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CPA Australia Survey: Indian small businesses lead in innovation and profitable technology investment

  • India’s small businesses crowned innovation leaders for third year.
  • Record high recruitment and strong expansion planned for 2023.
  • Increasing costs, especially fuel, and internet connectivity are key challenges.

NEW DELHI, INDIA – Media OutReach – 3 May 2023 – Over three quarters of India’s small businesses are primed for growth in 2023, driven by innovation, digital technologies and customer satisfaction, a new survey shows.

Indian small businesses are among the fastest-growing in CPA Australia’s annual Asia-Pacific Small Business Survey. The survey collected views from 4280 small businesses in 11 Asia-Pacific markets, including 561 respondents from India.

Seventy-three per cent of Indian small businesses grew last year, up from 62 per cent in 2021. This momentum is set to continue, with 77 per cent expecting to grow in 2023. Indian businesses topped the survey for expectations they will grow strongly in 2023 (61 per cent).

Indian small businesses are the most bullish in the region with their plans to hire more staff. Eighty percent of respondents increased their employee headcount last year. A record high of 85 per cent plan to add staff this year.

“The robust growth of India’s small businesses can be attributed to their constant improvement in customer satisfaction, strategy and management,” CPA Australia Regional Manager for Emerging Markets Mr Nicklaus Wee said.

“The booming trend in business process outsourcing and IT outsourcing is creating many opportunities for small businesses in India. The deepening collaboration between foreign customers and local service providers has fostered a dynamic ecosystem. This nurtures small companies, attracts talent and brings more knowledge about cutting-edge technologies. It’s not surprising that over half of local small businesses anticipate revenue from overseas sales to increase significantly this year.”

The competitive advantages for India’s small businesses include their innovative culture and adoption of technology. A record high (79 per cent) plan to introduce new products, processes or services to the market this year, the highest result in Asia-Pacific region for a third consecutive year.

India continues to be a regional leader in digital transformation, with very high rates of e-commerce, digital payment options and social media adoption. This strong digital mindset is supported by high rates of investment in technology.

The survey shows that when Indian small businesses invest in technology, they do so with a high degree of success. Most found their investment in technology last year improved their profitability (83 per cent). This was the highest result of all markets surveyed and well above the survey average (55 per cent). They were also the most likely to seek advice from IT consultants (42 per cent) last year.

However, 78 per cent said internet connectivity issues had affected their business operations. This was the worst result across surveyed markets (survey average 31 per cent).

“India is a leader in transforming to the digital economy. However, weaknesses in digital public infrastructure are hindering development. To promote digital inclusion and facilitate technology upgrades, the government should continue with schemes like Production Linked Incentive (PLI) and Bharat Net Project. These should enhance public internet accessibility, especially in underdeveloped districts where many small businesses are located.”

Thirty-four per cent said increasing costs had the most negative impact on them in 2022. Of this, fuel costs (44 per cent) were most detrimental, followed by transportation and storage costs. In surveyed Indian cities, Mumbai businesses were most likely to face increasing fuel costs.

“Soaring energy prices have become a major concern for India’s economy and a financial burden on many small businesses. This is a catalyst to look for savings by reducing energy use and transitioning to green energy. Last year, many respondents monitored energy and water use (32 per cent). Some invested in green and renewable energy (28 per cent).”

Many of India’s small businesses required external finance to cover rising costs and investment in technologies. Eighty-eight per cent sought external finance last year, mainly for business growth (52 per cent). Seventy-six per cent plan to seek funding this year and 64 per cent expect easy access to such funds.

“India’s small businesses are expanding aggressively due to a strong local economy and investments in innovation and technology. Government schemes, such as Pradhan Mantri MUDRA Yojana (PMMY), have helped to improve financial conditions for micro and small businesses. Businesses need to focus on managing increasing costs. They should seek professional advice to improve cashflow for sustainable growth.”
Hashtag: #CPAAustralia #SME #Business #Economics

The issuer is solely responsible for the content of this announcement.

