Category: Business

With the rapid revival of global commerce and tourism in the past two years, crossborder digital payments solutions are playing an increasingly pivotal role in shaping how consumers pay for their purchases abroad. Against this backdrop, innovative platforms such as Alipay+ are meeting rising demand for convenient and secure payment methods.

Many consumers in the region have only recently joined the cashless payments revolution, with many more expected in the coming years. According to the World Bank, more than 80 million adults in India and over 100 million in China made their first digital payment after the onset of the pandemic. In Southeast Asia, digital payments using e-wallets are expected to grow more than fivefold to over US$114 billion by 2025, from just US$22 billion in 2019, according to research by PwC.

“There has been a surge in consumers and travelers globally going cashless in recent years, and many payments solutions have emerged to cater to this growing demand,” says Douglas Feagin, President of Ant International.

Meanwhile, small and medium-sized enterprises (SMEs) are leveraging Alipay+ to reach this growing segment of consumers utilizing e-wallets and digital payments. As SMEs account for a substantial portion of economic activity globally, their growth is critical for economic resilience and growth.

By adopting cross-border digital payment solutions like those offered by Alipay+, SMEs can enhance their operational efficiencies and access broader markets. This is especially vital in a landscape where digital transactions are rapidly becoming the norm, influenced by consumer preferences for convenience and safety.

The group says Alipay+, the flagship product of Ant International, connects over 88 million merchants to 1.5 billion user accounts on over 25 e-wallets and banking apps across 57 countries and regions.

Online merchants accepting payments powered by Alipay+ come from sectors favored by global mobile-savvy users, including digital and entertainment, e-commerce, tourism and online-to-offline, encompassing Apple, Disney+, NBA, Amazon, Agoda and foodpanda, among others.

For Asian and European offline retailers, Alipay+ is enabled for payments across sectors including food & beverage, tourism and hospitality, retail and transportation. These include merchants such as Universal Studios in Japan, duty-free shops in South Korea, Printemps in France and the Duomo of Milan in Italy.

Alipay+ is also connected to the national QRs in Singapore, Malaysia and South Korea, and available through partnerships in Cambodia and Sri Lanka, enabling even the smallest local merchants to benefit from digital tourism, while allowing tourists to have a fully localized experience.

This expansive reach not only facilitates seamless and secure transactions, but also enriches the travel experience for millions as it enables them to make purchases without the hassle of costly currency conversion or carrying cash.

Alipay+ recently expanded its reach in Japan, connecting with 2 million merchants to cater to the influx of global tourists arriving for the cherry blossom season. With Alipay+, tourists can conveniently conduct cross border transactions in a wide range of establishments, from luxury boutiques in Tokyo to traditional tea houses in Kyoto, using their preferred e-wallets.

Opening Doors to Financial Services

In countries where credit card penetration remains relatively low, digital payments empower more individuals to engage in cross-border commerce and travel. In particular, Alipay+ caters to the needs of a younger demographic in Southeast Asia who may not yet have access to credit cards.

With Alipay+, users can utilize their own e-wallets while abroad, eliminating the need for multiple payment platforms and ensuring a smooth transaction process regardless of geographic location. This approach not only simplifies payments, but also promotes a more inclusive and accessible global financial ecosystem.

“Alipay+ is fostering financial inclusion on a global scale beyond the shores of your home country. With our cross-border payments solution, more people will find it easier and more cost effective to travel or make purchases,” says Feagin. He adds: “By offering such a convenient platform for travelers to make payments overseas, we are helping to facilitate global tourism, travel and commerce.”

He adds: “By offering such a convenient platform for travelers to make payments overseas, we are helping to facilitate global tourism, travel and commerce.”

Forging International Partnerships

Alipay+ is also making its presence felt at international events, such as this year’s Euro Cup in Germany. Alipay signed an eight-year deal to become UEFA men’s national team football sponsor from 2018 to 2026, including UEFA EURO 2024 and the UEFA Nations League finals.

For UEFA EURO 2024, Alipay+ is expanding its coverage by enabling more payment partner apps to be accepted across Germany and other popular European destinations.

This will involve connecting users of 13 international e-wallets and bank apps to tens of thousands of merchant stores across Germany, including in popular districts like Kurfürstendamm in Berlin, and Hofbräuhaus and Maximilianstraße in Munich.

This collaboration is expected to enhance the experience for Asian football fans traveling to Germany, as it offers them a familiar payment option.

Such strategic partnerships reflect Alipay+’s commitment to supporting the growth of global tourism and commerce, reinforcing its position as a key player shaping the future of cross-border digital payments.

Says Feagin: “By offering secure, efficient and accessible payment solutions, Alipay+ not only meets the demands of a digitally savvy global population, but also paves the way for a more connected and inclusive global economy.”

 

www.alipayplus.com

www.antglobal.com

As one of the most vibrant food capitals in the world, Hong Kong is a playground for travelers looking for a culinary adventure. From hidden gems and cozy eateries to Michelin-starred restaurants and longstanding crowd favorites, the city caters to diverse tastes and occasions. Whether you’re exploring the laneways of Sheung Wan or the charming neighborhood of Sai Ying Pun, enjoy the best foodie experience on your next trip to Hong Kong.

Ready to dig in? Check out these restaurants that are dishing up all things delicious.

