NUS Business School MBA ranked No. 1 in Asia for third consecutive year

Source: NUS. The NUS Business School.

The National University of Singapore (NUS) Business School’s Master of Business Administration (MBA) is ranked first in Asia for the third year in a row in the Quacquarelli Symonds (QS) Global MBA Rankings 2026.

The 2026 edition of the QS Global MBA and Business Masters Rankings evaluates programmes based on key performance indicators, including Employability, Return on Investment, Entrepreneurship and Alumni Outcomes, Thought Leadership, as well as Class and Faculty Diversity. The NUS MBA programme rose two places to 23rd worldwide, achieving its highest-ever global position in an evaluation pool that expanded by almost 15% from last year. It now ranks among the top 6% of 390 MBA programmes assessed globally by QS.

According to NUS, the latest results underscore the NUS MBA programme’s educational rigour, commitment to global competitiveness, and definitive impact on its graduates’ professional development and long-term career success.

In the latest rankings, the NUS MBA achieved an overall score of 87.0 out of 100. The programme scored at least 30% above the global average for key indicators such as Thought Leadership (82.5), Employability (83.9), and Return on Investment (94.2).

Employability remains a standout as the programme led the rankings in Asia with an improved employment rate of 95.0% for the class of 2024, compared with 83.3% in the previous year. Class and Faculty Diversity also advanced, with the programme improving 27 places to 56th globally with greater representation of women and international members across both faculty and student cohorts.

Distinguished Professor Andrew Rose, Dean of NUS Business School said: “Our position as Asia’s top MBA for the third consecutive year, alongside our historic rise to 23rd globally, reflects the School’s commitment to academic excellence, innovative research, and developing dynamic, adaptive leaders who can navigate complexity in a rapidly evolving global economy. While rankings are just one measure, they demonstrate the tangible positive impact our faculty, students, and alumni are having on business and community worldwide.”

The NUS MBA is designed to equip future leaders with a global toolkit and cross-cultural insight to thrive in a fast-changing world. Anchored in Singapore, the programme delivers a rigourous yet customisable curriculum. There is a deep focus on Asia, coupled with strong global exposure through international study trips and exchange opportunities with top partner universities worldwide.

Students can tailor their learning journey by choosing from over 50 electives across nine areas of specialisation. Through experiential learning, industry engagement, and a diverse international cohort, NUS MBA students gain the tools and perspectives needed to lead with impact, within Asia and beyond.

Details

View the QS Global MBA rankings can be found at: https://www.topuniversities.com/

Manulife champions longevity in Asia

Source: Manulife. From left: Harshal Shah, Chief Marketing & Experience Design Officer, Manulife Asia; Koh Hui-Jian, CEO, Manulife Investments; Steve Finch, President and CEO, Manulife Asia; Benoit Meslet, President and CEO, Manulife Singapore; and Mark Czajkowski, CMO, Manulife Singapore.

Manulife has enhanced ManulifeMOVE, Manulife’s flagship lifestyle programme, launching it at the inaugural Longevity Symposium in Asia. Originally introduced to promote physical activity, the platform now supports holistic wellbeing across six key pillars: healthcare, home and nursing care, fitness and wellness, lifestyle privileges, legacy planning services and community engagement.

“Insurance is no longer just about protecting people financially after something happens. It’s about helping them stay prepared for life’s changes. With ManulifeMOVE, we’re giving customers the power to take charge of their health and financial choices, so they can make confident decisions every day,” said Harshal Shah, Chief Marketing & Experience Design Officer, Manulife Asia.

Key programme enhancements include: 

• A tiered membership structure (Essential, Ascend, Prestige, Signature) offering access to differentiated benefits and partner privileges. 

• An expanded suite of services covering preventive health services, medical and assistive care, cancer care support, health and wellbeing coaching, fitness and wellness experiences. 

• Community engagement, such as a dedicated platform to foster a vibrant community with exclusive experiences, access to new offerings, and health content. 

ManulifeMOVE Partners*, including AMILI, ClassPass Singapore, Chi Longevity, Doctor Anywhere, Fullerton Health, Guardant Health AMEA, Hin Tat Augustine & Partners, Homage, Kin Teck Tong, Padang Trust, Parkway Cancer Centre, Parkway Shenton, Naluri, Q & M Dental Group, SportsMed, Ten Lifestyle Group and others, offer solutions that help people navigate everyday health and life management, supporting them through milestones from entering the workforce to becoming parents, managing chronic illness, or planning their legacy. 

“As a purpose-driven bank, we’re committed to using our business as a force for good – creating long-term value for our customers, community, and the nation. With Singapore transitioning into a super- aged society, our focus is on closing the gap between lifespans and ‘living spans’ by supporting financial, physical, mental, and social wellbeing at every stage of life," said Karen Ngui, Head, DBS Foundation and DBS Group Strategic Marketing and Communications.

"Ageing presents challenges, but also opportunities – the onus is on us to act early, and act together. At the DBS Foundation, we’re glad to join hands with likeminded partners like Manulife to build a future where everyone, regardless of age or circumstance, can live and age with dignity, purpose, and joy.”

“Cancer is one of the leading causes of death in Singapore, underscoring the urgent need for continuous innovation in how we detect, monitor, and treat it. At Guardant Health, we believe molecular data is essential for precision oncology to guide each patient’s journey with insights that matter," said Simranjit Singh, CEO, Guardant Health AMEA.

"Through our partnership with Manulife Singapore and the ManulifeMOVE programme, we are expanding access to cutting- edge liquid biopsy technology. With just a simple blood draw, we can unlock vital information to help personalise treatment decisions for patients with advanced solid tumours.”

“Good gut, good health. At AMILI, we believe gut health is foundational to long-term well-being. The microbiome in our gut plays a vital role in how we age, affecting immunity, metabolism, and chronic disease risk. By harnessing microbiome insights, we can deliver truly personalised preventive health strategies that go far beyond generic advice," said Jeremy Lim, CEO & Co- founder, AMILI.

"Our collaboration with Manulife Singapore is an important step in making science-backed, localised solutions for longevity more accessible across Asia. Through the ManulifeMOVE programme, we’re empowering individuals to take charge of their health in ways that are tailored and culturally relevant.”

The Longevity Symposium in Asia was convened to tackle one of the region’s most pressing challenges: how to live not just longer, but better.

“As an insurer, our role goes far beyond paying claims or managing risks. We have a responsibility to improve lives – not just by protecting our customers, but by empowering them to make better decisions for their health and financial future,” said Benoit Meslet, President and CEO, Manulife Singapore.

“Our latest Asia Care survey shows that only 6% of respondents wished for a longer lifespan, the vast majority prioritised staying physically, mentally and socially active, achieving financial independence and ageing gracefully. 

"Through initiatives like this symposium, we’re raising awareness across every dimension of longevity, from preventive health and financial planning to mental wellbeing and social connection, we’re helping our customers plan ahead and live with greater clarity, resilience and peace of mind.”

According to Manulife, one in four people in Asia will be over the age of 60 by 2050**. This demographic shift is driven by longer life expectancies and declining fertility rates. As countries in Asia adapt to these changes, people may no longer follow the traditional 'school, work, retirement' paradigm***. Instead, they transition more frequently between learning, working, caring, and recreation****. 

In addition, Manulife's Asia Care Survey showed that physical wellbeing is central to both financial and mental wellbeing for people across Asia, and that rising healthcare costs are a major concern, fuelling anxiety about insufficient savings.  

"Extending lifespan in our ecosystem is no longer our key focus. Instead, optimising healthspan is becoming our key imperative. Healthy ageing requires early intervention, data-driven behavioural change and integrated support across healthcare, technology and finance - across all stages of life," said Professor Dean Ho, Provost’s Chair Professor, Director, The N.1 Institute for Health, Director, The Institute for Digital Medicine, and Head, Department of Biomedical Engineering, National University of Singapore.

"The Manulife Singapore Longevity Symposium is an important catalyst for bringing scientific research into everyday insights and actions. By bridging science and education, we can address aging preparedness, helping people thrive across a longer life - physically, mentally and financially.”

“Healthy longevity isn’t just about adding years, it’s about adding good years that is not just extending your lifespan but your healthspan. That means having the energy, cognitive ability and independence to keep enjoying life as we age. To do that, we must take a proactive approach to health and start long before retirement age," said Professor Andrea B. Maier Oon Chiew Seng, Professor of Medicine at National University of Singapore, and Co-Founder of Chi- Longevity.

"In healthy longevity medicine, we look beyond short-term outcomes and focus on how individuals want to feel 10 or 20 years from now, and how we can help them get there. This future-oriented approach is why partnerships with organisations such as Manulife are essential. Through the ManulifeMOVE programme, we are enabling more individuals to proactively manage their health and better prepare for the realities of ageing."

