ScandAsia Singapore - November 2015

NOV 2015
Fighting
the smog
in Southeast Asia
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Open House
Friday, Nov 13 th 2015
Register at www.sais.edu.sg
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Coming Events
Julebasar 2015
Where: Danish Seamen’s Church, 10 Pender Road, Singapore
When Sat - Sunday 21-22 November - all day
Igen i år er den danske sømandskirke klar til at
byde alle velkommen til den altid stemningsfyldte
julebasar. Basaren vil strække sig over to dage i
weekenden d. 21. og 22. November 2015. Her
åbnes dørene begge dage kl. 11.00 og bliver ved
indtil kl. 16.00.
Som altid ønsker julebasaren at bringe den
danske julestemning til Singapore. I løbet af de
to dage vil kirken summe af liv og dufte af jul.
De besøgende vil have mulighed for at købe
hjemmelavede adventskranse, tidlige julegaver og
dekorativt julepynt. Men julen skal også smages. I
Julelunsj - en tradisjonsrik opplevelse
Where: Norsk Sjømannskirke i Singapore, 300 Pasir Panjang Road Singapore
When: Thursday 26 Nov (svensk julemat), Wednesday 2 Dec, Thursday 3 Dec, 12.00
Ta med venner, kolleger og kunder på en unik
lunsj med deilig julemat. Tre dager å velge mellom.
Påmeldingen er i gang.
Julematen smaker sjelden så godt som når
man er langt hjemmefra. På Sjømannskirken
bugner det med deilig norsk og svensk julemat
når vi dekker bordene til julelunsj.
Where: Tanglin Club, Churchill Room, Tanglin Club,
5 Stevens Road,
When: Saturday 28 November, 19:00 - 01:00
SBAS - Swedish Business Association Singapore invites to
the Party of the Year: Welcome to celebrate Singapore’s
Heritage and SG50 with us, on the 28th of November
7 pm to 1 am!
Programme
Welcome drink ~ Four-course Dinner ~ Dance
Awards for “Swede of the Year” and “Swedish Company
of the year” will be announced.
Dress code
Black Tie and/or Singapore Heritage
Keywords: Chinese, Malay, Indian or British Colonial
sømandskirken har vi sørget for, at der også kan
handles ind til det klassiske danske julebord. Om
man er til flæskesteg eller rullepølse, eller om det
er grødrisen og vanillestangen som mangler, så
kan det købes på årets basar. Men hvis man ikke
kan vente helt til jul med at smage, så sælges der
også traditionel julemad i vores madboder.
Gratis shuttle bus. Bussen vil køre fra den
offentlige parkeringsplads ved Seah IM, lige overfor
Habour Front centre. Lørdag kører bussen fra kl
10.30 til og med 16.30. Søndag starter den kl
11.00 og kører sidste tur kl 16.00.
Pris:
Norsk julelunsj: Svinneribbe, pinnekjøtt med
alt tilbehør, dessertbuffet og masse annet godt.
SGD 75,-.
Svensk julelunsj: Kjöttbullar, sild, Johnsons frestelse,
dessertbuffet og masse annet godt. SGD 60,-.
Betaling skjer kontant eller med sjekk ved ankomst.
Påmelding:
Norsk julelunsj:
Send mail til singapore@sjomannskirken.no.
Svensk julelunsj:
Send mail til Ann-Britt på abn@sjomannskirken.no
Ta med venner, kolleger og kunder på julelunsj på
Sjømannskirken!
SBAS Ball 2015 – Party of the year!!
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News Brief
Smart City Dialogue hosted by Singapore
“Smart solutions must be smart for the citizens,”
Morten Kabell, Mayor of Copenhagen, emphasized.
This year marks the 50th anniversary of
bilateral ties between Singapore and
Denmark, and on the 28th of October,
the Danish Embassy in Singapore and the Smart
Nation Programme Office (SNPO) came
together and organised the first Singapore-
Denmark Smart City Dialogue. The event was
called “Putting People First in the Cities of
Tomorrow” and had the following three areas
as it’s main focus: the co-creation of smart cities
for improved quality of life, the harnessing of big
data to deliver integrated e-services, and energyefficient
urban mobility solutions.
Dr.Vivian Balakrishnan at the rostrum
The Ambassador of Denmark in Singapore,
Berit Basse, made the opening speech, in which
she talked about Denmark and Singapore’s
diplomatic ties, as well as the need for holistic
and innovative thinking in order to accommodate
the growing and aging populations.
“Smart Cities would be a natural step and key
area for our journey together the next fifty years.
Both Singapore and Denmark are developing
smart city solutions, and despite our different
priorities and approaches, the outcome and
purpose is the same. It’s about the people and
about improving their quality of life,” she stated.
Minister for Foreign Affairs and Minister in
charge of Singapore’s Smart Nation Initiative, Dr
Vivian Balakrishnan, agreed.
“We face many challenges that are similar to
Denmark – managing a growing city, an ageing
population, and the need to ensure resource
sustainability,” Dr. Balakrishnan stated.
“I know that Denmark has had a long tradition
in urban development and I believe that there is
much that we can learn from each other,” he
added, noting also that “Singapore and Denmark
should pursue further cooperation in R&D,
including water management and environmental
technology.”
Mayor of Copenhagen, Morten Kabell
participated in the Smart City Dialogue and
the ongoing ‘Copenhagen Connecting’ project.
Morten Kabell told of how the primary tool for
smart solutions is to collect data and make it
readily available to external developers or citizens
themselves. The most important smart city sectors
are water, transport, waste and health and one of
the areas that Morten Kabell believes Denmark
can learn from Singapore’s development is in the
area of water use and public transportation.
“Smart solutions must be smart for the
citizens,” Kabell said.
“So we constantly remind ourselves that we
cannot achieve the goals of our smart processes
unless we involve the citizens in the process. We
may have an idea of what we want to achieve, but
if is not designed specifically for the citizens, they
will not use it, and we will not achieve our goals.”
Danish students invited to embassy
in Singapore
On Wednesday evening 7 October the
Danish Ambassador to Singapore hosted
a networking event for the Danish
students in Singapore. These study at: Singapore
Management University, National University of
Singapore, and Nanyang Technological University.
Source: Embassy of Denmark, Singapore
4 ScandAsia.Singapore • November 2015

