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Finance 2025: Predicting the future of finance

Published September 14, 2019 by SoClaimon

ศาสตร์เกษตรดินปุ๋ย : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation

Finance 2025: Predicting the future of finance

Sep 13. 2019
Thavee Thaveesangsakulthai

Thavee Thaveesangsakulthai

472 Viewed

Digital disruption has been changing what we do and how we get things done in numerous ways.

Robots, smart machines and blockchain are working along side human beings to build and deliver products, provide services, as well as track and monitor resources. These technologies and innovations will make impacts that matter for the future of finance.

In this article, predictions on the future of finance are discussed to imagine what would be possible if we combine different technologies to reimagine the future, how the work of finance would get done and who would do it, and how finance could contribute even more to the success of the company. Finance 2025 will be about more efficient delivery of better financial information in a more timely and less expensive fashion, which will change what we do and how we get things done in finance organisations.

Here are some predictions of what we can expect to see over the coming years:

First, operational finance (end-to-end processes, including order-to-cash, procure-to-pay, and transactional accounting), will be leaner while business finance (including business partnering reporting, planning budgeting and forecasting) will continue to grow. The focus of finance will shift to design, configuration and maintenance of systems, with real-time data processing and monitoring.

Automation will simplify processes and free up people, leading to a hybrid workforce model, a combination of traditional employees, along with contractors or freelancers. There will be a premium on talent that understands technology and business. The workplace in finance will change, with finance command centres with smart dashboards and chatbots implemented. Stakeholders will benefit from seamless, intuitive interactions with technology and data.

Second, the role of finance will also change. Business partnering will shift upstream, from budgeting and reporting, to scenario planning, advanced forecasting and better visualisation. Computers will handle routine requests from business leaders, allowing finance to be more proactive in business planning and resource deployment.

As finance goes real time, periodic reporting will no longer drive operations and decisions. Both actuals and forecasts will be produced instantly on demand. Forecasting will not be performed once a month or quarterly, but will be made in real time, with continuous tracking of sales, cash flows, inventories, etc. The workforce in finance will integrate data scientists and professionals who can engineer automated reporting, forecasting and end-to-end processes. These new employees will be working alongside traditional business analysts to deliver real time information and insights to finance customers.

Self-service will become the norm, where budget queries and report production will be automated. Business leaders can get their questions answered by a digital voice on their smartphones. Over time, smart agents will learn what kinds of business information an individual needs, and deliver that information proactively. Data in spreadsheets will be replaced by visually rich information that is intuitively accessible and easy to use. Chatbots will become the primary mechanism by which people interact with technology and data.

New service delivery models will emerge as robots and algorithms join a more diverse finance workforce with integration of freelancers, gig workers and crowds. There will be more collaboration among finance, IT and the business. Teams will include experts in robotics, blockchain, and cognitive technologies, with diverse talent models.

As more companies move to cloud-based enterprise resource planning (ERP), they are choosing to become more standardised. Instead of building customised systems, companies will buy what they need from the marketplace of apps and microservices. Cloud-based ERP will help ensure that they are constantly updated on the latest systems releases. This will reduce the complexity and cost of technology without sacrificing functionality.

Although automation and cognitive will make it easier to get the work done, it will still be difficult and tedious to align and integrate data. Data is a technology issue as well as a cultural issue. If a company lacks leaders who value data quality, the organisation will struggle with data challenges that keep people from doing their best work. Instead of delivering insights and services to the business, these organisations are constantly backfilling, distracted by questions of data integrity and completeness.

Las, the workforce of the future will work with cross-functional teams and leverage constant collaboration. Data scientists will work alongside business analysts to solve problems that no individual could solve alone. Employees will be doing new things in new ways. CFOs should work with HR to define the talent requirements and make sure that the new hires represent the future that the companies are looking for, including strong customer service orientation, flexibility and good collaboration skills. Automation tools including predictive modelling, self-service reporting and digital assistants will enhance the capacity for employees to provide more advice on strategic interventions.

As the needs of businesses are growing and the pace of innovation is accelerating, the CFO can either plan for change, or plan to retire. They need to work now to get the right people and technology in place to take advantage of the inevitable disruption. The years ahead hold great promise for finance organisations that want to create more value for the companies they support. Getting there may not be smooth and easy, but it will certainly be exciting.

Thavee Thaveesangsakulthai is a financial advisory services partner at Deloitte Thailand.