Manulife and UpLink, the World Economic Forum’s early-stage innovation initiative, and the Forum’s Centre for Financial and Monetary Systems additionally announced 10 winners of the Innovating for Asia’s Demographic Future Challenge, launched earlier this year.

The challenge sought breakthrough solutions to support multigenerational financial resilience, equitable healthy ageing, and lifelong fulfilment across Asia’s rapidly ageing societies. The winning ventures — ranging from digital tools that enhance home safety and caregiving for older adults, to AI-powered platforms that modernise primary healthcare delivery, wearable rehabilitation solutions for post-surgery recovery, and lifelong learning and reintegration support for migrant workers — were selected for their potential to drive meaningful impact across Asia.

The winners will join UpLink's Innovation Ecosystem with access to exclusive networking, visibility, and partnership opportunities to help scale their solutions. Additionally, three of the winning innovators will share a prize pool of CAD$200,000.

“Longevity is reshaping how people across Asia think about their future. Our Asia Care Survey shows a growing focus on quality of life, independence, and financial security – underscoring that it’s not just about adding years, but enriching them,” said Steve Finch, President and CEO, Manulife Asia.

“We see a clear opportunity to help close the gap between aspiration and action. Through platforms like the Longevity Symposium and the UpLink challenge, we’re working with partners to deliver practical, preventive solutions that help people live well, for longer.” 

"Early-stage innovation is vital to turning the challenges that come with Asia's demographic shifts into meaningful opportunities for communities across the region," said John Dutton, Head of UpLink, World Economic Forum. 

"Through the Global Longevity Innovation Initiative, we are proud to partner with Manulife and the Forum's Centre for Financial and Monetary Systems to build an innovation ecosystem that promotes healthier, more financially resilient and fulfilled lives for all generations."

The event, held in Singapore, marks a milestone in Manulife’s commitment to advance Asia’s longevity movement. This builds on Manulife’s global commitment to longevity, following two successful longevity symposiums in in the US led by John Hancock.

*Access to services offered by ManulifeMOVE partners may vary by membership tier and customer eligibility.

**ADB: Adapting to Aging Asia and the Pacific

***Stanford Center on Longevity 

****  Andrew J. Scott and Lynda Gratton, The New Long Life: A Framework for Flourishing in a Changing World 

Ethics and values can be compromised when working in Southeast Asia

Milieu Insight's latest Values at Work study checks out whether more employees are really quitting based on how well corporate values align with their own. The research uncovers where employees stand on their values at the workplace, their sentiments and whether they have had their values compromised. 

Nearly nine in 10 (88%) of Singaporean respondents said they get along with most or all of their colleagues. Looking farther afield, over nine in 10 respondents across Southeast Asian countries have reflected that there is a culture among colleagues to lend a helping hand to one another when in need.

However, despite the good relations between colleagues, 18% of Singaporeans do not feel a sense of belonging to their company, ranking lowest among the four countries surveyed in the region.

Source: Milieu Insights. Asked whether they would work at a company whose nature would require them to go against their values, at least 11% of Southeast Asians surveyed said 'yes'.

A high proportion (95%) of respondents in Southeast Asia indicated that the values of the company they work for are important to them. While close to half (49%) say that they will not work in a job where the nature of it requires them to go against their values, 41% indicated that they are willing to do so as long as it’s not illegal.

Although 93% of Singaporeans feel that the values of the company they work for is important to them, almost half of Singaporeans (46%) are willing to work in a company even if its nature requires them to go against their values. Four in 10 indicated that it does not matter as long as they did not have to do anything illegal in nature.

The most valued quality at work among Singaporeans is to have a sense of responsibility towards work. This is prominent for Singaporeans aged 25 years and above, and especially for ages 55 and above (85%). Those aged 16 – 24, who are just stepping into the workforce, place a strong emphasis on mutual respect between colleagues. This highlights the shift in priorities among the different life stages.

Senior level employees in Singapore (director and above) overwhelmingly indicated that the most important value for them is the quality of work (82%).

In Southeast Asia, while more than two-thirds strongly agree (35%) and somewhat agree (38%) that integrity is valued in their company, 13% agree that it’s okay for a company to lie or manipulate the truth, if it’s legal. The study also showed that more than one in 10 have lied to a colleague (15%), gone against personal values to meet work key performance indicators or KPIs (14%) and have helped your company cover up a wrongdoing/mistake (13%).

When asked about certain actions that go against common values in their workplace, over six in 10 of Singaporeans indicated that they have not done any of the actions we listed - these include lying about a company's product or service, lying to a colleague, convincing a customer to spend more than they need to, and covering up mistakes. For the rest, lying to a colleague was the top selection across all age groups (12%), closely followed by ‘helped your company to cover up a mistake/wrongdoing’ (10%) and ‘gone against my personal values to meet work expectations or my KPIs’ (10%). This resonates with how Singaporeans place emphasis on responsibility and performance at work.

In fact, ‘Helped your company to cover up a mistake/wrongdoing’ was shown to be the top selection in Singapore for those aged 55+ (11%) and in senior roles (director and above) (24%).

According to Milieu Insight, psychologists have consistently found that the extent to which a worker’s values are compatible with their employer’s plays a crucial role in determining employee job satisfaction and company profitability. However, the study showed that only 44% of respondents in Southeast Asia say that their companies are doing a good job at upholding positive values, skewing towards those in the Philippines (57%) and Thailand (47%).

The research firm advises companies, especially smaller ones which may not have the draw of established brands, to work at standing out through emphasising the positive social impact of their work, or through philanthropy and corporate social responsibility (CSR). Such a strategy sets out ethical positions more explicitly, and is increasingly important in attracting younger talent, Milieu Insight said.

Six in 10 in Southeast Asia (61%) agreed that companies have the obligation to do go for society, especially among Filipinos and Thais (73% and 68% respectively). CSR plays a crucial role in a company's brand perception, raising brand attractiveness for customers, employees, and investors.

Milieu Insight also noted that there is increasing pressure to dress up CSR as a business discipline and demand that every initiative deliver business results. In Southeast Asia, more than half (59%) believe that CSR policies are ‘necessary for a company to create positive impact’, and on the other hand, over a quarter (29%) expressed doubts about CSR, agreeing that it is ‘mostly just about branding/public relations’.

"We’re creating a workplace culture of employee empowerment and engagement, and I believe companies must first re-examine their cultures to ensure they are attracting and retaining the type of talent that will drive business success. Leaders should reflect on the extent to which they’re listening to employees, driving cultural values themselves, and recognising employee performance — all of which are critical to empowering a diverse workforce," said Derek Tan, HR Manager at Milieu Insight.

The study was conducted in May 2022, with n = 1,000 employed respondents each in Singapore, Thailand, Malaysia, and the Philippines for a total of 4,000.

Singtel announces Season 1 champions for PVP Esports Corporate Championship

Teams from Singapore and Indonesia have swept the championships in the corporate category of Singtel’s 2020 regional PVP Esports Community Championships (Season 1).

Singapore teams DeloitteOne (from Deloitte) and TurretHeist (DBS) took the top regional spots in the Corporate Championship for Dota 2 and Mobile Legends: Bang Bang respectively, while HZL Legion (RM Djamiah Putra) from Indonesia snagged the crown in PlayerUnknown’s Battlegrounds (PUBG): Mobile. 

Each winning team walked away with over S$5,000 in cash and prizes.The grand finals, held over the weekend of 5-6 September, were organised as a fully-online event in view of the COVID-19 pandemic, with teams from the respective countries competing remotely from their homes.

The PVP Esports Community Championships (Season 1) attracted over 1,300 teams from Singapore, Indonesia, Malaysia, the Philippines and Thailand, which battled for a combined prize pool valued at over S$70,000.

Cindy Tan, Head of Business & Marketing, Singtel’s International Group said: “During this period of COVID-19 and social distancing measures, the virtual world of e-sports and gaming has continued to thrive, bridging physical distances and offering a welcome form of entertainment when many of us might be housebound.

"We're pleased that the PVP Esports Community Championships have provided a platform to connect colleagues and schoolmates even in these unprecedented times, uniting them over their shared passion for gaming. With 5G on the horizon, digital entertainment offerings like esports will enable us to deliver even great experiences to our customers in the future. As Season 2 approaches, we look forward to more exciting e-sports action with new game Valorant and adding Brunei and Myanmar to our regional tournament. Congratulations once again to the Season 1 winners!”