News Brief
FBC and SBAS Luncheon held in Singapore
with Handelsbanken
On Friday 9 October members of the
Finnish Business Council and the Swedish
Business Association were invited to
attend a luncheon at Hilton Singapore with Jan
Häggström, Chief Economist of Handelsbanken.
Mr Jan Häggström is Head of Macro Research
and has held a number of highly appreciated
sessions in Singapore in recent years. Jan is
responsible for Handelsbanken’s analysis of
economic developments and how that is affecting
the financial markets. Before joining the Economic
Research team at Handelsbanken in 1988, Jan was
Assistant Professor in Economics at the University
of Stockholm, specializing in international macroeconomics,
finance and quantative methods.
Jan Häggström holds an MBA from Stockholm
School of Economics
The event was co-organised between FBC
and SBAS.
Source: Finnish Business Council
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November 2015 • ScandAsia.Singapore 5

News Brief
Joint Nordic energy seminar held in Singapore
for The Future – Nordic Solutions’
was jointly organised by four Nordic
‘Energy
embassies in Singapore as a full-day
seminar on 29 October, as a part of the Singapore
International Energy Week and supported by
Singapore’s Energy Market Authority.
Attended by all the four Nordic ambassadors,
the seminar gave insights regarding the solutions
to the energy questions of the future, giving many
examples from the ‘Nordic Power Shift’. Industry
and government representatives in the energy
sector from India, Indonesia, Myanmar, Thailand,
Vietnam and the Philippines participated.
The Programme of the seminar contained:
• Energy Transitions with speakers from DNV
GL and Statoil.
• Beyond integration – Nordic Solutions, with
speakers from Tronrud Engineering, Swedish
National Grid, ABB and Vestas.
• Energy Efficiency and Innovative Technologies
with speakers from Copenhagen City,
Innovation Norway and Neste.
The transition to a greener energy future is high
on the agenda, where the Nordic mix energy
approach could point the way towards feasible
decarbonised power systems for Southeast
Asian nations. The world is on an unsustainable
path towards increased energy consumption to
support a global population that would reach
nine billion by 2040.
The Danish economy has achieved nearly
80% of its GDP growth since 1980 without
increasing gross energy consumption.
“As a pioneer in wind power, Denmark has
developed into one of the world’s leading wind
power nations. We have set a goal of generating
50 percent of our power from clean energy
sources by 2020 and aim to be entirely fossil
fuel-free by 2050. At present, 40 per cent of
Denmark’s electricity is powered by wind,” said
H.E Berit Basse, Denmark’s Ambassador to
Singapore.
The Finnish Government has a National
Renewable Action Plan to achieve 38% of its
6 ScandAsia.Singapore • November 2015
energy consumption from renewable sources
by 2020 and plans to double its share of
electricity produced by nuclear to 60% by 2025.
It is promoting the use of biomass, wind power,
biofuels and heat pumps to attain its renewables
target.
In Norway, the government is focused on the
sustainable use of natural resources. Renewable
energy programmes and innovative technologies
are introduced across all industries to meet the
energy challenges. Around 99% of Norway’s
electricity comes from hydropower plants.
Sweden has reduced its fossil fuel imports
since 1973, and aims to become oil-free by 2020.
The Swedish government has invested heavily
in alternative energy sources to reduce carbon
emissions, resulting in about 78% of Sweden’s
electricity coming from nuclear and hydroelectric
power, and 4% coming from wind power.
Several Nordic countries have taken different
paths towards decarbonizing their energy systems
in order to be completely independent of fossil
energy by 2050. Through progressive efforts,
like incentivising circular economies and shifting
towards a greener energy mix, these Nordic
countries have successfully demonstrated the
feasibility of achieving sizeable economic growth
without compromising on the quality of life. Today,
the Nordic region collectively generates close
to 70 percent of its electricity from renewable
sources.
Southeast Asia has some of the fastest growing
economies in the world but its governments will
be confronted with the challenge of balancing
economic growth and energy security.
The seminar showcased the Nordic
experiences and technologies that could provide
useful insights for the Southeast Asian economies
to develop appropriate policies and solutions to
enable the transition to a greener energy mix and
a wider use of energy-efficient technologies.
“Southeast Asia’s growth still holds much
promise for many who aspire for a better life.
We must make sure this growth is sustainable.
Most of the solutions required will come out
of Asia but some will be inspired by advances
All four Nordic ambassadors to
Singapore attended the joint
‘Energy for The Future – Nordic
Solutions’ seminar. From left
H.E. Tor
made elsewhere. This seminar explores how
relevant experiences from the Nordic region can
form part of Asia’s future,” said H.E. Tormod C.
Endresen, Norway’s Ambassador to Singapore, in
his welcoming address.
In her speech ‘It is possible: Denmark’s green
shift’ H.E Berit Basse, outlined the Danish example.
“It has become part of the Danish DNA to
be green in every sense of the word. This includes
green mark schemes for energy efficiency in
buildings, and green policies for sectors such as
the maritime industry, where requirements are
put in place to reduce the emission of nitrogen
oxides and sulphur.“
The ambassador highlighted that Denmark
has as the first country in the world introduced
new technology (the so-called sniffer on bridges)
in efforts to monitor air pollution from cargo
ships, resulting that the amount of harmful sulfur
in the air has dropped by 60 % thanks to cleaner
ship fuel regulations.
“Green taxes account for approximately 5
% of Denmark’s GDP, and it is a proven fact in
Denmark that the green taxes have a behavioural
effect on the reduction of energy consumption
and carbon emissions.”
And recently Denmark has taken it to a
higher level, with the goal set for 2050.
“Today, more than 40 % of Danish electricity
is covered by wind. In fact, on windy days, wind
power can generate a lot more; such as on 9 July
this year, where wind power provided 140 % of
Denmark’s energy demand. That allowed us to
meet our domestic electricity demand and at
the same time export excess power to Norway,
Germany and Sweden.”
“I’d like to stress that renewable energy does
not have to be expensive, and I am pleased to tell
you that Denmark is the country in Europe that
produces the cheapest electricity,” Berit Basse
continued.
She also gave a few examples of how green
business can in fact be good business, and how
it might be able to respond to the increasing
growth and energy consumption that also takes
place in Asia.