First three steps for success in leading organisational transformation

Published September 7, 2019 by SoClaimon

ศาสตร์เกษตรดินปุ๋ย : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation

First three steps for success in leading organisational transformation

Sep 06. 2019
Arinya Talerngsri

Arinya Talerngsri

448 Viewed

Every day the internet is swamped with news and articles about the speed of digitalisation and how fast businesses are changing.

Digitalisation has impacted each one of us in more ways than one, and we all know that if we don’t learn to sail along the waves of digital disruption, we will sooner or later run out of business.

However, transformation doesn’t come easily. Here are three steps to transformation that I’ve learned from my experience:

1. Ask why you need transformation. Rhiana Matthew, in her article, “Don’t go digital for the sake of it”, asked an interesting question: Have we become so fixated on being one of the first to do something that we have lost sight of what we are trying to achieve?”

Sometimes transformation for your organisation may not look like what you see on the news or read on the internet. This is the reason many organisations start with ambiguity and end up in confusion.

With so much opportunity, resources and access to information, there is always something new happening around the world. Artificial intelligence, virtual reality, driverless cars, and so on – all of these technologies are great and every organisation wants to excel or at least be a part of the revolution.

But the problem is we jump into the digital race too soon before asking some fundamental questions like, “Does my organisation really need this? Do my customers need it? Where exactly will this new technology take my organisation to?”

Without clarity in the passion behind the motivation, most of our enthusiasm for transformational initiatives will be lost after a few knocks from experimental failures. If we aren’t persistent at those testing times, our journey of transformation may not reach the light at the end of the tunnel.

So, clarity with passion and purpose is most important as we start.

2. How to achieve transformation. Once you have answered why you need transformation, the second question is how do you achieve it.

There are so many great ideas and inspiring transformations happening around the world, but if you try to become an exact copy of them, you are most likely to fail. You don’t need to be another Google, Apple or Airbnb to come up with revolutionary ideas. You can always be equally innovative and transformational as any other company – or even better, within your own context and journey.

When you’re learning from leaders and innovative companies around the world, you need to ensure that what you’re planning to achieve is relevant to your people and applicable within your context. This is the tough part, and not possible if your people do not believe in the same values and visions you have. Therefore, start with your people.

Ronan Gray in his article, “Digital transformation is all about people” said, “In the race to implement the latest technology, too many businesses are forgetting the most critical element [of] any successful digital transformation: People”

Find out how you can educate, train and empower them to help you achieve the transformation you’re seeking. When you empathise with your people, you will start to identify what is missing in your organisation, and which areas you need to grow and build.

If you start aligning your transformational milestones with the goals of your people, transformation will be easier and faster than you think.

3. Commitment to transformation. Persistence and consistency are key in the process of transformation, from day one till the final day and even beyond. It requires strong willpower, determination and passion to push against all challenges and carry on despite encounters with failures and disappointments.

You need persistence in standing against all adversities and failures, and consistency to continue doing what is right not just for a few days or weeks, but every day over and over again until you are sure that the transformation has become the new culture of your organisation.

When you try to bring transformation or change of any sort into your organisation, it is most likely to be met with opposition, conflict of ideas and traditions. This opposition is good for testing your ideas and validating the feasibility of your proposal.

It is good to always remember that the strength of your leadership is reflected more in your consistency and persistence against confusion and disappointments than in the promises of your ideas. Transformation is a struggle for every leader. However, it is not as difficult as some of us estimate it to be.

Transformation is more than just another interesting topic of discussion for leaders, it is a reality and can be practically achieved when you starting asking the right questions of yourself and your people.

Arinya Talerngsri is the chief capability officer and managing director at SEAC (formerly APMGroup), Southeast Asia’s lifelong learning centre. She can be reached by email at

Internal Audit gets an upgrade

Published September 3, 2019 by SoClaimon

ศาสตร์เกษตรดินปุ๋ย : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation

Internal Audit gets an upgrade

Sep 02. 2019
 Weerapong Krisadawat

Weerapong Krisadawat
By Weerapong Krisadawat
Special to the Nation

479 Viewed

The world is entering the fourth industrial revolution and new technologies, digitalization, and artificial intelligence are dramatically changing the business landscape.

That means organisations are hurtling into an increasingly technology-driven, innovation-oriented, risky, and disruptive future. The question is now where is the internal audit? The answer is that, most of the time and despite ongoing efforts to meet stakeholders’ growing list of needs, it’s playing catch-up.

