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02 Singapore Summit Programme
04 Welcome Dinner and Dialogue with Ong Ye Kung, Minister for
Education, Republic of Singapore
06 Opening Remarks by Conference Chairman Ho Kwon Ping,
Executive Chairman, Banyan Tree Holdings
08 Plenary Session 1: The Shifting Business Landscape:
Overcoming Disruptions in the Globalised World
10 Plenary Session 2: Navigating Geopolitical Risks and
Challenges in the Asia-Pacific
12 Plenary Session 3: Southeast Asia: Rise of the Digital
Economy and a Single Consumer Market
14 Plenary Session 4: Big Tech and the Well-Being of Consumers,
Businesses and Society
16 Singapore Summit Young Societal Leaders Plenary: Businesses
and Societal Good – What We Do or Who We Are?
18 S Rajaratnam Endowment Dialogue with Datuk Seri Anwar
Ibrahim, Chief of Pakatan Harapan Coalition and President (Elected)
Parti Keadilan Rakyat, Malaysia
Contents
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Day OneFriday, 14 September 2018
Venue: Island Ballroom, Shangri-La Hotel, SingaporeDress Code:
Lounge Suit
1730 – 1845 Registration and Welcome Reception
1845 – 2115 Welcome Dinner Dialogue with Ong Ye Kung Minister
for Education Republic of Singapore
Moderator: Tan Su Shan, Managing Director and Group Head,
Consumer Banking and Wealth Management,
DBS Bank
Day TwoSaturday, 15 September 2018
Venue: Island Ballroom, Shangri-La Hotel, SingaporeDress Code:
Business Attire (jacket without tie)
0830 – 0900 Registration
0900 – 0915 Opening Remarks by Conference Chairman Ho Kwon Ping
Executive Chairman, Banyan Tree Holdings
0915 – 1000 Plenary Session 1: The Shifting Business Landscape:
Overcoming Disruptions in the Globalised World
Present challenges are like nothing they have ever seen before -
business leaders are now buffeted by winds of hostility against the
much-touted benefits of globalisation. The trade war between the US
and its traditional allies has not only introduced uncertainty
across the supply chain, but also negative sentiments for
businesses and pessimism about the prospects of the global economy.
There is growing disenchantment in the West with the post-World War
II global order, with populist sentiments contributing to the rise
of protectionism and retrenchment of the longstanding model of
multilateral free trade and investment. The rise of China and its
alternative model of “state capitalism” have raised existential
questions over the sustainability of the free market economy, in
which traditional businesses have thrived.
Panellists: Prof Dani Rodrik, Ford Foundation Professor of
International Political Economy, John F Kennedy
School of Government, Harvard University Neil Shen, Founding and
Managing Partner, Sequoia Capital China George Yeo, Chairman, Kerry
Logistics Network Moderator: Nik Gowing, Visiting Professor,
Nanyang Technological University, Singapore
1000 – 1100 Plenary Session 2: Navigating Geopolitical Risks and
Challenges in the Asia-Pacific Populism and anti-globalisation
pressures in the US and Europe, tensions in the Middle East,
and
extremist and terrorist threats will continue to pose risks and
challenges that can affect the geopolitical environment in
different parts of the world. While the prospects for peace and
denuclearisation on the Korean peninsula have been raised,
challenges remain in the reconciliation of the strategic objectives
of the two Koreas, US and China. Other developments such as the
South China Sea issue, China’s growing role, and the Indo-Pacific
Strategy will have implications on the region.
Panellists: Fu Chengyu, Former Chairman, Sinopec Group Dr S
Jaishankar, President, Global Corporate Affairs, Tata Sons, and
Former Foreign Secretary of India Robert D Kaplan, Senior Adviser,
Eurasia Group, and Senior Fellow, Center for a New American
Security Bilahari Kausikan, Chairman, Middle East Institute,
National University of Singapore Moderator: Prof Nick Bisley, Head,
School of Humanities and Social Sciences, Professor of
International
Relations, La Trobe University, Australia
1100 – 1120 Tea Break
Programme1120 – 1210 Plenary Session 3: Southeast Asia: Rise of
the Digital Economy and a Single Consumer Market With a combined
GDP of USD 2.6 trillion and the third largest labour force
globally, ASEAN is expected
to become the world’s fourth largest market by 2030. The
region’s fast growing middle class, projected to reach 400 million
by 2020, makes it a critical market for businesses. Aided by the
rapid uptake of digital technologies, Southeast Asia’s Internet
economy is expected to quadruple to USD 200 billion by 2025. While
businesses have traditionally targeted consumer needs and
preferences in local markets, digital technologies have given rise
to new platforms to bring new products and services to consumers,
and an ASEAN market that is more connected and integrated than
before.