About CPA Australia

CPA Australia is one of the largest professional accounting bodies in the world, with more than 172,000 members in over 100 countries and regions, including nearly 2000 members in South Asia. Our core services include education, training, technical support and advocacy. CPA Australia provides thought leadership on local, national and international issues affecting the accounting profession and public interest. We engage with governments, regulators and industries to advocate policies that stimulate sustainable economic growth and have positive business and public outcomes. Find out more at

25-Year-Old Man Fatally Shot in Vientiane Capital

25-year-old Anousa Jack, a resident of Chanthabouly District, was shot fatally on Saturday.

A 25-year-old man was shot dead by an unknown assailant at a cafe in Chanthabouly District, Vientiane Capital on Saturday.

Thailand to Offer Over USD 14,000 to Travel Around the Country

Thailand to offer USD 14,000 To Travel Around the Country
Person laying on a hammock by the beach. ( Photo : Ravish )

The Tourism Authority of Thailand (TAT) has announced a new campaign called “ Tourist of Thailand,” where one lucky person will get to travel around the country for 4 months with a spending budget of THB 500,000 (USD 14,624).

Muay Lao Federation’s President Apologizes for Controversial Remarks

Muay Lao Federation's President Apologizes for Controversial Remarks
The President of the Muay Lao Federation, Mr. Saysamone Sayasone in his apology video

The President of the Muay Lao Federation, Mr. Saysamone Sayasone, released a video on Sunday apologizing for his comments comparing the Cambodian Kun Khmer martial art sport with Muay Thai that sparked controversy among Thai and Lao citizens. 

Aon’s Survey Finds Employee Wellbeing Has Risen in Importance and Investment; Mental Health is Top Wellbeing Issue in Asia Pacific

SINGAPORE – Media OutReach – 3 May 2023 Aon plc (NYSE: AON), a leading global professional services firm, has released its 2022-2023 Global Wellbeing Survey, wherein – among other key findings – global data shows that improving employee wellbeing factors can enhance company performance by at least 11 percent and up to 55 percent. There is a relationship between wellbeing and a sustainable working life, which can impact company performance. The higher an employer’s ratings for overall employee wellbeing and the higher the performance of wellbeing initiatives, the better their scores are in the areas that form a sustainable working life.

Employee wellbeing rising in importance and seeing increasing investment

Overall employee wellbeing ranked the highest in Asia Pacific (APAC) compared to other regions, with 49 percent of companies describing it as excellent or very good, slightly higher than the global average (46 percent). This could be attributed to the growing importance of employee wellbeing for APAC organisations. Employee wellbeing ranked among the top three priorities for APAC businesses’ human capital strategy, with 67 percent of employers in APAC saying wellbeing is more important to their company and 48 percent say it has increased in priority, compared to 2020.

Furthermore, 49 percent of companies in APAC reported that they have increased their investment in wellbeing initiatives compared to 43 percent globally. With 50 percent of organisations allocating 4 percent or more of their overall benefits budget to wellbeing initiatives, funding allocation was the largest compared to other regions globally.

“An increasingly volatile business environment combined with evolving employee expectations exacerbated by COVID-19 requires that organisations change the way they think about building a resilient workforce,” Tim Dwyer, chief executive officer for Health Solutions, APAC at Aon, said. “Our study demonstrates the importance employers in the region place on employee wellbeing. Not only have they increased their financial investment, but more businesses are reporting integrating wellbeing with their business strategies and company culture. Understanding and addressing the diverse needs of employees through a well-designed wellbeing strategy will ensure businesses make better decisions that create a more flexible, engaged and resilient workforce.”

Mental health is top wellbeing issue

Mental health and burnout/languishing are the top two employee wellbeing issues in APAC. Burnout is defined as job-related stress that has not been managed, while languishing refers to a sense of being stuck and not making progress. Although burnout is the second-most cited employee wellbeing issue, only 18 percent of companies incorporate this topic in their emotional wellbeing initiatives and only 24 percent train their managers on managing burnout.

The survey further revealed that companies are increasingly taking a more strategic approach to employee wellbeing, with 85 percent of organisations in APAC having a wellbeing strategy in 2022, compared to 55 percent in 2020. In addition, 77 percent of employers reported that wellbeing is integrated into their overall business and talent strategy. The majority of participants also said that they have connected or integrated their wellbeing strategy with other parts of the company including health and safety (90 percent); diversity, equity and inclusion (90 percent); environmental, social and governance (87 percent); and total rewards (83 percent).