Lung King Heen

What is it: Lung King Heen is a Cantonese restaurant boasting two Michelin stars, favored by Hong Kong’s elite and seasoned travelers alike.
Best for: Families
Why you shouldn’t miss it: Lung King Heen is the world’s first Cantonese restaurant to achieve the coveted three Michelin stars, which it retained for more than a decade. Today, its culinary standards remain unparalleled. Enjoy delicate dim sum, succulent roast meats and nourishing double-boiled soups, crafted from premium ingredients sourced globally. Additionally, there’s a menu tailored for children.
Insider’s tip: Pair your food with a selection of organic sparkling teas or ask the sommelier for wine recommendations.
Address: 4/F, Four Seasons Hotel Hong Kong, 8 Finance Street, Central

Yong Fu Hong Kong

What is it: Yong Fu Hong Kong is the first outpost of the Shanghai-based brand renowned for its refined Ningbo cuisine.
Best for: Power lunches
Why you shouldn’t miss it: The restaurant occupies two floors, with private rooms on the upper level. Head Chef Liu Zhen, who has been with the original branch since its establishment in 2011, leads the culinary team. Under his guidance, Yong Fu Hong Kong has earned a Michelin star for its intricate dishes showcasing fresh, seasonal ingredients. Signature items include raw mud crab in wine and ginger, as well as yellow croaker soup.
Insider’s tip: For larger groups, consider reserving a private room. Certain menu items, like the crispy chicken, require advance ordering.
Address: Shop 2 G/F & 1/F Golden Star Building, 20-24 Lockhart Road, Wanchai

Mott 32

What is it: With eight restaurants worldwide, the group’s flagship Hong Kong venue has gained a reputation for its fresh spin on Cantonese cuisine with influences from Beijing and Sichuan.
Best for: Date nights
Why you shouldn’t miss it: Mott 32 sets the stage for a romantic evening with its intimate and inviting ambiance. Dimly lit interiors feature exposed brick walls, dark leather and modern Chinese artworks. Indulge in the melt-in-the-mouth Kobe and wagyu beef, barbecued Iberico pork and fresh seafood.
Insider’s tip: Cozy up at the bar counter, designed to resemble a traditional Chinese apothecary, and enjoy signature cocktails while sharing plates of savory nibbles. A dedicated vegetarian menu is available for those who prefer meat-free options.
Address: Basement, Standard Chartered Bank Building, 4-4A Des Voeux Road Central, Central

Cucina

What is it: This much-loved restaurant dishes up hearty Italian fare alongside sweeping views of Victoria Harbour.
Best for: Date nights
Why you shouldn’t miss it: You can expect specialties inspired by the chef’s hometown, Piedmont, known for its fall truffles and wine. Keep an eye out for special menus offered during truffle season and chef collaborations for a truly exclusive gastronomic experience.
Insider’s tip: For the best harbor views, ask for a table tucked away in the far corner of the dining room. Plan your dinner around the 8 p.m. “A Symphony of Lights”—a dazzling display of light and sound that transforms Victoria Harbour and its surrounding skyscrapers.
Address: 6/F Marco Polo Hongkong Hotel, 3 Canton Road, Harbour City, Tsim Sha Tsui

Lobster Bar and Grill

What is it: A chic hotel hotspot blending classy interiors, British and American classics, and expertly crafted cocktails.
Best for: Leisurely brunches with friends
Why you shouldn’t miss it: Indulge in a nostalgic culinary journey at the Lobster Bar and Grill, offering an array of perfectly executed timeless dishes like prawn cocktail, lobster thermidor and beef Wellington. Treat yourself to the overflowing seafood tower brimming with the freshest seasonal delights.
Insider’s tip: Regulars love the Sunday roast lunch, accompanied by free-flowing wine or champagne.
Address: 6/F Pacific Place, Island Shangri-La, Pacific Place, Supreme Court Road, Central

The restaurants listed above are part of The Platinum Card® Global Dining Credit. Explore a curated selection of over 2,000 restaurants in 20 countries to enjoy this benefit. As a Platinum Member, you will receive up to S$400 (US$296) in statement credits each calendar year, comprising S$200 (US$148) for use at over 25 restaurants in Singapore and S$200 (US$148) for use at over 2,000 restaurants abroad, when you dine at some of the world’s best restaurants. Whether it’s a new dining experience locally or on the other side of the world, Platinum will take care of it.

Your food adventure does not end there. Before your departure, indulge in a final treat as a Platinum Member at The Centurion^® Lounge at Hong Kong International Airport. Sip on signature cocktails created by Jim Meehan from PDT at The Landmark Mandarin Oriental in Hong Kong or explore wines handpicked by renowned wine authority Anthony Giglio.

The buffet showcases an array of delectable Asian cuisines that are highly favored by discernable American Express Card members. From the flavorful fish maw soup to the delightful dim sum and the aromatic Indian dishes, the diverse selection leaves you spoilt for choice. The lounge offers an array of amenities catering to both business and leisure travelers.

The Centurion® Lounge is located on level 7 of Terminal 1. Once you are through security, simply take the escalator or elevator located just before Gate 60. From Michelin-starred hot spots to hidden gems, embark on a gastronomic journey and discover new favorites with The Platinum Card. Find out more today at go.amex/sg-fbasia.

---

The benefits mentioned in this article pertain to The Platinum Card issued in Singapore. For cards issued in other countries, please visit their respective websites.  

go.amex/sg-fbasia

 

 

 

 

As one of Southeast Asia’s most popular travel destinations, Bangkok captivates both regular visitors and first-time explorers with its vibrant street markets, luxury megamalls and lively entertainment scene. Beyond its bustling exterior lies a profound spiritual essence reflected through its hundreds of temples. Wat Traimit stands out as the home to what is said to be the world’s largest Buddha statue, made entirely of pure gold and weighing over five tons.

If you’re looking for a quick city getaway with a dose of culture, here’s the perfect itinerary for a long weekend of pampering—made even better with exclusive perks for The Platinum Card Members.

FRIDAY

Morning

Check in for your Singapore Airlines/Scoot flight at Singapore Changi Airport. As a Platinum Member, you enjoy S$200 (US$149) Airline Credit annually with qualifying spends on Singapore Airlines or Scoot.

Begin your vacation with exclusive lounge privileges. The American Express Global Lounge Collection^® provides access to more than 1,400 lounges across 650 cities. You and one of your supplementary Card Members are welcome to bring one guest each on each visit, making it ideal for family vacations. Enjoy light refreshments or catch up on last-minute emails in comfort before you unplug for the weekend.

