ScandAsia March 2018

MAR 2018 BUSINESS

Banking, Financing & Investment theme

MARKETS

New Business Sweden Philippines market outlook

COMMUNITY

Historic Walk in Bangkok

LIFESTYLE

New flight routes between Scandinavia and Asia

Shenzhen – China’s fast-growing Silicon Valley

March 2018

ScandAsia Stories

28 Historic Walk in Bangkok 31 Swedish Church Phuket 10 years 40 Style & Chic

10

42 New flight routes between Scandinavian and Asia

Mr. Johan Nylander His book ‘Shenzhen Superstars’ draws big attention

16

28

Banking, Financing & Investment theme

ScandAsia Business

14 Business Sweden market survey Philippines outlook 2018

Mr. Johan Bygge

24

31

Chairman for EQT Partners Asia Pacific

15 C.F. Nielsen

Vietnam fuel plant inaugurated

34 Human resources My latest position q&a:s

42

39 Nordcham Phillipines 2018 AGM report

32

H.M. Queen Silvia

Held Thailand child abuse speech

40

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March 2018 • ScandAsia 5

Editorial

The new ScandAsia - you liked it!

I

t has been a great relief for us here at ScandAsia to see how you, our readers, have welcomed the new ScandAsia. Thank you!

The idea of one ScandAsia for all Scandinavians in Asia has from day one been a success. Back in the “old days” - in 2017 and before - an average edition of ScandAsia would have an online readership of a few dozen readers and the cover would be seen by a few hundred people.

Now hear this!

ScandAsia’s January 2018 issue with the cover image of Nikolai Coster-Waldau was exposed to 26,325 readers and 690 of them decided to read the magazine, spending an average of over 4 minutes flipping through the pages.

We thought that was cool! But then we published the February issue with the mystical Penang figure on the cover.

That cover was seen by 40,827 people and 937 of them decided to read the magazine, spending an average of 3.48 minutes on each read.

And these figures keep going up. When you read this message, they are already obsolete. In February, readers of the old January issue exceeded the lifetime readership of an average ScandAsia magazine back in the “old days”.

But I liked the paper, some readers say. Yes. We also like the classic paper version. So we have an offer for you: ScandAsia, the magazine for all Scandinavians in Asia, can be sent to you by postal mail as a paper magazine with all the prestige and benefits that comes with this classic format.

As a subscribers you will not only receive the ScandAsia magazine delivered to your doorstep every month (except August) for a whole year, you will also help our publishing team manage the monthly print production and make our financial plans easier to understand. We are a

ScandAsia is a printed magazine and online media covering the people and businesses of Denmark, Sweden, Norway, Finland living and working in China, Hong Kong, Thailand, Malaysia, Singapore, Indonesia, Philippines, Vietnam, Cambodia, Laos and Myanmar.

Who should subscribe:

ScandAsia subscribers are typically Nordic expats and companies from the Nordic countries living in and active in Asia.

Another group of subscribers are Nordic people living in the Nordic countries who subscribe to ScandAsia for personal or business reasons. We also have many Asian subscribers, who for a wide range of rea-

6 ScandAsia • March 2018

small magazine and knowing how many copies to run and how many people will be getting the magazine makes our operation all the more smooth. Please support ScandAsia by subscribing.

If you are able to subscribe to more than one copy, then we are pleased to offer a discount. Simply send an sms to +66816290117 or email to gregers@scandasia.com or send a Facebook or LinkedIn message to ScandAsia and tell us, how many copies you can take and we will reply back with our best price.

It is still possible to get the printed ScandAsia magazine for free. You will simply have to go and pick it up at either the local embassy or consulate or a Scandinavian restaurant near you. These “pick-up spots” could be expanded to include other places, where Scandinavians frequently come. If you have a suggestion for such a pick-up spot, please send me the location and how many copies, you believe they would need and we will contact them and arrange for the details.

Enjoy this edition!

sons are following the activities of the Nordic expats and companies via a subscription to ScandAsia.

The ScandAsia magazine is produced every month and distributed to all print version subscribers via postal services and to all eMagazine subscribers via email. Subscribing to the eMagazine is FREE - simply sign up on the ScandAsia.com website.

Become a ScandAsia user/ get free digital ScandAsia magazine or paid subscription via

www.scandasia.com!

Gregers Moller Editor in Chief

Publisher : ScandAsia Publishing Co., Ltd. 211 Soi Prasert Manukitch 29 Prasert Manukitch Road Bangkok 10230, Thailand Tel. +66 2 943 7166-8 Fax: +66 2 943 7169 E-mail: news@scandasia.com Editor-in-Chief : Gregers A.W. Møller gregers@scandmedia.com Managing Editor: Joakim Persson Joakim@scandmedia.com

Advertising : Finn Balslev finn@scandmedia.com Frank Leong frank@scandasia.com Graphic Designer : Peerapol Meesuwan Peerapol@scandmedia.com Production Manager: Sopida Yatprom Printing : Siamprint Co., Ltd.

March 2018 • ScandAsia 7

Opinion

Immigrants, the go-to excuse for pissing on Danish welfare

By Henrik Vinther, journalist at ScandAsia

O

n Februar y 9th, the Danish government with Dansk Folkeparti (DF) announced that the newest tax-deal would require that a Danish citizen must have spent seven out of the past eight years in the EU or Denmark to receive unemployment benefits (dagpenge).

Of course there were minor ‘but’s’, but in general it means that if you’ve worked outside of the EU for more than one year, and not at a Danish or European company, your safety net has been removed upon return to Denmark.

As usual, immigrants were the official blame for this move: “To us it’s important to cherish the welfare benefits we have so we won’t need to cut them in the future because they are accessible by too many,” the financial spokesperson from DF, René Christensen, told Danmarks Radio and added that the goal is to hinder immigrants from outside of the EU gaining the benefits of the Danes: “Fortunately it’s not a problem now, but it could be,” he actually said.

This claim in itself makes it clear that the goal has nothing to do with immigrants. First of all he admits that there is no problem, but that he’s going to solve it anyway. Second, this cut does the exact thing he claims to be avoiding: Cutting in the “cherished” welfare benefits.

More likely René Christensen has been told to give the press the usual run-of-the-mill “immigrants are taking our money!” statement while blaming the EU for not letting them focus solely on the immigrants. As DF so happily does.

For those Danes living and work-

8 ScandAsia • March 2018

ing abroad, this on the other hand could have severe consequences. Few can say with a 100 percent certainty that their job will still be there in five years. And even though we like to tell ourselves the opposite, Denmark is in dire need of some know-how that doesn’t necessarily exist within the EU. A brief look at the IT-infrastructure and catastrophic public investments shows that. And the United States, Singapore, Hong Kong or China is the place to look for this knowledge, not Germany, France, Bulgaria or Poland.

As a conclusion, I’ve made a small list of the pros and cons of this cut:

Cons

• Fewer Danes will be prone to take riskier positions abroad, such as in the start-up tech industry in the US. • Will cause a drop in experience and know-how, a thing Denmark needs in several fields.

• Basically ignores the fact that those who receive unemployment benefits actually paid their union’s insurance fees to receive them.

Pros

• Saves 20 million Danish crowns per year.

Disclaimer: The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of ScandAsia Publishing. Examples of analysis performed within this article are only examples. Neither ScandAsia Publishing nor any person acting on its behalf may be held responsible for the use which may be made of the information contained therein.

If you would like to share your thoughts and insights on this page contact Managing editor, joakim@ scandemedia.com

March 2018 • ScandAsia 9

Business

Shenzhen – China’s fast-growing Silicon Valley Swedish journalist Johan Nylander’s book draws big attention

Johan Nylander.

Photo: Hanna Edjertun-Nylander 10 ScandAsia • March 2018

One can hear birds singing - I have never heard bird song in any Chinese manufacturing city

S

By Joakim Persson wedish correspondent and journalist Johan Nylander is well situated to follow the development in mainland China. Based in Hong Kong since 2011 he has recently launched a book about China’s technology and innovation wonder that is Shenzhen. Today this is the fastest growing city in history, which has gone from consisting only of fishing villages back in the 1970’s to today’s position as China’s equivalent of Silicon Valley. Its transformation from production to a centre for tech and innovation is extraordinary.

What the Swede (regular contributor to CNN, Dagens Industri, Forbes and South China Morning Post) saw before his own eyes on many trips to the mainland has led to the book ‘Shenzhen Superstars — How China’s smartest city is challenging Silicon Valley’. This city’s speed, energy and determination are just mind-blowing and Johan’s aim is to take the reader to the very heart of what is shaping Shenzhen.

“I

magine a tech start-up capitalist who hasn’t heard of Google or Silicon Valley! That’s the equivalent; and it is so absurd that Shenzhen and its companies are at least as important as Silicon Valley and Google but people in the west have not heard about it!” he tells ScandAsia.

No other city better symbolizes the rise of modern China.

And no other city challenges Silicon Valley more aggressively as the global hub for innovation and technology start-ups.

In many ways, the Chinese city has already outsmarted the Valley, he has stated in the intro to his book (which jumped to the number one spot on Amazon’s bestseller list for the China section upon its launch).