News Brief
Scandinavian countries promoted
at ‘Study in Europe’, Singapore
In mid-October 2015 the Scandinavian countries Denmark, Norway and
Sweden all participated with booths to promote education at the ‘Study in
Europe’ expo, held in Singapore.
“The Swedish booth was very busy and we had the chance to talk to many
students. A special thanks to our guests at the booth - alumni Preethi Raghuram
Pillai and Yun Heng Lim & speakers Professor Barbara Wohlfarth and exchange
student Sara Engardt. Preethi and Heng shared their own experiences of what
it’s like to study in Sweden and Barbara and Sara gave brilliant presentations
about Stockholm University and KTH,” reported Embassy of Sweden, Singapore.
Sources:
Embassy of Sweden, Singapore
Embassy of Denmark, Singapore
Norwegian Embassy in Singapore
ScandAsia Half Page(192x135mm).indd 1
November 2015 • ScandAsia.Singapore
1/10/15 12:49 pm7

A day at Brage Viking
By Mia Sanberg Svenningsen
No more than 40 minutes outside
the center of Singapore you will
find three yards located side by
side; Tuas, Benoi and Yellow. They
are all owned by Keppel Shipyard,
which is in charge of repair, conversion and
upgrading of a diverse range of vesels. Different
foreign vessels are docked alongside each other
on the 146,794 square-foot big Gul Yard and
amidst the crowd Brage Viking can be found.
Brage Viking is a high ice-classed AHTS vessel
Capable of operations in harsh environment
offshore region, as well as Arctic and Sub–Arctic
operations. The vessel is a part of the Viking
Supply Ships, which is a supply shipping company
headquartered from Copenhagen, with local
offices in Kristiansand, Moscow, Stenungsund and
St. John’s.
On board the vessel is Danish Chief Officer,
Christian Stidsen. He has worked on Brage Viking
for the last two years, but when the ship sails from
Singapore around the 16th of September, he won’t
be on board anymore. In April Brage Viking won
a major charter contract with a Russian company,
which will keep it employed for at least the next
2 years and 8 months. But this also means that
there longer will be Scandinavians working on the
vessel, but mainly Russians instead. The charter
contract is – according to turkismaritime.com –
valued at around USD $100 million and includes
8 ScandAsia.Singapore • November 2015
options to extend the charter for an additional
18 months. The vessel is now in Singapore to
have “technical upgrades” made to it prior to the
commencement of the contract.
”The hope is, that by upgrading and reinforcing
it now, it won’t be necessary in two years time,”
Christian Stidsen says.
Christian Stidsen is, together with another
Dane, two Swedes and two Norwegians, the
last Scandinavians on board. They are there to
oversee the construction and to answer the
questions that the Russian crew might have.
“It’s much more efficient to teach the crew
about the ship while we’re out on the sea, than
opposed to being docked or on land,” Christian
Stidsen explains.
This is also why he and the others have been
on board for the vessel’s journey to Singapore
– without any run-ins with pirates in the area.
Once the construction is done with, so is the
Scandinavian crew. The ship is now under Russian
flag, and Russians rules are strict, which means,
that Christian Stidsen is not allowed to travel to
Russia with Brage Viking. He is going home to
Denmark and his wife and children instead, but
the exact date is still a little unclear, as the date
for the construction to finish already has been
pushed forward once. Brage Viking was supposed
to sail towards Russia on the 15th of September,
but it is now the 16th instead.
This is not the cause of lazy workers, far from
it. An impressive 200 men is working day and
night on the vessel, which only has the capacity
for 20 crew members. And while they are rushing
to finish, Christian Stidsen and the rest of the
Scandinavian crew is waiting to find out what is
next in line for them.
“We’ll see what those at home can find for
me to do,” he says.
In the meantime Christian Stidsen and his
colleagues has chosen to stay in the ship’s cabins
instead of a hotel in Singapore, even though
he has now been downgraded from the Chief
Officer’s cabin to the sailors cabins on a lower
level.
“We feel like it would be sort of a wrong
signal to send to the workers if we came here and
just stayed in a hotel,” he says and further adds:
“This is better for the morale.”