However, when compared to other regions, the APAC region rated second lowest in terms of the percentage of employers incorporating emotional wellbeing into their company’s strategy (52 percent).

Also, while 88 percent of companies in APAC have at least one wellbeing initiative in place, most wellbeing initiatives are one dimensional, and there is mismatch between what is offered and the issues that need to be addressed, indicating there is much work to be done.

Alan Oates, head of advisory and specialty for Health Solutions, APAC at Aon, said: “As businesses in the region allocate ever-greater investments to improve the wellbeing of their employees, our data reveals gaps in what businesses think is important versus what employees need and are offered. Organisations must therefore avoid implementing one-off individual wellbeing initiatives with no connection to a larger business plan. Using data and analytics to identify employee needs and aligning interventions with those needs will ensure organisations make better decisions to improve wellbeing and overall workforce resilience.”

About the survey

Aon conducted the survey of human resources and benefits leaders from more than 263 companies across 14 countries and sovereignties in Asia Pacific across multiple industries in collaboration with IPSOS, a leading global market research company, through August and November of 2022. Explore findings of Aon’s 2022-2023 Global Wellbeing Survey here.

Hashtag: #MentalHealth #EmployeeWellbeing #EmployeeHealth #WorkforceResilience

The issuer is solely responsible for the content of this announcement.

About Aon

(NYSE: AON) exists to shape decisions for the better — to protect and enrich the lives of people around the world. Our colleagues provide our clients in over 120 countries and sovereignties with advice and solutions that give them the clarity and confidence to make better decisions to protect and grow their business.

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Disclaimer
The information contained in this document is solely for information purposes, for general guidance only and is not intended to address the circumstances of any particular individual or entity. Although Aon endeavours to provide accurate and timely information and uses sources that it considers reliable, the firm does not warrant, represent or guarantee the accuracy, adequacy, completeness or fitness for any purpose of any content of this document and can accept no liability for any loss incurred in any way by any person who may rely on it. There can be no guarantee that the information contained in this document will remain accurate as on the date it is received or that it will continue to be accurate in the future. No individual or entity should make decisions or act based solely on the information contained herein without appropriate professional advice and targeted research.

NetApp Appoints Andrew Sotiropoulos as Senior Vice President and General Manager for Asia Pacific

Industry veteran joins cloud data management leader to chart its next lap of growth in Asia Pacific

SINGAPORE – Media OutReach – 3 May 2023 – NetApp® (NASDAQ: NTAP), a global, cloud-led, data-centric software company, today announced that it has appointed IT industry veteran and senior business executive Andrew Sotiropoulos as Senior Vice President and General Manager for Asia Pacific (APAC).

Andrew Sotiropoulos, Senior Vice President and General Manager for Asia Pacific (APAC)

Andrew Sotiropoulos, Senior Vice President and General Manager for Asia Pacific at NetApp

Based in Singapore, Andrew will preside over NetApp’s business and spearhead the company’s expansion plans in the region. Reporting to NetApp President Cesar Cernuda, his priorities include growing NetApp’s enterprise storage and cloud business, strengthening its partner ecosystem, and extending its leadership in regional markets.

Andrew has over three decades of experience in the technology industry, leading pan-regional teams to drive business growth and capture emerging opportunities. He most recently served as VP of Asia Pacific and Japan at Pure Storage. Andrew has also led teams at IBM and Lenovo. In IBM, he led the Global Technology Services division in Asia Pacific. He has extensive experience leading organisations in Asia Pacific and Global roles across both product and technology services segments.

Andrew takes over from Sanjay Rohatgi, who will be departing the company to pursue opportunities outside of the company, after nearly four years of leading NetApp’s sales teams in Asia Pacific.

“As a global company, and having spent many years in APAC myself, we appreciate the importance of building and strengthening our long-standing relationships with business communities in the region,” said Cesar Cernuda, President at NetApp. “I am delighted to have Andrew join us to continue the growth of our business as we empower our customers wherever they are on their respective cloud transformation journeys.”

“NetApp is resolute in helping APAC organizations mitigate complexities to accelerate their digital transformation journeys, across on-premises and hybrid multicloud environments,” said Andrew Sotiropoulos, Senior Vice President and General Manager, NetApp Asia Pacific. “I am excited to build on the 30-year foundation that NetApp has laid down, letting customers further boost their innovation speed, lower costs, and improve agility.”

