Forecast 2024: Worth the Risk, Part 1

DERRICK TAN
Chairman, WRISE Group

Based on data, research, and experience, what developments and trends in your industry are you anticipating in 2024?
We see the wealth management industry in Singapore progressing rapidly across 2024 as the country rises to become a key gateway for Asia’s fortunes. Central to this, we expect to see continued strengthening of new MAS policies pertaining to family office and the influx of capital. This not only improves fund allocation and risk management, but also encourages the growth of the local wealth ecosystem.

We can expect more upskilling of financial talents, a greater diversity of investment- and wealth-centric offerings, the advent of wealth tech in shaping the digital wealth management landscape, and importantly, a solidification of the philanthropic community among Singapore’s UHNW population.

What risks are you willing to take to meet your professional goals for the coming year?
WRISE is a dynamic young wealth management firm that began in 2022. Right from the start, we invested heavily in growing our digital capabilities, human capital, breadth of services, and network of global offices and partners. This immense capital outlay represents the risks that WRISE is willing to take to rapidly build a relevant, multi-disciplinary, and digitally forward environment that best meets the sophisticated demands of Asia’ ultra-rich.

With offices now in Singapore, Hong Kong, and Dubai, and with upcoming representation in Japan, our business trajectory for 2024 is to penetrate more financial hubs around the world and grow our business in tandem with the wealth aspirations of our UHNW clients.

FEON ANG
Managing Director, Asia Pacific, LinkedIn

Based on data, research, and experience, what developments and trends in your industry are you anticipating in 2024?
Conversations around AI on LinkedIn have increased 70% globally since generative AI sparked in popularity late last year. In APAC, applications to AI and AI-related jobs have grown by 16% in Australia and 5.6% in India.

Jobs are changing very quickly, and as AI begins to automate areas at work, soft skills – which only people can perform – become increasingly important. The best way to stay on top of these changes is to possess a skills-first mindset. The future of work is becoming intertwined with the future of learning, and by constantly learning and honing new skills, we can adapt to whatever changes that come our way.

What risks are you willing to take to meet your professional goals for the coming year?
As we move into the era of AI, I recognize the importance of staying curious and equipping myself with AI skills. I am willing to take the risk of embracing the challenges and opportunities that AI will bring to the workforce. This includes encouraging LinkedIn employees and members to upskill and experiment with AI.

Just like overcoming conflicts, experimenting and risking the possibility of failure is essential for learning and iterating, whether it's in small ways like trying out different AI prompts or testing various approaches to business.

JOE DISCHE
Chief Financial Officer, PropertyGuru Group

Based on data, research, and experience, what developments and trends in your industry are you anticipating in 2024?
It is an exciting time for the real estate sector, with substantial shifts expected well beyond 2024.

We believe that the long-term fundamentals of urbanization, digitalization, and a rising middle class fuelled by a vibrant pool of increasingly affluent and digital property seekers, will continue to drive the expansion of Southeast Asia’s property market. This will offset any headwinds from interest rates, inflation, or geopolitical instability.

Technologies like Generative AI and machine learning are poised to redefine the real estate landscape. They will play a pivotal role in elevating efficiency and transforming user experiences. At PropertyGuru, we've been leveraging Gen AI and machine learning to achieve these goals, and we're enthusiastic about the potential to enhance agent efficiency and elevate the quality of products we bring to the real estate landscape.

What risks are you willing to take to meet your professional goals for the coming year?
For me it’s ‘investment’. Despite the uncertain economic conditions, PropertyGuru will continue to invest significantly in the future as we aim to improve customer experiences and productivity. With innovations like Gen AI and machine learning, we're embracing the learning curve, acknowledging the unknowns, and investing in cutting-edge solutions. I am also actively investing my time in internal Finance department transformation to bring increased efficiency in our processes.

I continue to focus on my personal and intellectual development to bring my best in my role as a CFO. To allow me the space to do this, I am focused on my team and their development. As they take greater ownership of decisions, I am freed up to add value elsewhere.