Until recently, the Internal Audit profession has not faced the need to innovate. Internal Audit 1.0 was born with the founding of the Institute of Internal Auditors (IIA) in 1941 while the Sarbanes Oxley Act of 2002 brought Internal Audit 2.0. Along the way, such developments as the COSO framework, improved capabilities such as IT internal audit and data analytics, and supplementary guidance have improved the profession following the global financial crisis.

However, as we approach the end of a decade of unsettling uncertainty, organisations face evolving strategic, reputational, operational, financial, regulatory, and cyber risks. There is also an urgent need for Internal Audit to innovate to the next level.

Internal Audit 3.0 is the next generation of Internal Audit, and is a function attuned to the challenges of emerging risks, technologies, innovation, and disruption as the organisation itself. Internal Audit must be a function fully able to assist in safeguarding processes and assets as management pursues new methods of creating and delivering value.

Based on Deloitte external quality assessments (EQAs) conducted for Internal Audit functions in a range of industries, in interviews with senior executives and audit committee chairs, and in numerous Deloitte research surveys with chief audit executives and heads of Internal Audit, the following constitute the triad of value that Internal Audit stakeholders now want and need.

• Assurance constitutes and remains the core role of Internal Audit. Yet the range of activities, issues, and risks to be assured should be far broader and more real-time than they have been in the past. Assurance on core processes and the truly greatest risks is essential but so is assurance around decision governance, the appropriateness of behaviors within the organisation, the effectiveness of the three lines of defense (LoD), and oversights of digital technologies. Assurance is central to Internal Audit’s role but must not be the limit.

• Advising management on control effectiveness, change initiatives, enhancements to risk management related to the three Lines of Defence and other matters – including business effectiveness and efficiency – falls well within Internal Audit’s role and stakeholders’ expectations. All sources confirm that a strong advisory role is key to maximising the value of Internal Audit.

• Anticipating risks and assisting the business in understanding risks, and in crafting preventative responses, transforms Internal Audit from being a predominantly backward-looking function that reports on what went wrong to a forward-looking function that prompts awareness of what could go wrong, and what to do about it, before it happens. Internal Audit becomes more proactive and, through its assurance and advisory roles, helps management intervene before risks materialise.

As the saying goes, “There are those who make things happen, those who watch things happen, and those who ask, ‘What happened?’” The stakes are too high, for both Internal Audit and the organisation, for Internal Audit to be in the latter group. Stakeholder needs have become clear enough for Internal Audit to engage in true transformation. With a vision – collaboratively developed, clearly articulated, and strongly supported – functions can upgrade to Internal Audit 3.0 providing stakeholders with its true worth. The future of Internal Audit has become clear, and the time to upgrade is now.

Weerapong Krisadawat is a Partner in Risk Advisory for Deloitte Thailand

Ageing populations present growth challenge for governments

Published August 21, 2019 by SoClaimon

ศาสตร์เกษตรดินปุ๋ย : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation

Ageing populations present growth challenge for governments

Aug 21. 2019
James Pomeroy is a global economist at HSBC.

James Pomeroy is a global economist at HSBC.
By Special to The Nation

255 Viewed

Global demographics are changing rapidly. The world’s working-age population will grow by just 1 per cent this year – down from 1.7 per cent in 2007 – while the number of over-65s will increase by a record 3.8 per cent. That could drag down economic growth.

The working-age population of many countries will actually shrink – not just developed economies but, increasingly, eastern European and Asian countries. And as the number of pensioners keeps growing, policymakers may have little option but to raise retirement ages.

Two years ago, the UN forecast the world population would rise from 7.7 billion to 11.2 billion by 2100. Its new projections cut that to 10.8 billion but that could still be too high. With people having fewer children and living longer, we estimate the global population will peak at around 9.3 billion in the early 2060s.

Within the demographic picture, Gen-Z – today’s under-22 generation – will be most important for changing tastes in consumption, voting and working over the next decade. Gen-Z comprised just 3 per cent of the US electorate in 2016; by 2028, it will exceed 20 per cent, and the same trend is evident across other developed countries.

Gen-Z has different attitudes. They save, and prioritise job stability and personal success, whereas baby-boomers focused on family. Many are entrepreneurial, choosing self-employment. Social responsibility and sustainability are key: many will pay more for brands promoting environmental initiatives or supporting gender equality, LGBT rights and racial justice.