Afternoon

When it comes to upscale accommodation, Bangkok offers a myriad of choices, from private villas and boutique properties to heritage hotels. Looking for a romantic stay? Check into Banyan Tree Bangkok, among selected properties, and indulge in a complimentary one-night stay. The contemporary-designed rooms feature a blend of rich dark woods, neutral colors and distinctive Thai accents. Don’t miss the rooftop Moon Bar—perched 61 floors above the city—for cocktails and stunning sunset views.

For a touch of opulence, consider the Siam Kempinski Hotel Bangkok, a plush resort-inspired haven nestled in the heart of the urban jungle. As part of the Fine Hotels + Resorts collection, Members can enjoy early check-in and a room upgrade when available. Wake up to complimentary breakfast for two and receive a unique amenity valued at US$100. The cherry on top? A guaranteed 4 p.m. late check-out, allowing you more time to savor your luxurious stay.

COMO Metropolitan Bangkok is perfect for those who prefer urban-style chic. As a Platinum Card Member, bypass the S$50,000 (US$37,205) spend requirement and enjoy a complimentary upgrade to Comoclub’s C5 membership tier for 12 months, offering perks such as early check-in, late check-out, complimentary breakfast for two and more. Pamper yourself with a welcome massage and energize your mornings with complimentary yoga sessions at the hotel’s wellness center COMO Shambhala. You will also enjoy preferential rates at over 40 Club21 stores around the city.

Evening

Fire up your appetite at Le Du, a one Michelin-star, modern Thai restaurant which topped Asia’s 50 Best Restaurants in 2023. Choose between 4-course and 6-course tasting menus, featuring locally sourced, seasonal ingredients prepared using modern techniques and global influences. Let Platinum Concierge, a 24/7 ser­vice, handle your restaurant reservations.

After dinner, explore Silom, lined with hotels, restaurants, bars and malls. While it is part of Bangkok’s central business district, Silom is also a popular entertainment spot.

SATURDAY 

Morning

Explore Ari, a relaxed and green neighborhood favored by the artsy crowd. Stroll down streets lined with art galleries, matcha bars, coffee shops and trendy restaurants. The aromas wafting from Landhaus Bakery, a hidden gem, will lure you in. Enjoy freshly baked pastries and coffee in the shade of the garden. Another option for your caffeine fix is Nana Coffee Roasters, a spacious café spanning two floors.

Looking for some cool threads? Check out Hide.Selected, a multi-label indie store featuring a carefully curated selection of men’s and women’s wear from both local designers and well-known brands.

Afternoon

A cruise down the Chao Phraya River, which runs through the heart of Bangkok, is an ideal and relaxing way to see the city. Hop off to visit a temple or two along the way, such as Wat Saket (The Golden Mount), a historic temple perched on a hill. If you’re up for it, climb over 300 stairs for panoramic city views.

Stop for lunch at the iconic Blue Elephant Restaurant to enjoy traditional Thai flavors with the Platinum Dining Credit. Housed in a colonial-style mansion on Sathon Road, the restaurant is a stalwart of the Bangkok culinary scene. The Blue Elephant offers cooking classes on its premises—try your hand at preparing a few Thai classics to really understand Thailand’s popular cuisine.

Platinum Members can enjoy dining credits at selected restaurants worldwide. Receive up to S$400 (US$298) in statement credits each calendar year, comprising S$200 (US$149) for use at over 25 restaurants in Singapore and S$200 (US$149) for use at over 2,000 restaurants abroad, when you dine at some of the world’s best restaurants. 

Cap off your day of sightseeing with a pampering spa session at Banyan Tree Spa, known for its exceptional service and quality treatments. Relax and let your stresses melt away with the signature 150-minute Royal Banyan treatment. 

Evening

Make your final dinner in the heart of Bangkok a truly unforgettable experience. Platinum provides a carefully curated selection of Michelin-starred establishments worldwide. Paste Bangkok, for instance, serves up dishes inspired by Thai royal cuisine and heritage cookbooks, while also incorporating its unique creative spin.

Afterward, make your way to the sophisticated BKK Social Club at the Four Seasons Hotel Bangkok for a nightcap. Ranked 13th on The World’s 50 Best Bars 2023 list and hailed as The Best Bar in Asia, BKK Social Club combines the glamor of Buenos Aires with the dynamic spirit of Bangkok. Indulge in the exquisite Evita, a limited-time-only cocktail paying homage to the iconic former first lady of Argentina.

SUNDAY

Morning

Begin your final day in Bangkok early to maximize your remaining hours in the city. Song Wat, a historic area located just off Chinatown, is home to heritage buildings and traditional shops and eateries coexisting harmoniously with trendy cafes and stylish art galleries. Capture some captivating shots, especially before the crowds arrive. Enjoy a leisurely breakfast before making your way back to the hotel to freshen up for your return flight. Head to the Miracle First Class Lounge at Suvarnabhumi Airport for a glass of wine or light bites before boarding.

This itinerary is complemented with a comprehensive worldwide travel insurance for peace of mind as you enjoy your weekend getaway. And just like that, your time in Bangkok is well taken care of by Platinum.

---

The benefits mentioned in this article pertain to The Platinum Card issued in Singapore. For cards issued in other countries, please visit their respective websites.  Find out more about The Platinum Card^® today at go.amex/sg-fbasia.

 

go.amex/sg-fbasia

 

Magnolia Quality Development Corporation Limited (MQDC), one of the leading property developers in Thailand, believes its soon-to-be-launched Cloud 11 has what it takes to help realize the full potential of the creative industry in Thailand.