As Tan has mentioned, gamers have more to look forward to in Season 2, with changes made to the game lineup and tournament categories. The PVP Esports Community Championships (Season 2) will introduce a new Open category, while Riot Games’ new first-person shooter PC game Valorant will make its PVP Esports debut, joining the perennial favourite Mobile Legends: Bang Bang.

The competition is also set to heat up across a wider swathe of the region. Participation is thrown open to two more countries, Brunei* and Myanmar, with a S$78,000 prize pool of cash and other prizes up for grabs.

Created by Singtel, PVP Esports is ASEAN’s first multigame, multicountry e-sports platform. Guided by its core values of passion, sportsmanship and healthy gaming, PVP Esports seeks to continually grow the regional esports ecosystem through its initiatives and tournaments.

In 2018, PVP Esports debuted with a professional championship and in 2019, introduced amateur e-sports leagues for the gaming community, launching the PVP Corporate League for working professionals across the region. In 2020, the league was rebranded the PVP Esports Corporate Championship.

Singtel is Asia's leading communications technology group, providing a portfolio of services from next-generation communication, technology services to infotainment to both consumers and businesses. For consumers, Singtel delivers an integrated suite of services, including mobile, broadband and TV. For businesses, Singtel offers a complementary array of workforce mobility solutions, data hosting, cloud, network infrastructure, analytics and cybersecurity capabilities. The Group has a presence in Asia, Australia and Africa and reaches over 700 million mobile customers in 21 countries. Its infrastructure and technology services for businesses span 21 countries, with more than 428 direct points of presence in 362 cities.

Source: Video playback of the PVP Esports Corporate Championship Season 1 finals for PUBG: Mobile. Screen grab of PUBG: Mobile gameplay.

 

Details:

Qualifiers will be held at the local level for each country from mid-October 2020, and the country champions will battle it out for the ultimate glory at the Season 2 Regional Finals in December 2020. Teams from Singapore can register now for Season 2. Registration closes on 18 October 2020 for the Open Championship.

Registration details for the other countries will be announced shortly. Check the website or Facebook for updates. Join their Discord channel.

PVP Esports Corporate Championship: Season 1 winners

Dota 2

Champion: DeloitteOne (Deloitte), Singapore

First Runner-up: Flyer (Telkomsel), Indonesia

Second Runner-up: San-U-sa (Advanced Info Service), Thailand

Mobile Legends: Bang Bang

Champion: TurretHeist (DBS), Singapore

First Runner-up: PGEsports (PetrokimiaGresik), Indonesia

Second Runner-up: Starlighters (Ace Saatchi & Saatchi), Philippines

PlayerUnknown’s Battlegrounds: Mobile 

Champion: HZL Legion (RM Djamiah Putra), Indonesia

First Runner-up: XO Motor (XO Motor Limited Partnership), Thailand

Second Runner-up: Devilish Gaming (Blag Events Production), Singapore

*Brunei will only participate in the Open Championship.

Put together a team for GeForce Cup Pacific

GeForce Cup, the pinnacle of NVIDIA-owned e-sports competitions, will kick off next month in GeForce-certified iCafes across the Asia-Pacific region.

GeForce Cup Pacific by NVIDIA and Colorful will kick off in October and feature Counter-Strike:
Global Offensive (CS:GO) battles in Australia, Cambodia, India, Indonesia, Malaysia, Myanmar,
New Zealand, the Philippines, Singapore, Thailand, and Vietnam. As the successor to the well-known GeForce Xtreme Tournament (GEXT), GeForce Cup Pacific is expected to draw thousands of gamers from the region, with winners taking home more than US$20,000 in prizes from the regional finals in January 2020.

Source: NVIDIA. The GeForce Cup Pacific kicks off in Asia in October.

“GeForce Cup Pacific will take regional gamers to another level. The tournament will be
streamed live to allow gamers and e-sports enthusiasts around the world to follow the
development online,”  said Raymond Teh, VP of sales and marketing for APAC at NVIDIA.


“The cooperation with Colorful and NVIDIA in 2018 was a great success and Colorful is thrilled to
join GeForce Cup again in 2019. We dedicate to build a great platform for e-sports qualifiers, to
help them become professional e-sports players and win pride and honour. On behalf of Colorful
Group, I give my best wishes to GeForce Cup to achieve success again in 2019!” said Wan Shan,
CEO of Colorful Technology.

GeForce Cup Pacific is sponsored by Colorful and supported by AOC, Kingston, NZXT, and
Thermaltake.

Details:

Registration is now open at select GeForce-certified iCafes.

Locate an iCafe

Hashtag: #FRAMESWINGAMES

McKinsey: Asia is the hottest global economic hotspot

Source: MGI website. White tiger.

Asia is now the centre of global economic activity, says McKinsey & Company, with China competing as an economy with the US; India poised to overtake the UK to become the world’s fifth-largest economy, and sizeable growth among smaller and midsize countries.

These observations are from research by McKinsey & Company, in partnership with the McKinsey Global Institute (MGI). Future of Asia is a new multichannel, multiyear research effort that examines how Asia will lead.

“If you want to understand the global economy and its future, you need to understand Asia,” said Oliver Tonby, Chairman of McKinsey in Asia.

“Not just its stunning economic ascendancy, but its complexity, resilience and interconnectedness through industrialisation, investment, infrastructure, trade, culture and innovation.

“The 21st-century will be characterised by a pivot toward Asia, and business and market leaders will need an accurate picture of what a future Asia will look like as they set long-term strategies.”

MGI has also released a discussion paper, Asia’s Future is Now, which provides an overview of Asia’s role in four areas: trade flows and networks; corporations in Asia; technology; and the Asian consumer. MGI will return to each of these topics with more in-depth, standalone research reports over the coming 12 months.

McKinsey’s research highlights that the region is on track to top 50% of global GDP by 2040 and drive 40% of the world’s consumption. Further, as consumption rises, more of what gets made in Asia is being sold locally instead of being exported to the West.

Jonathan Woetzel, a Senior Partner at McKinsey and Director of MGI, said intraregional trade is increasingly important to Asia with supply chains becoming shorter and more localised. Today, 52% of Asian trade is intraregional.

“While the previous era of globalisation was marked by Western companies building supply chains that stretched halfway around the world as they sought out the lowest possible labour costs, today only 18% of goods trade involves exports from low-wage countries to high-wage countries,”  Woetzel said.

As wages have risen in China, countries like Vietnam, India and Bangladesh have managed to grow their exports of labour-intensive manufactured goods by annual rates of 15%, 8% and 7%, respectively.

The Asian services trade is booming too. While the trade intensity of goods has declined, service flows have become the connective tissue of the global economy – and Asia’s services trade is growing 1.7 times faster than the rest of the world’s.



Growing companies

More than 40% of the world’s 5,000 largest companies are Asian. The 2018 Fortune Global 500 ranking confirmed that 210 of the world’s 500 biggest companies by revenue were Asian. Their presence is game-changing - not just in sheer numbers, but also in performance, the consultancy said.

The region’s share of top-performing firms has grown from 19% to 30% in the past two decades. Most of these companies are from China, India, Japan, and Korea, and the most dominant sectors within this group are computers and electronics, automotive, and banking.

Wonsik Choi, Managing Partner of McKinsey in Korea and a founder of the Future of Asia project, said: “Our research has found that ‘superstar’ firms in the top decile of performance are generating higher economic profits than ever before, while losses are growing among the worst-performing firms, some of which are ‘zombie’ firms that actually destroy value.”

In the decade since 2005-07, the economic profit produced by top-quintile Asian firms has increased by 57% (versus 33% in North America). Meanwhile, the economic profit destroyed by bottom-quintile Asian firms increased sevenfold (versus 2.5 times in North America). This effect tends to squeeze the firms in the middle of the distribution. This phenomenon is global, but it is particularly pronounced in Asia.

Asian numbers

The superstar effect in the corporate world is mirrored by widening disparities between cities, regions, and population segments. Asia may be replicating some of the patterns that have taken hold in the West.

Asia already accounts for half (2.2 billion) of the world’s Internet users; China and India alone account for one-third. The region’s enormous pools of digital consumers support a flourishing and innovative technology sector.

As a major worldwide investor in digital technologies and one of the world’s leading adopters of new technologies, China is already shaping the global digital landscape and supporting and inspiring entrepreneurship beyond its own borders.

Asia also has ample venture capital to support technology innovation and entrepreneurship. China provided 20% of the world’s venture capital between 2014-2016, with India not far behind. China now ranks second only to the US in terms of startup investment.

Innovation hubs are starting to take root too. As of April 2019, Asia was home to more than one-third of the world’s unicorns (startups valued at more than US$1 billion). Ninety-one of these companies are in China, followed by India with 13, South Korea with six, and Indonesia with four.