Panellists: Tan Sri Tony Fernandes, Group Chief Executive
Officer, AirAsia Group John Riady, Executive Director, Lippo Group
Tan Hooi Ling, Co-Founder, Grab Jaime Augusto Zobel de Ayala,
Chairman and Chief Executive Officer, Ayala Corporation Moderator:
Kevin Sneader, Global Managing Partner, McKinsey & Company 1210
– 1300 Plenary Session 4: Big Tech and the Well-Being of Consumers,
Businesses and Society Big tech companies have become influential
over many aspects of society. While these platforms
give users more ways to connect and express themselves, they
have also been misused. Leveraging their data trove, tech giants
have also brought disruptions to other industries. While this has
provided more choice to consumers, it has also attracted scrutiny
from regulators. Tech giants recognise their insufficient
oversight, and acknowledge responsibility in making their platforms
safer for users. They have responded with measures, such as giving
users more control of their data, and accelerating the adoption of
artificial intelligence to monitor content on their platforms.
However, regulators must find a balance between innovation,
competition and regulation of Big Tech to benefit society.
Panellists: Oliver Bäte, Chief Executive Officer and Chairman of
the Board of Management, Allianz Dr Andrew Conrad, Chief Executive
Officer, Verily Life Sciences Prof Tyler Cowen, Holbert L Harris
Chair of Economics, and General Director, Mercatus Center,
George Mason University Tom Wheeler, Visiting Fellow, Brookings
Institution, and Former Chairman, Federal Communications
Commission of the United States Moderator: Gerard Baker,
Editor-at-Large, The Wall Street Journal
1300 – 1415 Lunch
Singapore Summit Young Societal Leaders Plenary
Businesses and Societal Good – What We Do or Who We Are? It has
been said that corporates believe their obligation to achieve
societal good or to catalyse
societal benefit can be achieved through curated Corporate
Social Responsibility (CSR) programmes. How valid is this
perception? Do CSR programmes create a genuine impact or are they
merely achieving public relations mileage for companies? How can
the traditionally profit-oriented companies effectively address
societal challenges and make meaningful impact?
The young societal leaders on this panel, themselves with the
experience of leading, working in or partnering corporates to
achieve societal benefit, will provide their view on the
effectiveness of CSR programmes and share their experiences of how
businesses can go beyond to do good.
Panellists: Chatchai Aphibanpoonpon, Founder, Klongdinsor Chea
Serey, Assistant Governor and Director-General of Central Banking,
National Bank of
Cambodia, and Founder, Raksa Koma Foundation Moderator: Martin
Tan, Executive Director, The Majurity Trust 1415 – 1500 S
Rajaratnam Endowment Dialogue
Datuk Seri Anwar Ibrahim Chief of Pakatan Harapan Coalition
President (Elected) Parti Keadilan Rakyat Malaysia
Moderated by Ho Kwon Ping
1500 – 1515 Closing Remarks by Conference Chairman Ho Kwon
Ping
1515 Conference closes (tea break)
32
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4
Welcome Dinner and Dialogue with Ong Ye KungMinister for
EducationRepublic of Singapore
5
Welcome Dinner and Dialogue with Ong Ye KungMinister for
Education, Republic of Singapore
With rapid technological advancements and industry disruptions,
learning is part and parcel of life. Increasingly, human skills,
including essential soft skills, carry a premium. There is a shift
away from extensively rigorous academic teaching and assessments,
towards applied learning, cultivating creativity and critical
thinking. Singapore is entering a new era in education, reinventing
the way it prepares its young for adulthood and beyond, and this is
a long-term endeavour.
A QUIET REVOLUTION IN EDUCATION
In the coming decades, competition is more likely to be between
cities than countries. With more competitors, Singapore must double
its efforts to remain on the leading edge. To enhance its
infrastructure, the capacities of Singapore’s airport and seaport
are being doubled. A new airport is being built in the East and a
megaport in the West, and the relocation of container terminals in
the city will lift the constraints to further expand the Central
Business District. Three business districts are also being
developed outside of the current Central Business District.
