FinanceAsia Volume Two 2023 | FinanceAsia

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By now, most of our subscribers will have received print editions of the latest FinanceAsia Magazine: Volume Two 2023. 

Over the course of the summer, we look forward to sharing online our in-depth magazine features, including the detailed rationale behind our jury’s selection of winners across our recent flagship FA Awards process.

You can access the full online edition here.

To whet your appetite, read on for our editor’s note.

Positive predictions

As a snake (according to the Chinese zodiac), I have so far fulfilled my Year of the Rabbit prophecy in securing opportunity for career growth within the Haymarket Asia business. A successor will soon have the good fortune to step up as editor in my place, as I become content and business director and oversee the editorial strategy of our finance publications: FinanceAsia, CorporateTreasurer and AsianInvestor.

It is said that those born in 2023 will be blessed with vigilance and quick-mindedness. Very useful personality traits, I would think, as artificial intelligence (AI) advances globally, at pace. We are witnessing great development in this field in Hong Kong – and across the wider Asian economy, as emerging tech becomes the next positive disruptor and the capital markets work to respond through evolving regulation and new listing regimes.

In this summer issue, Christopher Chu delves into the value disruption put forward by generative AI, with consultants estimating its worth to breach $16 trillion by 2030. He explores its sophistication and how its potential is interwoven with political factors, while questions are posed around data ownership.

Also intertwined within the realm of transformative technology, is this edition’s flagship interview with BNP Paribas’ CEO for Asia Pacific, Paul Yang. He shares his journey navigating a career path that has taken him from IT coding in Paris, to leadership of the bank’s Asia Pacific business. He offers insights around his accomplishments to date and details plans to progress the bank’s 2025 Growth, Technology and Sustainability (GTS) strategy.

Reviewing activity across Southeast Asia, Liza Tan inspects the market’s prominent position in the ongoing start-up story, through assessment of the current venture capital (VC) fundraising landscape. Her discussion with experts asserts that fintech is inherently fused with human approach and that quality conversations and connections are key to future success.

Indeed, as FinanceAsia’s recent in-person awards celebration underlined, we have much to look forward to in the second half of the year and it is the human elements involved in dealmaking that have capacity to shape the road ahead. I think we all agree that recognising and nurturing talent is vital and so I hope you enjoy reading our evaluation of market resourcefulness, ingenuity and skill that informed the jury’s selection of award winners, amongst truly outstanding competition.

Finally, Sara Velezmoro and I explore the outlook for Asia’s debt capital markets – investigating what opportunity is on offer alongside the changing environment; and whether the momentum surrounding Japanese equities can be sustained, if the government were to reverse yield curve control.

Amid uncertainty we must focus on potential, so please join me in acknowledging the positive strides being taken by Asia’s market movers.

Ella Arwyn Jones

(Please feel free to send feedback or suggestions to [email protected])

 

¬ Haymarket Media Limited. All rights reserved.

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Coco Lee: The pioneering singer who charmed the world

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Coco Lee at Hainan Island International Film Festival in 2020Getty Images
By Kelly Ng & Tessa Wong
BBC News

Millions of Asians tuned in on their television and mobile screens on what a Monday in March 2001 to watch Coco Lee sing A Love Before Time – the stirring theme from the acclaimed film Crouching Tiger, Hidden Dragon – at the 73rd Academy Awards.

Donning a red qipao, a traditional Chinese outfit, and golden chandelier earrings, Lee sang alongside a group of kungfu dancers, becoming the first Chinese-American to perform at the Oscars. The song was also nominated for best original song that year.

The then 26-year-old spoke of her ambition to leave an Asian footprint, literally, on the international stage. “I could sing for 30 years and never get the chance to perform like this,” Lee had said of the ground-breaking performance.

Lee died in Hong Kong on Wednesday at the age of 48. Her sisters, who broke the news on social media, said she had been suffering from depression for a few years and tried to take her own life on Sunday.

Long before representation became a talking point in entertainment, Lee became one of the first Asian singers to shoot to fame on both sides of the Pacific.

Born Ferren Lee on January 17, 1975, in Hong Kong, she moved to the US with her family when she was a secondary school student. After graduating from a public high school in California, she returned to Hong Kong, and then moved to Taiwan to launch her singing career. She soon broke into the Mandopop scene in 1994 with two albums.

Within a few years, she released English-language albums and crossed over to American charts. Disney hired her to voice the lead character in the Mandarin version of its hit film Mulan, for which she also sang the theme song, Reflection.

Her hit Before I Fall in Love made it to the soundtrack of the Julia Roberts-and-Richard Gere film Runaway Bride; and Do You Want My Love soared to the fourth spot on the US Billboard in 2000.

Coco Lee performing with Johnny Legend in 2011 in Beijing

Getty Images

Lee will be remembered for “laying the groundwork, culturally and musically,” in bridging the gap between East Asian and Western audiences, entertainment blogger Brandon Lewis told the BBC. Some fans likened her to Mariah Carey.