By 2020, Asia’s middle class will be around 3 billion strong and may be home to half of the world’s middle class. Southeast Asia alone, which had 80 million households in the consuming class only a few years ago, is now expected to double to 163 million households by 2030.

These newly-prosperous consumers will have income levels that allow them to make significant discretionary purchases. McKinsey projects that, over the next decade, the region may fuel half of consumption growth worldwide.

The Asian consumer resists easy characterisation. Asia’s Generation Z has very different buying behaviours and values to the region’s seniors, who will drive 15% of global consumption growth, adding some US$660 billion to what they already spend today. This post-90’s generation of consumers are starting to shift their preference for foreign brands and bias against domestic brands; in fact, they are starting to choose local over foreign brands more often.

Brands will need highly targeted strategies to succeed across such a diverse and fragmented region, McKinsey says. In the months ahead, McKinsey and MGI will release a series of comprehensive research reports.

“We hope to illuminate not only the region’s future trajectory but also how Asia is putting its own stamp on the world economy,” said Tonby.


MGI, the business and economics research arm of McKinsey & Company, was established to develop a deeper understanding of the evolving global economy. The partners of McKinsey & Company fund MGI’s research; it is never commissioned by any business, government, or other institution.

Explore:

Read more about the Future of Asia research

Download the report

New PCs in Asia found with software that can endanger users

Source: Microsoft infographic. PCs loaded with pirated software can be bought in Asia, and the installation of such software could leave users at risk.

Pirated software will likely cost users more than they bargain for. A Microsoft sweep of PCs purchased in targeted countries in Asia has revealed that more than four in five (83%) brand new PCs are loaded with pirated software.

Aimed at educating consumers and owners of small and medium-sized enterprises (SMEs) in the region, Microsoft’s Asia PC Test Purchase Sweep provides insights on the prevalence of new PCs loaded with pirated software and the risks that they can pose to individuals and businesses.

“Cybercriminals are constantly evolving their techniques to evade security measures, and embedding their malware into pirated software is one of their tactics as it allows them to compromise large numbers of PCs and access vast amount of stolen credentials with ease,” said Mary Jo Schrade, Assistant General Counsel & Regional Director, Digital Crimes Unit, Microsoft Asia.

“When vendors sell pirated software containing malware in their PCs, they are not only fuelling the spread of malware in the region but are also putting their customers’ personal information and digital identity at the mercy of cybercriminals.”

The PCs were not bought from the official stores of PC brands nor reputable suppliers, but purchased from retailers that offered PCs at a much lower cost and free software bundles. In many cases, these retailers also sold pirated software at their stores.

“We weren't trying to ascertain the piracy rate of the country; we were trying to look at it a little bit differently,” Schrade said. “We analysed the code in the operating system, to see what was in there, if there anything that shouldn't be, compared to the legitimate version,” she said.

The sweep found that one of the most common practices for vendors installing pirated software on
new PCs is to turn off the security features, such as antivirus software and Windows Defender. This allows them to run the hacking tools needed to activate the pirated software. However, this leaves PCs vulnerable to malware and other cyberthreats, and the buyers of these PCs may not even
realise that their PCs are not protected, nor notice that there are suspicious activities going on while they are using them.

Schrade talks about the sweep at a media Q&A.

The sweep uncovered that 84% of the new PCs loaded with pirated software were indeed also infected with malware, with the most common type of malware being Trojans and viruses. Trojans can allow cybercriminals to spy on users and steal private data. Another type of malware might shut off antivirus settings.

While Trojans typically depend on some form of social engineering to trick users into loading and executing them, Microsoft notes that bundling them with pirated software provides an easy way for cybercriminals to compromise and control PCs.

In a worst case scenario, infected PCs can be susceptible to data theft, including of personal documents and sensitive information such as passwords and banking details. Users can also suffer identity theft where they lose control of their social media and email accounts. Malware, running in the background, can also slow devices down.

All these factors can lead to consumers and businesses chalking up significant monetary, time and productivity losses as they work to resolve the issues.“The goal is of educating people about the risks associated with these systems when they don't have the capacity personally to see what's on there,” Schrade said.

She added that individual users are not targeted specifically. “If I just want somebody's banking information I don't want to spend the time to find out which of you has the most credit cards to access, I just want to spin around to get (as much information as possible) and then I look at it when I've got it,” she said.

“The (misconception) is that they're targeting you in particular, they're just targeting you as a victim just like all the other victims.”

And though there is often reluctance to come up with the money to secure infrastructure, the cost of the consequences of malware could be higher than the cost of securing infrastructure, Schrade added.
“People should evaluate the cost of the risk of the malware as part of the overall cost,” she said.

Associate Professor Biplab Sikdar, Department of Electrical & Computer Engineering, National University of Singapore (NUS), Faculty of Engineering, who led a team of researchers to study the dangers of downloading and using pirated software last year, agreed with Schrade. “Users usually turn to pirated software as they are cheaper. The truth is that the financial costs and risks of using pirated software are often steeper than they can imagine.

“Users need to be more vigilant when purchasing new PCs and should never fall for a bargain that appears too good to be true. The short-term cost savings are insignificant compared to the irrevocable loss of their digital identity and personal data.”

“Using genuine software is the first line of defense against cybercriminals,” said Schrade.

The most fundamental step that users can take to safeguard themselves digitally is to always insist on buying PCs from established retailers and not ones that also sell pirated software. They should also ensure that they are getting genuine software by referring to software vendors’ websites to learn how they can distinguish between genuine and pirated software.

Besides using genuine software, people can also:

• Keep software current with the latest security patches, which are always free.

“The way that these criminals operate is that they don't care who you are; they just want something of value from you. If you happen to have your software up to date, they just sprint past you to get to the person who doesn't,” Schrade said.

• Follow safe Internet practices and do not visit potentially dangerous websites, such as those that offer adult content, illegal downloads, and pirated software, as well as file sharing portals.

• Avoid using very old software which has reached its end of life and is no longer supported by the software vendor for updates and security patches.

Explore:

Download the complete infographic (PDF)

*The Asia PC Test Purchase Sweep examined a total of 166 new PCs from India, Indonesia, Korea, Malaysia, the Philippines, Singapore, Taiwan, Thailand and Vietnam.

Beauty industry recognises Asian demand for de-stressing and relaxation products

Market intelligence agency Mintel has revealed that the Asia Pacific region accounted for a third (33%) of global beauty and personal care products that were launched between January-September 2018 aimed at de-stressing and relaxation*. This is up from 26% of global launches introduced to market in 2015**.

Speaking at in-cosmetics Asia, Sharon Kwek, Senior Innovation and Insights Analyst, Beauty and Personal Care at Mintel, said: “Today’s consumers are living their lives too fast, creating a global society where stress fits right in with everyday life. However, this has taken a toll on many and increasingly, consumers are becoming more aware of their emotional health and overall wellbeing. Brands and companies across industries are recognising that they can play a part in relieving some of this stress, including those in the beauty industry.

“The rapid urbanisation and increased speed of life in Asia have left consumers feeling tired and emotionally drained. For Asian female consumers, in particular, it is becoming common knowledge that daily lifestyle habits can have an impact on skin. Increasingly, beauty brands and companies are taking notice and are introducing beauty and personal care products that aid in emotional wellbeing. In the years ahead, beauty brands and companies in the region will stand to benefit from launching innovative products that address consumers’ mental wellness.”

The research shows that in 2018, 30% of urban Chinese consumers aged 20-49 are concerned about stress at work, up from 25% in 2013. Meanwhile, as many as three in five urban Indonesians (60%) and urban Thais (59%) plan to reduce their stress levels for personal health and wellness reasons. Indicating some of the root causes of modern stressors, a third (32%) of urban Indonesians aged 25-34 feel that being ‘connected’ such as to devices and being on social media, increases their stress levels.

Showcasing awareness of the fact that lifestyle plays an important role in maintaining good skin condition among Asian consumers, half (49%) of urban Chinese female consumers agree that getting enough sleep is the most crucial part of skincare; while half (49%) of urban Thai female consumers think that lifestyle factors including the amount of sleep and stress levels are most important in determining the appearance of facial skin.

“As Mintel trend Mood to Order highlights, consumers are looking for ways to enhance their mood through products. Meanwhile, Mintel’s 2025 global beauty & personal care trend Power Play highlights how consumers are recognising that they need to address their low energy levels and beauty brands are meeting this need with products that put energy claims at the forefront.

"There is an opportunity for the beauty industry to meet this new consumer need with mood-enhancing products that directly address emotional health and healing. The beauty routine will transform into a self-care routine and all categories of beauty will be expected to deliver these benefits,” Kwek added.