Airbus’ main global innovation centre is situated in Silicon Valley, in California, and recently it was announced that its second only such centre in the world will be set up in Shenzhen.That speaks volumes. It is also the home for Tencent, the Chinese Internet giant.

Shenzhen is a flagship representative for the Chinese government’s effort to shift the economic development away from manufacturing to one steered by innovation and entrepreneurship.

In the beginning, explains Johan, it was turned into China’s

first economic lab. It just exploded as manufacturing hub, with Hong Kong manufacturers moving all their production there, with western companies gradually following. Then the Chinese started to place their production and their whole business there, leading on also to research and then innovation and creativity.

“The difference is how things progressed so much faster there than in similar U.S and European areas.”

Interestingly, this also developed into an attractive area for those people in China, in Johan’s words, who “want more freedom, and not living under the shadow of the communist party. The farther away from Beijing the more freely you can conduct business, so people who cannot afford or have the opportunity to live abroad but want another type of life have flocked there.”

Then there is the remarkable entrepreneurial spirit: “Everybody I talked to about why this has happened, what’s at the core of this dynamic, replied that it’s that nobody wants to be employed, everyone wants to run one’s own business.

And it is not only about money; but also about the adventure, the feeling that it’s more fun to do than working for a big company. A Universum study showed that in Shenzhen 60 per cent of graduates wanted to either work for a start-up or start their own company. The equivalent in Beijing is only 15 per cent.”

Paying for streetfood with QR code March 2018 • ScandAsia 11

Imagine a tech start-up capitalist who hasn’t heard of Google or Silicon Valley! Shenzhen is the equivalent

Photo by: Hanna Edjertun-Nylander 12 ScandAsia • March 2018

Johan’s one-hour-read tells that the world’s fastest growing city is also about to accelerate. “It continues to grow in importance globally. Shenzhen is just as important for technology development as Silicon Valley, especially about the integration of hardware and software. This means that if one believes that the future will be about self-driving cars, Internet of Things, e.g. that products become smart products – then it is in southern China one should be and nowhere else! No other place in the world is more important than Shenzhen when it comes to combining hardware and software,” states the Swede.

The city itself, including its infrastructure and overall development, also emanate quality improvements and futurism.

Johan relates this radical transformation from the very first time he went there, then warned by his Hong Kong friends not go: ‘They will steal your liver!’

“It was quite rough when I came there for the first time, with rats everywhere. But then I discovered new parts of the city, and every time I travelled there I saw how it was changing, how the dirty factories vanished. Certain areas is like looking into the future; everything super clean, only electric cars, no cash money, young office works using colourful bicycles etc. – the exact opposite image of a dirty industrial city.”

“Its infrastructure is more advanced than many other places I have visited in the world. There are wide avenues, skyscrapers, planted trees and parks everywhere. One can hear birds singing - I have never heard bird song in any Chinese manufacturing city,” he continues.

“While many westerners are moving there it is at the same time becoming more Chinese; attracted by the city

they are moving to Shenzhen from all provinces in China, just as Silicon Valley entice people from all over the U.S and the world looking for excitement.”

T

he Chinese wonder even takes Silicon Valley veterans by storm: in ‘Shenzhen Superstars’ Johan lets such a voice bear witness to the surprised reaction typical from those coming from the west who assumes China is poor, undeveloped and uneducated.

When Scotty Allen first came to the southern Chinese city of Shenzhen his spontaneous reaction was not: “Wow, this is cool.” It was: “Wow, we are fucked”.

When Johan met the American he had already built his own version of an I-phone there.

“I could not write myself that it’s a super cool city. It was better to let an American describe it than myself, so he became the voice. And his journey was so interesting; I liked how it opened his eyes and he had a fantastic story.”

For Scotty Allen, however, what’s important is not whether Shenzhen or Silicon Valley is ahead of which. It’s more about that both are doing great, and rather exist in symbiosis, than as rivals, of each other. He no longer sees it as the US versus China, but rather a situation where all advances together.

He does, however, encourage more westerners to come to Shenzhen and experience the amazing development and opportunities.

W

ith this book Johan also got a taste for writing books and is preparing to make it into a trilogy.

“First of all, it’s great fun to do self-publishing, instead of writing articles published by other media – so I write the stories much longer until they become a shorter book.That’s a bit the model going forward. I think there are many – especially businessmen – who do not have the time to spare to read a 400-page book. I think this book is compact, based on story-telling.The format enables to quickly absorb a lot of information and understanding for a topic.”

“Many who liked the book and found it fascinating also wished it was longer. And that is why I want to keep digging and instead of one long book do three short ones,” he adds.

So, Shenzhen Superstars is the first of three that will be about the Pearl River Delta, where the second book will be about the Greater Bay Area. “That’s about how China wants to create a cluster where they bundle together 11 cities in southern China, around Hong Kong, Macau and Chenzhen – to create synergies between these and also build bridges and subways etc. This is hot stuff over here and will generate an economy larger than the whole of Russia or larger than South Korea. It’s a monster! So that is very exciting and interesting.”

“Hong Kong is an interesting entrance point to China.

Shenzhen is extremely important for the whole world, but for Nordic companies it is usually easer to open up shop in Hong Kong–where the legal system is also more reliable–and then have business in Southern China.”

Hong Kong still has a central role; it is described as a super connector. There is an international touch in Hong Kong that you do not have in China.”

Stay tuned. And go east!

March 2018 • ScandAsia 13

Business

Business Sweden in Philippines’ market outlook 2018

“N

ow is a good time to enter the Philippine market!” states Business Sweden, with a recently established office in Manila since September 2017.

“Last year we saw an all-time high in terms of consulting assignments, in both value and numbers, and as Sweden reopened its embassy in Manila in end of 2016 it was clear to us that we needed local presence,” Ulf Wennblom Countr y Manager Business Sweden Philippines To present a fair view of the market conditions and business opportunities, Business Sweden has just launched the Philippines Market Outlook report in early 2018. The report is based on interviews with executives for the leading Swedish companies in the Philippines and with local thought leaders and economists.

The report was first presented at a well-attended seminar in Singapore, cohosted with the Embassy of Sweden in Manila and Swedcham in Singapore, and is also available on the Business Sweden homepage (www.business-sweden. se/en/Trade/international-markets/asiapacific/philippines/).

“The Swedish companies that are here have combined revenue of 4-5 billion SEK and experience profitable double digit growth. Yet, Swedish exports and investments are low. There is 14 ScandAsia • March 2018

clearly room for more Swedish companies,” says Wennblom.

The Philippine economy offers robust and high growth fuelled by a growing middle class, favourable demographics, and large infrastructure projects that are now taking off. Business opportunities in the Philippines are large and many, and lie in infrastructure development, manufacturing, retail and services.

“I believe that the Philippine market today has more to offer Swedish companies than ever before. But, as in practically all markets in the region, one has to be aware of challenges such as corruption, red tape and a weak legal system,” notes Harald Fries, Swedish ambassador to the Philippines.

The countr y is often referred to as a high-risk market to do business in, but we believe the oppor tunities outpace the risks as long as long as a market entry is well prepared and well executed by focusing on best practice factors from leading companies. This is proven by Swedish companies that are established in the Philippines experience high and profitable growth, writes Business Sweden.

Other extracts from the report: On foreign investments: the country is quite open for foreign investments, and the Government is pushing for more foreign investments by reducing existing

restrictions on foreign ownership.

Foreign investors may set up businesses though the Board of Investment, in expor t zones, and in specific free trade zones.

Demographics: the young English speaking population is a key competitive advantage for the service industry, especially for the BPO industry.

Swedish export: Sweden has a trade surplus with the Philippines. Finland and Denmark both have both larger and higher growth in exports than Sweden, indicating that there is room for growth.

Sweden primarily exports pulp & paper, telecom equipment, industrial machinery and automotive products.

Approximately 40 Swedish companies are present in Philippines, whereof some 20 are multinationals.

Business Sweden is owned by the Swedish Government and the industry, and help Swedish companies to grow their international revenue. In the Asia Pacific region, Business Sweden has 15 offices and 150 growth consultants that support in market expansion, sales acceleration, incubation and operations and public affairs.

C.F. Nielsen Vietnam fuel plant inaugurated

D

uring the last 2 years the Vietnamese company Dan-Viet Investment Co., Ltd – Daviwood and C.F. Nielsen have been working to establish a modern briquetting facility in Can Tho, Vietnam. C.F. Nielsen has

engineered the plant and has selected local and foreign suppliers to deliver the equipment. C.F. Nielsen tasks include project management, engineering, and selection of suppliers, installation and commissioning as well as participation

News Brief in technical management of the factory.

The project is supported by a grant from the Danish Government Agency – Danida, which has been very helpful in establishing this new venture.The Grand Opening Ceremony took place on 26 January with many international and Vietnamese participants.

The two companies collaborate on a green energy production project by transforming waste bark and branches into compacted briquettes ready to be used for energy purposes.

The briquetting plant will have a capacity of 4 tons per hour – and the raw material will be logs from Daviwoods own FSC approved plantations. The installation includes 2 BP6510HD briquetting presses with additional equipment from C.F. Nielsen and downsizing, equipment, drying and materials handling equipment from a local supplier.