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November 2015 • ScandAsia.Singapore 9

Life in Southeast Asia
under the smog…
By Joakim Persson
All photos: CIFOR (Center for International Forestry Research)
The thick smog blanketing much of
Southeast Asia has this year been
the worst in a decade. It persisted
for months and it reached as north
as the islands of Samui and Phuket
in Thailand. It even disrupted air traffic in its
path - on a record day 50 flights were cancelled
in Thailand - turning the smog into a serious
crisis. It resulted in people developing respiratory
illnesses, displacement of people, food production
issues, business disruptions, land degradation,
climate impact, political turmoil, and upset in
international relations.
ScandAsia made a survey among our readers,
asking those residing in Singapore, the country
which has perhaps been worst affected this time.,
how they and their copmpanies were addressing
the situation? Are they just coping with it and
doing their best to stay away from the polluted
air? Have people temporarily moved elsewhere,
and are companies perhaps even relocating as a
consequence?
Here is the feedback from a diverse selection
of Scandinavians residing in Singapore.
Fabien Dhulst, Head of Risk and
Compliance at IKEA Singapore,
Malaysia and Thailand
IKEA employs in excess of 1,500 people in
Malaysia and Singapore.
“We have been experiencing heavy haze
in Singapore and Malaysia since June. This is a
recurring problem in Southeast Asia. It has been
reported that the 2015 crisis is the worst on
record – and there is no way to confirm when
we will be back to normal.”
On measures taken: They have stocked up on
highest-quality face masks, replaced all their air
conditioning systems with high-efficiency filters,
10 ScandAsia.Singapore • November 2015
minimized external air intake into their buildings
and have switched on all exhaust fans. IKEA
continually monitors “PSI Readings” to find out
the level of pollution in the air. When the PSI
readings reach the “very unhealthy” range (201-
300), they:
• Hand out N95 face masks to all outdoor
co-workers (those working in loading bays,
primarily.)
• Provide outdoor co-workers with hourly
breaks.
• Organize rotational shifts if needed.
• Re-deploy co-workers with any medical
conditions to indoor jobs that are less
physically strenuous.
The public is always welcome to take refugee
as customers of IKEA: “Many people in our
communities do not enjoy air conditioning at
home. Our IKEA stores are a safe place to escape
the pollution outside, and we are committed
to keeping our doors open so we can offer
customers a great day out – no matter what the
weather is like outside.”
“We will continue to operate as we have,
ensuring the safety of our outdoor co-workers.
If the levels were to reach more extreme levels,
we would get together our Crisis Management
Team and consider taking other actions – such
as allowing some people to work from home or
making operational changes to minimize outdoor
work.”
“While it is deeply concerning for all of us,
our business has remained stable throughout this
challenging period, and we expect it will continue
to do so in the long term,” Fabien comments
on their long-term view on the business impact.
“The haze has become a routine irritant in
Southeast Asia and people are carrying on with
their routines.”
Susann Johansson
Susann lives in Singapore since 2001, with her
husband, who works for an American company,
and their two children.
She has taken measures and wrote: “I have
booked flight to Sweden to get out of the haze!”
Furthermore: “We have bought 3 air purifiers
and we are talking about moving out of Singapore
if this persists.”
Bo Johansson, Viking Engineering
Pte Ltd
Viking Engineering has over 200 employees in
Singapore and Batam (Indonesia) combined.
“I have taken no steps other than individual
members wearing respirators voluntarily.”
Bo has also not considered relocating.
How to cope with this if it keeps impacting
your business here: “Keep on complaining
and encouraging authorities to deal with the
culprits.”