KEEPING SINGAPORE REFRESHED AND VIBRANT
BUILDING NEW ECONOMIC ENGINES
With rapid technological advancement, the region – Southeast
Asia, China, India – has become a booming market. The next phase of
economic development involves a shift – from making things to
creating things; from bringing in foreign direct investment to
venturing out to the world and tapping into the vast markets
outside the country. Singapore’s priorities lie in sustained
investment in research and development, world class universities,
one of the top intellectual property regimes in the world, a
conducive living environment, a well-educated local talent pool, a
well-regulated yet enterprise-friendly environment and a network of
free trade agreements.
Ong Ye Kung, Minister for Education, Republic of Singapore (on
left) • Moderator: Tan Su Shan, Managing Director and Group Head,
Consumer Banking and Wealth Management, DBS Bank
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Opening Remarks by Conference ChairmanHo Kwon PingExecutive
ChairmanBanyan Tree Holdings
“One is the accelerating but hopefully not yet terminal decline
of democratic liberalism as the dominant ideology of the post-war
global order. The second is the transition, at least in the Asian
region, from Pax Americana to Pax Sinica.”
EPOCHAL CHANGE IN THE WORLD ORDER
CHINA’S ASCENT TO GLOBAL SUPERPOWER
“A Pax Sinica will be underpinned by economic and military
power, but led by a sustainable and singular vision of its destiny.
Made in China 2025 is an extremely ambitious, audacious, and yet
realistic road map for China to attain global rank or even
supremacy in ten high-tech, critical fields of human endeavour,
including artificial intelligence and climate change
technologies.”
7
Opening Remarks by Conference Chairman Ho Kwon PingExecutive
Chairman, Banyan Tree Holdings
“Maintaining a constructive neutrality; and adopting policies
which are in both ASEAN’s and China’s core interests, are some
principles which ASEAN countries should uphold even as a Pax Sinica
emerges over the next century.”
ASEAN MUST NAVIGATE THE GROWING CHINESE INFLUENCE IN ASIA
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Plenary Session 1:The Shifting Business Landscape: Overcoming
Disruptions in the Globalised World
The world is at an inflection point and there is a need to
reintegrate societies in order to re-establish social peace and
coherence globally. Structures and systems which can unleash new
technology would triumph, making the ability to adapt quickly
critical. Existing political structures would evolve and societies
which remained conservative would be trapped. Countries which could
adapt quickly are more likely to succeed and there is a need for
experimentation and innovation to arrive at a suitable political
model.
ADAPTING AND RE-ESTABLISHING BALANCE AMID THE CHANGING POLITICAL
ORDER
TRADE WAR PRESENTS NEW OPPORTUNITIES FOR GLOBAL SUPPLY CHAIN
Disruptions due to the trade war have created its own set of
opportunities – companies that are capable of helping customers
move their goods in the challenging environment, or anticipate new
flows, would flourish. ASEAN could be a major beneficiary as more
companies move to the region amid the rising tensions. The rise of
the digital economy would contribute to promoting international
trade, making e-commerce more important than ever.
9
Plenary Session 1: The Shifting Business Landscape: Overcoming
Disruptions in the Globalised World
China is accustomed to disruption and would likely emerge
successful from the stand-off with the US. China would be the
single most important game-changer in the future, bringing its own
set of risks, and new opportunities. The tension, which would force
China to focus on developing indigenous deep technology, would in
fact be beneficial for the country. This could result in better
products, capabilities and the growth of new and stronger players
from China.
CHINA LIKELY TO EMERGE UNFETTERED FROM THE TRADE WAR
Panellists (from left to right): Prof Dani Rodrik, Ford
Foundation Professor of International Political Economy, John F
Kennedy School of Government, Harvard University • Neil Shen,
Founding and Managing Partner, Sequoia Capital China • George Yeo,
Chairman, Kerry Logistics Network • Moderator: Nik Gowing, Visiting
Professor, Nanyang Technological University, Singapore
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10
Plenary Session 2:Navigating Geopolitical Risks and Challenges
in the Asia-Pacific
The role of the US in the region has always been viewed as
crucial, often described as the “least distrusted power”. Asia’s
peace and security for the last 40 years was largely premised on
the unipolar leadership the US has built, but this is set to change
with the rise of China both economically and militarily. A
multipolar environment is inevitable, as a US navy in the
Asia-Pacific with no support from the White House would impact
Asia’s stability.
TRAJECTORY OF US LEADERSHIP IN THE ASIA-PACIFIC REGION
CHINA’S VISION FOR THE INTERNATIONAL ORDER THROUGH THE BELT AND
ROAD INITIATIVE
China’s vision for the future world order is best encapsulated
by three principles: (1) Issues of the world are the shared
responsibility of all countries; (2) The future world order must
reflect everyone’s view, not just those of the big powers; and (3)
All countries, regardless of size, must be treated as equals and
big countries should not exert their power on smaller ones. China
sees the Belt and Road Initiative – a manifestation of this vision
– not as a unilateral initiative but a global platform where all
participating countries can reap benefits in areas where China can
contribute.