The briquettes will be sold locally and exported.

Sources: C.F. Nielsen, Embassy of Denmark in Hanoi

March 2018 • ScandAsia 15

Banking, Financing & Investment theme In the 2018 edition of this theme ScandAsia presents the development and services among Nordic banks for Nordic businesses in Asia, as well as how a large Swedish private equity firm is increasingly investing within this region. Nordea Bank shares insights on how it navigates the many regulatory challenges and the importance of being on top of things as well as the impact of macro-economic trends. SEB Large Corporates & Financial Institutions mainly does cross border financing arrangements and trade finance, with a positive outlook on Asia. EQT Partners Asia Pacific recommends the EQT funds on investments, with an increasing investment curve.

Mr Corrado Lillelund Forcellati, Nordea Bank, Singapore

Nordea Bank skilfully navigates the highly regulated markets and the do’s and don’ts in Asia 16 ScandAsia • March 2018

Nordea Bank’s General Managers in China and Singapore talk to ScandAsia about navigating the many regulatory challenges and the importance of being on top of things to serve their customers well in a diverse region.

M

By Joakim Persson r Stefan Westergren has headed Nordea Bank’s Shanghai branch for the past three and a half years, looking after their Nordic clients in China. He has 29 years of banking experience.

Singapore-based Mr Corrado Lillelund Forcellati oversees the rest of Asia, mainly Southeast Asia, and has been there since the end of 2014. Before then he spent more than seven years in China. He has over 20 years of banking experience.

Corrado and Stefan, with teams, are strongly focused on the regulatory issues and specifics connected with every individual country in Asia as well as the impact of macroeconomic trends. Especially high-impact China affects all business and trade in the greater Asian region.

Asia’s diverse economies demand a lot from the Nordea teams to have the best and doable solutions for customers’ needs in the region. Corrado L. Forcellati explains: “Each and every one of the countries we are working with, and are being exposed to, all have a quite large regulatory framework, covering everything from their currency to the flows in goods or in capital. And what we have seen across Asia is that they have a very protective regulatory framework for their currencies or for the in- and outflow of capital, where China is a good example in that sense.”

“So, for Nordea in Asia under this macro regulatory setting–and where we are also aiming at making a difference in being a valuable partner–is basically to be on top of the regulatory frameworks for the countries where our Nordic customers are operating today or in the near future. We can thereby help our customers navigate; hence create predictability when it comes to providing banking services in some of the countries that we cover.”

“W

e firmly believe in creating this predictability, it is a relevant and crucial part of the mission that Stefan and I have in building the Nordea franchise in Asia. We claim to be knowledgeable about the regulatory frameworks, their restrictions and the dos and don’ts so that we can actually provide predictable advice and hence valuable offerings to our Nordic customers when it comes to for example managing FX risks,” highlights Corrado.

“You have the growth and the opportunities around the region, and yet you have the uncertainty, and in many instances the ambiguity of regulatory frameworks, and thereby the role for Nordea from a wholesale banking perspective.”

“The Asian market is very interesting for all Nordic companies, especially the Chinese one, so a lot of Nordic March 2018 • ScandAsia 17

companies are active in the Chinese market for business reasons. Then, being active in a strict regulatory environment you need the bankers that you trust from your home market giving advice and confirming the things that you hear in the market,” Stefan fills in.

Of particular interest going forward is also intra trade within the region, where China has a defining role. “We can see an increased demand from China and thereby import into China, which is intra-Asia activity. Looking at Asia as one region, according to recent figures, 55 per cent of the import goes into China, so when China is doing well the region is also doing better. We are also seeing an increasing intra Asia trade that is more and more characterised by renminbi as common currency, regardless of where they are from in any Asian country exposed to China,” says Corrado.

“And, as a flip side, we are also seeing an increasing intention, from some specific countries being exposed to China, to enhance the regulatory framework, to protect the local currency better.”

Nordea has noted a number of restrictions on currency conversion for countries like Vietnam and Indonesia, which, again, requires the bank to be on top of the regulatory understanding.

It is also about countries opening up and lifting restrictions leading to new opportunities: “In China a lot has changed to liberalise more and thereby giving companies operating in regulated markets, the possibility to access funding for expanding operations locally, or simplifying their money flow to enhance their ability to raise money. But the impression we have is that for some countries like Indonesia and Thailand 18 ScandAsia • March 2018

they still do not have the same maturity as China in terms of monetary policy,” Corrado evaluates.

“Looking at the trade flows of our Nordic corporate customers we definitely see increasing intra-Asia trade.”

Stefan exemplifies: “Some of the corporations that have been in China for a long time producing for the domestic market are now moving production out of China to other parts of Asia to then import it into China. There are also bigger producers that use their higher output capacity in China for exporting into the Asian market.”

C

ommenting on the region’s expected growth Nordea can see stable, increasing growth.

“Interesting to notice is also that you don’t have the big outliers as you had in the past. Now growth is much more synchronised which is something very good from our perspective,” states Corrado.

Infrastructure investment will be a key driver for growing business opportunities. “Looking at the Nordic countries there are technologies within infrastructure projects that are state-of-the-art. We are also seeing new players coming to the market, both from an investor as well as from a constructor/manufacturer perspective, especially around the ‘One Belt One Road’ initiative.”

“Also of interest for Nordea is to follow the Sustainable Development Goals, because we have an interest in bringing the sustainability agenda to Asia as well. The ambition is to continuously increase and share our knowledge along with engaging and enabling companies for a sustainable future in connection with investments and eventual financing/lending

needs. We are observing a larger interest in green bonds or more sustainable financing schemes in Asia,” continues Nordea’s Singapore GM. “Sustainability is of great political interest so the sustainability agenda affects many political decisions that we are seeing in different countries.”

D

Mr Stefan Westergren, Nordea Bank, Shanghai

igitalisation is another big topic that Corrado and Stefan also monitor carefully. “When it comes to cross-border business that is highly regulated and demands a lot of documentation and administration, then the technology is not there yet. It’s still a little bit old-fashioned because of regulation,” Stefan comments.

Corrado’s personal take on it, from a wholesale banking perspective, is that the main question remains un-addressed: “In an area like trade finance, countries, and even between companies, haven’t agreed on a common standard. And thereby there is not really a disruptive trend yet. So where we are spending time is to definitely follow and be part of discussions at different levels about creating standards, which will enhance not only the overall risks’ understanding but also facilitate the required regulatory approvals.”

“Disruption will happen more as gradual development along enhancing the regulatory understanding so that you can still fulfil the duties and compliance requirements, for example in terms of avoiding money laundering,” he concludes.

How can you make your money work while you enjoy life?

Kim Osborg Nielsen kim.nielsen@nordea.sg www.nordeaprivatebanking.com Nordea Bank S.A, Singapore Branch is part of Nordea Group, the leading financial services group in the Nordic and Baltic Sea regions. Some products and services may, due to local regulations, not be available to individuals resident in certain countries and their availability may depend, among other things, on the investment risk profile of persons in receipt of this publication or on any legislation to which they are subject. Nothing in this publication should be construed as an offer, or the solicitation of an offer, to purchase, subscribe to or sell any investment or product, or to engage in any other transaction or provide any kind of financial or banking service in any jurisdiction where Nordea Bank S.A., Singapore Branch or any of its affiliates do not have the necessary license. Published by Nordea Bank S.A., R.C.S. Luxembourg No. B 14.157 on behalf of Nordea Bank S.A., Singapore Branch, 138 Market street Capita Green #09-03 Singapore 048946. www.nordeaprivatebanking.com subject to the supervision of the Monetary Authority of Singapore (www.mas.gov.sg).

March 2018 • ScandAsia 19

Banking, Financing & Investment theme

Jan Stjernström, SEB Large Corporates & Financial Institutions:

“Significant growth happening in Asia”

SEB Large Corporates & Financial Institutions has an impressive track record and is today an established player in the global arena. Its presence in Asia is comprehensive, covering an area from India to New Zealand, and supported by some 200 team members including Greater China.

Back in the Nordics the bank has been contributing to the success of Northern European companies in the international marketplace for over 160 years.

By Joakim Persson 20 ScandAsia • March 2018

Lending has increased but trade finance even more, where we believe we have increased our market share thanks to having a very high service quality Photo by Ahmad Ardity

J

an Stjernström is the Managing Director of SEA & Pacific Region, SEB in Singapore, the bank’s largest office outside Europe. He introduces their operation, challenges and opportunities, and the positive outlook on Asia.

When it comes to the European customers, Singapore is still very much a regional centre for many businesses, states the MD who believes its importance can only increase.

“The development also in Nor thern Asia is that the production is moving south along with increasing cost levels in Northern Asia. From an education point of view you have very highly skilled staff in Singapore and in many Asean countries due to improving education levels in this part of the world. Many of these countries are starting to come up as serious global competitors. Examples are Vietnam, the Philippines but also Thailand and Indonesia with their large markets. Over time we expect there to be extremely good GDP growth numbers – 5-7 per cent has been mentioned as the annual growth forecast for the next ten to twenty years, which are significant numbers compared with Europe!