Bo Steiber at Bo Steiber Lighting
Design
“I am going to Phuket as often as possible but the
haze followed me there,” was Bo’s measure. He
has not considered relocating.
“I just live with it and hope it will eventually
stop.”
Fredrik Lager, SEB Private Banking,
Singapore
SEB Private Banking in Singapore employs 13
people. At SEB as a whole in Singapore (including
our corporate business), they are about 100
employees in total.
“The air quality inside the office is good. We
have, however, considered buying air purifiers if
the haze persists/intensifies. All employees have
been given masks for outdoor use. We have also
said that if anyone is suffering particularly badly
due to asthma or other chronic respiratory
decease, then working from home is always an
option.”
Relocating their business is not possible.
“For our business (private banking) we are
licensed here in Singapore, so it is difficult to just
“close shop” and relocate.
“However, some staff members have
relocated their families short-term until the
pollution levels go down.”
“Going forward, if we will continue to
experience hazardous levels of haze for prolonged
periods each year, we have to do something.
Perhaps not so much in terms of our business,
but more to protect our kids from exposure,
which in turn could mean relocating our families
for longer periods of time. That would have an
indirect impact on our business since we would
want to visit them regularly, thus giving us less time
in Singapore to do business.”
November 2015 • ScandAsia.Singapore 11

…and a Swedish template
for a solution
“City of Sundsvall, Sweden, before and after.”
What seems to be the major
reason for the haze story
repeating itself each year,
is agriculture fires on
peatlands in the Indonesian
archipelago. Much of the land is being burned to
clear the way for palm oil plantations (as palm
oil is in increasing demand especially by China
and India).
Peatlands are wetlands with a thick
waterlogged organic soil layer (peat) made up
of dead and decaying plant material. When these
are drained and put on fire it is very difficult
and costly to extinguish the fires, and practically
impossible for Indonesia to do so. The El Nino
phenomenon has just made matters worse. And
as wood and peat are incompletely burned in the
open huge quantities of particles are released in
the air, creating the haze.
CO2 emissions from the smog in 2015 are
enormous, and calls to decide on proper actions
for the long term that can prevent the fire and
haze are all over the media. Focus should include
actions that provide the poor with alternatives to
fire-based agriculture on peatlands.
Indonesian President Joko “Jokowi” Widodo
in late October reiterated his intention to move
toward a stronger moratorium on peatland
development. The government will look to restore
some of the desiccated swamps and block canals
used by agribusiness to drain them. Restoration
of degraded peatlands will begin immediately and
cultivation on peatlands are to be reduced, said
the statement.
Meanwhile, a Swede, Niels Madsen,
has brought forward an interesting proposal
that tackles the issue head-on and generates
transformation.
He has written about the Swedish Forestry
Model in the capacity of his background within
forestry, including 15 years working for the
12 ScandAsia.Singapore • November 2015
Swedish company STORA, followed by involving
himself within the REDD+ efforts on Sumatra
and specifically in Aceh.
Sweden is among the countries that used to
have the same problem, and how that was dealt
with actually forms a model for a solution, with all
the technologies available today.
Sweden’s northern cities used to suffer from
winter “haze” due to wood being burned in small,
inefficient fireplaces that heated our homes.
Many particles were released into the air, creating
smoke.
Giving “carrots” was the most effective
method to solve this, writes Niels: “We made it
profitable for business to burn wood efficiently and
distribute the heat to industry and households.”
It became profitable to burn bioenergy/wood
thanks to a combination of incentives and taxes.
Also, preferential rates were given for power
generated from renewable resources.
Many Combined Heat and Power (CHP)
plants were set up, where the heated water
produces steam that generates power, while
the residual heat is distributed in district heating
networks at high efficiency ratio; reducing CO2
emissions and improving profitability.
Today, 30% of Sweden’s energy supply comes
from renewable biomass, on par with the energy
from fossil oil and coal. As a result the country
doesn’t have haze anymore and is more selfsufficient
with its energy supply. Sweden is one
of the lowest emitters of greenhouse gases per
capita globally.
Also, its tax on fossil fuels and subsidies
for renewable energy has not hurt Sweden’s
economic growth, while CO2 emissions have
been reduced by more than 25 per cent since
1990 while real GDP has grown with 60 per cent.
In Southeast Asia an adapted “Swedish
Solution” would be the best scenario, according
to Niels’ proposal, which is to make it profitable to
use biomass for energy rather than wasting it and
creating haze in the process. Indonesian farmers
would as a result be given a good reason not to
burn land to make a living.
Farmers could instead collect the biomass/
wood, dry it and make it into wood pellets
(compressed wood).
“Pellets can be burned instead of coal. It is
a renewable clean fuel that will not produce
haze. Allocate subsidies to promote bioenergy
from haze-generating areas. Or even better, put
a carbon tax on fossil fuel CO2 emissions and
allocate it to this cause. Wealthy countries should
help to funds as part of their international COP
agreements and commitments to financially
support.”
If biomass delivered at collection centres is
paid for an attractive alternative to burning is
there. The operator buying the biomass will dry,
pelletize and deliver the pellets to coal power
plants.
“Existing coal power plants can simply
use biomass pellets as substitution for coal.
Pelletizing biomass is preferably done at existing
CPO factories and pulp and paper mills. Higher
efficiency is achieved by adding a turbine to
the steam production. Hot steam is needed
in the process of making crude palm oil, pulp
and paper and now also to dry biomass before
pelletizing. The power is used for local machinery
and sold to vicinity, replacing the typical high cost
diesel generators. Similar cleanliness and high
efficiencies as generated in Sweden’s CHP plants
can be reached.”
There are many coal fired power plants in
Singapore, Malaysia and Indonesia that could
utilise wood pellets, says Niels. And technical
adaptation is minimal. However, coal-powered
utilities will only buy these “haze reduction pellets”
when it is profitable. Only subsidies or carbon tax
can pay for the difference as coal is so cheap.
“Bioenergy is more expensive than coal but it
does not only reduce our carbon footprint, it will
stop the haze that costs us billions of dollars and
threatens our health and our wellbeing. It will also
benefit smallholder farmers.”
The cost of biomass-energy should be lower
than in Sweden thanks to abundance of biomass
and lower costs, he thinks. The Swedish success
model can be adapted to local conditions, and
succeed in the area.
“This is an important simple step. In the end
we must also preserve the rainforest, not only
convert to agricultural land. A win-win situation
must be created with local people, using carrots
as well as whips. Let’s get rid of the haze!”
Footnote: Niels, together with his wife and daughter
have started the Mahi-Mahi Resort on the island
Simeulue in Aceh. It is financed with Green Bonds
where portion of the coupons go to protect
endangered turtle’s nesting places.