11
Plenary Session 2:Navigating Geopolitical Risks and Challenges
in the Asia-Pacific
The recent prominence of the Indo-Pacific points to India’s need
for a more overt foreign policy towards the Pacific and the
discernment of considerable convergence in the Quad security
initiative, comprising market economies, democracies and maritime
powers. ASEAN has to be a flexible shape-shifting organisation –
hedging, balancing and bandwagoning are not options but necessary
acts to preserve ASEAN centrality and autonomy amid major powers,
in addition to making itself relevant.
INDO-PACIFIC AND THE ROLE OF ASEAN IN PROMOTING REGIONAL PEACE
AND STABILITY
Panellists (from left to right): Fu Chengyu, Former Chairman,
Sinopec Group • Dr S Jaishankar, President, Global Corporate
Affairs, Tata Sons, and Former Foreign Secretary of India • Robert
D Kaplan, Senior Adviser, Eurasia Group, and Senior Fellow, Center
for a New American Security • Bilahari Kausikan, Chairman, Middle
East Institute, National University of Singapore • Moderator: Prof
Nick Bisley, Head, School of Humanities and Social Sciences,
Professor of International Relations, La Trobe University,
Australia
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12
Plenary Session 3:Southeast Asia: Rise of the Digital Economy
and a Single Consumer Market
The digital economy has enabled the growth and emergence of
ASEAN companies, and demonstrated the power of ASEAN’s consumer
market. Optimistic about Southeast Asia’s digital economy,
companies have displayed a strong appetite for diverse approaches
to seize the region’s opportunities. These include investing and
taking bets in start-ups, building new digital businesses, and
transforming existing business pillars.
SEIZING THE OPPORTUNITIES OF SOUTHEAST ASIA’S DIGITAL
ECONOMY
HOW DIGITAL TECHNOLOGIES WILL IMPACT THE ECONOMY AND SOCIETY
Digital technologies have enabled companies to better analyse
and serve their customers’ needs; increase efficiency and reduce
transaction costs; and reduced price points thereby allowing for a
wider spectrum of consumers. They have accelerated the flow of
information and ideas, leading to shorter learning cycles for
businesses and more rapid innovation. Policy-makers should take an
agile regulatory approach which matches the speed of technology
change, and allow space for experimentation and failure.
13
Plenary Session 3:Southeast Asia: Rise of the Digital Economy
and a Single Consumer Market
Unlike Chinese firms which operated within a single large
market, Southeast Asian firms had to navigate market heterogeneity
and complexities. To succeed, companies needed to be ‘hyperlocal’
in understanding market needs, while seeking out world-leading
technology and capabilities to enable their business models.
Partnerships were thus key for companies seeking to tap into the
region’s growth in a speedy manner.
IMPORTANCE OF PARTNERSHIPS
Panellists (left to right): Tan Sri Tony Fernandes, Group Chief
Executive Officer, AirAsia Group • John Riady, Executive Director,
Lippo Group • Tan Hooi Ling, Co-Founder, Grab • Jaime Augusto Zobel
de Ayala, Chairman and Chief Executive Officer, Ayala Corporation •
Moderator: Kevin Sneader, Global Managing Partner, McKinsey &
Company
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14
Plenary Session 4:Big Tech and the Well-Being of Consumers,
Businesses and Society
Technology companies seem to be growing larger due to the
network effect, allowing them to control access to information.
These companies have locked up data that could have been used in
other entrepreneurial ways, and can also be used for good in areas
such as healthcare and finance. In healthcare, more data has
allowed for better and cheaper ways to conduct research.
GROWING DOMINANCE OF TECHNOLOGY COMPANIES
CREATING A REGULATORY FRAMEWORK FOR THE INDUSTRY
Regulators should not repeat the mistakes of the previous
century when then corporate giants were allowed to write the
regulations, benefitting themselves at the expense of
entrepreneurs. Workers’ and consumers’ rights need to be protected
and entrepreneurial efforts need to be supported and maintained.
Permission-less innovation should not be accompanied by disruptions
to competitive markets and privacy intrusions.