What impact could this rapid increase in retirees have? Ageing non-workers could risk economic growth and impose burdens on taxpaying workers.

But only about 7 per cent of the population of emerging economies are over 65. This may exceed 9 per cent by 2030, but that is still only half Europe’s current figure and far below Japan’s 28 per cent.

And in developed markets, the old may be less of an economic drag than previous generations. Pensioners on reduced incomes slow consumption growth, but today’s retirees have benefited from rising house and investment values, plus better pensions. Their smaller families have left home, leaving the “empty-nesters” to spend on themselves. The ageing US population has actually led to increased spending.

Nevertheless, forward-thinking governments must try to offset the demographic drag and improve output from the population they have.

Japan has tried to encourage women into work but many countries already have a high female participation rate. Other nations seek to improve productivity, but that is harder in service economies, especially without big investment. Automation may provide an answer.

Overseas tourists can boost a country’s income and immigration can boost its workforce. But halting the long-term worldwide fall in fertility rates is easier said than done – and it takes many years before babies become workers.

The faster solution to these demographic challenges is to raise the retirement age. It may be unpopular, but higher life expectancies mean governments have few other policy options.

Note: Writer by James Pomeroy is a global economist at HSBC.

Southeast Asia a beacon of opportunity

Published August 17, 2019 by SoClaimon

ศาสตร์เกษตรดินปุ๋ย : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation

Southeast Asia a beacon of opportunity

Aug 16. 2019
James Cheo

James Cheo

476 Viewed

Global market volatility is set to rise in the months ahead. For investors concerned about market uncertainty, Southeast Asia could provide a beacon of opportunity, given its domestic orientation and long-term growth potential.

The region has been fairly resilient in recent years. Domestic consumption has been the main driver of growth for some of the region’s bigger economies. There is also scope for Southeast Asian economies to outperform North Asia amid supply chain diversions resulting from ongoing tensions over tariffs between the US and China.

More broadly, the next round of investment-led growth looks to offset the sputtering trade engine. This investment spending should happen this year and carry on to the next. Indonesia is embarking on a new round of infrastructure projects that will probably start in mid-2020. Thailand’s key Eastern Economic Corridor (EEC) projects should re-accelerate in the fourth quarter of 2019, while in Malaysia there is finally more policy certainty surrounding some of its key infrastructure projects.

Furthermore, many economies in Southeast Asia have the policy ammunition – both fiscal and monetary – to buffer an impending trade slowdown. Many of the central banks have already started to ease policy.

Economic gravity shifts to the region

Looking further ahead with a longer term lens, the economic centre of gravity is shifting to Southeast Asia. The region is one of the world’s fastest-growing economic blocs, but one of the least well known. In fact, Southeast Asia is expected to double its size in the next decade to become the fourth largest economic bloc, after the US, China and the European Union.

Southeast Asia has been growing at 5.4 per cent in recent years. To put in perspective Southeast Asia’s potential, if the region grows at 5 per cent, a Greek economy can be created in a year and in two years, the Finnish economy is created and in three to four years, the size of either Singapore or the Hong Kong economy can be created.

The locomotive behind Southeast Asia growth story is powered by urbanisation, demographics and digital revolution.

Southeast Asia’s urbanisation at a tipping point

South and Southeast Asian cities have a combined population of more than 2.5 billion, eclipsing that of China. Yet more than 58 per cent of Southeast Asia’s population still live outside of urban areas.

Urbanisation is not going to slow down, and instead it is only going to accelerate in the years to come. The urban population is set to expand quickly in secondary cities of Indonesia, the Philippines, Thailand and Vietnam. Southeast Asian countries with their young populations will unleash Asia’s next growth wave for the coming decade.

To cope with the urban population growth, Southeast Asia must spend at least $60 billion (Bt1.85 trillion) a year on infrastructure upgrades. Indonesia alone intends to spend $425 billion on infrastructure over the next five years.

Reaping the demographic dividends

While most developed economies are ageing, Southeast Asia is blessed with a growing and young working population.

It is home to around 650 million people – more than the US or the EU – of which, 60 per cent are under 35 years old. By 2030, more than 60 per cent of the population will join the middle class. The middle class within Southeast Asia is set to double, and within Asia alone, it is going to account for 90 per cent of the middle class growth in the years ahead.

Southeast Asia is undergoing a digital revolution which will bolster the region’s productivity. There are more than 350 million internet users across Southeast Asia – already more than the entire population of the United States.