Hashtag: #NetApp



The issuer is solely responsible for the content of this announcement.

About NetApp

NetApp is a global, cloud-led, data-centric software company that empowers organizations to lead with data in the age of accelerated digital transformation. The company provides systems, software and cloud services that enable them to run their applications optimally from data center to cloud, whether they are developing in the cloud, moving to the cloud, or creating their own cloudlike experiences on premises. With solutions that perform across diverse environments, NetApp helps organizations build their own data fabric and securely deliver the right data, services, and applications to the right people—anytime, anywhere. Learn more at or follow us on , , , and .

NETAPP, the NETAPP logo, and the marks listed at are trademarks of NetApp, Inc. Other company and product names may be trademarks of their respective owners.

World Mode Holdings Group brings to APAC full suite of capabilities for a rapidly evolving world of retail

World Mode Holdings Asia Pacific delivers even more robust and dynamic solutions

SINGAPORE – Media OutReach – 3 May 2023 – Japanese retail solutions provider World Mode Holdings (WMH) Group has set up an Asia Pacific (APAC) arm as part of an accelerated expansion plan across the globe. With the APAC arm mirroring capabilities of its Japanese parent, WMH is now in a significantly stronger position to serve up integrated retail solutions in the region.

Organisational chart of World Mode Holdings Group

Organisational chart of World Mode Holdings Group

WMH APAC provides full range of integrated solutions

Set to elevate retail solutions in APAC, WMH APAC’s services now mirror those offered by its Japanese parent. WMH APAC has bases in a total of five countries: Singapore, Malaysia, Vietnam, Taiwan, and Australia. On top of solutions to address human resource, training, and operations, WMH APAC is also equipped to consult on digital marketing, e-commerce, CRM, retail technology, and visual merchandising as part of its integrated solutions.

Retail trends

“The luxury industry in APAC is bouncing back even stronger in many aspects than before COVID-19. More retail brands have also eagerly entered SEA as luxury consumers balloon in numbers and spending power. Hence, there is a huge demand for high-standard retail solutions to resolve the customer experience (CX) challenges of today,” Mr. Shinsuke Kafuku, CEO and President of WMH Group, shared about the establishment of WMH APAC. He added that for Southeast Asia (SEA), due to systematic and cultural diversity, there is also a real need for solutions which can achieve standardisation for swift scaling and business growth, while leaving room for detailed customisations specific to in-market needs.

The establishment of WMH APAC is proof of its commitment to serving and growing with the retail industry in APAC. As the fashion and beauty sectors see major shifts and transformations, it is crucial for retail businesses to keep up with trends. This includes the adoption of practices such as personalised CX, augmented reality, and sustainability-driven efforts to remain competitive. “Our core objective is to raise industry standards, and we do this by supplementing clients’ teams with operational capabilities and adequate skills development to drive memorable customer experiences,” stated Ms. Angeline Yap, Director of WMH APAC. She continued, “We’re a leader on the talent development front – supporting and grooming talent by imparting expert knowledge, technical skills, soft skills, and other transferrable skills.” Through skills certification, WMH APAC incentivises employees to undergo training and upskilling through certification. This is key to propelling the retail workforce to meet dynamic market demands and various changes to come.

Meeting APAC’s demands in recruitment, training, operations, and technology

Thanks to its expertise in various components of the retail, beauty, and fashion industries, and corresponding consultancy services, WMH APAC brings to the table holistic integrated solutions that meet the many demands of clients and end-customers.

Recruitment

Recruitment remains a core service of WMH APAC. Its job portal MyBRANDS has been serving fashion and beauty retailers in Japan, Singapore, Malaysia, and will soon have a presence in even more countries in the region. Through WMH APAC, MyBRANDS aims to expand its candidate database across markets in the region. The mission is to groom the next generation of the retail workforce, eventually connecting qualified job applicants with potential employers internationally.

Training

To elevate the calibre of the workforce, WMH APAC presents Mode Academy, built to deliver its education and training component. Ever evolving factors such as clients’ needs, customer journeys, shopping habits, retail touchpoints, and any limitations inform the ways the training framework and curricula are crafted at Mode Academy. Through on-ground research and the approach of blended learning, Mode Academy aims to establish a benchmark for service excellence in the fashion and beauty industry. It takes on the role of a job-skills integrator to help employees achieve continuous employability with regularly updated and upgraded skills.

