ScandAsia Singapore - November 2015

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Fighting the smog

in Southeast Asia

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ScandAsia is the only magazine that covers all the Danish, Finnish, Norwegian and Swedish residents in Singapore.

We also publish a ScandAsia maga-zine in China, Thailand, and the rest of South East Asia.

Get your own FREE copy: scandasia.comPublisher : ScandAsia Publishing Co., Ltd.211 Soi Prasert Manukitch 29Prasert Manukitch RoadChorakae Bua, Lad PraoBangkok 10230, ThailandTel. +66 2 943 7166-8, Fax: +66 2 943 7169

Editor-in-Chief : Gregers A.W. Mø[email protected]

Assistant Editor :Joakim [email protected]

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Finn Balslev [email protected]

Graphic Designer : Peerapol [email protected]

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Your FREEScandAsia Magazine in Singapore

Coming Events

Julebasar 2015Where: Danish Seamen’s Church, 10 Pender Road, Singapore When Sat - Sunday 21-22 November - all day

Julelunsj - en tradisjonsrik opplevelseWhere: Norsk Sjømannskirke i Singapore, 300 Pasir Panjang Road Singapore When: Thursday 26 Nov (svensk julemat), Wednesday 2 Dec, Thursday 3 Dec, 12.00

photos: CIFOR(Center for International Forestry Research)

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!

ProgrammeWelcome drink ~ Four-course Dinner ~ DanceAwards for “Swede of the Year” and “Swedish Company of the year” will be announced.Dress codeBlack Tie and/or Singapore HeritageKeywords: Chinese, Malay, Indian or British Colonial

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.

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 [email protected] julelunsj: Send mail til Ann-Britt på [email protected] med venner, kolleger og kunder på julelunsj på Sjømannskirken!

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

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.

SBAS Ball 2015 – Party of the year!!

4 ScandAsia.Singapore • November 2015

News Brief

Danish students invited to embassy in Singapore

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 energy-efficient urban mobility solutions.

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.

Smart City Dialogue hosted by Singapore

“Smart solutions must be smart for the citizens,” Morten Kabell, Mayor of Copenhagen, emphasized.

Dr.Vivian Balakrishnan at the rostrum

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 fur ther cooperation in R&D, including water management and environmental technology.”

Mayor of Copenhagen, Mor ten Kabell par ticipated in the Smar t 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.

“Smar t solutions must be smar t 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.”

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

November 2015 • ScandAsia.Singapore 5

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News Brief

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 macro-economics, 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

FBC and SBAS Luncheon held in Singapore with Handelsbanken


News Brief

‘Energy for The Future – Nordic Solutions’ was jointly organised by four Nordic 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 speaker s 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

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 effor ts, 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

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.

Joint Nordic energy seminar held in Singapore

All four Nordic ambassadors to Singapore attended the joint ‘Energy for The Future – Nordic Solutions’ seminar. From left H.E. Tor


News Brief

ScandAsia Half Page(192x135mm).indd 1 1/10/15 12:49 pm

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, SingaporeNorwegian Embassy in Singapore


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 par t of the Viking Supply Ships, which is a supply shipping company headquar tered 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

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.”

A day at Brage VikingBy Mia Sanberg Svenningsen


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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 ThailandIKEA 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,

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.”

Life in Southeast Asia under the smog…By Joakim Persson All photos: CIFOR (Center for International Forestry Research)

Susann JohanssonSusann 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 LtdViking 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, SingaporeSEB 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 shor t-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.”


What seems to be the major reason for the haze story repeating itself each year, i s agr icu l ture fi res 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.

Meanwhi le , 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

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 self-sufficient 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 hur t 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

…and a Swedish template for a solution

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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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 cookerChief 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 star t-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 star t-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

Invest with me! Equity crowdfunding is here!By Joakim Persson


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

Invest with me! Equity crowdfunding is here!

example of this. The live, interactive online yoga star t-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 equity-based 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 collaborationsIn 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

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 investorsWhile crowdfunding star ted off with reward-based 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 Nor thern 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 per iod 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 par ticular ly 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 star t 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.”


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, near ly 100 countr ies 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 repor ted by banks under the Common Repor ting 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.”

The endof 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



Ad r i e n n e S e e t i s a yo u n g 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 star ted 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

Singaporean in Norway:Will change freelancing forever

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

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.”

Adr ienne 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.

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.


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ScandAsia Singapore - November 2015