January 19, 2021

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ABIS 2017 panel, see rise of the ASEAN shared economy

MANILA: November 14, 2017 – The fourth forum of the ASEAN Business and Investment Summit 2017, “Shared Economy,” held on the final day of the summit, tackled the growing pervasiveness of shared economy in the region and the unprecedented disruptive innovations in the market.

Business leaders, policy makers and state leaders called for heightened collaboration to safeguard the benefits of this emerging business model in the world’s fourth largest internet market, the Southeast Asia.

The panelists are Dr. Robert Yap, Chair of ASEAN BAC Singapore and Executive Chairman of YCH Group (Singapore), Mr. Mario Pezzini, Director of the Organisation for Economic Co-operation and Development (OECD) Development Centre (Italy), and Robin Kwok, Country Manager for South East Asia, Hong Kong and Taiwan of Airbnb (Hong Kong/ Taiwan), moderated by Robert Yap Min Choy, ASEAN Business Advisory Council Singapore Member, Chairman of Fullerton Systems and Services and Chairman of Sunseap Group (Singapore).

In photo (L-R): Dr. Robert Yap, Mario Pezzini, Robert Yap Min Choy (ASEAN BAC Singapore member/moderator), Robin Kwok, ASEAN BAC, Tessie Sy-Coson and Joey Concepcion.

“86% of people who use Airbnb say they use it to live like a local, they want to be immersed with locals, they eat what the locals eat, and they want to see what the locals see,” Kwok said. She added that in terms of preparedness, entrepreneurs in her field should embrace the spur of innovation providing opportunities for innovative tourism projects.

“It is not a question whether we are ready. But a statement that  we need to be ready. Whether we want it or not, we need to be ready as the market is growing,” Kwok emphasized.

Dr. Yap stated that on whether ASEAN is ready for shared economy,  “We should level the playing field since other companies are doing big things. More happens if we compete and we will have more benefit.”

On risks that abound with the emergence of shared economy, Pezzini warned that “If it cannot reach expectations, it can create frustration and tension.”

Pezzini articulated that for MSMEs, this business  model can help facilitate entry of small scale investments to businesses despite the presence of tensions experienced in other countries.

“The sky’s the limit for millennials. There are incredible opportunities for new ideas. You know better what your preferences are,” Kwok encourages to spur new and young entrepreneurs to be in business. She urged entrepreneurs to get creative as growth is inevitable in the ushering in of shared economy.

ABIS  2017 is  the biggest and most prestigious business event in ASEAN  presented by the ASEAN Business Advisory Council which will bring attention to the business, investment opportunities, global issues, and key strategic directions that impact on business opportunities for ASEAN member nations today.