KIM MENG PNG
Chief Executive Officer, NTT Ltd. Singapore

Based on data, research, and experience, what developments and trends in your industry are you anticipating in 2024?
Significant developments are on the anvil for the information technology (IT) infrastructure and services industry. While artificial intelligence (AI) has well passed its nascent stage, the industry 4.0 technology boasts a plethora of efficiencies, such as its ability to process and analyze vast volumes of data, and is perceived as the main driver of change in the coming year. The integration of DeepIQ is a related trend worth noting. Leveraging generative AI, DeepIQ drives end-to-end automation for enhanced operational efficiency and impact. Enterprises’ development of environmental, social and governance (ESG) practices is another major trend. Having recognized ESG’s impact on potential competitive advantage, businesses are further integrating and investing in relevant technologies like the Internet of Things (IoT) and cloud computing.

What risks are you willing to take to meet your professional goals for the coming year?
Amid the current economic downturn, significant consideration and planning, alongside a risk-seeking attitude, are imperative in building a business that has short- and long-term viability. To stay ahead of market changes, our team at NTT Ltd. Singapore is accelerating technological enhancements to adapt to the ever-evolving industry landscape. The implementation of AI, machine learning, IoT, and automation will be critical. To obtain a first-mover advantage, we are also furthering the development of technological innovations. One such example is our Innovative Optical and Wireless Network (IOWN). All types of progression come with risks and adopting a growth mindset can not only help in improving circumstances but also enable sustainable, positive economic and social impacts.

EUGENE HUANG
Director, Redbrick Mortgage Advisory

Based on data, research, and experience, what developments and trends in your industry are you anticipating in 2024?
We anticipate persistently high mortgage rates for 2024 as we expect the Federal Reserve to increase interest rates. This will raise the cost of home purchases and potentially reduce mortgage demand resulting in greater competition among lenders. This means more innovative products and differentiated offerings that can benefit borrowers.

Mortgage advisors can develop a speciality in alternative lending options, such as hard money loans and focus on affordability through mortgages that align with the borrowers’ financial intricacies. Crucially, they have to stay informed about the market and be responsive to clients' evolving needs.

What risks are you willing to take to meet your professional goals for the coming year?
We are ready to embrace calculated risks towards meeting our professional goals. This includes investing in cutting-edge technologies and expanding our advisor team to meet the rising demands. However, diving into novel technologies poses risks to their efficiency, costs, and security. To meet these challenges, we offer extensive training programs to ensure that our advisors are supported and prepared to face our clients’ service and performance expectations.

ALVIN GOH & IAN LIM
Co-founders, RVLT

Based on data, research, and experience, what developments and trends in your industry are you anticipating in 2024?
The free-flow spending of the post-COVID days are gone and people are more prudent about senselessly spending. In the coming year, affordability and sense of value will be at the forefront of consumers’ minds; they’ll be more inclined to better value experiences without having to splurge. Decadent and luxurious ingredients will be less popular due to inflation, but that doesn’t mean diners will be eating or drinking cheaply; their focus will be to eat and drink well without having to pay super premium prices.

What risks are you willing to take to meet your professional goals for the coming year?
To evolve to match these anticipated sentiments, we are willing to buck the trend by investing more (instead of lower spending) to improve our offerings and services, and to up our game. Even though cost of products have increased significantly, we’re also mindful to balance our prices and keep them accessible and friendly. Furthermore, with the slowdown of business due to the reduction of customer flow, we are currently over-staffed and it affects our profitability, but we are willing to maintain our existing work force and bear the loss of profits – we have a responsibility to our team.