Consumers are actively looking for options to help improve the quality of their emotional and mental wellbeing. Mintel said 45% of urban female health supplement consumers in China buy health supplements to boost their energy levels or relieve fatigue; while 39% do so to improve their sleep quality. Reflecting the same opportunity for the beauty industry, a significant 87% of urban Chinese females aged 20-49 agree that using beauty services is a way of relaxing.

“The fact that consumers in Asia are looking towards health supplements to help with their overall wellbeing indicates an opportunity for the same strategy to be replicated in the beauty industry. Self-care will drive beauty inside and out; there is an opportunity for topical beauty products to tag with beauty supplements to create a complete system for consumers to take care of their physical and mental wellbeing holistically.

"Both offline and online beauty channels share the same opportunity to leverage the self-care concept to resonate with today’s consumers. Finally, Asian consumers have always believed in the power of crystals to help heal or ward off negative energy. Beauty manufacturers could explore the possibilities of including crystals as star ingredients.” Kwek concluded.

*Beauty and personal care product launches with at least one of the following words in their product description: 'de-stress’, ‘destress’, ‘relax’, or ‘relaxation’ .

**January to December 2015

TrustYou lists the best hotels in SEA

TrustYou, the guest feedback platform, has published its research* on the best hotels in Southeast Asia. 

Leading the pack out of 11 properties in Singapore is Naumi Hotel Singapore, followed by Oasia Hotel Novena by Far East Hospitality, Hotel Jen Orchardgateway Singapore, The Ritz - Carlton Millenia Singapore and Conrad Centennial Singapore.

The March 2018 list of best-rated luxury hotels from TrustYou, covering Singapore, Vietnam, Thailand, Malaysia, Indonesia, Cambodia, Laos and the Philippines, lists The Westin Langkawi in Malaysia as the top hotel among the countries surveyed, followed in No. 2, No. 3 and No. 4 place by Thai hotels: the JW Marriott Phuket, the Hansar Bangkok, and the Renaissance Phuket. The New World Manila, Philippines, is in No. 5 place, followed by sixth-ranked Grand Hyatt Jakarta. The Naumi Singapore, the InterContinental Kuala Lumpur in Malaysia, the Sofitel Krabi Phokeethra Golf & Spa Resort in Thailand, and the Oasia Hotel Novena Singapore round out the top 10.

The three best-rated hotels in Vietnam are:

• Hotel de l'Opera Hanoi
• Paloma Cruise - this is a boat which offers overnight stays
• InterContinental Saigon

For Cambodia, they are:

• Anantara Angkor Resort
• Hotel Shinta Mani Siem Reap
• Heritage Suites Hotel

There is one entry for Laos, the Luang Say Residence. For the Philippines, Solaire Resort & Casino is ranked No. 2, and the Monaco Suites de Boracay is ranked 3rd. In Indonesia, the Mulia Villas in Bali is ranked No. 2, while the JW Marriott Hotel Jakarta is No. 3. In Malaysia, the JW Marriott Kuala Lumpur is in third place. 

These aggregated results are drawn from TrustYou’s keyword analysis of travel reviews associated with hotels, destinations and travel websites scattered across the vast and fragmented market. The company draws its data from over 230,000 travel reviews a month from various sources and transforms this content into actionable insights and visualisations for over half a million hotels.

*A hotel is defined as luxury hotel if it gets a certain amount of keywords such as "luxury" and "luxurious" in their reviews that TrustYou analyses. The company looks at reviews, popularity within the same city, and popularity globally.

More awareness needed on DDoS cyberattacks

• Study shows that organisations are facing cyber risks because of the lack of awareness amongst IT leaders and employees

• Disparity between the responsibility of security and protection of non-business apps between IT decision makers and employees

Source: A10 Networks. More than four in 10 IT decision makers have either been a victim of, or have no knowledge of DDoS attacks. 

A10 Networks has released results from the company's Application Intelligence Report* (AIR), a global research project that examines the behaviour and attitudes of the global workforce toward the use of business and personal apps, and their impact on risk, security, and corporate culture.

A10 Networks is a secure application services company, providing a range of high-performance application networking solutions that help organisations ensure that their data centre applications and networks remain highly available, accelerated and secure.

Source: A10 Networks. Over half of employees polled say they do not know what a DDoS attack is.

The gap in knowledge and attitude towards cyber security between IT departments and employees is costing organisations in revenue, trust and reputation, the report said. Key findings for the Asia Pacific region include:

- Forty-four percent of IT professionals have either been a victim of a distributed denial of service (DDoS) attack or do not know if they have been attacked

- Fifty-five percent of employees do not know what a DDoS attack is and 11% are unsure if they have been a DDoS attack victim

- Fifty-four percent of employees claim ownership of the security and protection of non-business apps but four in 10 IT decision makers feel that the onus of protecting employees' identity and personal information falls on the security team, and 16% of IT professionals put the onus of app security on “the whole IT department”. Another 12% say the CIO is responsible.

One finding was that almost half (48%) of the global respondents say they agree their employees do not care about following security practices. The report also interviewed IT decision makers about their efforts to defend their corporate networks, users and applications against cybersecurity attacks, finding that half (47%) said their company had suffered a data breach at least once.

Specifically in Asia Pacific, distributed denial of service (DDoS) attacks took the top spot amongst cyber threats against businesses with 33% of IT professionals saying that their company had suffered one at least once over the past 12 months.

Furthermore, 11% remain unaware, whether they have been attacked or not.

Collectively, this means that almost half (44%) of IT professionals have either been a victim of a DDoS attack or do not know if they have been attacked.

In the survey, IT defenders note their adversaries are becoming more sophisticated and the size and frequency of DDoS attacks are steadily rising. Six in 10 IT decision makers say DDoS attacks will increase in frequency this year.

 A10 Networks says reckless or negligent employee behaviour can be traced back to lack of security awareness and education within their respective organisation. The report said nine in 10 IT heads say employees need better education on best security practices. However, nearly a quarter (23%) believe that there will be no improvement in employees’ security behaviour in their companies in the next 12 months despite educational efforts.

Three in 10 (29%) of IT leaders also highlight that the biggest challenge is the lack of commitment to security policy and enforcement by the company.

“Today, an individual’s negligence or complacency can cripple established organisations. While implementing the right infrastructure and managing defenses against these threats are important, enterprises also need to focus on educating IT departments and employees about the seriousness of security threats,” said Jonathan Tan, Regional VP, ASEAN and Pakistan. “At A10 Networks, while we believe that a business’ cyber defense infrastructure is critical, enterprises must also take on a proactive and ongoing approach towards educating the workforce on cyber security threats and precautions.”

Additional AIR findings in APAC include:

Employee attitudes

• It is an accepted fact that companies can block apps and websites at work – 88% find this practice acceptable, and 86% would accept a job that does so.

• Six in 10 (61%) of employees claim their companies actually block specific sites or apps.

• One third (36%) of employees surveyed knowingly use non-sanctioned apps.

• One in 10 (9%) do not know if the apps they use at work are banned or not.

• Of those who use non-sanctioned apps, over half (51%) claim “everybody does it,” while 43% believe their IT department does not have the right to tell them what apps they cannot use.

• One third (36%) claim IT does not give them the apps needed to get the job done.

Managing employee behaviour

• Almost a quarter of IT decision-makers think there will be no improvement in security behaviour at their company, while 77% disagree.

• IT decision makers say their top recommended password policy is updating passwords regularly (78%) followed by choosing different passwords for different systems (56%), and two-factor or multifactor authentication (57%).

• Password policies are communicated to employees through email reminders (71%) followed by employee orientation (52%), internal meetings (45%), and communication from a manager (49%).

Challenges for IT professionals

• When protecting their company, the biggest challenge noted by IT professionals is lack of corporate commitment to policy and enforcement (29%).

• Over a third (36%) of IT leaders are only slightly optimistic about their ability to stop threats and protect their company.

Explore:

Read more findings from the report or read the report

*The report, that surveyed over 2000 businesses and IT leaders globally, addresses the challenges of IT decision makers who are faced with the rise and complexity of cyber attacks, and the careless attitudes of employees who unwittingly introduce new threats to their businesses.  

US CDC lists smoke-free status for airports around the world

Slightly under half of the 50 busiest airports in the world - 23 - have smoke-free indoor policies. This means air travellers and employees at 46% of the world's busiest airports are protected from exposure to secondhand smoke, according to the Morbidity and Mortality Weekly Report (MMWR), the US Centers for Disease Control and Prevention's first assessment of smoke-free policies in the world's airports. The other 27 busiest airports allow smoking in designated or ventilated indoor areas.