Singapore as a hub will clearly benefit from that.”

In Asia SEB’s core business is with the large Northern European corporations, but also SMEs from the Nordics: “We do various kinds of cross border financing arrangements all over the region. The other area is trade finance, which is about facilitating sales and in some trade finance services SEB can add financing elements enabling sales of capital goods products. That’s something we are increasing actually; lending has increased but trade finance even more, where we believe we have increased our market share thanks to having a very high service quality.”

“We are seeing these two as expanding services precisely because of the growth in the region: when our customers are expanding along with that growth the financing needs

increase as well as the need for trade finance.”

In Singapore we also have units specialised in shipping finance as well as working with financial institutions. “The Asian financial institutions need to diversify their investments, seeking products from Europe and other OECD countries.

We can facilitate such investment solutions and also foreign exchange trading in Asia. We also have financial institutions back home investing here in Asia.”

L

ooking at the various markets the Swedish MD says he is fascinated by the fact that a “very positive world economy” is reflected in nearly all sectors in Asia. “Both the larger corporations and SMEs are succeeding now in Asia since there is a strong demand. What is a bit unique is that smaller players can now reach out via the Internet in an entirely new way and succeed in doing so when previously these kinds of markets may have been expensive to exploit.

Nowadays also small firms can sell effectively in the region as well as globally.

More SMEs are thus also arriving to the region, SEB has noticed. “Large companies have been present for a hundred years or more and medium-sized companies came here maybe 10 or 20 years ago. But now the niche players are also coming, which is great to see.”

“Indonesia is a big market and one with large infrastructure investments that give enormous opportunities for all possible players to get their share of the pie. In the Philippines there is a lot of infrastructure investment in the works too and our economists are seeing signs of overheating in parts of its society. For the latter it will be key to have a pace of development that stays sustainable because it has been a fast-changing market,” highlights Jan Stjernström.

March 2018 • ScandAsia 21

Singapore Central Business District. Photo: Bahnfrend, via Wikimedia Commons

Now the niche players are also coming, which is great to see

Vietnam, meanwhile, which is about to implement its FTA with the EU, is of course high on the agenda for the Nordic bank and business. “What’s interesting with a country like Vietnam is that the labour cost is low, while you have well educated workers. They also automate production leading to an industrial development that promise to be ver y competitive. You could think that it is low-tech industries setting up or moving there but there are also automated industries. This is a dilemma for the west, when many of these countries are also starting to compete on automated production processes. It leads to a fight about the job opportunities in the world!

T

he vast geographical area and diversity of the different markets are what Jan and his team must deal with, and, on top of that, an increased regulatory framework.

22 ScandAsia • March 2018

“You have increased demands for information sharing etc., also towards customers, with MiFID II. It takes a lot of resources, but many of the changes are meant to safeguard our customers so we welcome such changes. We believe that it will benefit our customers at the end of the day.”

MiFID II is EU legislation designed to offer greater protection for investors and inject more transparency into all asset classes: from equities to fixed income, exchange traded funds and foreign exchange.

“I think that the conservative and compliant approach we have had in terms of how to deal with all these regulatory issues has enabled us to build a franchise that works for the long term. It has really benefited us,” he concludes.

O

n digital disruption Mr Stjernström explains that trade finance is what is mostly in focus, but it is also complex, with many components to digitise. The biggest challenge is to get all parties aligned and agree on global standards to make it effective.

“I think something could really happen in Asia with trade finance. If those in the market can get things to work and get digitised confirmations both when it comes to the shipment of goods and the connection between the banks and what we call the letter of credit business it would be a revolution.

The principles for trade finance have largely been unchanged for several thousand years. There is however the complexity in that there are so many parts and players within the trade finance business.”

“Within trade finance we currently focus on the quality of our service. We have had digital services for quite a while and we are developing new technologies for the future.”

Banking

Jonas Bergqvist, SEB Private Banking, Singapore

“Long-term customer relationships most important of all!”

J

onas Bergqvist, acting General Manager at SEB’s Private Banking branch in Singapore, knows a thing or two about international private banking. Looking back at many years of experience in the field in Asia as well as in Europe, Jonas has learnt what matters the most.

“If I were to summar ise what I have learnt during my career”, Jonas says, “then I would always come back to the importance of long-term customer relationships. This is the most important thing we have. At SEB, we value continuity and commitment. And that is why our strategy in Singapore is long-term – we are here to stay”.

SEB has been present in Singapore since 1979, initially with services for large corporations and financial institutions.

In 2005, the private bank branch office opened, providing international wealth management services to customers residing in the Asia-Pacific region.

“Our ambition is to be the preferred banking partner for Nordic and German private banking customers in the Asia-Pacific region”, Jonas comments. “Our competent and dedicated staff members are crucial in order to deliver on that, which is why we are looking to strengthen the Private Banking team further.”

The goal is not only to strengthen the team and the competence base, but also to enrich the service offering.

“We are continuously working on updating and enhancing our Private Banking service offering to our customers”, Jonas says. “Our services are always based on our customers’ unique needs and circumstances, wherever life has taken them. We can put it like this: we make sure that the investments are right for our customers – all the time.”

Another key focus area is the digital customer experience. SEB recently enhanced the online banking platform for its international private banking customers. The new platform has an upgraded design and offers an improved

user experience as well as a range of new functionalities such as updated presentation of assets and portfolio, a better overview of different accounts and enhanced search and filtering possibilities.

“The digital platform is a key part of our service offering”, Jonas says. “Our new internet bank, available in Swedish, English and German offers a highly improved user experience for our customers – it is great to see how much positive feedback we are receiving.”

A key functionality is the secure messaging function. “Internet security is very important for us”, Jonas says. “With secure messaging, our customers can communicate directly with us, and send and receive files in a safe way.”

The development of the digital platform is a work in progress. “The work on enhancing the digital experience will continue and we are listening to the feedback from our customers“, Jonas comments. “We aim to offer the best possible digital banking experience to our customers”.

Manager Jonas Bergqvist concludes where he started.

“Our focus on long-term relationships does not exclude transformation, rather the opposite. We grow and develop with our customers as their needs become increasingly complex. Our ambition? Simply to make their life easier.”

March 2018 • ScandAsia 23

Banking, Financing & Investment theme

EQT increases efforts in Asia EQT Partners Asia Pacific is part of the Swedish private equity (PE) firm EQT and recommends the EQT funds on which companies to invest in. Focus is on control or co-control investments. The Chairman for the Asia operation, overseeing the increasing efforts in the region, is Mr Johan Bygge, who also possesses previous Asia experience (CEO Electrolux Major Appliance Europe and Asia Pacific).

By Joakim Persson

24 ScandAsia • March 2018

See what the world looks like today. Where is there most growth, what does the population structures look like? Where is the capital to achieve things and a fantastic urge to build things!?

I

ntroducing EQT, their track record so far is impressive: 25 funds raised, 400 institutional investors, around EUR 49 billion in raised capital, EUR 22 billion invested. EUR 19 billion in total sales within the portfolio of 170 companies, and with 84 exits up to now.

Mr Bygge who has been with EQT since 2011, was formerly with Investor AB (Sweden) and further back an Ericsson as well as Electrolux executive. He now covers the region from his Hong Kong base since 2016.

During his time with Electrolux he spent considerable time in the Asia-Pacific region. “Then I had my working place in Singapore but I have not brought my family out here previously, so that’s the first time,” he begins.

T

oday EQT has offices in Shanghai, Singapore as well as Hong Kong, as part of the advisory firms out in the world looking for investment opportunities that are then proposed to the funds for investment.

Mr Bygge says that EQT’s investment curve for Asia is increasing, now with two investment strategies in this region.

EQT Infrastructure teamed up with Temasek (Singapore) in 2017 to investigate investment opportunities in Southeast Asia, India, Korea, Japan, Australia and New Zealand. Then there is Mid-Market, having invested in Australia China, Hong Kong, Singapore, Taiwan and Vietnam. Other portfolio companies in the fund structure have also invested in the region, for instance Anticimex, has invested in Malaysia and Singapore.

EQT invests in companies, in sectors and regions where it has the specialist expertise to know it can make a genuine difference through the consistent application of the industrial approach and growth strategy. EQT serves as a catalyst for change to achieve genuine, permanent improvements.

“Here we look for good companies with strong future growth potential, that’s the main scenario. And you can look at when EQT generates value it is often to invest and help companies to grow and assist strategically with re-positioning and to assist in ensuring that the company becomes more effective.This work is done mostly with the help of the industrial advisor network that EQT has around the world consist-

ing of experienced and proven executives and specialists.The Industrial Advisors come from various companies who take on Board assignments, or projects and work together with us,” explains the Swede.

In terms of sectors he mentions that that EQT invests in quite a lot of advanced service companies such as company administration work, visa application management, education or healthcare. “There is less traditional manufacturing today than it has previously been; the cost advantage is maybe no longer as poignant as it used to be.”