She holds a special spot among Chinese millennials who grew up listening to her music in Mandarin and English. It was a time when Mandopop flourished as economies like China, Taiwan, Hong Kong and Singapore boomed. Amid a sea of demure female singers crooning ballads, Li Wen – as she is known in the Chinese-speaking world – stood out with her confident image, sexy dance moves and brightly-coloured locks.

One of her songs Di Da Di, a Chinese cover of a Danish pop song, became an instant hit and a karaoke staple after it appeared in an advertisement in mainland China.

Behind the fame and flamboyance, Lee remained close with her mother and sisters.

In the early years of her career, her sister Nancy served as Lee’s wardrobe consultant, public relations officer and makeup artist – including on Oscar night – while her mother was manager and accountant. It was in fact Nancy who suggested the moniker Coco.

As a child, Lee had wanted to follow in her mother’s footsteps to become a doctor. She initially tried to juggle singing with pre-medical studies in university, but eventually left school to focus on her pop career.

In an Instagram post on Wednesday, Lee’s sisters Carol and Nancy spoke poignantly of how their younger sister “worked tirelessly to open up a new world for Chinese singers in the international music scene”.

Coco Lee performing with the Black Eyed Peas in 2011 in Beijing

Getty Images

“She went all out to shine for the Chinese. We are proud of her,” they wrote.

Lee’s death came as a shock to fans and fellow artistes who remember her for her shiny smile and exuberance on stage. Inevitably, it sparked a discussion about mental health on social media.

Crouching Tiger, Hidden Dragon director Ang Lee said he was “very shocked” to hear the news, and star Jackie Chan said Lee had “such great talent and unique personal style” and was “born to be a star”. “There will be one more star in the sky from now on,” he added.

On YouTube, where fans are re-watching Lee’s music videos and leaving tributes, one comment read: “I hope Li Wen can continue singing up in heaven, far away from pain and illness. Your song will forever live in our hearts.”

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Taiwan celebrates linguistic diversity at annual music awards

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“My friend asked me, why don’t you sing good songs in Chinese?”, Peng said upon receiving the prize in Taipei. “I don’t think there should be language restrictions on singing.”

Cheng, speaking in Mandarin, thanked the Taiwanese language for “teaching me how to bow my head and slow down”.

In the indigenous language category, the Paiwan singers Kasiwa and Matzka rapped and sang in their native tongue, with Kasiwa getting the prestigious jury award.

While Taiwan has only 23 million people, its music scene has an outsized influence in the Chinese-speaking world, in part due to creativity unhindered by censorship.

Taiwan President Tsai Ing-wen wrote on her Facebook and Instagram pages that at the show the love of music had “eliminated language boundaries between different ethnic groups”.

“Here, no matter what language everyone uses – Taiwanese, Hakka, indigenous languages, Mandarin, English and Japanese – they can all sing freely, which also brings us together.”

Disco queen Ouyang Fei Fei, one of two special contribution award winners and as famous for her big hair as her big voice, broke through in Japan in the 1970s singing in Japanese.

“Singing and performing have always been my dream. If I can, I will continue to sing and never give up,” Ouyang, now 73, told the audience.

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Gurus tout incoming ‘Thai wave’

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Thailand has been voted as the most likely country in Asia to enjoy a boom period in its content industry on the scale of the so-called Korean Wave.

At the Asia Video Summit 2023, held in Hong Kong by Asia Video Industry Association last week, 180 participants from 22 countries were asked to vote in e-polls.

When asked, “In the coming years, which market is most likely to emulate the regional success of the Korean content industry?”, 40% of respondents chose Thailand while 16% chose Mainland China and 13% chose Indonesia.

The participants come from the TV, streaming, marketing, telecommunications and technology industries, as well as policymakers and content creators.

Pirongrong Ramasota, commissioner at the National Broadcasting and Telecommunications Commission (NBTC), who spoke in a session entitled Thailand’s Time, said Thai audio-visual content has won various prominent international awards and has been welcomed in various countries.

However, Thailand still lacks strategic support, partly due to inter-agency problems. The NBTC was ready to host talks among agencies to find a shared direction to promote Thai content production and distribution, she said.

Meanwhile, as the lack of level playing field between local and international digital platforms is hindering Thailand’s prospects, the NBTC aims to find ways to create a suitable ecosystem for free and fair competition.

Light-touch regulation and the promotion of self-regulation or joint community standards are possible measures, Ms Pirongrong said.

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Commentary: Has reading for pleasure vanished from our lives forever?

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RE-READ BOOKS FOR COMFORT

I’ve read so much in my youth that those stories still live in my head. I don’t feel the pull of new novels as I did when I was younger. Besides, between news and social media, reading a book can feel like more work.

I’m not alone. Studies show people are reading much less now with our devices, our brains attuned to constant stimulation and instant gratification, with information at our literal fingertips.

Ask the right question and Google will tell you the answer. As a person who used to hate knowing the endings of intriguing stories, I find myself on Wikipedia searching for exactly that.