According to MQDC Senior Vice President Onza Janyaprasert, there are many world-class creative talents in Bangkok. Based on data by the Creative Economy Agency, the creative industry contributed close to 10% of Thailand’s gross domestic product pre-pandemic. “Clearly, there’s a lot of creative talent in the country. However, the sector is fragmented,” says Janyaprasert, who is also the Project Director of Cloud 11. “We hope to develop Cloud 11 into a hub for creative industry talents—a place where we can empower them to achieve greater things.”

Asia’s Largest Hub for Content Creators 

Cloud 11 is a 40-billion-baht (US$1.14 billion) project in Bangkok developed to help grow the region’s creative industry and position Thailand as Asia’s largest hub for content creators.

Construction is currently underway, with the topping out ceremony slated for the second quarter of 2024. The official launch is on track to take place in the fourth quarter of this year.

Designed by the world-renowned architectural studio Snøhetta, Cloud 11 will have seven key components, including Grade A+ office spaces, content production studios, a retail complex, lifestyle hotels, concert halls and Bangkok’s largest rooftop park. It will also have an education zone to house entertainment and media schools, content academies and incubation facilities for content creators.

Janyaprasert says MQDC is partnering with Thailand’s telco True Corporation to offer Cloud 11 one of the fastest fiber optic connections in the country.

He adds, “Cloud 11 has many unique features. For example, the workspaces we are building are not generic offices; they are purpose-built for the content industry with dedicated circulation for artists and creators. We also understand that people in the creative industry have different working hours, so Cloud 11 will implement a district cooling system, allowing for flexible air-conditioning for our tenants.”

Building an Ecosystem

Janyaprasert says the reason behind these key features is about building an ecosystem for the creative community, one that allows content creators to have access to the best-in-class technology, as well as provide them with funding and business opportunities.

“Cloud 11 is not merely a real estate project,” he says. “It is not about the building. It is about creating an ecosystem with the creator community at its heart.”

He adds that content creation and entertainment have evolved beyond two dimensional formats. Today, content can be created by leveraging technologies such as Web 3.0, metaverse and blockchain. Cloud 11 will offer the space, funding opportunity, talent and state-of-the-art equipment for content creators.”

The development and concept of Cloud 11 have garnered a positive response from the creative community. “They are glad to see a hub for the community. A place where content creators, musicians and even gamers can be together, to collaborate and create more value together,” Janyaprasert says.

So far, Cloud 11 has attracted several anchor tenants, including market hall operator and community space specialist theCOMMONS, tech-led hotel group Yotel and Marriott International.

“We are also in talks with leading entertainment companies and a few studio partners and academies from Hollywood and South Korea. The details will be announced later this year,” he says.

There will also be a scriptwriting academy at Cloud 11 to groom and support aspiring writers in the creative industry. “Thailand is good at post-production work. However, we need more original content. With the academy, we can produce more original content and export it to the world,” Janyaprasert says. “Hopefully, one day Cloud 11 can be a hub for Asian creators to collaborate.” 

www.cloud11bangkok.com

U.S. venture capital fell a staggering 60% in 2023, compared to the previous year. This sharp decline continues to cast a shadow of uncertainty over startups heavily reliant on such financial backing to sustain their growth.

But breaking out from this prevailing global venture capital winter, Asia has emerged as a beacon of hope, offering a compelling alternative and a blue ocean of stability and opportunities. With a more “ecosystem-led” approach that aligns public and private sector focus for innovation, Asian markets are charting another path that veers from Silicon Valley’s free-for-all model that has historically fuelled its success.

Hong Kong: Embracing Asia’s Unique Innovation Approach

In contrast to the economic and political uncertainty in the traditional innovation engines of the U.S. and Europe, Asia, with its developed markets of Hong Kong and Singapore, offers a haven of stability and resilience. Both Singapore and Hong Kong possess well-established innovation ecosystems and highly supportive government policies to bolster innovation development. The latter has the advantage of geographic proximity to mainland China, making it the ideal launchpad to the enormous Chinese market. The Shenzhen-Hong Kong-Guangzhou science and technology cluster is ranked No. 2 in the world for global patents filed, according to the Global Innovation Index 2023.

Hong Kong stands out with its unique mix of an ecosystem-led innovation environment combined with a legacy of vibrant entrepreneurial freedom, spirit and success. With public and private sector support, all aligned with national policy and direction, Hong Kong’s innovation model reduces risk and uncertainty and provides stability for tech ventures to thrive, even in the face of declining global startup funding.

EPiC 2024: The Ideal Launchpad to Supercharge Startups

Today, Hong Kong is riding a wave of transformative startup activity, and the rise of the annual global Elevator Pitch Competition (EPiC), organised by Hong Kong Science & Technology Parks (HKSTP), is symbolic of the city’s meteoric growth. EPiC stands out as an iconic “mega international event” alongside the city’s global events, such as the Hong Kong Sevens, drawing record numbers of international entrepreneurs. Tech startups from all corners of the world will join EPiC 2024 to expand their footprint into Asia and gain exposure to over 1,000 investors and 350 corporate partners from Hong Kong’s largest innovation ecosystem at HKSTP.

Past Pitch Champs Set the World Alight

EPiC reduces market entry barriers and supercharges early-stage tech startups to thrive in Asia’s unique innovation environment quickly. To achieve this, HKSTP connects startups with trailblazing world-leading industry experts, visionary entrepreneurs and pioneering researchers, providing the best growth and investment opportunities, says Dr Sunny Chai, Chairman of Hong Kong Science and Technology Parks.

Two previously unknown ventures—Archireef and Ultipa—are great examples of the impact that EPiC can have on the startup road to success. Both have emerged from their EPiC experiences with reputations enhanced and financial standing boosted.

Archireef, champion of EPiC 2021, is a nature-tech company dedicated to providing eco-engineering solutions for active restoration and fostering nature-positivity in the future of marine ecosystems, spanning from shorelines to coral reefs. The homegrown Hong Kong-based startup is on a meteoric rise, going from obscurity and no hope of funding to making waves with deals and partnerships at the recent COP28 in Dubai.