As mentioned, education is another segment where the Swedish PE firm as recently as in August 2017 invested in a group which owns ILA Vietnam, a premium market leader in the English Language Training (ELT); with over 20,000 ELT enrolments across Vietnam, in addition to overseas study consultancy, teacher training services and corporate English training.

There, with Johan Bygge sitting on their Board, the strategy is to support continued growth and development of the company to stay ahead of the competition. This is being achieved through enhancements of the academic product offering, learning experience and environment, and network expansion, by leveraging on EQT’s experience and network in the education sector globally.

Johan Bygge speaking at World Islamic Economic Forum 2017 March 2018 • ScandAsia 25

When EQT generates value it is often to invest and help companies to grow and assist strategically with re-positioning and to assist in ensuring that the company becomes more effective

of what is going on among one’s suppliers and third-party providers in the supply chain and that all of those behave properly. It is very important to get professional assistance!”

Other investments are within health care where EQT has listed one of China’s largest pharmacy companies on the Shanghai stock market and previously owned one of the largest x-ray chains in Australia and New Zealand – I-med.

T

“It’s a very exciting company, providing high quality English teaching,” he comments.

“And there is another company in the portfolio, based in Hong Kong, called Elevate that does CSR certification of other companies; certifying their supply chains and making sure they do proper conduct, and also CSR audits on their behalf.”

Mr Bygge says there is a large need for this and where the demand on companies are increasing all the time. “I know from my own background that it is quite difficult to keep track 26 ScandAsia • March 2018

he next country could be Indonesia. Johan Bygge has been looking around a lot and making inroads there recently. Especially Sweden’s States Visit in May 2017 is paving the way for increased investments. Such a royal visit he says creates a platform for various companies and investors to get to meet with all the key local stakeholders.

“It also gives certain legitimacy towards those you visit, and I think it is useful: we were given the opportunity both to meet with young entrepreneurs within the tech sector, and also with more traditional corporate leaders and the families and spheres that you have in the country.Then, you leave with a big bunch of business cards, and start sorting through those together with the local contacts; be it the local chamber of commerce, Business Sweden or the Swedish Embassy who have all been very helpful in Indonesia. You also meet with various businessmen/women.”

“We also have the advantage that we can turn to Swedish companies who have been established there for a long time already and get help, advice and contacts.You learn more and more and eventually you represent yourself and your brand and you might be contacted,” he adds.

Going forward, it is no million-dollar question where the growth in investments will be. Says Mr Bygge: See what the world looks like today. Where is there most growth, what does the population structures look like? Where is the capital to achieve things - and a fantastic urge to build things!? You have more of entrepreneurship in this region and the willingness to build and become successful in this region, which is great fun.”

Planning your future for you and your loved ones. Together.

At Private Banking within SEB, we acknowledge that everyone has a unique set of challenges. We concentrate on developing meaningful, long-lasting financial relationships and make the effort to really understand you and your requirements.

Your own private banker, client assistant and experts are dedicated to help you achieve your goals. Together we take a holistic approach, aiming at a well-planned future for you and your loved ones.

To find out what we can do for your personal wealth, contact us in Singapore on +65 63 57 08 95 or via singapore@sebprivatebanking.com.sg sebgroup.lu/privatebanking

March 2018 • ScandAsia 27

Community

Participants in front of the main staircase of the former EAC head quarters.

Historic walk in Bangkok Sixteen mostly Danes walked for half a day through the legacy of Denmark in downtown Bangkok.

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Text and photos by Claus Gundersen he Danes in Thailand remain highly interested in learning more about the Danes living in Siam in the 1800s and 1900s and the influence and legacy they left. So on January 28, 2018, Scandinavian Society Siam once again conducted a guided afternoon tour for members and others interested parties through the old Bangkok where the main theme was EAC’s history. The trip had 16 participants, mostly Danes.

The main guide was Poul Weber, who spoke about EAC and his time in the Company from 1960 to 1968. He was suppor ted by Gregers Møller and Claus Gundersen, who spoke of some of the most prominent people buried in the Protestant cemetery. Poul also drew on the knowledge of Jan Dam Pedersen regarding the period after he left EAC. We met at a cafe near EAC’s old headquarters by the 28 ScandAsia • March 2018

river, where we had a refreshment while Poul was telling a little about EAC’s history and the area surrounding the cafe. Then we strolled down to the old headquarters, which unfortunately is deteriorating more and more, you can see small bushes growing in cornices and cracks in the brickwork.

After seeing the office building - only outside as there is no access to enter - we took the river boat down to the Protestant cemetery where we stopped at some of the tombstones, and Gregers and Claus told about the people behind them buried there. We visited Peter Andersen, one of H.N. Andersen’s par tners in Andersen and Co., as well as Consul Købke, who helped many Danes to establish contacts in Siam in his time as a consul in the years 1868-79.

After the cemetery we went over to Asiatique, the area where EAC’s warehouses and sawmills lay. The warehouses are still there but are today renovated and re purposed to market stalls, restaurants and bars. We had booked a room at a restaurant where we got the upper floor for ourselves, and when it was a hot day, we all got a well-deserved glass of beer or two. While we got our refreshments, Poul told about his time as a resident of the bachelor dormitory as well about the harbor activities and the production of “Iron Buffalos” as well as details of the temple that was in the area when the EAC took it over.

Among the left over items from the temple days was a 5 ton heavy Buddha covered with plaster that had been

While we enjoyed our refreshments, Poul told about his time as a resident of the EAC dormitory for bachelors.

Posters under the roof in one of the warehouses.

March 2018 • ScandAsia 29

Gregers Møller talks about the Swedish engineer Viktor Virgin who during his time as head of the Royal Irrigation Department designed and constructed the vast grid of canals between Rangsit and Nakorn Nayok north of Bangkok which still provide water for two or three harvests per year.

Poul Weber tells us about the EAC at the cafe where we met.

30 ScandAsia • March 2018

moved out of Ayutthaya and down to Bangkok when the Burmese ransacked the former Thai capital. Only when they moved it and it dropped to the ground it was revealed that inside it was made of solid gold. It had been standing there in the sawmill office for years without anyone knowing what was inside.

The Buddha was being moved to the Wat Traimitr temple where it is now a popular tourist attraction.

He likewise spoke of Admiral Andreas de Richelieu, who became the commander of the Siamese navy and the most decorated foreigner ever. He also spoke about the Danish engineer Aage Westenholz, who built the tram network in Bangkok, which operated from 1887 to 1968.

The tour ended with a dinner at seven o’clock, after which most of the participants left, tired of the heat and the interesting walk.

Community

Swedish Church Phuket Second celebrated 10 years ScandBizBar 2018 Singapore

D

uring 2018 FBC- Finnish Business Council Singapore is organizing Singapore’s long-lasting Nordic monthly networking, ScandBizBar. This regular event is a splendid opportunity for networking on every first Thursday of the month, where members and guest of members of FBC, DABS, NBAS and SwedCham meet over drinks and finger food.

The ScandBizBar 2018 sponsor CorpZap offers excellent experiences throughout the year The second event of the year (as the first one) was held at Empire, a fantastic roof top bar for a great networking evening on 1 March.

Check the calendar on ScandAsia. com for coming events, including for the whole region!

S

wedish Church in Phuket held a 10 Years Anniversary sermon on Sunday 18 February, at Phuket Orchid Resort Spa. The Embassy of Sweden in Bangkok was be represented by H.E. Ambassador Staffan Herrstöm and his wife Karin Herrström, as well as Senior Consul Mr Per Kågeby. The priest couple that initiated the Swedish church Phuket chapter, Per and Gennet Edler also attend.

Stories were told about how it all started, the journey so far and what the church had meant for the Swedes during these years.

Priest Erik Stenberg-Roos and his assistant wife Anna Stenberg got their assignment extended in August 2017 but in the summer 2018 their stint in Phuket, Thailand will come to and end.

“First we’re going to Sweden for a holiday, and what will happen after we

Source: Finnish Business Council, Singapore Photos: Petri Järvinen don’t know at the moment,” the priest couple replied to ScandAsia.

The Swedish Church on Phuket looks to continue though: “The future looks very good. Out economy looks ok at the moment, and we do think that a new couple will have arrived here by September.”

Erik and Anna have not really noticed any change or decline in the Swedish community in Southern Thailand recently. And as for far as the real “nest” for Swedes on the island of Koh Lanta south of Krabi they said: “On Koh Lanta there really are many Swedish citizens, and it looks like it’ll be even more popular in the coming years.

Source: Svenska kyrkan in Bangkok och Phuket Photos: Ambassador Staffan Herrström

March 2018 • ScandAsia 31

Community

H.M. Queen Silvia’s Thailand child abuse speech

H

.M. Queen Silvia on 8 February visited Udon Thani to attend the Academic Conference for the Lay judges from the Juvenile and Family Courts of Thailand. Her Majesty was invited to speak on the issue of children’s rights, stressing the importance to enhance awareness of sexual exploitation of children.

“My personal involvement has been a long path guided by encounters with people generously sharing their knowledge and experience. I would like to mention Ecpat and Professor Vitit Muntarbhorn as one of the pioneers who first made me aware of the problem of child sexual abuse,” said Queen Silvia.