KELVIN LIM
Executive Chairman, Executive Director & Group Managing Director, LHN Group

Based on data, research, and experience, what developments and trends in your industry are you anticipating in 2024?
Artificial intelligence (AI) is poised to advance in sophistication, progressively becoming an indispensable part of various business sectors including the real estate industry. In addition, with net zero becoming more widely adopted as a vital step in tackling the climate issues, there will be an increased emphasis on renewable energy and sustainability innovations across business sectors in years to come. Businesses need to stay abreast of these developments, adapting their strategies and operations to align with the sustainable and technologically driven future.

What risks are you willing to take to meet your professional goals for the coming year?
To thrive in a sustainable and technologically driven future, it's important for us to integrate sustainability in every aspect of our business and embrace cutting-edge technologies, with a particular focus on AI. Integrating AI into our operations is crucial for optimizing productivity and fostering the generation of innovative, ground-breaking ideas. This endeavor will require efforts, investments, and talents, and prompt significant changes in our existing structure. However, undertaking this risk is imperative for our survival in the dynamically evolving business landscape.

GARTH SIMMONS
CEO, Accor’s Premium, Midscale, and Economy Division in Asia

Based on data, research, and experience, what developments and trends in your industry are you anticipating in 2024?
The main trend we’re noticing is that guests and partners are increasingly looking for unique experiences, which a typical ‘hard’ hotel brand may not be able to offer. To address this, Accor has recently debuted the Handwritten Collection brand in Asia, with openings including the Andaman Beach Hotel Phuket – Handwritten Collection and Hotel Faber Park Singapore. The Handwritten Collection brand is comprised of charming bespoke hotels that offer an intimate and stylish hospitality experience.

Another trend that we anticipate continuing through 2024 is the increasing demand for extended stay properties, resulting from a rise in remote work and hybrid work models, leading to professional travellers mixing business with leisure. Accor continues to prioritize our extended stay network with brands like Novotel Living and Mövenpick Living, with recent openings across the region including Mövenpick Living West Hanoi and Novotel Living Saigon South.

What risks are you willing to take to meet your professional goals for the coming year?
In the competitive hospitality landscape, it is vital that we maintain our position as a pioneer. On a personal level, this means I am willing to take risks, embracing new ways of thinking to maintain an agile, innovative, and daring spirit. We thrive on adapting swiftly to cater to travellers’ evolving needs, making risk-taking essential.

In practical terms, this means introducing new brands and creating new experiences, alongside exploring new markets so that we can maintain our ambitious growth trajectory. After a record-breaking year in signings across our Premium, Midscale and Economy Division throughout Asia, we could not be more excited for what the year ahead will hold.

JOHN SHARP
Founding Partner, Hatcher+

Based on data, research, and experience, what developments and trends in your industry are you anticipating in 2024?
In 2024, I foresee a significant shift towards AI-driven investment strategies within the venture capital space. Data-driven decision-making will become more prevalent, with an increased focus on sustainable and socially responsible investments. 

Additionally, think we’re going to see a growing influence of family offices in direct investments, leveraging advanced technologies for faster, more efficient deal analysis. This evolving landscape will likely see the continued integration of AI and business process automation tools, enhancing due diligence and deal sourcing in a rapidly changing market.

What risks are you willing to take to meet your professional goals for the coming year? Over the past five years, the Hatcher+ team has developed an impressive AI and process automation toolset, and an unparalleled deal database.  In the coming year, our focus will be on turning this IP into usable tools. And while any investment in a new area involves risk, we believe this investment will generate significant returns for us as an entire industry begins to embrace AI and automation. 

As these technologies roll out, old styles of doing business will become unrecognizable. For example, our AI-powered Pitch Deck Analyzer – a groundbreaking tool designed to help founders refine their pitch decks – will change the way founders submit business ideas by allowing them to present the best possible version of their business plan to investors. Similarly, our DealGraph tool is designed to enable AI-powered deal discovery on behalf of investors. This tool, which analyzes your history as an investor and builds recommendations based on an AI-powered analysis of your investment mandate, is expected to significantly change how portfolios get constructed, by ensuring that investors and founders with like interests and capabilities can find each other more easily.