“Since clinching the EPiC 2021 award, our trajectory has been nothing short of exhilarating. We are thrilled about the prospects ahead, which fuels our commitment to restoring marine ecosystems,” says Vriko Yu, Archireef’s Cofounder and CEO. “Currently, we operate in both Hong Kong and the UAE, having successfully deployed over 500 of our Reef Tiles across these regions. Our growth is continuous, and we’ve seen revenue increase by eight times in Q4 2023.”

Acknowledging the pivotal role that the HKSTP ecosystem has played in the company’s journey, Yu is grateful for access to a diverse pool of talent and expertise, both locally and internationally. The HKSTP incubation programs proved instrumental in not only refining Archireef’s business model but also facilitating the transition of academic research into commercially viable solutions.

The company has since undergone rapid expansion and garnered significant acclaim and awards from esteemed entities such as the World Economic Forum, IUCN, Forbes Asia, Bloomberg and Geneva Inventions. The innovative startup is also supported by an Abu Dhabi-based investment and holding company, along with venture capital firms based in Singapore.

Hong Kong Sparks China and Asia Success for Global Startup

Another successful EPiC participant, Ultipa, is the Silicon Valley-originated developer of a high-performance graph database system. Selected as one of the 10 finalists in EPiC 2023, the firm is looking to expand its business to the mainland China market and more broadly across Asia. The proximity to Shenzhen, along with the seamless resources provided by Hong Kong and HKSTP for startup expansion and growth, were key factors influencing Ultipa’s decision to choose HKSTP as its starting point in Asia.

“HKSTP provides business matching, investment referrals, exclusive membership of a city-wide and cross-industry virtual lab, access to co-working space as well as an extensive talent pool by reaching out to Hong Kong’s renowned universities,” says Monica Liu, Founder and COO of Ultipa.

“We found that EPiC is a global and valuable platform and probably the fastest track for our AI solutions to expand to the Greater Bay Area and Asia-Pacific markets,” Liu says.

The firm’s cutting-edge graph technology incorporates AI acceleration, augmentation and explainability, which is powered by its unique next-gen horizontally scalable graph computing and storage engine. Ultipa’s team has delivered industry-leading computing experiences for the world’s top banks and financial institutions. Its cutting-edge solution has won international acclaim as winner of the 2023 Banking Technology Awards (UK) in the category of “Tech of the Future – AI and Data.”

Record-Level Funding Marks Hong Kong’s Golden I&T Era

EPiC steers startups to success by directly plugging them into the HKSTP innovation ecosystem, which offers accelerated pathways to commercializing research and development ideas, securing investor interests and matching with potential customers. Its nurturing ecosystem also offers mentorship for early-stage tech startups to thrive and leverage the distinctive advantages that the Asian market has to offer.

Hong Kong has witnessed the birth of 12 unicorns and venture capital investment has substantially increased from around HK$1.2 billion (US$153 million) to about HK$40 billion (US$5.1 billion) from 2014 to 2021. The expanding investment in Hong Kong’s innovation and technology (I&T) ecosystem is gaining global recognition.

The UN Conference on Trade and Development’s Technology and Innovation Report 2023, for example, ranks Hong Kong 9th on the global Frontier Technologies Readiness Index, up from 15th place in 2021.

Last year, EPiC attracted more than 600 applications from 55 economies, with 75% from overseas markets, all vying for a chance of a US$5 million investment and US$210,000 cash prize. A semi-final has already taken place in Silicon Valley, with subsequent semi-finals scheduled in Singapore, Hong Kong and Stuttgart. The 72 finalists for this year’s EPiC will be announced in March, with the Grand Finale set to take place on April 26, 2024. The worthy finalists will be launched up the city’s tallest skyscraper, while trying to sell their winning business ideas literally in a challenging and exciting 60-second elevator ride to the Sky100 venue at the top of the International Commerce Centre. All applicants of EPiC 2024 target to arrange US$45 million investment¹ , US$240,000 in cash prizes, plus extensive partnership opportunities. The Grand Finale is expected to feature 80% international finalists and 20% local Hong Kong finalists, making it a truly global contest.

“Hong Kong is entering a truly golden age of innovation and technology. With EPiC reaching iconic status in the innovation community, this is the ideal time for entrepreneurs to fuel global ambitions with the ‘Grow Fast Go Beyond’ ethos that drives this annual mega event and initiative,” says HKSTP’s Chai. “We are on a mission to connect the world’s innovation ecosystems to propel success. Now is the right time and Hong Kong is the right place to kickstart the innovation journey.”

360-Degree Support from Leading I&T Community

To date, HKSTP has directly supported over 1,300 ventures in their growth journey, with over 3,000 investment matchings, HK$90.9 billion (US$11.6 billion) raised by park companies and HK$1 billion (US$127.9 million) directly invested by the HKSTP Venture Fund.

Professor Sun Dong, Hong Kong’s Secretary for Innovation, Technology and Industry, highlights the importance of supporting and grooming startups to build a vibrant I&T ecosystem in Hong Kong.

“The Hong Kong Innovation and Technology Development Blueprint shows the government’s dedication to cultivating a vibrant I&T ecosystem. The Innovation, Technology and Industry Bureau is committed to offering comprehensive support to startups at their different stages of development,” Sun says.

Sun notes that in line with the government’s direction to develop Hong Kong into an international I&T centre, EPiC provides invaluable opportunities for knowledge sharing, networking and collaboration among leading experts, entrepreneurs and investors from around the world, which are essential for driving innovation and fostering the growth of technology startups.

The impact of these initiatives goes beyond individual startups, says Sun. The collaboration among startups, established companies, research institutions and government agencies has resulted in a thriving ecosystem that fosters innovation, knowledge exchange and technology transfer.