“The most impor tant encounters, however, remain those with children themselves. I have learnt so much from them.”

Almost twenty years ago, in 1999, H.M. founded the World Childhood Foundation in order to actively engage against violence, sexual abuse and exploitation of children.

32 ScandAsia • March 2018

With a holistic approach the Queen’s organisation identify and support some of the most vulnerable children and families.They help prevent abuse by creating protective environments and strengthening children in their own resilience.

From the very beginning Childhood has invested in innovative solutions, new methods and technical innovations for instance to address Internet related abuse, said the Swedish Queen.

Childhood has a long history of close cooperation with Thailand: “This is one of the first countries we worked in and we launched the first project already in 2001.

In Thailand, we have supported children without protective families, children living and working on the streets, girls at high-risk for trafficking and exploitation, young mothers as well as children who have already experienced violence.”

H.M. Queen Silvia continued to give some examples: the collaboration with Friends International, their partner One Sky Foundation, active in Sangkhlabouri area.

The Queen also congratulated Thailand for ”being a brave pioneer with the new law that was passed in 2015 which criminalizes possession of child sexual abuse material, unfortunately still referred to as child pornography.”

Source: Kungahuset.se Photos: The Supreme Court of Thailand

Community

H.R.H Prince Henrik of Denmark passed away

P

rince Henrik of Denmark, husband and consort of Queen Magrethe II of Denmark passed away and on 20 February his funeral service took place at the Christiansborg Chapel.

In the beginning of February it was revealed that the Prince had a benign tumour in his lungs. The previous year had also been one with many health issues for Prince Henrik; suffering from an infection from a wound unable to heal, had an operation in the groin, and in September 2017 the Danish royal house, Kongehuset, publicly announced that the prince suffered from dementia.

A few days ago the royal family announced that his condition had worsened, and he was taken to Fredensborg Castle to spend his last days. And on 13 February Prince Henrik passed away, 83 years old.

The prince had strong connections to Asia and visited the region on many occasions, most recently in December 2015, when he visited the Embassy of

Denmark in Hanoi, Vietnam, a city in which he also studied during his early years, from 1950-1952 and then again in 1958.

The future Prince of Denmark was born in his grandmother’s house in Bordeaux but he moved shortly thereafter to French Indochina, the present-day Vietnam, where his father attended to the family interests in the industrial enterprises which The Prince’s grandfather had established at the turn of the century.

At age 14, Prince Henrik continued his education at Cahors Gymnasium and was there until returning to Hanoi at the age of 16, where he graduated from Hanoi’s French Gymnasium in 1952.

During the period 1952-1957, Prince Henrik studied law and political science at the Sorbonne, Paris, and at École Nationale des Langues Orientales during the same period, Prince Henrik studied the Chinese and Vietnamese languages.

In 1957, Prince Henrik studied oriental

languages in Hong Kong, and afterwards, in 1958, he had a study stay in Saigon.

In 1962, Prince Henrik worked in the Asia section of the French Ministry of Foreign Affairs.

Photo: Torben Eskerod

Swedcham China International Women’s day seminar

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n 7 March the Swedish Chamber of Commerce in China held its ‘International Women’s day – Breakfast and Inspiring Talks’ event in Shanghai.

The Chamber thanks everyone who came to this seminar to celebrate International Women’s day. “It was an inspiring and insightful morning! Also a big thanks to our guest speakers for sharing their great stories and experiences!”

Speakers were:

Lisette Lindahl, Consul General, Consulate General of Sweden in Shanghai, Chi-

na. Lisette shared her solid experience working abroad for Swedish embassies as well as personal thoughts.

Audrey Deng, Head of Regions and Payment Solutions, Atlas Copco Financial Solutions. Audrey has been working for Atlas Copco for more than 13 years.

She shared her inspiring career path.

Caroline Xue, Managing Director, Marja Kurki China Operation. Caroline shared her fascinating story on how she became Managing Director of a Finnish company in China.

Source: Swedish Chamber of Commerce in China March 2018 • ScandAsia 33

Human resources: My current assignment

Denis Brunetti Previous position: Country Manager of Ericsson Sri Lanka & Maldives (2014 – 2017) New position: President of Ericsson Vietnam, Myanmar, Cambodia & Laos (since 1st July 2017)

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feel extremely proud and privileged to lead such a committed, talented, diverse and innovative team. We have over 750 people across these markets, and they never cease to amaze me with their unbridled dedication and passion for Ericsson and our customers.

Working side by side with these wonderful people is what drives me and motivates me in my new position. It’s an exciting time as Ericsson celebrates its 25th year anniversary in Vietnam in 2018.

Since 1993, we have been the strategic partner of choice for all the major Mobile Operators in Vietnam. We aim to con-

tinue our close and intimate journey with them, within the context of the broader ICT landscape, as we embark on jointly planning, developing and implementing the next wave of Mobile Broadband and Internet innovations through world leading 5G, IoT and Cloud advancements in 2019 and beyond.

We also enjoy highly successful nationwide Managed Services par tnerships with Vietnamobile in Vietnam and Telenor in Myanmar, delivering best-inclass operational excellence and service leadership as we continuously strive to improve their end user customer experience, market perception and subsequent business performance.

What is/will be most challenging with your new position?

Remaining relevant by continuing to lead change through technical and business innovation in a highly disruptive ICT environment, ensuring we continue to empower and develop our local teams to successfully lead in these new realities.

Our role as ICT industry thought leader and trusted strategic partner is to ensure we work closely with customers, governments and other important industry stakeholders in favourably leveraging our ICT capabilities and ecosystem partnerships to secure and safeguard the wellbeing of the communities we serve. Having almost become the air we breathe, ICT has the unique ability to achieve this objective through the inclusive and sustainable growth it generates.

Network and Cybersecurity is a another key challengeö to ensure the net-

Previous position: I worked for the American Chamber of Commerce in Shanghai for several years, first focusing on back-end tech management and later for member services and business development. My last role before changing organizations was US Platform Leader.

New position: My current role at China Sage Consultants is Project Director. My responsibilities include key account management in terms of project oversight, goal-setting and strategy development. In addition I work on multiple ad-hoc projects both with internal and external stakeholders.

Veli-Antti Ruismäki 34 ScandAsia • March 2018

works we design and build are secure and safe, meeting the new demands associated with the emerging threats linked to the ever growing cases of malware attacks and the like.

Who should contact you in your new position?

In my position, I work closely with our customers, government, regulators, media and relevant industry bodies and business associations. I’ve also recently been appointed board member of EUROCHAM in Vietnam, and I Chair the Industry 4.0 Advisor y Group within the Vietnam Chamber of Commerce & Industry. I’m honoured to play a broader strategic role across the ICT industry, exploring and embracing opportunities of mutual benefit to Ericsson and our customers.

How is working in Asia different from back home in your profession?

Having lived and worked in Asia for a great part of my career, I personally believe there’s no better place to be.

Asia presents such a broad spectrum of diverse cultures, traditions and development opportunities. Each market is so different, yet so similar in the way they passionately and enthusiastically embrace new ideas, happily merging their proud traditional pasts with the modern world and latest lifestyle trends. Asia is extremely vibrant and is blessed with a population that is super energetic and always hungry to learn. It’s exciting and fun being back in this part of the world, leading Ericsson in Vietnam, Myanmar, Cambodia and Laos – an honour.

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ompared to my previous role, my current job offers me a much more hands-on experience in working with SMEs entering the China market. My days are filled with planning and advising companies on their sales strategies, as well as managing their sales force in China.

What is/will be most challenging with your new position?

Most challenging aspect of my current role is to maintain an up-to-date knowledge on a variety of issues relevant to our clients. As we serve companies in a number of different industries, our general knowledge of the business en-

vironment in China must be broad but still detailed to be able to support our clients. In addition, although customer service is paramount to our success, I need to monitor and manage my own time commitments to ensure I’m not too deep into any given client project at the expense of others.

Who should contact you in your new position?

Companies wanting to sell their B2B products in China are our key target audience. Even without an official presence in China, companies can leverage our service to sell to clients here. We

have clients from all around the world and work with teams in multiple time zones. Our core business is managing our clients’ B2B product sales in China, which we’ve been doing for almost 15 years.

How is working in Asia different from back home in your profession?

Working in China you will never be fully “ready”. You might think so but then something unexpected will happen and take you by surprise. The best mindset is to just prepare for the unexpected by being flexible and ready to act accordingly. The speed

jobs. Singapore holds a unique position in South East Asia, where 250+ Danish companies have already established themselves because it is the gateway to markets in this region of the world.

There are so many opportunities for more Danish companies to do business here!

Ole Boisselier-Malmgren Previous position: Senior Commercial Officer at the Royal Danish Embassy in Japan for 3½ years New position: Head of Trade, Royal Danish Embassy in Singapore, since 1 August 2017

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orking for the Trade Council / Danish Ministry of Foreign Affairs is an exciting job. I was posted to Australia for 5 years. Prior to coming to Singapore, I was with the Royal Danish Embassy in Tokyo for 3½ years. My job as Head of Trade with the Royal Danish Embassy in Singapore is similar to these past two

of doing business is also mesmerizing compared to Finland. If the project/ product is good, it will catch people’s attention and things will move at a lightning pace.