Every month, more than 3 million Southeast Asians, a population bigger than Chicago’s, goes online for the first time in their lives. With a young and growing population that is quick to adopt new technologies, the region’s internet economy is estimated to triple to more than $240 billion by 2025.

According to a recent study by Temasek and Google, the region’s digital economy is valued at $72 billion, which has more than doubled since 2015. Southeast Asia’s digital economy has generated value surpassing the gross domestic product (GDP) of more than 100 countries in the world in just three years. The year 2018 was a watershed as Southeast Asia’s e-commerce sector doubled in value in that single year. An example of a digital marketplace would be the advent of ride-hailing services via a mobile application. Last year 35 million Southeast Asians used ride-hailing services per month. Eight million rides are taken every day across 500 cities.

Positioning for Southeast Asia’s potential

We think investors can find shelter and weather trade risk with some reshuffling in Asian exposure. Although we keep our mild overweight position on Asia, we believe some diversification into India, Indonesia and Singapore may be prudent, while shifting out of trade-exposed markets like Taiwan. In terms of sectors, we prefer companies operating in the consumer discretionary and communications services sectors. Importantly, we like companies well-positioned for long-term growth drivers like urbanisation, technological innovation and demographics.

On credit, we are bullish on Asian credit. With US Treasury yields being well anchored by the dovish guidance of the Federal Reserve, the environment for Asian high yield bonds has turned more favourable given their attractive carry and improving credit fundamentals, especially for Chinese and Indonesian bonds.

James Cheo is the chief market strategist for Southeast Asia at HSBC Private Banking

Important Note: This document does not constitute independent investment research. This document has been issued by the Singapore Branch of The Hongkong and Shanghai Banking Co Ltd.

Will taxing mutual funds achieve tax parity?

Published August 7, 2019 by SoClaimon

ศาสตร์เกษตรดินปุ๋ย : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation

Will taxing mutual funds achieve tax parity?

Aug 07. 2019

Orawan Fongasira /Photo by PwC

Orawan Fongasira /Photo by PwC
By Special to The Nation696 Viewed

Until August 20, mutual funds established under the Securities and Exchange Act are perceived as non-taxable entities. Taxation of the income derived from investments in mutual funds is achieved at the investor level, rather than at the fund level.

Taxes currently imposed at the investor level vary depending on the type of return of investment and the tax status of the investor. This creates issues of inequality of taxation, most prominently in the following areas:

• Overseas corporate investors in mutual funds are not subject to Thai tax on any return of their investments, while taxes are imposed on profit sharing and capital gains in the hands of Thai corporate investors.

• A Thai individual investor can opt to indirectly invest in debt instruments through mutual funds and pay the 10 per cent final tax on the profit sharing received, whereas a 15 per cent final tax rate would otherwise apply to interest income from a direct investment in the debt instruments.

Similarly, an overseas corporate investor would be subject to the 15 per cent withholding tax on a direct investment in Thai debt instruments. This gives rise to the issue of different tax rates applying to the same source of income.

This will change once the new tax law takes effect. Mutual funds will be established as juristic persons and so will be taxable entities liable to corporate income tax at the rate of 15 per cent on their gross interest income received from their investments in debt instruments.

Returns on investments in mutual funds in the form of profit sharing and capital gains will be classified as assessable income in the same category as dividends and capital gains from an investment in securities.

This will eliminate the disparity in the tax rate between a direct investment in a debt instrument and an indirect investment via a mutual fund that exists in the current regulations.

Also, overseas corporate investors could potentially be subject to Thai tax on both profit sharing and capital gains from their investments in mutual funds.

As a consequence, the new tax law would allow the Revenue Department to collect more tax revenue as it broadens the scope of taxation.

Some observations on this new tax law are as follows:

According to the newly enacted legislation, income from an investment in mutual funds could potentially be taxed at both the fund and investor levels. This gives rise to the issue of an economic double taxation as the same income will be taxed twice, which contradicts the objective of the new law.

The government is aware of this situation and the Cabinet has agreed to enact subordinate laws to introduce a tax exemption at the investor level to resolve this issue, including:

• Tax exemption for profit sharing distributed by a fixed income mutual fund.

• Tax exemption for capital gains on the disposal of units in a fixed income mutual fund in the case where the seller is a Thai corporate investor or a foreign corporate investor carrying on business in Thailand.