“The government will continue to work closely with all stakeholders with a view to realising Hong Kong’s vision as an international I&T hub,” Sun adds.

Looking ahead to 2024, Asia is set to lead the world in GDP, with Hong Kong at the heart of this growing region and primed to provide ambitious entrepreneurs with a supportive ecosystem that fosters growth and enhances resilience.

As Hong Kong continues to pave the way for I&T, EPiC 2024 serves as a testament to the city’s dedication to fostering growth, collaboration and success for tech startups. With its vibrant ecosystem, transparent regulations, and access to a vast talent pool, Hong Kong stands at the forefront of the global tech landscape, offering unparalleled opportunities for entrepreneurs to thrive and transform their ideas into reality and success.︱epic.hkstp.org

¹Investors (including funds managed by HKSTP CVF, Beyond Ventures, BitRock Capital, Gaw Capital, HKX, InnoAngel, Jafco Asia, Mindworks Capital and Radiant Tech Ventures) will consider investing in applicants (subject to terms and conditions to be agreed between the parties).

Amid persistent economic challenges and geopolitical uncertainties, stress, burnout and deteriorating mental health are emerging as formidable challenges to global well-being and vitality. To address these obstacles, experts suggest that governments and organizations need to embrace a more comprehensive outlook on health to safeguard and enhance the welfare of their citizens and employees.

Indeed, the concept of health has evolved significantly in recent years, extending beyond physical wellness to encompass aspects of mental health, work and family life. In its latest global annual survey, health services company Cigna Healthcare surveyed more than 10,000 respondents across 12 diverse markets and covered a wider scope of factors impacting people’s sense of health and well-being, a concept it calls “vitality.”

The pandemic has clearly impacted people’s priorities, causing many to reevaluate what’s important to them.

Cigna Healthcare provides a range of health insurance and related products and services to individuals, companies and their employees, striving to enhance the health and vitality of those they serve. The company’s 2023 Vitality Study measured individuals across eight critical dimensions: social, occupational, financial, intellectual, physical, spiritual, emotional and environmental health.

The outcomes revealed a concerning trend. Developed economies, including Hong Kong and Singapore, reported lower vitality scores compared to the global average, contrasting with higher scores in mainland China, Africa and the Middle East. A mere 5% of respondents in Hong Kong and 10% in Singapore exhibited high levels of vitality, hinting at a potential linkage between the high demands of developed societies and decreased vitality levels.

Going Beyond Physical Health

The findings underscore a notable shift in how individuals perceive and prioritize various aspects of vitality including physical health. In Hong Kong and Singapore, while the majority placed physical health as their top priority, a significant portion felt ill-equipped with the necessary skills and tools to maintain a healthy life, pinpointing a crucial area for intervention by policymakers and employers.

In particular, mental well-being emerged as a pivotal yet threatened facet of vitality, with high vitality individuals reporting markedly better mental health compared to their low vitality counterparts. Stress and severe burnout remain prevalent in Hong Kong and Singapore, with 87% of people experiencing stress in both markets, outpacing the global average significantly. Financial concerns and uncertainties about the future are the major stressors, exacerbated by looming high global interest rates and geopolitical tensions.

Shifting Priorities

The pandemic has clearly impacted people’s priorities, causing many to reevaluate what’s important to them. The emerging trend of valuing personal health and close family relationships over well-paid jobs reflects this shift, with a notable proportion in Hong Kong and Singapore aspiring to early retirement, leading all the markets surveyed.

Employers are well-positioned to address many of these challenges. A significant portion of respondents from Hong Kong and Singapore expressed a desire for more support from their employers in living healthier lives. The vitality approach can act as a critical framework for employers to not only foster and protect employee health, but also align organizational objectives with the growing awareness and expectations surrounding holistic well-being.

As businesses seek to stay ahead of the competition in the face of substantial headwinds, they will need to prioritize their employees’ vitality as a means to retain and motivate talent. By providing employees with the support they need to be at their best and integrating this with organizational needs, companies can significantly improve their chances for success.

Innovating Healthcare Solutions

With a legacy spanning over 200 years globally, health benefits provider Cigna Worldwide General Insurance Company Limited (“Cigna Healthcare Hong Kong”) has become a key player in Asia-Pacific’s evolving wellness landscape. In Hong Kong, the company is celebrating 90 years of operations in 2023.

Having been recognized as one of the “Best Companies to Work for in Asia 2023 (Hong Kong)” for the fourth consecutive year and a “Most Caring Company” by HR Asia, Cigna Healthcare Hong Kong’s caring spirit is deeply ingrained in its culture. “We are a mission-led organization, dedicated to improving the health and vitality of those we serve, including our greatest asset—our people,” says Jonathan Spiers, CEO, Cigna Healthcare Hong Kong.

According to Cigna Healthcare’s 2023 Vitality Study, 72% of people in Hong Kong say that inflation is making it too expensive to stay healthy, and 66% of employees say they wish they had more support from their employer to live a healthier life.

To deliver on the company’s mission and support a community that is grappling with escalating healthcare costs, heightened by persistent inflation and rising demand for healthcare services through an aging population, Cigna Healthcare Hong Kong is investing more in key capabilities such as data analytics and clinical expertise. These investments will support continuous innovation in individual and group health plans, and help customers adopt a preventive health approach by detecting health problems early and improving health outcomes.

For individual customers, Cigna Healthcare Hong Kong offers a comprehensive range of healthcare services—from prevention and diagnosis to treatment and recovery. “Our health plans are designed to deliver value to our customers by maintaining best-in-market coverage, enabling them to receive unparalleled support and access to their preferred medical providers, as well as receiving timely care and support when they need it most,” says Spiers.

For group clients, Cigna Healthcare Hong Kong proactively promotes preventive care through its in-house wellness and clinical team, which regularly hosts events such as Wellness Days, based on their employees’ needs. A typical Wellness Day includes services such as health assessments, one-on-one clinician consultations and health-related workshops specific to the organization.