What is/will be most challenging with your new position?

Each day, Danish exporting companies face challenges. The Royal Danish Embassy can help with practical issues e.g. finding the right business par tner(s), mapping stakeholders, solving trade disputes as well as interact with authorities.

We help to GROW business and serve Danish interests. These challenges motivate my team and me to go to work every day.

How is working in Asia different from back home in your profession?

Given the fact I live and work in Asia, I meet many interesting and inspiring professionals in this part of the world.

Representing Denmark and Danish companies abroad is fun. Adding value to facilitate Danish companies maintain or win new market shares is personally rewarding to me.

Who should contact you in your new position?

Danish companies seeking to enter South East Asia and the Singaporean market / or Danish companies seeking to expand their market presence, may benefit from our support and advice.

The Royal Danish Embassies throughout the Region works closely together.

Danish companies can benefit from one point of contact.

Let ScandAsia know if you would like to be featured/started a new position! Email: joakim@scandmedia.com March 2018 • ScandAsia 35

News Brief

Norway and Malaysia discussed gender, societal issues

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orway’s Ambassador to Malaysia Gunn Jorid Roset met with Minister for Women, Family and Community Development, Dato’ Sri Rohani Abdul Karim for interesting discussions on gender issues, the needs of modern families, and the joint challenges of fast-changing societies.

“The Embassy looks forward to working together with the Ministry in the future to promote gender equality.

We congratulate Malaysia on yesterday’s official launch of TahunMemperkasaWanita2018 - Women Empowerment Year 2018!” wrote Royal Norwegian Embassy in Kuala Lumpur.

Vietnam-Denmark Tvet project workshop held

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ducation leaders from Denmark, the Asian Development Bank,Vietnamese policy-makers, Vietnamese school and company beneficiaries attended a workshop in early January to review the first year of Danish-Vietnamese Technical and Vocational Education and Training (TVET) Project. The project’s main activities, success stories, pitfalls and common problems as well as policy recommendations were the major issues on table.

“All planned activities of TVET project such as establishing the Local Occupational Skills Councils (LOSC), skills assessment, curriculum development, capacity development (teachers, in-company trainers, managers) have been successfully executed. All expected stakeholders are actively involved and dialogue with other international donors has established,” Lise Lotte Toft, Danish Ministry of Education’s Head of Division for International Affairs, said in the workshop’s opening remarks.

“The direct cooperation between the two ministries in Denmark (Danish Ministry of Education) and Vietnam’s Ministry of Labour, Invalids and Social

36 ScandAsia • March 2018

Affairs (MOLISA) is rather new and has for the past two years opened new avenues for educational cooperation. The ministries share challenges in regards to shift in global division of labour and this way the TVET project is interesting for both the Danish and the Vietnamese par ties,” commented Torben Schuster, the Senior Advisor from Danish Ministr y of Education’s Depar tment for Administration and International Relations.

Among other elements, the workshop looked at initiatives to encourage key players in the education sector to improve upon the linkage between

technical and vocational institutions and industries aiming to bring training more in line with the requirements of industry and commerce.

In 2018, the project enters a test phase where the new structures and approaches is tested. Upon the project’s completion in the end of 2019, all experience and findings is gathered to prepare a white paper for MOLISA. Launched in January 2017, VietnamDenmark TVET project is to bridge the skill gap and address emerging skillsneeds in the industries of furniture and graphic design by developing an effective school-based TVET with industry links.

News Brief

Finland’s Minister of Justice visited China

“V

iolence and other harassment against women and girls are serious problems both in Finland and in other countries.

We should share information on the extent of the phenomenon and the different forms it takes so that we can plan and carry out effective measures to tackle the problem together,” said Minister of Justice Antti Häkkänen when speaking in Beijing on 2 February.

Minister Häkkänen gave the opening address at a seminar on violence against women and sexual harassment organised by the Embassy of Finland in China and UN Women.

“A few years ago, the EU Agency for Fundamental Rights published a European-wide study on the prevalence of violence against women. The figures

describing the situation in Finland were grim, to say the least. Violence against women is more common in Finland than in European countries on average.This is a fact that many Finnish people find hard to believe. Acknowledging the problem is, however, a prerequisite for finding solutions to the difficult situation,” Minister Häkkänen said.

“Eradication of sexual harassment is an objective that deserves all of our attention and requires us to undertake more determined measures than ever before. We must strongly condemn harassment of all kinds, and we must develop more effective means to intervene in it both through legislation and through various policy programmes,” Häkkänen stressed.

The Domestic Violence Law that entered into force in China in 2016 was a remarkable step forward in this respect.

The Law aims to intervene in domestic violence in a preventive manner and to bring offenders to justice. Despite this, violence against women and sexual harassment continue to be serious problems that are not commonly talked about in China.

Human rights organisations such as UN Women, Human Rights Watch and

Amnesty International emphasise that especially girls left in the Chinese countryside are in a vulnerable position. The discussion highlighted the fact that legislative amendments alone do not suffice to remove the problem but that social change is also required.

Representatives of the Chinese administration and civil society, the private sector, and several foreign embassies based in Beijing attended the seminar.

The purpose of the event was to raise awareness of equality and the rule of law especially among young people and to share information on the best practices.The event was part of the activities organised by the Embassy of Finland to promote equality between women and men in China.

Source: Embassy of Finland in Beijing

March 2018 • ScandAsia 37

News Brief

Eco-city: Denmark engages with Bali’s neighbour Lombok

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n connection with the new Strategic Sector Cooperation Work Program for 2018, Head of Energy Cooperation at the Embassy of Denmark in Indonesia and representatives from the Danish Energy Agency visited Lombok, West Nusa Tenggara to discuss their next work program on Lombok Energy Planning.

“We are very pleased with the enthusiasm and eagerness for coopera-

tion shown by the Energy and Mineral Resources Ministry’s Representative for West Nusa Tenggara Province, local PLN, and local government bodies (BAPEDA) in our first kick-off workshop,” writes the Embassy of Denmark in Indonesia.

“The idea of Lombok Energy Planning itself came out when we discovered that Lombok has a very huge potential on renewable energy resources that have not been fully utilized. By using Balmorel Model and LEAP Energy Modelling Tools that we have introduced to National Energy Council before, the local government can get even more reliable and improved results on renewable energy potentials in Lombok that can be used for regional long-term energy planning. Lombok Energy Modelling can complement and support Lombok Regional Energy Planning, which is currently being completed by the local

government. It can also help the local government to promote Lombok as Eco-City, which suppor ts the use of eco-friendly energy resources. In this case, Lombok Energy Modelling can be a good example that can be imitated by other cities in Indonesia.”

After a discussion with the local government, the Danish representatives also visited the existing Pengga Microhydro Power Plant (400 kW) in Central Lombok owned by PT. PLN. The Danes there learned that initially this dam was only being used for irrigation as well as flood control. But today, the dam is also used as a power plant that can electrify nearby households. The Danes think the utilization of this hydropower in this dam is also a good start for Lombok renewable energy development.

Source: Embassy of Denmark, Indonesia

Sweden held Southeast Asia ambassador’s meeting

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he importance of the Southeast Asia region cannot be overstated. The region consists of 11 countries and around 620 million people. Therefore; the Swedish ambassadors conduct annual meetings to discuss common issues and possibilities within the sub-region of Southeast Asia,” writes Embassy of Sweden, section office in Yangon.

Meeting in Yangon the Swedish ambassadors discussed several topics during two days: human rights, the peace processes in Myanmar, business possibilities, Nordic experiences and possibilities for common joint action of the Swedish ambassadors in the region.

Source: Embassy of Sweden, section office in Yangon 38 ScandAsia • March 2018

Photo taken by the Nordic House and the Swedish section office in Yangon. From L to R: Håkan Jevrell, Ambassador Embassy of Sweden in Singapore; Charlotta Schlyter, Ambassador Embassy of Sweden in Dhaka; Lisbeth Hellvin Stålgren, Department for Asia and the Pacific, MFA Stockholm; Staffan Herrström, Ambassador Embassy of Sweden in Bangkok; Johanna Brismar Skoog, Ambassador Embassy of Sweden in Jakarta; Maria Sargren, Ambassador Embassy of Sweden in Phnom Penh; Pereric Högberg, Ambassador Embassy of Sweden in Hanoi; Johan Hallenborg, Head of Office, Embassy of Sweden Section Office in Yangon; Harald Fries, Ambassador Embassy of Sweden in Manila

News Brief

NordCham Philippines 2018 AGM report

Annual Seafood under the Stars, Bangkok

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ordcham Philippines hosted its Annual General Membership Meeting and Economic Briefing with Dan Steinbock, CEO and Founder of Differencegroup and Martin Guri, Chief Equity Strategist at Nordea Bank. The event took place at Manila House in BGC on 31 January, attended by 37 member companies and a total of 76 guests.