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November 2015 • ScandAsia.Singapore 13

Invest with me!
By Joakim Persson
If you have the idea for the next big thing but not the funds
and having difficulty to find investors – then this is for you! A
new exciting opportunity is emerging, thanks to the Internet
era heavily influencing everything, for innovations and ideas
to find investors and be realised!
Crowdfunding is here; as part of an emerging wave of financial
services that meet crucial needs in the business community. This
new phenomenon has arrived also to Southeast-Asia, and
Swedish FundedByMe.com expects to play an instrumental role
in connecting investors and entrepreneurs.
Now increasingly including equity, crowdfunding is
significantly altering the game-plan as we know it; transforming
the investor market from being only for the few to open for
us all! Through crowdfunding companies and ideas can obtain
funding to grow stronger and then be able to gain venture
capital funding down the road.
A pressure cooker
Chief Operating Officer Pontus Frohde explains the philosophy
behind it: “FundedByMe wants to open up deal flows that never
before have been exposed to the general audience. In fact
anyone can be a business angel, anyone can be an investor, even
if you don’t have endless amount of cash in the bank – you
still have the possibility to invest in the next skype and in the
next Spotify. So everyone is invited – I think’s that’s a fantastic
strength in crowdfunding,”
It is fast becoming a route for start-ups to raise
funds, in form of equity or loans, where entrepreneurs
and companies have a global stage to find investors.
Start-ups and companies can then accelerate and
build powerful momentum from day one, if they
succeed in attracting such investors.
A telling example is when earlier this
summer a new start-up to be based
in Singapore called Djenee raised
almost S$500,000 on the first day
of the campaign on FundedByMe,
setting a new standard for equity
crowdfunding (ECF) in Asia! Being an
app focused on personal on-demand
digital concierge service, the strong
interest in Djenee came hot on the
heels of a similar service based in the
US, which recently raised money at a
US$40million valuation just after six
months of operations.
FundedByMe see this as the
modern way to finance start-ups and expand
smart businesses. ECF creates a staircase for the
companies to climb upwards in the eco system of
funding, making them ready for venture capital investment.
“We believe that this is what will happen; that we will
become what we call a pressure cooker for venture capitalists
because what we are seeing is that these are moving upwards in
the value chain; they are investing in more mature companies
and the rounds are bigger and bigger, which is fantastic for us
because it opens up the space below them to us.”
He mentions the Finnish company Yoogaia as a perfect
14 ScandAsia.Singapore • November 2015