Airports were defined as having a smoke-free policy if they completely prohibited smoking in all indoor areas. The airports defined as having no smoke-free policy allowed smoking in designated smoking rooms, restaurants, bars, or airline clubs.

"The Surgeon General has concluded there is no risk-free level of secondhand smoke exposure‎," said Dr Corinne Graffunder, Director of CDC's Office on Smoking and Health. "Even brief exposure can have health consequences."

The study, which assessed policies in 2017, found that in Asia, 18% of 22 airports have a smoke-free policy. All four of the airports with a smoke-free policy are in China.

A previous CDC study documented that secondhand smoke can transfer from designated smoking areas into nonsmoking areas in airports, where non-smoking travellers and employees can be exposed. As a result, travellers and workers are at risk of secondhand smoke exposure in such airports.

"Separating smokers from nonsmokers, cleaning the air, and ventilating buildings cannot eliminate exposure of nonsmokers to secondhand smoke," said Dr Brian King, Deputy Director for Research Translation in the Office on Smoking and Health. "People who spend time in, pass by, clean, or work near these rooms are at risk of exposure to secondhand smoke."

Exposure to secondhand smoke from burning tobacco products causes premature death and disease including coronary heart disease, stroke, and lung cancer among non-smoking adults.

Beware the insider in data privacy protection: Infowatch

Internal violators are the most serious threat to data privacy in Southeast Asia.  Data leaks in ASEAN countries are mainly caused by the negligence of top-level executives and employees with access to sensitive and confidential data, according to the latest research by cybersecurity and data leak prevention expert InfoWatch Group.

Just over 56% of Southeast Asia incidents of compromised data were caused by executives, employees, IT administrators and other authorised personnel, the company said. The other 44% were the result of external attacks and former employees. The global figure is higher at nearly 60%.

Source: Infowatch. Up to 56% of Southeast Asia incidents of compromised data were caused by executives, employees, IT administrators and other authorised personnel.

“It is a disturbing sign to see that a relatively high percentage of leaks stem from top managers and system administrators who fall into the category of ‘privileged users’,” said Vladimir Shutemov, Chief International Business Development Officer of the InfoWatch Group.

Shutemov, who also heads InfoWatch SEA operations based in Kuala Lumpur, added, “Leaks due to blunders, intentional violation of rules or malicious activities of privileged users are the most destructive as they have more access to sensitive data compared to rank-and-file employees.”

Shutemov was citing the latest findings of InfoWatch research unit InfoWatch Analytics Center, on data leaks reported by governments and commercial and non-commercial organisations in Southeast Asia, South Korea, India and Bangladesh. The research was based on information sources in the media and other public domains between July 2016 and July 2017.

Shutemov said users with advanced permissions either unwittingly or deliberately cause the leakage because they were “unhappy” with any attempt by their organisations to control their PCs, laptops and mobile phones.

By industry category, the research also pointed out that up to 43% of leaks in Southeast Asia stemmed from public institutions including government, military and law enforcement agencies, compared to only 13% worldwide.

Source: Infowatch. Southeast Asia stood out for the number of leaks stemming from the public sector. 

In Southeast Asia, South Korea, India and Bangladesh, the report found that personal data comprised almost 77% of the leaks, followed by payment details at 15%, trade secrets or knowhow at 5%, and state secrets contributing 3%.  In comparison, 62% of data leaked globally was personal data, while up to 31% of data stolen were of payment details.

Source: Infowatch. Almost 77% of leaks were around personal data in Southeast Asia.

“In line with global trends, Southeast Asia and other Asian countries are striving to improve cybersecurity. Their governments have toughened up personal data laws, while enterprises more and more often use information security tools against external and internal intruders. But more needs to be done as technology advances and the intruders become more sophisticated,” said Shutemov.

In terms of channels, browsers and cloud storage turned out to be the most common places where data is leaked, accounting for almost 74% of all cases, while equipment loss, such as stolen laptops, and the popular use of instant messaging apps together caused 14% of leaks. Globally, browsers and cloud storage figured in 61% of data leaks, followed by email (23%), and paper documents (8%).

InfoWatch currently serves more than 1,500 large customers worldwide with its proprietary and patented cybersecurity technologies. Its suite of data leak prevention and cybersecurity solutions can analyse content in Asian languages for the prevention of data leaks, including in Malay, Bahasa Indonesia and Vietnamese.

Established by Natalya Kaspersky in 2003, InfoWatch pioneered the data leak prevention (DLP) market. InfoWatch products are available in the Middle East, India and Southeast Asia.

Tech startups a key source of demand for real estate in APAC: JLL

Startups have emerged as a new category of urban occupiers, with more tech firms adopting unconventional formats such as coworking and industrial spaces, say JLL, a professional services firm that specialises in real estate and investment management.

Mobile devices, e-commerce and the rise of fintech have driven rapid growth of the technology sector in Asia Pacific, supporting occupier demand for both commercial office and business park space, the property specialist said. India and China in particular are rapidly adopting innovative mobile shopping, financial and payment platforms, reflected by the fact that the Asia Pacific region is home to seven of the 22 global fintech unicorns – startups valued at more than US$1 billion.

In China, there is increasing demand for coworking spaces from these fast-growing companies, with a new trend of coworking operators becoming anchor tenants in retail malls. The number of coworking spaces in China has grown rapidly: in 2016, there were more than 500 coworking sites in Shanghai and Beijing alone, compared to just a few in 2015.

“While there is a greater utilisation of coworking space, tech startups are a future source of Grade A office leasing demand and this is an opportunity for real estate investors and developers to create space that will meet this need,” says Dr Megan Walters, Head of Research, Asia Pacific at JLL.

“Technology companies continue seeking high quality office space to attract talent, and we’ve seen a significant number of tech occupiers upgrading their premises from serviced to proper offices, and from Grade B to Grade A space. Landlords are sitting up and taking notice of what this new category of occupier wants,” she adds.

Source: JLL website. Tech is hot in the Asia Pacific region, affecting demand for real estate.

Continued tech sector growth, however, faces a number of challenges. Recent data from JLL reveals that rising labour and operational costs, skills gaps, lack of supportive government policies, as well as real estate and infrastructural development remain the key tests to the burgeoning industry.

“High and rising labour and operating costs were frequently cited by our leasing experts as obstacles to future growth of the tech sector,” says Christopher Clausen, Associate Research Director, Asia Pacific at JLL. “High home prices and cost of living were also mentioned as key considerations in some markets, while a shortage of talent and skills gaps may hold back tech development in others.”

When searching for office space, tech firms look for reliable power supply, and room for future expansion within the same building. “The importance of a high-quality and stable power supply to tech companies cannot be overstated,” says Clausen. “Many tech firms continue to store large volumes of data onsite meaning they are housing a large number of server racks within their office.”

“Tech firms also want large floor plates that allow them flexibility in layout,” adds Clausen. “In addition, these companies are putting a priority on quality of life for their employees, so transport connectivity is another important factor.”

Interested?

More details are in JLL's Tech firm office location choice — where do they cluster and what building features do they want? report

View the video introducing findings from the Tech firm office location choice — where do they cluster and what building features do they want? report

Cards are 52% of payments in Asia, but new tools are emerging

An omnichannel payments strategy is key to creating a seamless customer experience for 79% of merchants and retailers according to benchmark data in 2017 Global Payments Insight Survey: Merchants and Retailers from ACI Worldwide and Ovum.

The study* revealed that although the EMV card standard has lowered fraud prevention costs, fraud continues to shift online. And while merchants and retailers plan to considerably increase investment in payments to improve customer experience (by 50% compared to 2015), more than three quarters of these organisations view security, compliance and fraud management issues as the biggest barriers to their investment decisions.

Principal findings include:

· Cards continue to dominate the payments market for retailers and merchants, making up 52% of payments in Asia

· New and alternative payment tools now account for 10% of global merchant transactions, with contactless cards now accounting for near 2% of transactions in Asia as high sales-volume merchants embrace quick and convenient means of payment

· Six in 10 (59%) of merchants and retailers plan to increase their payments investments during the next 18 to 24 months, up from 50% in 2015

· Payments investment is high in all sectors, with 65% of travel and accommodation companies reporting an increase in investment levels

· Merchants and retailers increasingly expect payments investment to improve the customer experience, but more than 75% indicate security and compliance are the biggest barriers to payments initiatives

· Although 52% of merchants and retailers say their card not present (CNP) losses are growing, 70% say they are satisfied with their CNP fraud prevention tools.

“As commerce becomes increasingly digital, payments technology is critical to improving customer engagement and reducing costs—with 79% of global merchants and retailers noting that an omnichannel approach is key to creating a seamless customer experience,” said Lynn Holland, VP, ACI Worldwide.