To help design and deliver the Wellness Days, Cigna’s Care Managers play an important role. Care Managers are Hong Kong-registered nurses with a wide range of clinical experience who will guide customers through clinical pathways. This includes identifying potential doctors for treatments, interpreting complex medical reports and delivering health education to help individuals improve their health and support their well-being.

Supporting the Healthcare System

Hong Kong is one of the longest-standing markets within Cigna International Health outside of the U.S., and the company is proud to have grown with the city throughout the years. Spiers says: “With a rich 90-year history in Hong Kong, we value our legacy of quality products and services, and our commitment to healthcare value and affordability through our customer focus, innovation and quality.

“As we look ahead, we are committed to not only upholding these strong foundations but also actively adding value to our services and products, adapting to emerging trends and pushing the boundaries of innovation in the healthcare sector. We are here for the long term.” www.cigna.com.hk

Advancing Healthcare Accessibility

In Singapore, Cigna Healthcare has also been leveraging innovation in order to provide comprehensive healthcare services that offer the most value to its clients. Since its establishment in 2011, Cigna Healthcare Singapore has developed a robust suite of healthcare solutions. In 2018, for instance, it piloted a telehealth solution that was aligned with Singapore’s Smart Nation vision of making healthcare more accessible to all.

In just over a decade since its inception, the company has already been recognized as one of the “Best Companies to Work for in Asia 2020 (Singapore)” by HR Asia, and was awarded the “Excellence in Women Empowerment Strategy” Gold accolade by HR Excellence in 2020.

To address the challenges of rising medical costs and an aging demographic, Cigna Healthcare Singapore works closely with its healthcare provider partners to negotiate better deals for its clients. The firm is also transitioning from its role as a claims payer to that of a health partner, enabling it to streamline the claims process and make it more cost-effective for its customers and patients in the long term.

“With the trend of rising medical costs likely to continue due to medical advancements and an increasingly aging population in this region, it is a huge priority for us to ensure that healthcare systems remain affordable and sustainable for everyone,” says Raymond Ng, CEO & Country Manager, Cigna Healthcare Singapore and Australia.

“We believe that preventive healthcare should be the future toward which we are all working. It helps in the early detection of potential health issues before they escalate into more severe conditions. Early intervention often leads to more effective and less costly treatments.”

Employing Technology for Better Outcomes

Cigna Healthcare Singapore is currently investing in healthcare innovation, particularly in data analytics and AI, given the opportunities to identify patterns and trends which can lead to potential cost-saving opportunities. For example, the company employs data analytics to make the underwriting process more efficient and deliver insurance pricing schemes that are better tailored to each individual.

Furthermore, Cigna Healthcare is currently exploring the use of AI-powered predictive analytics that can identify high-risk individuals, allowing the firm to proactively support them with preventive strategies, ultimately reducing long-term healthcare costs. To this end, the company continuously collaborate with other strategic players in the industry, such as digital health startups and telehealth providers, to further expand its reach and services.

Looking ahead, Cigna Healthcare Singapore is focused on expanding its product line to more effectively target local enterprises with a regional focus. “As we continue striving to be the health partner of choice for organizations and people around the world, we believe it is part of our role to inform and raise awareness among consumers about the changing healthcare landscape,” says Ng.

“This means working closely with our clients and partners to understand people’s needs, ensuring their healthcare demands are met, and helping organizations achieve better health and business outcomes.” www.cigna.com.sg

 

Thailand’s tourism sector is making a steady comeback, having welcomed over 15 million tourists between January and July 2023. The total revenue from tourism reached 1.08 trillion baht (US$29.38 billion), with international visitors contributing 638.16 million baht (US$17.37 million). This resurgence is primarily driven by tourists from Malaysia, China, South Korea, India and Russia.

To further bolster tourism, various initiatives have been implemented this year, including a temporary visa-free program for select target markets, a focus on promoting lesser-known cities in Thailand and an emphasis on longer stays.

Leading the charge in these efforts is Tourism Authority of Thailand (TAT). Under the stewardship of its new governor, Thapanee Kiatphaibool, who officially assumed office on September 1, TAT has set ambitious goals. It aims to generate 1.92 trillion baht (US$52.92 billion) from 35 million foreign tourists and an additional 1.08 trillion baht (US$29.38 billion) from 200 million domestic trips in 2024.

“Under my tenure,” says Kiatphaibool, “TAT will focus on creating and delivering meaningful experiences tailored to meet the diverse demands of discerning travelers.” The sector is shifting its attention from quantity to quality, both in terms of its target audience and the offerings it provides.

Leading Reopening Efforts 

Kiatphaibool played a pivotal role in Thailand’s post-Covid-19 reopening efforts. For example, she initiated the Special Tourist Visa (STV) scheme, which paved the way for subsequent entry programs such as Villa Quarantine, Yacht Quarantine, Golf Quarantine and the Phuket Sandbox, regarded internationally as a model for the country’s reopening.

She was also recognized for her leadership in initiating the Amazing Thailand Safety and Health Administration (SHA) certification program that enabled hotels and services to meet specific health and safety standards. The program subsequently became mandatory for hotels seeking registration as quarantine facilities during the period of stringent Covid-19 control measures.

Building Strength From Within

Having been with TAT since 1999, Kiatphaibool has observed the evolution of Thailand’s tourism sector over the years. She says, “The sector now places a strong emphasis on building strength from within—uplifting and supporting local businesses and communities.” 

“Furthermore,” she adds, “there’s a growing commitment to the management of tourist attractions and destinations to ensure the preservation and conservation of our natural resources. Today, many attractions limit daily visitor numbers to align with their carrying capacity, and national parks are periodically closed to allow nature time to recover.”