Operations

Delivering effective retail solutions at scale, WMH APAC offers human-centric services to enhance CX and productivity. For instance, WMH Group has been managing stores of major luxury brands and, based on its in-depth know-how, offers quality store operation management services. Creative visual merchandising is also one of the services that WMH APAC now boasts. Thanks to the Group’s decades of experience at the frontline in stores and ongoing field research, brick-and-mortar retailers can expect creative solutions that take into consideration store front aesthetics and functionality, marketing, and human resource. The result is a delightful customer experience complemented by robust backend support.

Technology

CX solutions are only possible due to the seamless fusion of fashion and technology. WMH APAC works with partners to strengthen customer engagement and maximise retail sales by offering CX-enhancing technologies. For instance, physical stores can take advantage of technologies such as heat maps, digital colour matching, and business intelligence systems to analyse in-store and backend data in an integrated manner, transcending silos and fortifying the existing business strategy.

Mr. Shinsuke Kafuku, CEO and President of WMH, and Ms. Angeline Yap, Director of WMH APAC, are available for comment and interviews. For media enquiries, please see below.

Hashtag: #WorldMode

The issuer is solely responsible for the content of this announcement.

About World Mode Holdings Group

Established in 2012, World Mode Holdings Inc. (WMH) is a one-stop consultancy for retailers in the fashion and luxury brand industry. There are six business pillars under WMH Group’s wide-ranging consultancy expertise, namely iDA, BRUSH, Four Ambition, AIAD, AIAD LAB, and Visual Merchandising Studio. Each specializes in different service streams, including recruitment, training, store operations, digital marketing, e-commerce, CRM, retail technology and visual merchandising.

WMH Group is proud of their track record of effectively supporting businesses through customised solutions for an impressive list of clients.

WMH Group is the evolved form of the founding company iDA, a human resource company serving the fashion and beauty industry that was established in 1999 by Keisuke Kafuku, father of now-CEO and President Shinsuke Kafuku who took over in 2008. The younger Kafuku founded WMH Group because of its expansion from human resources alone to many more verticals.

BingX Presents $SUI Token Listing Event for early investors

SINGAPORE – Media OutReach – 2 May 2023 – BingX, a leading cryptocurrency exchange with over 5 million users in over 100 countries and regions, is excited to support the launch of Layer 1 project , SUI Mainnet. SUI is a decentralized proof-of-stake blockchain with high scalability and throughput, making it ideal for application development. BingX believes that SUI network innovative approach to parallel processing and optimized single-write objects can revolutionize the digital asset ecosystem.

To celebrate the launch, BingX will be hosting a series of events from May 3, with prizes totaling up to $100,000. New and existing users who sign up can enjoy SUI spot trading pairs (spot grid and unlimited grid) with zero handling fees for 7 days. New users registered during the event can receive up to 5125USDT. In addition, there will be SUI airdrops and a spin and win contest for a chance to win $30,000 SUI.

In addition to the launch events, BingX is offering several perks to its users who trade SUI. Users can enjoy zero handling fees for SUI/USDT trading pairs for a limited time, as well as receive rewards up to $50 in SUI when they deposit SUI into their BingX account. Spot traders can also get up to $100 in SUI, while future traders can participate in BingX’s lucky draw for a chance to win more SUI, an iPhone 14, and other prizes. Get updates from BingX SUI airdrop event page.

“We are delighted to support the launch of SUI Mainnet.” said Elvisco Carrington, PR and Communications Director of BingX. “We share the vision of revolutionising the digital asset ecosystem, creating a safer, more accessible world of digital currencies with the potential to disrupt the traditional financial system. BingX is always looking to partner and introduce more quality projects to benefit our users and change the crypto landscape.”

Hashtag: #BingX

The issuer is solely responsible for the content of this announcement.

BingX

BingX is a leading crypto exchange that offers spot, derivatives, copy, and grid trading services to over 100 countries and regions worldwide with over 5 million users. BingX continues to connect users with expert traders and the platform in a safe and innovative way. If you are still doing your own research for , BingX provides top quality content and news and analysis.