“Although there isn’t one path to payments modernisation for merchants and retailers, the benefits of investing in new and alternative payments methods are increasing—in terms of both merchants’ bottom lines and overall improvement of customer experience,” said Matthew Heaslip, Analyst, Ovum. “To stay competitive in this changing retail market, merchants and retailers must foster strong payment partnerships with companies that not only understand their market verticals, but can also help them both improve their omnichannel capabilities and reach new customers.”

Interested?

Read the 2017 Global Payments Insight Survey: Merchants and Retailers report

*For the 2017 Ovum Global Payment Information Survey, which includes merchant, biller, and retail banking components, ACI and Ovum created a 23-point questionnaire, looking at the following criteria for key payments players: significant aspects of existing payments infrastructure; forecasts for spending; areas for investment and perceptions of where payments fit within their broader strategic objectives. This survey was sent to payments decision makers globally in December, 2016—January, 2017. It provides a snapshot of payment perceptions among merchants, financial institutions, and scheduled billing and payment- taking organisations such as higher education, consumer finance and insurance. Overall, 1,475 executives across 15 industry sub-verticals in 25 key global markets responded, resulting in more than 144,000 separate data points on perceptions and expectations of payments among critical payment enablers globally.

Industries surveyed include general merchandise, food service and restaurants, grocery, fuel and convenience, and travel and lodging, based in countries in the Americas, Asia Pacific (APAC) and Europe, Middle East and Africa (EMEA).

posted from Bloggeroid

NEC comms system ideal for SMBs

Source: NEC website. The Smart Communications System SL2100.

NEC Asia Pacific has launched the Smart Communications System SL2100 for small- and mid-sized businesses in the Asian market, particularly businesses in retail, healthcare, food service and entertainment, as well as small hotels and motels.

With enterprise-grade voice over IP (VoIP), mobility and unified communications and collaboration (UC&C) features, the SL2100 also offers industry-specific features such as property management system (PMS) API support. The SL2100 also offers an array of add-on smart mobility options, such as remote/home office support and mobile extensions - making a mobile number a virtual extension of the corporate phone system.

“The way the business world communicates is rapidly changing, especially in consumer-facing industries, where excellent customer experience is a must,” said Shigeru Matsuura, GM, Global Platform Division, NEC Corporation. “NEC’s SL2100 offers a new design for hardware and endpoints. Combined with the value-added features, such as smartphone integration and web-based video conferencing and collaboration, the SL2100 is an ideal fit for service oriented small- and mid-sized businesses.”

Interested?

The SL2100 will be released to Asian countries starting from July 2017.

Asia shines in global indices on talent, innovation

India and Vietnam are outperforming their development-level peers, according to the Global Innovation Index 2017* (GII) co-authored by Cornell University, INSEAD and the World Intellectual Property Organization (WIPO). Key findings show the rise of India as an emerging innovation centre in Asia.
 
Each year, the GII surveys some 130 economies using dozens of metrics, from patent filings to education spending providing decision makers a high-level look at the innovative activity that increasingly drives economic and social growth. In a new feature for the GII, a special section looks at “invention hotspots” around the globe that show the highest density of inventors listed in international patent applications.

Now in its 10th edition, the GII 2017 notes a continued gap in innovative capacity between developed and developing nations and lacklustre growth rates for research and development (R&D) activities, both at the government and corporate levels.

“Innovation is the engine of economic growth in an increasingly knowledge-based global economy, but more investment is needed to help boost human creativity and economic output,” said WIPO Director General Francis Gurry. “Innovation can help transform the current economic upswing into longer-term growth.”

Global rankings 2017, with 2016 rankings in brackets

1	Switzerland (No. 1 in 2016)	14	Japan (16)
2	Sweden (2)	15	France (18)
3	Netherlands (9)	16	Hong Kong (14)
4	US (4)	17	Israel (21)
5	UK (3)	18	Canada (15)
6	Denmark (8)	19	Norway (22)
7	Singapore (6)	20	Austria (20)
8	Finland (5)	21	New Zealand (17)
9	Germany (10)	22	Mainland China (25)
10	Ireland (7)	23	Australia (19)
11	Korea (11)	24	Czech Republic (27)
12	Luxembourg (12)	25	Estonia (24)
13	Iceland (13)

In 2017, high-income economies took 24 of the top 25 spots, China being the exception at No. 22. In 2016, China became the first-ever middle income economy in the top 25. 
 

“Efforts to bridge the innovation divide have to start with helping emerging economies understand their innovation strengths and weaknesses and create appropriate policies and metrics,” said Soumitra Dutta, Dean, Cornell SC Johnson College of Business, Cornell University. “This has been the GII’s purpose for more than ten years now.”

A group of middle and lower-income economies performed significantly better on innovation than their current level of development would predict: a total of 17 economies comprise these ‘innovation achievers’ this year, a slight increase from 2016. Next to innovation powerhouses such as mainland China, Japan, and Korea, a group of Asian economies including Indonesia, Malaysia, Singapore, Thailand, the Philippines and Vietnam are actively working to improve their innovation ecosystems and rank high in a number of important indicators related to education, research and development (R&D), productivity growth, high-tech exports, among others.  

The theme of the GII 2017, Innovation Feeding the World, looks at innovation carried out in agriculture and food systems. Over the next decades, the agriculture and food sector will face an enormous rise in global demand and increased competition for limited natural resources. In addition, it will need to adapt to and help mitigate climate change. Innovation is key to sustaining the productivity growth required to meet this rising demand and to helping enhance the networks that integrate the sustainable food production, processing, distribution, consumption, and waste management known as food systems.

“We are already witnessing the rapid, worldwide emergence of ‘digital agriculture,’ which includes drones, satellite-based sensors and field robotics,” said Bruno Lanvin, INSEAD Executive Director for Global Indices. “Now there is an urgent need for ‘smart agriculture’ to optimise supply and distribution chains and foster creative new business models that minimise pressure on land, energy and other natural resources - while addressing the needs of the world’s poorest.”

“By 2050, the world’s population is estimated to reach 9.7 billion. This presents the global agricultural sector with a daunting challenge. The stage has been set for a potential global food crisis if policy makers and other stakeholders fail to implement agricultural innovation that significantly boosts productivity,” said Barry Jaruzelski, Principal at Strategy&, PwC's strategy consulting business.

Korea maintains its top overall rankings in patenting and other intellectual property (IP)-related indicators, while ranking second in human capital and research, with its business sector contributing significantly to R&D efforts. Japan, ranked third in the region, is in the top 10 global economies for R&D, information and communication technologies, trade, competition, market scale, knowledge absorption, creation, and diffusion.

China continues moving ahead in the overall GII ranking (22^nd overall this year), reflecting high scores in business sophistication and knowledge and technology outputs. China this year displays a strong performance in several indicators, including the presence of global R&D companies, research talent in business enterprise, patent applications and other IP‐related variables.

Within the Association of South East Asian Nations (ASEAN): 

• Singapore is the top performer in most of the indicators, with a few notable exceptions: ICT services exports, where the Philippines leads, and expenditure on education, where Vietnam leads. 
• Thailand’s strengths include creative goods exports and gross domestic expenditure on R&D (GERD) financed by business, where it places 5th and 6^th globally. 
• Vietnam shows the second best rank of the region in expenditure on education and also performs well in labour productivity growth, economy-wide investment, and foreign direct investment net inflows. 
• Malaysia ranks well in high-tech imports and exports, university/industry research collaboration, and graduates in science and engineering.

By subregion, India, 60^th globally, is the top-ranked economy in Central and Southern Asia. It has outperformed on innovation relative to its GDP per capita for seven years in a row, researchers note. India has shown improvement in most areas, including in infrastructure, business sophistication, knowledge and technology and creative outputs. India ranks 14^th overall in the presence of global R&D companies, considerably better than comparable groups of lower- and upper-middle-income economies. India also surpasses most other middle-income economies in science and engineering graduates, gross capital formation, GERD performed by business, research talent, on the input side; quality of scientific publications, growth rate of GDP per worker, high-tech and ICT services exports, creative goods exports, high-tech manufactures, and IP receipts on the output side.

“Public policy plays a pivotal role in creating an enabling environment conducive to innovation. In the last two years, we have seen important activities around the GII in India like the formation of India’s high-level Task Force on Innovation and consultative exercises on both innovation policy and better innovation metrics,” said Chandrajit Banerjee, Director General, Confederation of Indian Industry.

Iran (75^th overall) excels in tertiary education, ranking second in the world in number of graduates in science and engineering. Tajikistan (94th) is first in the world in microfinance loans, while Kazakhstan (78^th) ranks first globally in pupil‐teacher ratio and third in ease of protecting minority investors.