Equity crowdfunding is here!
example of this. The live, interactive online yoga
start-up has received venture capital twice
following on a round of crowdfunding, which
actually worked as stamp of approval for the VC
investor.
It is also significant that equity crowdfunding,
now rapidly spreading worldwide, was born from
a FundedByMe campaign in Sweden when the
question came up if shares in the company could
be offered as a reward.
“Luckily nobody involved was from the
finance sector so they didn’t understand that
this could have risks, that there were laws and
regulations for anything involving shares,” recalls
Pontus Frohde who joined shortly after. “I think
that many traditional financial people would have
hesitated since no one had done this before.”
Soon after, the first ever successful equitybased
campaign for the Swedish vodka brand
Virtuous Vodka closed, which Pontus describes
as a great case story, where 105 shareholders
became excellent brand ambassadors for the
start-up to succeed.
Stock exchange collaborations
In Singapore (its crowdfunding hub and centre of
operations for the region), FundedByMe attracted
a local co-investor and collaborator in September
2014. The investor network Link2Ventures
entered in the company for further expansion
into the Asia-Pacific.
In Malaysia they have then partnered with
Alix Global, approved for ECF by the Securities
Commission Malaysia (SC). In early 2015 Malaysia
became the first Southeast-Asian country to
announce an ECF framework and introduce the
concept. In addition to allowing investment in
companies in exchange for equity the regulations
also allow businesses to raise up to RM3 million
(S$1 million) within a 12-month period and micro
funds (such as venture capital funds) to raise
unlimited amounts via an ECF platform.
SC argued that ECF will democratise finance,
enabling capital markets to be inclusive, so that
SMEs and start-ups can also be able to obtain
market-based financing.
In the Nordic countries ECF is allowed by
law, while it is also being regulated, and where
FundedByMe are in dialogue with the authorities
to ensure realistic and favourable conditions.
In Singapore FundedByMe so far have
collaboration with the bourse, while the Monetary
Authority of Singapore is expected to announce
their standpoint on this within shortly.
“We have very close discussion with a
number of stock exchanges, and they are looking
very closely at what we’re doing, which is not
that different but of course so far not that all
We believe that this is
what will happen; that
we will become what we
call a pressure cooker for
venture capitalists because
what we are seeing is that
these are moving upwards
in the value chain
regulated and structured. So it’s all related; could
we organise it in a way so that we would be the
first phase of a potential future IPO, like the first
step of the ladder? I think so! But it’s going to take
some time and it will require regulation.”
Having said that FundedByMe has its own
ethical rules, and each submitted project is
scrutinised very carefully.
“We don’t focus too much on the actual
business idea–because we know that lots of times
we are wrong–but more on quality: that it’s tidy
and clean, crisp and clear. And now the filter is
substantially thicker than from the beginning, and
it will become quite tough to get through.”
Broader audience of investors
While crowdfunding started off with rewardbased
campaigns the Swedish-Singaporean service
within this focuses onwards on FundedByMe
(considering themselves among the top five in
Europe) to be an investment platform open to
anyone.
“We struggle a little bit with trying to become
a serious player in the financial market and at the
same time doing reward-based crowd-funding
about for example saving kittens [a previous local
campaign in Sweden].”
Then, says the Swedish COO, it is also
important to clarify ‘crowdfunding’ as such. They
sometimes struggle with the word.
“It’s a misconception that it must be a crowd
of investors. On our platform one decides if to
bring on board one, five or thousands of new
investors. It’s absolutely up to the entrepreneur to
set the terms and the rules, and then the crowd is
invited to participate.”
The key difference is that one can reach
a broader audience of potential investors,
making it easier to find someone likely to
invest. FundedByMe has already built up 56 000
registered members in its network, including
people from 120 different countries.
“If we rewind the tape two ot three years,
and you wanted to find interesting unlisted, still
privately held companies, where did you go to
find them? It’s not that easy to answer because
there were no destinations like that. I think this
is just the start of something that can become
really big.”
Pontus Frohde explains that it has been
estimated that in Northern Europe, where
crowdfunding has advanced the most, it is
currently catching less than five percent of the
potential market. That points to that this is still
very early days. Yet FundedByMe has described
2015 as a pivotal year.
“This is the year, and the period up until
Christmas is the period when we will in
particular see equity crowdfunding skyrocketing.
The industry standards are suggesting that the
business will double every year for a few years
ahead – we see that on our side as well.”
He also highlights cross-border investment
as a particularly crucial section, and where
FundedByMe is a leader.
“We have never closed a single round on the
platform which hasn’t had investors coming from
outside of the entrepreneurs own country.”
“Finland is actually the leader, where the
average number is about 40 per cent non-Finnish
people investing into the Finnish companies that
we launch on our site.”
Pontus Frohde especially highlights how also
their presence in Asia, with a Singapore office,
often has been a defining factor for the many
exciting Nordic growth companies to start a
round of capital-sourcing via FundedeByMe as it
fits well with their own ambitions.
These entrepreneurs have reacted: ‘Really, do
you have presence in Singapore! We already have
an expansion plan including Asia, and where we
would like to start off in Singapore!’
As for the market conditions and potential
here Pontus Frohde replies: “There is tons of
money and we believe that there’s a mentality
in Southeast-Asia that matches really well with
the nature of crowdfunding. We came here for
that and the future hope and projections around
region.”
November 2015 • ScandAsia.Singapore 15