Occasionally, I pick up one of the 30 books always surrounding me and pat it with great affection before indulging in a poem, short story, or essay I’ve read many times before. Reading a familiar piece offers bite-sized morsels of nostalgia and a sense of comfort, but that feeling doesn’t last.

If we want to read for pleasure again, it can be done. Our brains are wonderful, pliable things and we can rewire them to slow down and slip us back into other worlds, into other dimensions, down the rabbit hole.

It may feel uncomfortable initially, but read a little each day. Schedule time for it – first a chapter, then two.

Re-read your favourite books first. The familiarity helps immersion. Then, when you’re back to reading a novel all the way through again, try something new.

My plan is to reach old age and hopefully still have my eyes to enjoy reading once more. I just put reading for pleasure on my bucket list. It may not happen this year or next year, but one day I will.

Christina Sng is a poet-writer-artist and the first Singaporean to win three Bram Stoker Awards.

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Singapore’s Odette named Best Restaurant in Asia at World’s 50 Best’s 2023 awards ceremony

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The World’s 50 Best Restaurants 2023
    1.    Central, Lima
    2.    Disfrutar, Barcelona
    3.    Diverxo, Madrid
    4.    Asador Etxebarri, Atxondo
    5.    Alchemist, Copenhagen
    6.    Maido, Lima
    7.    Lido 84, Gardone Riviera
    8.    Atomix, New York City
    9.    Quintonil, Mexico City
    10.    Table By Bruno Verjus, Paris
    11.    Tresind Studio, Dubai
    12.    A Casa Do Porco, Sao Paulo
    13.    Pujol, Mexico City
    14.    Odette, Singapore
    15.    Le Du, Bangkok
    16.    Reale, Castel Di Sangro
    17.    Gaggan Anand, Bangkok
    18.    Steirereck, Vienna
    19.    Don Julio, Buenos Aires
    20.    Quique Dacosta, Denia
    21.    Den, Tokyo
    22.    Elkano, Getaria
    23.    Kol, London
    24.    Septime, Paris
    25.    Belcanto, Lisbon
    26.    Schloss Schauenstein, Furstenau
    27.    Florilege, Tokyo
    28.    Kjolle, Lima
    29.    Borago, Santiago
    30.    Frantzen, Stockholm
    31.    Mugaritz, San Sebastian
    32.    Hisa Franko, Kobarid
    33.    El Chato, Bogota
    34.    Uliassi, Senigallia
    35.    Ikoyi, London
    36.    Plenitude, Paris
    37.    Sezanne, Tokyo
    38.    The Clove Club, London
    39.    The Jane, Antwerp
    40.    Restaurant Tim Raue, Berlin
    41.    Le Calandre, Rubano
    42.    Piazza Duomo, Alba
    43.    Leo, Bogota
    44.    Le Bernardin, New York City
    45.    Nobelhart & Schmutzig, Berlin
    46.    Orfali Bros Bistro, Dubai
    47.    Mayta, Lima
    48.    La Grenouillere, La Madeleine-sous-Montreuil
    49.    Rosetta, Mexico City
    50.    The Chairman, Hong Kong

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CNA’s video reporting of Hu Jintao’s dramatic exit from China Congress wins SOPA award

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In CNA’s video, chairman of China’s legislature Li Zhanshu was seen taking papers out of Mr Hu’s hand. Mr Hu was escorted out by an aide shortly after.

The unexpected development caught the world’s attention amid talk of a consolidation of power by President Xi.

It also provided a rare, candid glimpse into the inner workings of China’s Communist Party, where elite politics has become increasingly opaque. 

Mr Wan was among the first to run into the auditorium at the Great Hall of the People to film the events at the Congress. The media had been in a holding area, and he recalled jostling for prime position with scores of other crew. 

“As I was setting up the tripod and the camera, I saw something unusual, some movements on stage, so I quickly rolled my camera to record it … It didn’t occur to me that this would be exclusive news,” Mr Wan said.

“As a visual journalist, I often have a stronger sense of news because of my curiosity. I am very happy to receive this honour.”

The exclusive video chalked up more than a million views within 24 hours after it was published on CNA’s YouTube and Facebook platforms.

A story analysing the video by CNA China correspondent Olivia Siong was also top-read that week, with well over 320,000 page views.

“This is a story that more than six months on, remains significant, puzzling and intriguing. And one we will definitely remember for long time,” Ms Siong said after the awards, which were announced at a ceremony in Hong Kong.

“We are grateful to have a front-row seat to history and to tell various facets of China’s story as it gets increasing attention from the world,” she added.

“We don’t take this responsibility lightly and this story has reinforced how important it is to us to expect the unexpected. This recognition will definitely be a boost to us as we press on in our reporting on China.”

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Selangor startups find Sidec’s Pitch Malaysia USA exposure helpful

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Expose startups to US peers pitching styles, creating links with US investors
Trip gives Sidec confidence of seeing substantial investments within Selangor with PNSB

Mission statements and goals set by public agencies are a dime a dozen and can be adjusted for convenience. But, launched in 2015, the Selangor Information Technology & Digital Economy…Continue Reading