The issue of economic double taxation could still persist though in the case of mixed mutual funds which invest in debt instruments and other types of assets so would not be entitled to the above tax exemption at the investor level.

In the past, mutual funds were unable to access the tax benefits provided by double tax treaties for their overseas investments. This is because certain jurisdictions require a tax residence certificate of the mutual fund when applying the treaty benefits. Since a mutual fund is not a taxable entity until the new law becomes effective, it has been unable to obtain a tax residence certificate so has lost the opportunity to access the treaty benefits.

Under the new law, a mutual fund will be a taxable entity with the obligation to have a tax identification number. It would then be entitled to obtain a tax residence certificate to meet the requirements for applying the treaty benefits.

As there are some unclear interpretations of the new tax law, asset management companies and investors are encouraged to monitor the development of the subordinate laws and guidelines which the Revenue Department is expected to issue to address these uncertainties.

About the writers: Orawan Fongasira is a Tax Partner, Jareeporn Phongsuriyanunt is Senior Manager and Suttinunt Pattayanunt is Manager at PwC Tax & Legal Thailand.

Localised hospitality key to multi-market success

Published August 2, 2019 by SoClaimon

ศาสตร์เกษตรดินปุ๋ย : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation

Localised hospitality key to multi-market success

Aug 02. 2019
Wan Sing/Photo by JustCo

Wan Sing/Photo by JustCo
By Wan Sing
Special to The Nation

132 Viewed

Asia Pacific is an immense region, home to 60 per cent of the world’s population or approximately 4.3 billion people. It is incredibly diverse as well, with multiple cultures, languages and socio-economic levels. No two markets in the region are the same – and nor are their citizens. As such, localisation is key in appealing to the differing needs and wants of each market’s consumers.

This is true of many industries, and JustCo takes this a step further by ensuring that localisation is at the heart of its ‘hardware’. This starts from the design and aesthetics of each of its 35 centres across eight cities and also extends to our ‘software’, the communal experiences brought to each space including specially curated events and workshops. Together, both the JustCo ‘hardware’ and ‘software’ give the centres in each market their own unique personality and local flavour.

Designing a different kind of ‘hardware’

Most of us will spend one-third of our lives at work. As such, it’s vital that the space we work in is conducive, comfortable and inspiring. This is prioritised in each of the JustCo centres, and enriched with fixtures and facilities that are specially localised across each of the eight cities. For each market, we select accessible locations and weave in designs that best support each country’s macro-economic environment and users’ preferences.

For example, at JustCo’s three new centres in Taiwan that are expected to open in the third quarter of 2019, the design is inspired by materials and features commonly found in traditional Taiwanese architecture, such as bamboo and arches. Additionally, recycled materials will be stylishly incorporated in the décor and furniture in support of the island’s national drive towards sustainability and upcycling.

Visitors to the three JustCo centres in Indonesia will also find plenty of natural earthy elements such as rattan baskets and woven swing chairs that can be commonly found in traditional Indonesian handicrafts.

In Australia, locals take their coffee seriously and it’s common for people to hold their meetings and discussions over short coffee breaks. Hence, the four JustCo centres in Sydney and Melbourne each have an in-house cafe for members to get their daily dose of caffeine while connecting with other members and discovering collaborative opportunities.

Common areas are another key focus at the JustCo centres, where members can take a short breather from work, connect with other members, or have some privacy where needed. Based on member feedback, about 30-40 per cent of each JustCo centre is dedicated to these zones, and have a variety of facilities depending on user preferences in each market.

For instance, In Singapore, the JustCo centres feature a recreational area that includes facilities such as a snooze lounge, meditation corner and foosball (table football), mini golf and darts corner to cater to local members’ request for spaces that allow them to network, relax and recharge.

Meanwhile, a JustCo Lab initiative was launched recently at the Marina Square centre to support the country’s start-up ecosystem. The incubation programme empowers early-stage start-ups to tap on JustCo’s collaborative and innovative culture, as well as attend hackathons, masterclasses and gain access to mentors who are successful and established entrepreneurs.

JustCo Co-working space in Seoul

JustCo Co-working space in Seoul

Customising with a ‘soft’ touch

The fixtures, interior design and facilities are just one-half of the co-working formula. The other half is to build a productive, inviting and warm environment where the needs of the members are heard and addressed continuously.

On a day-to-day basis, JustCo ensures that its support teams across all the cities are locals and are in touch with the native business needs and culture. Not only do these teams speak the same language as the locals but they are also in tune with the cultural nuances.