The end
of tax evasion
as we know it
“If you haven’t declared money that you have abroad, well
now is a good time to do that,” warns Fredrik Lager, General
Manager of SEB Private Banking, Singapore.
By Joakim Persson
Everyone should pay close attention to a new
standardized, global system for exchange of
financial information that is being implemented
across the globe, says Fredrik Lager.
So far, nearly 100 countries have
committed to the new Common Reporting Standard
for automatic exchange of financial information and the
Nordic countries are among the early adopters of the
system.
If you think this sounds boring, Fredrik Lager can
wake you up.
“It’s massive! It is a world-spanning, fully automated
reporting system backed by the OECD and expected
to be implemented by the early adaptors by September
2017. This means that 2016 information will be exchanged
in 2017. As far as Asia is concerned, Singapore, Hong
Kong, Malaysia, and Dubai, to name a few, propose to
exchange 2017 information in September 2018.”
The Early Adopters Group, including the Nordic
countries, makes no secret of the purpose.
“Tax evasion is a global problem and requires a
global solution,” the group stated as they adopted the
regulation.
“The Common Reporting Standard will provide
a steep change in our ability to clamp down on tax
evasion, which reduces public revenues and increases
the burden on those who pay their taxes.”
Fredrik Lager gives little hope there will be countries
left where the system will not be adopted.
“All reputable countries will eventually join this,
because no one wants to be outside and be seen as the
black sheep which harbours tax evaders,” he predicts.
He gives an example that shows how the system
will work:
“You are usually tax liable in the country where
you live. So, if you live in, say, Spain, with an account
in Singapore, any gains or income on that account
should be declared in Spain. Under current legislation
Singapore and many other countries don’t send out
private financial information automatically. Over the
years lots of people have taken advantage of this by
not declaring their overseas assets and income in the
countries where they are tax liable. The Common
Reporting Standard will put an end to this possibility.”
For banks, they will need to determine where they
believe the account holder is actually a tax resident,
including the the ultimate beneficial owners of private
holidng companies.
So, what types of information will be automatically
reported by banks under the Common Reporting
Standard? The following financial information will be
reported:
• The account balance;
• Interest, dividends, and sales proceeds from
financial assets; and
• The applicable currency.
“We are achieving something rather fantastic,
because the Common Reporting Standard should mean
an end to tax avoidance. People can no longer rely on
banking secrecy as a shield against the tax authorities. I
think it creates a level playing field within the industry
and that’s super good!”
“It’s very important for us as a bank to ensure that
all of our clients are compliant. ”
“I think it’s a trend that compliance and transparency
is now the order of the day. So if it is the case that you
haven’t declared money which you have abroad, well
now is a good time to do that through a self-correction
scheme whereby you voluntarily disclose any undeclared
capital income to your tax authority.”
“Most countries generally appreciate self corrections
and don’t penalise you for submitting one. But if the tax
authority catches you first, that’s when you get all the
penalties which in many countries could include criminal
prosecution for tax evasion. Now is as good a time as
any to declare all your capital income because in a few
years’ time all the information about these assets will
flow straight back to the tax authorities where you live,
whether you like it or not.”
16 ScandAsia.Singapore • November 2015

November 2015 • ScandAsia.Singapore 17

Singaporean in Norway:
Will change
freelancing forever
your CV for every time can be stressful. You have
to think of the best statement to put on Linkedin,
and all the rest of my CVs and website.
Writing job applications take hours for me,
because I have to think – What are they looking
for, what do they need. A full time job, looking for
a job should be a thing of the past – we should
move on. Job hunting should be fun.”
Adrienne wants to target freelancers
who don’t have time to sit down and write
applications. The app that she is working on will
be a combination of a forum, a jobsite, and social
network.
Adrienne Seet participated in October in
“Startuplab” in Oslo Science Park during the
Oslo Innovation Week to pitch her idea for
a CueLance app.
By Merete Mei-Jin Noer
Adrienne Seet is a young
entrepreneur from Singapore. In
October, she went on stage at the
“Oslo Innovation Week” to present
her idea of a freelancer’s app that
will “change freelancing forever”.
Adrienne Seet is a graduate of Queensland
University of Technology with a master in film and
TV who after graduation freelanced in Singapore
for over ten years.
For the past 5 years, she has been living in
Norway. During the “Oslo Innovation Week”
she sat down with ScandAsia to rtalk about her
difficulties of finding a job in Norway and her
new app.
“I started freelancing after my masters in
film and TV from Australia, and I have been
facing a lot of problems finding jobs in Oslo –
which is very unlike countries such as Singapore,
UK or the US,” she explained.
“When you work there, you apply, send your
CV, and go for an interview. If they like what they
see, they give you the job. But here in Oslo, I feel
it is more difficult as a foreigner getting a job.
People don’t know what it means when you have
experience from outside, so I got an idea for a
new app as a solution to this issue”.
Adrienne started working on an app called
“CueLance”, which in her words will “Change
freelancing forever”.
“I will make it simpler for freelancers to look
for a job – and employers to look for freelancers.
The pain and pleasures of freelancing
“As a freelancer, I know the pain. You are worried
for your next project. Where is your next project
coming from? For some of us, our rent and food
depends on this. When you get a project, updating
How do you differentiate yourself
from other job sites like Linkedin?
“With Linkedin, you still have to send a traditional
formal job application to the person. Through
my app, you can send a job application within
5 minutes. Once the job is posted on the app
you will receive a notification on your phone.
And if you like the job posting, you can open the
app and send the application immediately. You
can write formally but you don’t have to send a
formal letter. So that will be your job application.
You can do it on your break, while you are on the
road, wherever you find yourself five minutes to
sit down.”
“Once you are accepted for that job
posting, which uses tags for keywords – it will
go automatically to your profile which is actually
your CV. Future employers can view this on your
profile, so you don’t actually need to update it
yourself. People will know what you have been
hired for,” she adds.
Adrienne works with another company called
DC apps, and a freelancer in the film industry,
based in Norway.
Did you think of finding funding from
Singapore?
“I am thinking about that, but it will come at a
later stage. I am going to expand it globally, it is not
only going to be in Norway. When you look at the
market – freelancers make up 1 percent of any
first world population. Norway is actually a very
small market if you look at the world population.
I will test the app in Norway, then expand it to
Europe , which is about 860 million people – and
then I want to expand it to the South East Asia
region which I know best of course – Singapore,
Malaysia and Indonesia.”
Adrienne also plans to launch the app in
Hong Kong, where she says the film and TV
industry is big.
Adrienne pitching her idea at “Startuplab” in
Oslo Science Park.
18 ScandAsia.Singapore • November 2015

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November 2015 • ScandAsia.Singapore 19

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