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Plenary Session 4:Big Tech and the Well-Being of Consumers,
Businesses and Society
There might be two possible outcomes for international
regulation on the technology companies. The first outcome is
bifurcation, where the United States and China will each establish
their own regulatory standards. The second outcome is one where
companies in the United States and China partner each other,
creating a single global system.
POSSIBLE FUTURES OF REGULATORY OUTCOMES
Panellists (left to right): Oliver Bäte, Chief Executive Officer
and Chairman of the Board of Management, Allianz • Dr Andrew
Conrad, Chief Executive Officer, Verily Life Sciences • Prof Tyler
Cowen, Holbert L Harris Chair of Economics, and General Director,
Mercatus Center, George Mason University • Tom Wheeler, Visiting
Fellow, Brookings Institution, and Former Chairman, Federal
Communications Commission of the United States • Moderator: Gerard
Baker, Editor-at-Large, The Wall Street Journal
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16
Singapore Summit Young Societal LeadersPlenary: Businesses and
Societal Good – What We Do or Who We Are?
Handing out funds as a philanthropist was not a sustainable way
to create social impact. Companies should look beyond the
bottomline to include social responsibility objectives.
Policymakers have the ability to implement policies with the aim of
bringing benefits to those most in need and companies can partner
with governments to help marginalised groups integrate into
mainstream society.
ENABLING A SUSTAINABLE MODEL TO DO GOOD
BUSINESS AND NON-GOVERNMENTAL ORGANISATIONS CONVERGING
There is a growing convergence with non-governmental
organisations behaving more like businesses, while businesses took
on more social responsibility. Integrating social responsibility
projects could also be a way for businesses to attract and retain
employees.
17
Singapore Summit Young Societal Leaders Plenary:Businesses and
Societal Good – What We Do or Who We Are?
Corporates ought to adopt a wider vision of their businesses and
mandates – to explore how they can improve people’s lives, and the
environment. In situations where business models were reframed,
social impact considerations could be introduced when making
business decisions. Every company can be socially responsible
without the need for separate and standalone corporate social
responsibility programmes.
ADOPTING A WIDER VISION TO INCORPORATE SHAREHOLDER AND SOCIAL
RETURNS
Panellists (left to right): Chatchai Aphibanpoonpon, Founder,
Klongdinsor • Chea Serey, Assistant Governor and Director-General
of Central Banking, National Bank of Cambodia, and Founder, Raksa
Koma Foundation • Moderator: Martin Tan, Executive Director, The
Majurity Trust
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18
S Rajaratnam Endowment Dialogue with Datuk Seri Anwar
IbrahimChief of Pakatan Harapan CoalitionPresident (Elected) Parti
Keadilan RakyatMalaysia
Defying history and forecasts of local and foreign analysts
alike, the Pakatan Harapan coalition was voted into power on both
the national and provincial levels even in regions that were
considered traditional strongholds of the previous administration.
Transcending racial, religious and geographical boundaries, the
overwhelming majority of voters rejected a government defined by
its abuse of power, financial mismanagement, and pervasive
corruption, and sought change in leadership with the desire for
democratic accountability, transparency, integrity and good
governance.
UNPRECEDENTED POLITICAL CHANGE IN MALAYSIA
RESTRUCTURING GOVERNMENTAL INSTITUTIONS AND THE ECONOMY
Since coming into power, the new government has enacted bold
changes such as eradicating corruption through the strengthening of
government institutions, enabling a free press and the functioning
of an impartial judiciary. It has also curtailed current government
spending to stabilise the economy. However, there is a need to
explore other engines of growth like innovation, education,
reforming bureaucracy and improving efficiency so that Malaysia
will remain attractive to foreign investors. While meritocracy must
be supported, affirmative action should also continue on a needs
basis to help the poor and marginalised in Malaysia regardless of
race and religion.
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S Rajaratnam Endowment Dialogue with Datuk Seri Anwar
IbrahimChief of Pakatan Harapan Coalition
President (Elected) Parti Keadilan RakyatMalaysia
In leadership and in any challenging personal situation, it is
important to have courage, conviction and tenacity of purpose. In
political leadership, it is also essential to have compassion for
the electorate as they look to leaders with expectation and trust
that their leaders will champion their causes. While it is
difficult, emotional and painful, forgiveness and religious faith
can help one triumph over daunting times, let go of the past and
look forward with hope of reshaping the future.
LESSONS IN LEADERSHIP AND ADVERSITY
Datuk Seri Anwar Ibrahim (left), Chief of Pakatan Harapan
Coalition, President (Elected) Parti Keadilan Rakyat, Malaysia •
Moderated by Ho Kwon Ping
