin | Leave a Comment

2023 Outlook

The stage is set for Asia to outshine the Western economies in the second half of 2023. While the U.S. and Europe are late in their economic cycles, Asia is still growing strongly.

Due to the banking turmoil in the West, tighter bank lending will slow the growth of developed economies in the second half of the year. Despite a less rosy global outlook, big economies such as China, India and ASEAN can still experience a strong growth trajectory.

This resilience comes from the strength of the domestic consumption and pent-up investments for supply chain relocation. There should be more room for cyclical recovery in India and ASEAN for the rest of this year. With a healthy banking system, credit growth is going to be robust. Inflation in many of these Asian economies has peaked and will create a favourable monetary policy environment for the rest of 2023.

Rise of the Asian T-I-G-E-R

Over the past decade, China has been a key part of Asia’s growth story. Looking ahead, there is a need to look beyond China, and we could put some focus on India and ASEAN as well.

Over the past decade, India and ASEAN economies have undergone a healthy reset as they have deleveraged and continued to invest in infrastructure. As a result, Indian and ASEAN companies have developed resilient fundamental strengths and stronger balance sheets to thrive in the next decade.

The growth prospects of India and ASEAN will accelerate in the next decade since several factors that were not as strong decades ago are now stronger than ever.

Let’s use TIGER as an acronym to illustrate the growth factors in the region, where T stands for technology or the digital economy, I is for rising income of the middle class, G stands for green transformation, E is for energy infrastructure and R is for reforms.

T: Technology or Digital Economy

The pandemic has accelerated the internet economy of India and ASEAN, with digital adoption becoming mainstream. ASEAN’s digital economy is expected to accelerate and grow to US$330 billion by 2025; this growth is not by accident. ASEAN is home to more than 10 million online merchants, and e-commerce sales are on the rise, with revenues expected to reach US$150 billion by 2025.

Over in India, the adoption of digital technologies is boosting productivity. India’s digital economy recorded a growth rate of 15.6% between 2014 and 2019, 2.4 times faster than the growth of India’s real economy. The country’s online traffic usage is among the highest in the world. India’s Gen Z spends an average of 8 hours a day online while smartphone adoption is accelerating in rural areas. Against this backdrop, India would have the second largest group of online shoppers of around 500 million by 2030, with the e-commerce market estimated at US$350 billion.

I: Rising Income of the Middle Class

India has become the world’s most populous country with over 1.4 billion people. ASEAN, with 680 million people, is the third most populous after China and India. Both India and ASEAN have one of the best demographic dividends in the world with a rising working age population and increasing productivity. Almost half of their people are below 30 years of age and their sizeable labour force is estimated to peak only in 2045.

The rise in the working-age population will provide India and ASEAN with an abundant supply of labour, which will have a bearing on future investment and production potential.

G: Green Transformation

India aims to achieve net zero emissions by 2070 and meet 50% of its electricity requirements from renewable energy sources by 2030. The country has recently announced plans to increase the renewable energy target to 450 GW by 2030. To reach net zero emissions by 2070, the International Energy Agency estimates that US$160 billion per year is required across India’s energy economy between now and 2030. That’s three times today’s investment levels.

Similarly, ASEAN has set a target of 23% share of renewable energy in primary energy supply by 2025. ASEAN’s green transformation can account for more than US$1 trillion in annual economic opportunities. The resource-rich locations in ASEAN could be important beneficiaries of the decarbonisation megatrend as global demand for nickel—critical in electric vehicles battery production—accelerates. Indonesia is the key beneficiary as the country has the world’s largest nickel ore reserves, accounting for a quarter of global production.

**James Cheo**, Chief Investment Officer for Southeast Asia at HSBC Global Private Banking and Wealth

E: Energy Infrastructure

India and ASEAN will experience a population surge in the next decade, putting more stress on existing urban infrastructure. Cities are a key contributor to climate change, responsible for 75% of carbon emissions, with transport and buildings being the largest emitters. Smart building solutions, such as efficient energy usage, can unlock cost savings.

However, to combat climate change, the future of transport has to be electric, which is currently insignificant at under 1% of market penetration globally. Over in ASEAN, Indonesia has an ambitious target of having electric vehicles make up 20% of the total vehicle production in the next five years.

India is expected to see greater exponential expansion for electric vehicles. The South Asian country has launched several initiatives to promote electric mobility, including the Faster Adoption and Manufacturing of Electric Vehicles (FAME) scheme, which provides subsidies to buyers of electric vehicles, and the National Electric Mobility Mission Plan (NEMMP), which aims to put millions of electric and hybrid vehicles on the roads. In India, electric two- and three-wheelers will represent the lion’s share of the total electric vehicle fleet, as this category is most suited to rapid transition to electrification.

R: Reform

Make in India 2.0 is a game-changer with many economic reforms to enhance its manufacturing competitiveness. Economic reforms such as easing foreign investment rules, streamlining taxes and the promotion of Special Economic Zones have set the stage for India’s manufacturing upgrade.

Over in ASEAN, the implementation of the Regional Comprehensive Economic Partnership (RCEP) will further integrate trade and accelerate investments for the region. The RCEP will promote trade efficiencies across ASEAN, especially important as companies look for new locations to diversify supply chains.

Investment Strategy: Look Toward India and ASEAN

Investors have been looking at China for exposure in Asia. However, both India and ASEAN are shaping up to be a big part of Asia’s growth in the years ahead.

Due to the unique characteristics of the Indian and ASEAN economies, an allocation to both India and ASEAN can increase diversification for global investors. A key reason for the diversification benefit stems from the resilience of their domestic economies, where domestic companies are closely linked to their strong structural growth opportunities. In an environment where this growth is positioned to continue, choosing India and ASEAN as a means for diversification becomes an even more crucial consideration.

With strong growth potential, the rise of the digital and green economy and smart manufacturing, investors should consider a satellite allocation to India and ASEAN, in addition to a broad emerging markets allocation. Such a strategy would allow investors to capitalise on the region’s longterm growth potential for diversification and alpha opportunities in the global portfolio context.

Global investors cannot afford to ignore the roar of the new Asian economic Tiger.

About James Cheo

James Cheo is a member of the Global Investment Committee for Private Banking and Wealth Management and also a member of the Regional Investment Committee in Asia. In his role, he spearheads the development of investment strategies across all asset classes for global private banking and wealth management clients in Southeast Asia.

With his knowledge and wealth of experience, his investment views are frequently sought after, with appearances on notable financial media including BBC, Bloomberg, CNBC, and Channel NewsAsia.

privatebanking.hsbc.com

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