Hiring a local team also helps to curate events, partnerships and community engagement programmes that are relevant, useful or interesting to members in the respective markets. In Singapore for example, women-centric events tend to be popular where female entrepreneurs are able to connect with one another and trade tips. It’s also no surprise that food and culinary themed events do well in the foodie nation.

Even across Southeast Asia, members have different preferences – for instance, Indonesians are techies who tend to gravitate towards tech-related talks or workshops. They also sign up more eagerly for events that feature renowned speakers or organisations in their respective fields, while the Thais enjoy cultural events and workshops that have high levels of fun and engagement such as lantern-making during the Loy Krathong festival.

By adjusting to the needs and predilections of members across markets, JustCo delivers a localised customer-first mindset. In today’s digital economy where the barriers of geography are broken down, it is vital to think locally and act globally to flourish.

Wan Sing, a property and real estate veteran with more than15 years of experience, is the founder and chief executive of JustCo ,

People will shape the future of business

Published July 11, 2019 by SoClaimon

ศาสตร์เกษตรดินปุ๋ย : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation

People will shape the future of business

Jul 10. 2019
By Special to The Nation

164 Viewed

In a future defined by artificial intelligence and automation, businesses have started backing people to set themselves apart.

They see a marriage of talented teams with innovative technology and producing better products at a lower cost as the key to success.

The global business environment is more challenging than it has been for years: economic growth is slowing, international trade expanding at its slowest rate for three years, and companies are facing geostrategic uncertainty at levels not seen since the end of Cold War.

Despite these headwinds though, most of the 2,500 companies across 14 major economies surveyed for HSBC’s Navigator: Made for the Future report said they are more optimistic about their prospects than they were 12 months ago and that they are still investing.

What has changed is their focus. Rather than chasing revenue growth in new markets, companies are now concentrating on the other side of the balance sheet and prioritising the delivery of better quality products and services at lower cost. To make this strategy work, they believe they need to find, train and retain good people while also making innovative use of technology.

The importance of people is a recurring theme in the survey’s findings. Three-quarters of the companies surveyed said they need to improve productivity; more than half said they intend to boost investment in skills and training; and one in every four firms that expects to grow ranked the quality and skills of their workforce as one of the top three factors influencing their expectations.

This return to the fundamentals of human resources is symptomatic of a more cost-conscious age, both in terms of the accounting bottom line and the cost to our planet. A quarter of the companies said one of the reasons they think it’s important to focus on environmental sustainability is because strong green credentials make it easier to recruit and retain the best people.

Perhaps surprisingly, given the media coverage this issue has attracted, only one in six companies ranked skills shortage as a top-three threat to their business plans.

This is important because getting the people part of the equation right will be vital to companies’ ability to realise their plans to use technology and innovation to survive and thrive.

Globally more than four out of five companies said they intend to increase investment, and of these nearly all (97 per cent) plan to spend more on research, innovation and technology. Their motives divide almost evenly between those who see innovation as a defensive necessity – the only way to survive – and those who see it as an offensive strategy – the only way to grow.

Asian and European companies predominantly fall into the first group, while almost 60 per cent of North American companies see innovation as the way to thrive rather than just survive.

This ambivalent sense of technology as both an opportunity and a threat runs through the findings. New technologies are expensive and returns are uncertain. Some 40 per cent of companies cited costs as a barrier to innovation, significantly more than any other factor, and a quarter said they worry they might not see a return on investment. Improving productivity and adopting new technologies were recognised as the top two opportunities for business, but cybersecurity was also among the top three threats.

Companies say the biggest tech opportunities lie in the internet of things, artificial intelligence and 5G technology, all of which share two common traits: a skilled workforce is required to exploit them, underlining the importance of the people element, and they bring companies closer to their customers, emphasising a focus on delivery.

The survey responses were also notable for what they did not show.

Although companies in Asia were generally the most optimistic about their near-term growth prospects at 82 per cent positive, those in North America (78 per cent) and Europe (74 per cent) were not significantly far behind. The regions were similarly balanced when it came to identifying opportunities and threats, plans for increasing investment and targets for that investment spending.

The headlines sometimes tell of little but doom ahead, with jobs being eroded as machines displace workers. But the respondents to this global survey speak of confidence in a brighter future, anchored in a carefully thought-out strategy that focuses on improvements to production and delivery through investments in people as well as in technology.