Incumbent President Bo Lundqvist and Treasurer Martin Ejeklint reported on NordCham’s activities in 2017: NordCham now has a membership of 117, suppor ted by five full time staff. Revenue (pro forma) in 2017 grew 20% compared to 2016, posting growth in both membership and consulting services revenue. In 2018, the chamber plans to hire two additional staff to support its membership services and research capabilities, and move to a larger office space, while

projecting a further 20% growth in membership, events, and consulting revenue, as well as increased participation in the EU-Philippines Business Network in the final year of the project implementation.

The AGM elected the following members for the 2018 NordCham board of directors: President: Bo Lundqvist, Retail Associates Vice President & Treasurer : Mar tin Ejeklint, Swedish Match Philippines Corporate Secretary: Marie Antoniette E. Mariano, BDO Unibank Vice President: Petteri Makitalo, Veredium Energy Ventures Vice President: Erik M. Nielsen, Global Process Manager

n Thursday 18 January, the Embassy in collaboration with the Thai-Norwegian Chamber of Commerce and the Norwegian Seafood Council, hosted the annual Seafood under the Stars at the Ambassador’s Residence. The event brought together 250 distinguished guests including people from the private sector, government representatives, activists and other people with a love for Norwegian seafood, reports the Royal Norwegian Embassy in Bangkok.

Seafood under the Stars is organized annually to promote Norwegian Seafood and tourism to Norway. It more specifically serves as a platform for Norwegian companies to nurture their business relations.

Award winning Master Chef Markus Dybwad, had the responsibility of ensuring that the distinguished guests received the best of what can be offered of cold-water seafood.

Source: Royal Norwegian Embassy in Bangkok

Source: NordCham Philippines March 2018 • ScandAsia 39

Style Chic The latest from Style & Chic, your guide to top design products and new releases, here highlighting Nordic jewellery and some other stylish picks for ladies!

If you would like to have your brand/product featured, get in touch with via: joakim@scandmedia.com

Asaiceland

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ho wants to be forgotten? From the Icelandic brand Asaiceland, come these beautiful 4 Pedal Leverback earrings in silver and with fresh water pearls.

Wearing them is like adding a touch of “bling”. They listen to the name “Forget me not”. These and many more designed jewellery pieces, can be ordered worldwide from Reykjavik. www.asaiceland.com

Pandora

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his 100 % genuine jewellery made from Sterling silver, 14 ct gold and other precious stones have been popular since ages. Pandora stands for a trendy look and worn by many “chic” people. Pandora A/S is an International Danish jewellery manufacturer with factory in Bangkok. Each piece is handcrafted. You find Pandora you will find in 21 stores in Thailand and in almost all Asian countries. Its collections are sold through more than 10.000 authorized retailers in the world. The Pandora necklace in solid gold and innovative pink-hued Pandora rose. Combine your necklace with earrings and bracelet for a complete look. www.pandora.net

Vivanna by George Jensen

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here is probably nobody who hasn’t heard of the Danish famous brand, George Jensen. This design is world-renowned, not only the jewellery, also the watch collection and the interior design.

The Vivianna watch, in silver or gold, is a beauty in its simplicity. There are many fantastic elegant watches both for men and women, but to me, this style represent the company’s elegance very well.

George Jensen products are sold worldwide and can also be ordered online. www.georgejeansen.com

Lapponia

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his winter pearls bracelet in silver, is a real beauty with its nice design. Can be worn to a long evening gown or as a flattering bikini. Pearls and water make a good marriage.This is what Finnish design offers, a simple elegance. All jewellery pieces from Lapponia are handmade in Helsinki. It’s tempting to stroll through Lapponia’s offer online. If you have bad luck and your piece will be broken, just contact the web shop. www.lapponia.com

40 ScandAsia • March 2018

Etsy

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ave you ever seen such a beautiful Norwegian butterfly? This vintage natural, bright yellow butterfly brooch is made in Sterling silver with yellow Guilloche Paint and Enamel Paint decoration.The butterfly can be converted into a pendant. Also available in a blue colour.

Design by David Andersen. Lately the brooches have become trendy again.

These pieces and much more can be ordered online. www.etsy.com

Efva Attling

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weden has many great jewellery brands e.g. Efva Attling. Her engagement and wedding rings are most popular. Efva works with both yellow and white gold, stones and silver. She has her own boutique in down town Stockholm, but is represented in many jewellery stores. She loves to write lyrics and she knows how to play around with words and expressions.This gives her jewellery another dimension. She calls her design ‘Beauty with a Thought’. I think in Sweden every woman’s dream is to own an Evfa Attling piece. www.efvaattling.com

Känsla of Sweden

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ess known might be the brand Känsla of Sweden. Its jewellery collection is young and uncomplicated. A favourite among younger girls and women. I have fallen for this Youth Aqua necklace, made of water pearls in refreshing colours. A piece of Känsla of Sweden will look fabulous to your trendy beach wear. www.kansla.com

Ray-Ban

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on’t forget to protect yourself and your eyes, the sun is strong. Go for the new Ray-Ban Aviator sunglasses with pink mirrored lenses.

These iconic sunglasses are a “must” for the chic, trendy lady all year round. Available all over Asia. www.raybansunglasses.com

Bottega Veneta

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ottega Veneta, the classic and elegant brand for bags, famous for its clutches.

Aqua Intrecciato Top Knot Clutch, here in the turquoise color, made of Nappa leather with a classic, soft and silky touch. This style comes with shoulder strap. Can be worn during daytime and evening.

Bottega Veneta is a well-known Italian brand and to be finding almost everywhere, Bangkok, Hong Kong, Singapore, just to mention a few places.

Delivery everywhere. www.Bottegaveneta.com March 2018 • ScandAsia 41

Lifestyle

Cathay Pacific to launch non-stop Copenhagen service

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athay Pacific continues to grow Hong Kong’s connections to the world. From Summer 2018, the airline will launch pioneering non-stop routes linking Hong Kong with Copenhagen further strengthening the airline’s network and providing new trade and tourism oppor tunities between Asia and Europe.

The new route will also provide Europe-based passengers with more convenient access to key destinations in Asia and Southwest Pacific through the airline’s home in Hong Kong.

“We’re excited to offer the only direct flights between Hong Kong and Brussels, Dublin and Copenhagen.These are all fantastic destinations and attract business and leisure travellers from the

world over. We listened to our customers’ demands for more options and greater flexibility and have responded by building direct air links with these great cities,” said Mr Hogg.

“Growing our reach to new destinations that aren’t served from Hong Kong boosts the city’s status as Asia’s largest international hub and enables us to capture new and important sources of revenue.”

Cathay Pacific’s long-haul fleet of aircraft averages just five years of age, making it one of the youngest in the industry.

The new seasonal Copenhagen route will be served by a three-times weekly seasonal service between 2 May and 12 October 2018.

New direct flight route Shanghai – Stockholm with China Eastern

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hina Eastern launches the first direct route between Stockholm and Shanghai on June 16 this summer. There is high demand for non-stop service to and from China, both among business and leisure travellers. Over the past decade, air traffic between China and Sweden has doubled, and nearly 200,000 passengers fly each year between the two countries. The route will also make it easier to continue on to other destinations in Asia from China Eastern’s Shanghai hub, Pudong Airport.

With the growth in business transactions and trade between Sweden and China, there is a great need for additional access and transport options between the two counties. China is an important market for Swedish companies, with about one third of Swedish operations in China established in the Shanghai region. Shanghai is also the largest air cargo market for Swedish export goods.

42 ScandAsia • March 2018

China Eastern will fly non-stop between Stockholm and Shanghai four times a week with a new A330-200 (with seating for 262 passengers). China Eastern has one of the world’s youngest aircraft fleets, with an average age of 5.3 years, and is China’s second largest carrier.

“It is incredibly good news. With this new air link, two important growth

cities are more closely connected to one another, which will hopefully lead to even more trade between the cities,” says Karin Wanngård, the mayor of Stockholm.

Connect Sweden and its partners, such as Visit Sweden and especially Stockholm Business Region, have played a key role in establishing the new direct route to Shanghai.

Subscribe to ScandAsia magazine!

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aving read this edition most likely you do not want to miss out on ScandAsia’s forthcoming editions of the new regional monthly magazine, with its editorial news and features paired with our clients’ relevant content!

Under ‘Nordic News and Business Promotion in Asia’ the magazine’s core mix consists in: Business & Trade, Human resources, Products & Services, Community, Lifestyle, International relations, Destination themes and other themes.

In addition to following ScandAsia.com you will as a magazine reader stay well informed and kept abreast of key developments. You get served first-hand related

and relevant news, information, invitations, advice, and marketing offers – educating and inspiring content over all!

ScandAsia serves all Nordic people and the prospects and customers of Nordic brands and services within Southeast Asia, Hong Kong and China. As a matchmaker we also serve all sectors and businesses, both B2B and B2C, looking to reach their targets in Asia including our core readers and beyond. Asians interested in the Nordic business solutions and partnerships, Scandinavian lifestyle and culture etc. and people in Asia doing business with Scandinavians are also part of our readership and most welcome!

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As a subscriber you will receive the ScandAsia paper magazine, magazine with all the prestige and benefits that comes with this classic format, delivered to your doorstep every month (except August) for a whole year.

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