For instance, Maya Bay, which gained international fame through the Hollywood film The Beach, was closed for nearly four years due to overtourism, resulting in the destruction of coral reefs and its marine ecosystem. Since the park reopened in 2022, it has capped tourist numbers to about 4,000 a day and swimming in the bay is no longer allowed.

Other attractions such as the Thi Lo Su Waterfall in Tak’s Umphang Wildlife Sanctuary will take advantage of the monsoon season from July to August each year to close, providing the ecosystem with an opportunity to heal.

Shaping the Future of Tourism

During Kiatphaibool’s four-year term as governor, she will implement a strategic vision called PASS to shape Thailand’s tourism future. The strategy focuses on these four priorities:

P: Partnership 360—Foster collaboration with industry partners to enhance Thailand’s appeal to international and domestic travelers.
A: Accelerate Digital Access—Utilize innovation and technology for sustainable tourism growth, including leveraging digital content and virtual influencers to lure Generation Y and Z travelers.
S: Subculture Movement—Target influential subculture groups to drive impactful travel trends through online platforms.
S: Sustainably Now—Promote sustainability through the Sustainable Tourism Goals (STGs), aligned with the UN Sustainable Development Goals, featuring the STAR (Sustainable Tourism Acceleration Rating) system to certify businesses for sustainability.

Additionally, the Thai government’s Bio-Circular Green economy (BCG) model has found its way into various tourism segments, including health and wellness, responsible tourism and gastronomy. For instance, TAT partnered with the Thai Organic Consumer Association to establish a marketplace that connects farmers directly with mid-stream consumers, including hotels and restaurants that serve downstream consumers and tourists.

This not only reduces carbon emissions but also expands the benefits of the circular economy. Initially launched in Phuket, the project has since expanded throughout Thailand.

Balancing Tourism and Environmental Goals

Indeed, TAT has undertaken a commendable effort in advancing the cause of sustainable tourism throughout the country, spanning both its major and secondary cities. This endeavor stands as a pivotal force in the revitalization of Thailand’s tourism sector.

Kiatphaibool states, “Sustainability principles encompass environmental, economic and socio-cultural aspects of tourism development. Striking a harmonious balance among these three aspects is paramount for ensuring the long-term viability of tourism. Yet, the pursuit of sustainability in tourism must not compromise the overall satisfaction of tourists, but rather should enrich their experiences by fostering a heightened awareness of sustainability issues.”

Notably, TAT has recently introduced 20 low-carbon routes across the country with the aim of reducing greenhouse gas emissions and the ecological footprint. The success story of Koh Mak, recognized as Thailand’s first low-carbon destination, serves as an exemplary model for promoting responsible and sustainable tourism practices. Nestled within the pristine expanse of Trat province, Koh Mak has preserved its idyllic charm by embracing development practices that have minimal impact on the environment and local community. Visitors to the island are actively encouraged to engage in activities that minimize their carbon footprint and support local businesses.

Ultimately, the balance between tourism and environmental stewardship remains a paramount goal, and Thailand, through TAT, is leading the way toward a more sustainable and enriching travel experience for all.

 

www.tourismthailand.org

The global telecommunications landscape has been in a state of transition for the last decade. Once primarily associated with facilitating domestic and international connections, they now play pivotal roles in shaping our interconnected world, offering a myriad of services that encompass more than just bandwidth for voice and data.

TM Global, the wholesale business arm of Malaysia’s telecommunications company, TM, has long recognized this trend and has broadened its horizons in the last few years to become an integrated player in digital innovation and advanced connectivity. This has led the company to develop a comprehensive range of cutting-edge wholesale communications services and solutions for a global market.

“While maintaining and growing our connectivity infrastructure remains our core focus, we are centered on creating value for our stakeholders by developing new innovations. We also embarked into a new age of wholesale business where we expand our offerings toward enabling the diversification of edge and platform play services in supporting hyperscalers
and digital players for greater customer experience,” says Khairul Liza Ibrahim, Executive Vice President of TM Global.

TM Global’s transformational journey involved the company venturing into a holistic and comprehensive assessment of its current businesses. This included conducting due diligence exercises aimed at determining where the targeted business opportunities lay.

Concurrently, the company ensured it augmented desirable skill sets, particularly in new business ventures, so that it was able to understand and address customers’ needs effectively.

The company began focusing on how market conditions were evolving in the digital space and ensured that it remained up-to-date with the latest technologies so that it could accelerate the development of new digital solutions. Realizing no one company can do it all, it also fortified its market position by expanding its partnership ecosystems while providing mutual benefits to all parties involved.

A Trusted Wholesale Provider 

TM Global’s advanced connectivity and digital infrastructure solutions include a vast fiber cable network, submarine cable systems, points-of-presence, content delivery networks, TM Internet Exchange, Edge Facility, data centers, as well as its regional of fices worldwide to support these services.

Recognizing that gaming will largely benefit from edge and 5G technology, with APAC as the world’s largest gaming hub, TM Global has delivered a broader range of edge services that can be tailored to each vertical’s needs for low-latency and high-bandwidth utilization. The ultimate goal is to further strengthen its position through innovative approaches that foster exceptional customer experience, maximize cost-effectiveness, and drive profitability for its customers. 

“While maintaining and growing our connectivity infrastructure remains
our core focus, we are centered on creating value for our stakeholders by
developing new innovations.”

– Khairul Liza Ibrahim

In Malaysia, TM Global will continue to play the role of the trusted wholesale infrastructure provider by driving the digital industry and 5G ecosystems through nationwide infrastructure deployment. Internationally, TM Global remains focused on positioning itself as the preferred digital hub for ASEAN via strategic collaborations with hyperscalers and global service providers.

“We are continually on the lookout for cutting-edge platform solutions that enable various type of applications, such as multiaccess edge computing, artificial intelligence, the Internet of Things and many more that will lead to our next phase of growth. This is parallel to market needs while enhancing the customer experience for all our stakeholders,” says Khairul Liza.

 

tmglobal.com.my