Noel Quinn is CEO of HSBC Global Commercial Banking

Japanese action against South Korea spells trouble for region’s electronics supply chains

Published July 9, 2019 by SoClaimon

ศาสตร์เกษตรดินปุ๋ย : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation

Japanese action against South Korea spells trouble for region’s electronics supply chains

Jul 08. 2019
By Special to The Nation

163 Viewed

Japan’s decision to curb exports of some high-tech materials to South Korea could have a significant impact on electronics supply chains, not only in South Korea but also the region, according to DBS Group Research.

The Japanese government on July 1 said that it would curb the exports of high-tech materials to its neighbour. Bilateral diplomatic ties have deteriorated over disputes regarding compensation for South Koreans forced to work for Japanese firms during World War Two. The policy became effective on July 4, with Japan requiring its exporters to seek approval when shipping three types of high-tech materials to South Korea, a process that will take up to 90 days.

The high-tech materials on Japan’s restriction list are crucial for the manufacturing of semiconductors and display screens. Japan dominates global supply of these materials. On the other hand, South Korea plays a key role in the global supply of memory chips and OLED screens.

A shortage or delay in the supply of components could affect downstream electronics producers around the region. Producers in the Thai electronics sector could also become  vulnerable.

Preparing to embrace the digital era of tax collection

Published July 8, 2019 by SoClaimon

ศาสตร์เกษตรดินปุ๋ย : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation

Preparing to embrace the digital era of tax collection

Jul 05. 2019
Niphan Srisukhumbowornchai, Tax Partner

Niphan Srisukhumbowornchai, Tax Partner
By Special to THE NATION

406 Viewed

Tax authorities across the globe are now becoming digital organisations and the Thai Revenue Department will soon be joining them. It recently announced plans to become a ‘Digital Revenue Department’ by adopting the D2RIVE strategy (Digital transformation, Data analytics, Revenue collection, Innovation, Value and Efficiency).

While digital transformation is key to enhancing the Revenue Department’s efficiency in tax collection, it also throws up a number of new challenges for taxpayers.
In the first eight months of the 2019 budget year (October 2018 to May 2019), the Revenue Department has collected Bt1.22 trillion in taxes, which exceeds its target by 2.4 per cent for the first time in a decade. This upturn in collections has been aided by the adoption of emerging technologies in tax collection and data analytics.


These technologies are designed to reduce paperwork and cut through red tape, which improves tax collection, taxpayer compliance and counters tax fraud. This will make the whole process of tax payment faster, and let the Revenue Department easily collect and access important tax information.
Data analytics will be used to forecast taxpayers’ income, scrutinise tax filings, conduct tax investigations, and identify tax risk areas. Data analytics will be used by the Revenue Department to cross-reference and analyse data from external sources, such as banks and companies, enabling it to identify abnormalities among taxpayers. While this will create a tremendous volume of data, it can be easily processed with the new technology. Furthermore, tax investigations will be initiated using different criteria based on the so-called Risk Based Audit System, which considers different factors depending on the nature of the business.
Besides digital transformation, a new accounting standard is expected to be released in FY2020: ‘TFRIC 23 – Uncertainty over Income Tax Treatments’. Although the details of the standard haven’t yet been published, TFRIC23 will explain how to recognise and measure deferred and current income tax assets and liabilities where there are uncertainties over the tax treatment. A taxpayer must assume that a tax authority with the right to examine its various tax treatments has full knowledge of all the relevant information in assessing any proposed tax treatment, without needing to consider whether or not the Revenue Department will detect them. Companies with any kind of tax uncertainty that the Revenue Department is unlikely to accept will need to record a tax provision.


The Revenue Department can also more easily use information from financial statements to detect any suspicious figures and identify tax errors. Along with data collected from internal and/or external sources, this will give the Revenue Department a far greater ability to identify areas of tax non-compliance. While this may seem challenging for companies, it could also be considered as an opportunity. This may be the right time for a company to rethink its own processes, improve them, and make them more efficient.
It’s crucial for a company to know its own risks. The first step is to assess its current tax exposures. Then, look at how to manage this and determine what action should be taken. A company that improves its tax processes using new technologies will reduce errors and save costs. But this will all depend on how well the company responds to these challenges.
So how about your company? Are you ready for these new challenges and ready to turn this to your advantage?

Niphan Srisukhumbowornchai, Tax Partner
Sirisuk Manmettakul, Director
PwC Tax & Legal Thailand

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