Third in the Northern Africa and Western Asia region is the UAE (35^th globally), benefiting from increased data availability and shows strengths in tertiary inbound mobility, innovation clusters and ICT-driven business model innovation. Sixteen of the 19 economies in the Northern Africa and Western Asia region are in the top 100 globally, including Turkey (43rd), Qatar (49th), KSA (55th), Kuwait (56th), Bahrain (66th), Oman (77th), Lebanon (81st), Azerbaijan (82nd), and Jordan (83rd).

The GII, in its 10th edition this year, is co-published by Cornell University, INSEAD, and the World Intellectual Property Organization (WIPO), a specialised agency of the United Nations. Published annually since 2007, the GII is now a leading benchmarking tool for business executives, policy makers and others seeking insight into the state of innovation around the world. Policymakers, business leaders and other stakeholders use the GII to evaluate progress on a continual basis.

The core of the GII report consists of a ranking of world economies’ innovation capabilities and results. Recognising the key role of innovation as a driver of economic growth and prosperity, and the need for a broad horizontal vision of innovation applicable to developed and emerging economies, the GII includes indicators that go beyond the traditional measures of innovation such as the level of research and development.

In April, INSEAD separately announced that Singapore had been ranked No. 1 in Asia Pacific and No. 2 globally according to the Global Talent Competitiveness Index (GTCI) 2017. 

Global Talent Competitiveness Index 2017 
Rankings: Top Ten

1 Switzerland

2 Singapore

3 UK

4 US

5 Sweden

6 Australia

7 Luxembourg

8 Denmark

9 Finland

10 Norway

Singapore is ranked second globally for the fourth consecutive year, retaining its top spot in Asia Pacific. Australia (6th), New Zealand (14th), Japan (22nd), Malaysia (28th) and South Korea (29th), ranked within the Top 30 globally.

Produced in partnership with The Adecco Group and the Human Capital Leadership Institute of Singapore (HCLI), the GTCI is an annual benchmarking report that measures the ability of countries to compete for talent. Focusing on Talent and Technology, the 2017 report explores the effects of technological change on talent competitiveness and the future of work, arguing that while jobs at all levels continue to be replaced by machines, technology is also creating new opportunities.

In Asia Pacific, the countries that ranked within the Top 30 globally included:

-          Singapore (2nd)

-          Australia (6th)

-          New Zealand (14th)

-          Japan (22nd)

-          Malaysia (28th)

-          South Korea (29th)

-          Philippines (52nd)

-          Kazakhstan (53rd)

-          China (54th)

-          Thailand (73rd)

-          Sri Lanka (82nd)

-          Kyrgyzstan (87th)

-          Mongolia (72nd)

-          Vietnam (86th)

-          Indonesia (90th)

-          India (92nd)

-          Bhutan (98th)

-          Iran (103rd)

-          Cambodia (108th)

-          Pakistan (111th)

-          Bangladesh (113rd)

The GTCI is an annual study measuring the ability of countries to compete for talent. Designed for governments, businesses and non-profit organisations, the GTCI ranks over 100 economies according to their ability to develop, attract and retain talent.

High-ranking countries share key traits, including educational systems that meet the needs of the economy; employment policies that favour flexibility, mobility and entrepreneurship; and high connectedness of stakeholders in business, education and government as well as high level of technological competence, INSEAD said.

Ilian Mihov, Dean of INSEAD, said: “This year’s GTCI report shows that countries in the Asia Pacific region demonstrate strong talent readiness for technology. It also highlights the important role of education. Educational systems have to revamp to help learners foster learning agility and adjust on the fly of changing conditions. INSEAD looks forward to fully playing its role as a leading global provider of talent and leadership.”

Singapore has shown outstanding performance in the Enable, Attract and Global Knowledge pillars. Countries can learn from Singapore’s well-developed regulatory and market landscapes for global talent to thrive and its ability to anticipate the movements of the economy.

Su-Yen Wong, CEO of Human Capital Leadership Institute, commented: “The recent report published by Singapore’s Committee on the Future Economy suggested that building strong digital capabilities is one of the key strategies that will propel Singapore’s growth for the next two decades. Digital technologies will help small and exposed economies like Singapore punch above their weight by creating means for their businesses and talent to reach out to the global market. Countries must continue to upskill their workforce so that they can adapt to the digitisation wave and the sweeping structural changes that are poised to shakeup traditional work arrangements.”

Asia’s giants China (54th) and India (92nd) are still a fair distance away from the top. Bruno Lanvin, Executive Director of Global Indices at INSEAD and co-editor of the report said: “Overall, a big challenge for China and India lies in their ability to attract talent, and they both face the issue of local higher-skilled workers leaving to live and work abroad. To improve their attractiveness, the countries can further boost their regulatory and market landscapes.

“However, delving deeper and looking at the city-level, the two countries have metropolises exemplary in terms of their talent attractiveness. Shanghai and Mumbai (apart from Singapore) are the only Asian cities identified and ranked in the inaugural edition of the Global Cities Talent Competitiveness Index (GCTCI), but future editions will undoubtedly include more, confirming the growing attractiveness of Asian cities.”

Australia (6th) performed exceptionally being ranked in the Top 10 this year, as it is one of the top countries in the Attract and Global Knowledge Skills pillars. However, Vocational and Technical Skills show room for improvement. This may indicate that the country’s structural shift towards knowledge jobs and services is perhaps leaving gaps in the technical/vocational area.

Christophe Duchatellier, Regional Head of Asia Pacific, The Adecco Group, commented, “Although Singapore, Australia and New Zealand all feature in the Top 20 of this edition of the Global Talent Competitiveness Index, these latest findings highlight the increasing challenges that many countries in the Asia Pacific region have in attracting and retaining talent. In 2017 we are already observing organisations across the region placing an increased emphasis on world-class talent attraction strategies and tactics that will support them in remaining competitive. We would expect to see more organisations offering internship and apprenticeship programmes to foster skills development.”

Malaysia (28th) is the top-ranked country in the group of upper-middle-income countries. The country ranks above higher-income countries such as South Korea (29th).

Paul Evans, The Shell Chair Professor of Human Resources and Organisational Development, Emeritus, at INSEAD, and Academic Director and co-editor of the Global Talent Competitiveness Index said: “Malaysia performs particularly well in the pillars of the Enabling context and Vocational and Technical Skills. It also does well on External Openness as it has been able to attract talent from overseas. In addition, in terms of talent readiness for technology, Malaysia ranks higher than South Korea even though the IT infrastructure of the latter is much superior. The country can boost its rankings if it further improves in Internal Openness in terms of tolerance of minorities.”

Japan (22nd) has a solid overall performance, although it dipped slightly from last year. One of its main challenges is the Attract pillar where it is far behind the top three countries of this region. Middle-income countries such as Malaysia attract more foreign talent.

Although South Korea (29th) makes it into the top 30 this year, it is the lowest-ranking high-income country in the region. Despite being the top country in dimensions such as Tertiary enrollment and the Market Landscape—with world-class R&D in­vestments—the country has major room for improvement in the Attract pillar.

The Philippines (52nd) is the top lower-middle-income country, ranking above several upper-middle-income countries such as China (54th), and even above some high-income countries such as Kuwait (57th) and Oman (59th). Its greatest strength is its good pool of both Vocational and Technical Skills and Global Knowl­edge Skills.

Interested?

Download the Global Innovation Index 2017 report

Read the Global Talent Competitiveness Index report

Download the GTCI 2017 Infographic at this link

Watch the GTCI 2017 Video graphic at this link

The Asia infographic is also attached for media usage.

*To support the global innovation debate, to guide polices and to highlight good practices, metrics are required to assess innovation and related policy performance. The GII creates an environment in which innovation factors are under continual evaluation, including the following features:

• 127 country/economy profiles, including data, ranks, and strengths and weaknesses

• 81 data tables for indicators from over 30 international public and private sources, of which 57 are hard data, 19 composite indicators, and five survey questions

• A transparent and replicable computation methodology including 90% confidence intervals for each index ranking (GII, output and input sub-indices) and an analysis of factors affecting year-on-year changes in rankings

The GII 2017 is calculated as the average of two sub-indices. The Innovation Input Sub-Index gauges elements of the national economy which embody innovative activities grouped in five pillars:

• Institutions, 
• Human capital and research, 
• Infrastructure, 
• Market sophistication, and 
• Business sophistication. 

The Innovation Output Sub-Index captures actual evidence of innovation results, divided in two pillars: knowledge and technology outputs andcreative outputs.

The index is submitted to an independent statistical audit by the Joint Research Centre of the European Commission.

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